Need opinions on a summer project.

[BIGJake111]

Originally Posted by cfos

Edit: And also BigJake, this is speaking to a point -- one day you are going to have to stop thinking about what you want to do when you grow up and do it. I don't know if this was a real offer, but man, if it was, you missed a chance.

I am sure that took alot of time but thanks haha, it is honestly appreciated and I did make many changes that I see fit haha. With the offer I try not do anything that I am not prepared to be very well at. I like to get my documentation and facts together well ahead of moving forward on something. So if I am to take an offer, I would rather wait a little while longer until I can do it right.

[RawleyD]

Originally Posted by BIGJake111

I am sure that took alot of time but thanks haha, it is honestly appreciated and I did make many changes that I see fit haha. With the offer I try not do anything that I am not prepared to be very well at. I like to get my documentation and facts together well ahead of moving forward on something. So if I am to take an offer, I would rather wait a little while longer until I can do it right.

I can hear cfos gritting his teeth over this paragraph already.

BJ, why not just buy the Volvo with the money you received from the P-car insurance, get a summer job and start saving up the rest of the money for that Boxster S you probably have your eyes on?

[BIGJake111]

Originally Posted by RawleyD

I can hear cfos gritting his teeth over this paragraph already.

BJ, why not just buy the Volvo with the money you received from the P-car insurance, get a summer job and start saving up the rest of the money for that Boxster S you probably have your eyes on?

It would bust the budget and leave no money for a boxster repair fund, but I do have the money to get both now if i was to haggle a bit on both cars. However, the reason I do not want to just buy the car is then its just a junky volvo, if its crowd funded there is a whole story behind the car and all, adds a whole new layer to the experience.

[TeamOxford]

Originally Posted by RawleyD

BJ, why not just buy the Volvo with the money you received from the P-car insurance, get a summer job and start saving up the rest of the money for that Boxster S you probably have your eyes on?

Best idea I've read yet.

Just sayin'..........

TO

[Perfectlap]

Originally Posted by RawleyD

I can hear cfos gritting his teeth over this paragraph already.

BJ, why not just buy the Volvo with the money you received from the P-car insurance, get a summer job and start saving up the rest of the money for that Boxster S you probably have your eyes on?

I was thinking the same except rather than buying the old Porsche (liability), instead invest the cash in a very vanilla Vanguard index fund (asset). Then contribute half of his pay from the part time job to the fund every month. When he's smarter about financial security, he can diversify that portfolio more broadly. That's probably what many 16 year-olds and future billionaires are doing this summer.

Jake be smart.

[BIGJake111]

Originally Posted by Perfectlap

I was thinking the same except rather than buying the old Porsche (liability), instead invest the cash in a very vanilla Vanguard index fund (asset). Then contribute half of his pay from the part time job to the fund every month. When he's smarter about financial security, he can diversify that portfolio more broadly. That's probably what many 16 year-olds and future billionaires are doing this summer.

Jake be smart.

It is not all about the money haha. As long as I own a Porsche of some sort, and support the family well later on, I have all I need. So why would I give up owning one at the age when I can enjoy it the most for the next 20 years until I can truly enjoy it again.

[Perfectlap]

Originally Posted by BIGJake111

It is not all about the money haha. As long as I own a Porsche of some sort, and support the family well later on, I have all I need. So why would I give up owning one at the age when I can enjoy it the most for the next 20 years until I can truly enjoy it again.

Here's my experience when it comes to observing what people do when they come into some cash for the first time. It is uncanny how true this has been. Basically you have group A. They spend it. These people never really get ahead. Some may seem rich, nice house, nice cars but they're heavily in debt. And some actually look the part of being broke (no hat no cattle). Neither ever really get to the point where their money is working for them. Jake, this means their investments are paying their bills, and not the income from their jobs. Group A have virtually no savings, no emergency cash fund. Some pay off their debts but when money comes around again the first thing they do is to spend it. They don't learn from their mistakes. So they continue living pay check to pay check and are in and out of debt. The U.S. savings rate is about 2% (that's shockingly bad Jake) so there are plenty of people in this group. In other countries like Switzerland, where people are better educated and smarter about their money, the savings rate is nearly 20%.

Then there are the people who are in group B. These people are rare. They'll come into some cash for the first time and they won't spend the money. Instead they'll open up an account of some sort. Brokerage, college savings (529), maybe they'll buy a bond, or they'll simply save it in cash towards a down payment on a first home purchase. They may buy something small, like a TV or computer but nothing major, the rest they save/invest. They don't use the cash to pay off debt because they didn't get into debt in the first place. These people realize that a lot of money must start off as a little pile of money. They continue these habits of investing/saving when tax returns come in, they maybe get a bonus payment at work, etc. If they need to buy something, they can pay for it in cash because they have it. Oh and they were not driving Porsches in high school.

[Perfectlap]

Jake, are you familiar with the famous marshmallow study?

somewhate related

https://www.youtube.com/watch?v=4UPokvDqyXg&feature=youtu.be

[Joe B]

Jake, don't you have any self-respect? This idea is blatant begging, just like any panhandler! Get a job. 16 year-olds don't need 1 car, much less 2, and no one else should buy it for you. You should be embarrassed to even think of asking. I'm surprised that you'd even post this idea!

Whew, there, I feel better now !