News

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News

Postby Hiddenjem » Wed Jun 14, 2017 4:32 pm

Three days ago, my 18 year old son applied for a good paying job.

Fast forward-

-he was offered the job yesterday

- he took and passed his drivers permit test today (needed a state Id for job)

-and took the drug test today.

He mentioned saving up money for a sporty two door car. I had to explain to him that unless a person his age is a wealthy person that the insurance on a sports car would be unaffordable until he is 25 from what I have learned.

Good news is he passed the driving permit test and found a good paying job for his age and having no connections here. The job is temporary for three months and then if hired it changes to 2nd shift (He will even starts out making more than minimum wage!) Then, he could find another job or stay where he is. Or start college and work somewhere.

I hated that I had to explain to him about the reality of needing insurance and factoring in the cost of insurance into his vehicle he buys. Plus, he has to pay for college.
"I have learned that people will forget what you said, people will forget what you did. But people will never forget how you made them feel." Maya Angelou
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Re: News

Postby IrishLass » Wed Jun 14, 2017 6:48 pm

Bravo on getting a job and passing drivers test. Tell your son this. My deceased Dad bought himself a 2007 Ford Mustang convertible brand new, ford black with the cobra intake system. For his age and fantastic driving record. Dad was 62 at the time and a bus driver. For insurance only three months of full coverage it was 700.00 a month! Storage insurance was 300.00 a month of not being able to drive it. It is not just young drivers that have to pay more. It is due to the claims rate on accidents. If he really wants to make it a goal maybe it will help him get a great paying college degree like engineering or computers or health etc..etc..
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Re: News

Postby Melody » Wed Jun 14, 2017 8:37 pm

Once again, pretty cool! Do shop around - although it may not make a difference with an 18 year old boy. My insurance agent said the thinking has changed. My hubby (also with a commercial license) pays about the same as I do for a 9 year old mom mobile versus his 2 year old sports car. (And I have a pretty clean license). Our agent says they mostly insure the driver, not the car.
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Re: News

Postby jigglypuff » Thu Jun 15, 2017 3:09 am

Congrats! That's such great news. Good parenting pays off.

I hope he enjoys his new job and one fine day, I believe Chris will be able to get the car of his dreams.
'As the days go by, I think of how lucky I am... That you're not here to ruin it for me'
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Re: News

Postby Hiddenjem » Thu Jun 15, 2017 8:42 am

Thank you everyone for the words of wisdom and happiness for my middle child finding a job!
"I have learned that people will forget what you said, people will forget what you did. But people will never forget how you made them feel." Maya Angelou
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Re: News

Postby WatchingMyBack » Thu Jun 15, 2017 11:51 am

Congratulations on his accomplishments! It is good for young people to get into the working world and get an appreciation for earning money.

I would encourage your son to put a set portion of every paycheck into a savings account. Even if it is only $5 or $10 a pay period, it will grow. If his employer does direct deposit, it may be possible for him to designate two different accounts so that it automatically done. We offer this to our employees. One woman who has always lived paycheck to paycheck and in debt decided to start having $20 a week diverted to a savings account. She told us how she had never had a savings account in her life and what a difference it has made that this is automatically done so that she doesn't "miss it" . She's been with us 11 years now, so that would tally to $11,400 she has put aside over the years. She has told younger employees that before she would have thrown that money away on lottery tickets.
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Re: News

Postby Hiddenjem » Thu Jun 15, 2017 12:15 pm

Thank you Watchingmyback! I will share her story with him!

Right now, he has it all of his check set to be auto deposited to his current savings. After his first $250.00 earned, he wants a checking account with a debit card. I will mention to him to check into the option to have money sent to both accounts.

We talked about him making long term goals (college, home, car) , short term goals, and he could factor in small less expensive expenses along the way as well!
"I have learned that people will forget what you said, people will forget what you did. But people will never forget how you made them feel." Maya Angelou
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