Re: Re: Re: How can i make my parents realize.......


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Posted by Dad again on November 13, 2003 at 09:08:02:

In Reply to: Re: Re: How can i make my parents realize....... posted by naw on November 13, 2003 at 00:48:26:

Y'know, I started to back away from my comments a little yesterday. I originally thought that I'd read that he was about to graduate, but when I re-read the original post, and realized that he's got a year and a half to raise the dough, I got to adding up what he could earn between now and then. I doubt VERY seriously whether he's really limited by a Miraphone BBb, so there's no reason he needs his own instrument before he graduates. If he works only a little during the school year (say 5 hours per week), and 20 hours per week during the summer (for the tuba -- more for the car and spending money), by the time he graduates he'd have over $3000! He could buy a pretty good horn for that -- certainly good enough to get him through his freshman year. Each year after that (again applying 20 hours per week during the summer, 5 hours per week during the school year) he could trade up by $2000.

I think, though, that responsible use of limited debt is a reality of modern life, and teaching our kids the rules of responsible debt ("don't overcommit", "don't get 'upside-down'", "don't sign on to high interest rates", "make your payments on time", etc.) has a worth of its own. Debt-free is a great thing to be, but how many of us can buy a house without debt? It also sometimes makes more sense to take out a car loan than to pay for it out of savings when you can get a loan at or near 0% interest.

But another of those rules is (other than give-away interest rates, when you've got the money to pay cash) "don't borrow unless you need to", and I'll agree that our young friend does not need to.

Joe Baker, who learned the rules the hard way.


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