How To Get Your Kids To Start Saving
I don’t know about you but I like my toys. Maybe I have a problem, I see something cool, new or innovative and I have to have it.
For example I saw a video on-line of a robot that cleans your barbecue grill for you, granted it was the size of a Frisbee but I had to have it. I pre-ordered it before they were even making it. Look who is hands free cleaning his grill now!
The purpose of this post is to not only wrap my head around my addiction but to understand how people can afford to keep doing this?
Take my neighbour for example: This guy has two cars, house, and boat, ATV, and Sea Doo. Larger toys than I like to buy. When you get into toys like this although fun, cool, and great for the whole family how do you maintain them?
He is constantly spending money maintaining, and fixing his toys, but he still has payment plans on all of them.
He mentioned to me one day that his cost was $1800 per year for maintenance and that didn’t include repairs or gas to run them. I found out in the same conversation that he has about $1700 per month in payments on them still. WOW!
You know you always look over at his driveway and think, man it would be great to have all those toys. How do they do it? Now I know lots of payments, higher interest, and a hope that nothing goes wrong. I would like to know that if I was out enjoying one of those amazing toys that I could afford to stop and fill them up. They may look pretty in my driveway, but I would like to use them.
So maybe my little gadget problem isn’t so bad after all. I at least make sure that I can afford it, let’s face it most of those make your life easier gadgets don’t work after the first six months anyway.
The moral of this post is that if you don’t have the money to enjoy the hobby toys then you shouldn’t leverage credit because you end up paying way more for the item, and it eats up a ton of your disposable income. Your household should always be more important than your status.
Don’t envy the Joneses, they watch a rent to own TV, on a “don’t pay a cent event” couch, and often lease cars. Optics can be deceitful.
On that note I am off to see if my barbeque is clean!
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