Unofficialbmw.com

JRS · Joined: 09 Jun 2002 Posts: 2386 Location: USA

Patrick66,

I don't mind loaning things that are mine (w/exception to money - if I do then you must be family and it's under $200). I do mind loaning things that aren't mine.

The story I wrote basically showed the dangers of trying to save a few 'hundred' dollars. One "damage" could end up costing thousands of dollars - - and it's the nice guy who gets jabbed.

I've had my own insurance since I was 17 years old (that was many, many moons ago). That helped me build my insurance and financialy ratings. First, the car was legally mine and I was a law abiding citizen with a great driving record. Moving from Chicago to Texas, my driving record in Chicago helped me land some great insurance rates in Texas.

So, what I'm baically saying is: Save the inheritance money and get the kids to pay for their own insurance. You're exposing a bigger risk at your self and ultimately to the one(s) you're trying to help out as well.

JRS

BD325ic · Joined: 31 Mar 2003 Posts: 525 Location: Phoenix, AZ

Mark,

The liability issue could definately be a concern but it depends on your insurance limits. If they're high enough, and I mean "high" it might not be an issue.

I agree with the "teach them to fish, feed em for a lifetime" analogy.

I got my first job at 14, bought my own car at 16, joined the Marine Corps, (Semper Fi to any Jarheads out there), right after high school, got my engineering degree from the University of Pittsburgh right after that.

I never got a dime from my parents. It's not that I couldn't have used some help but I knew what the answer was going to be. My parents taught me and sisters at an early age that we weren't getting squat from them unless it was an extreme emergency. If we got into trouble, we had to get out of it on our own.

Maybe it's because of the way I was raised (or that I'm just a mean SOB!), it's going to be the same way with my kids.

It's not impossible to help out your kids and still have them be self sufficient. Each family/situation is different but I live in a world of statistics and the statistics show that when the kids get a steady handout and don't have to work for everything they receive, they tend to have a hard time when the money supply runs out.

My kids will get my money when my wife and I make that trip into the wild blue yonder beyond the clouds. Maybe not even then, it will depend on how they turn out.

Good luck with your car and your kids.

Bruce
95 325ic

Greenhornet84 · Joined: 11 Nov 2003 Posts: 406 Location: Uper Darby PA

JRS & Bruce,
When I was 17 my Dad said if I wanted a car or an education, fine, but I was going to get it on my own. So I did. When my kids came of age I told them they needed an education and each of them are educated and have student loans to pay off. To this day I still help with thier car costs and insurance.
Patrick, I do not share my wife.
Mark