Little Spender Needs to Work

Tracey and her husband have two vehicles, and her husband's job is providing him a company car. They have a son who is about to be 16. Should they sell their truck or keep it for their son?

QUESTION: Tracey in Chicago and her husband should be debt-free by the end of the year. They have two vehicles, and her husband’s job is providing him a company car within the next month. They have a son who is about to be 16. Should they sell their truck or keep it for their son?

ANSWER: I would keep the truck and hand it to him. I would probably give him the ownership, but you want to keep the truck in your name until he’s 18. That spender kind of kid, if he wants this truck, is going to have to get his butt in gear. That’s why God made dogs. Somebody needs to walk the dogs. That’s why God made grass. Somebody needs to cut the grass. And maybe even babysitting. There’s nothing wrong with a young man babysitting either.

I think little spender needs to get his butt in gear if he wants this truck. He needs a couple thousand bucks to throw at Mom and Dad on this. You don’t want to just hand him the keys to this thing. It’s going to cause you problems. Mine had to earn half of their cars.