Growing up advice

[garner]

Hey everybody I need some advice and you guys are like family so I know you'll steer me in the right direction. Well I'm graduating on August 20 and being only 16 it'll limit my job opportunities due to government regulations, labor supply and demand curve, and the like. Anyways I have some connections at dealerships for jobs but that is far from guaranteed so I'll probably be stuck to the average high school graduate jobs and I figure I'll be making about $1,120 before taxes and all that based on 40 hours a week and minimum wage. What I really want to do is take over all my financial responsibilities from my mom such as my truck payment, gas, and insurance which comes out to around $1400 a month. And I would like to have extra money for savings in case something goes wrong. Yes I'm willing to work 2 jobs for more hours.

So my question is what should I do about the truck? It seems like it would be smart to get rid of the R/T and get a cheaper vehicle due to lower monthly expenses but I'm worried about loan rollover. And if decided upon I would like to get the cheaper vehicle by myself but I don't have the money saved to pay cash or even for a down payment and I don't really want my mom to front anymore money because she has already fronted enough money and needs as much left as possible for the rest of her retirement. What do you guys think I should do about my situation?



Yes I know I have to get this approved by my mom, but I just want some advice before I talk to her

[txbass06]

There's no way you could afford a payment, insurance and gas working a single minimum wage job, even if it is full time. Maybe you shouldn't try to pay for everything on your own all at once.
Do you have a job now? If not, I don't see much of a point in bringing the subject up just yet. Once you get a job and get an idea of what you'll be making on a weekly, bi-weekly or monthly basis, you'll be able to see what you can and can't afford. If your entire income is going towards bills you haven't been paying before, you'll probably get burnt out on working since you wouldn't have anything to really show for it.
Start out small. Pay for your gas to begin with, then include your insurance, then, if you're able to, make every third or fourth payment.
That'll help your mom out, get you used to paying your own way, you'll have a little cash left over to save and you won't be flat broke all the time


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- Sent from my iPhone 4 using Tapatalk

[AWE Daniel]

Same deal I was thinking about, but luckily I have no payments. I say pay the payment and gas yourself and save the rest until you are 18 or you get a better job.

[Storm Rider]

I agree. When you get your job, if your could help your mom out by taking the truck payment and something else. That will really help her out. She wouldn't mind giving you a few dollars for gas and such. I know she will really appreciate any help you can give her as far as bills. In the long run it may be cheaper to keep your truck and the payments, because if you over/under for a fuel efficient car your payments will still be the same or higher. Good Luck with whatever you are going to do.

[NOTPAID4]

First of all Garner; YOU are very wise with a grown up attitude for what YOU are thinking about helping YOUR MOM!!! THAT'S OUTSTANDING!!!

And what Mark and Paul said make a lot of sense. Just do your best to find a job and help our your MOM as much as possible. If you really like your truck, you'll find a way to "work for it".

It sounds to me like you are off to a GREAT start on your way of thinking and I'm proud of your way of thinking!

YOU sound like a really fine young MAN!!!

[Redtruck-VA]

All great advice, you have an expensive ride and you will probably not gain anything by rolling over into another vehicle. So take advantage of your connections and work all the hours you can, if possible work more jobs to gain hours. Or if you can work under the table that really helps. My advice would be to divide up every check. Take half and pay bills, put a fourth into your pocket for spending and put the other fourth into the bank for an emergency down the road. Be open about everyhing you are doing with your Mother so she can see you are trying to make it and staying on track. Talk is cheap, action will speak the loudest. Good luck..

[Onk]

If you are upside down at all in your truck, dont do it. Youll end up saving a few bucks now, but end up paying a lot of bucks at the end of your loan if you roll anything into it.

I speak from experience....I rolled 6k into my Stratus....I had no choice tho....and i hate it every day....

[LB3711]

and stop modding for a while to save.

[OklaHemi]

look into other options for work. from what i know sonic pays like 7.50 an hr plus tips. and hobby lobby starts out at 12.50/hr. both of those will give you more then minimum wage. explore you options and dont think you are doomed because of you age. i was making 700 a week when i was 17 and i havent looked back

make a list of all you are wanting to take on, Truck payments, ins, gas, cell phone etc. i would think for you age it would be better to have your parents help you ease into things. get a family plan for your cell if you dont have one and talk to your mom about taking responsibility. if you are serious she will be proud and more then happy to help get you on your feet. they dont tell you this in school but when you are on your own the bills never stop coming so be a kid while you can and learn how to manage your money now. i have seen so many of my friends fall on their asses because they dont understand how to manage money. you need to have somewhere for every dollar to go. money sitting around with out purpose is a very bad thing.

[4XLGator]

I agree with everything said here. Don't rush anything, pay some of your bills while putting some away. This will show your mother that you are managing your money and she will appreciate the relief of you paying some of your bills.

And in regard to trading your truck for something else...your truck is failry new which will put you upside down in it (owe more than value/trade-in). Whatever the upside down amount, it will be added to the amount you finance for something new. So, it is VERY likely that your payment will be close to the same, or even more.

Good luck.

[garner]

There's no way you could afford a payment, insurance and gas working a single minimum wage job, even if it is full time. Maybe you shouldn't try to pay for everything on your own all at once.
Do you have a job now? If not, I don't see much of a point in bringing the subject up just yet. Once you get a job and get an idea of what you'll be making on a weekly, bi-weekly or monthly basis, you'll be able to see what you can and can't afford. If your entire income is going towards bills you haven't been paying before, you'll probably get burnt out on working since you wouldn't have anything to really show for it.
Start out small. Pay for your gas to begin with, then include your insurance, then, if you're able to, make every third or fourth payment.
That'll help your mom out, get you used to paying your own way, you'll have a little cash left over to save and you won't be flat broke all the time


---
- Sent from my iPhone 4 using Tapatalk

Never had a job, was too busy with all the extra classes I was taking after regular school hours and this summer. I just brought it up because I have 12 days before graduation. And I'm willing to work more than 40 hours a week and do odd jobs to pay all the bills

Same deal I was thinking about, but luckily I have no payments. I say pay the payment and gas yourself and save the rest until you are 18 or you get a better job.

Yeah I'll see what my mom says about everything

I agree. When you get your job, if your could help your mom out by taking the truck payment and something else. That will really help her out. She wouldn't mind giving you a few dollars for gas and such. I know she will really appreciate any help you can give her as far as bills. In the long run it may be cheaper to keep your truck and the payments, because if you over/under for a fuel efficient car your payments will still be the same or higher. Good Luck with whatever you are going to do.

Yeah it'll probably be cheaper to keep it due to loan rollover. If it wasn't for that I would go back to a car similar to my first car(06 mustang) where the payments were around $250 and it got 20+ in the city

First of all Garner; YOU are very wise with a grown up attitude for what YOU are thinking about helping YOUR MOM!!! THAT'S OUTSTANDING!!!

And what Mark and Paul said make a lot of sense. Just do your best to find a job and help our your MOM as much as possible. If you really like your truck, you'll find a way to "work for it".

It sounds to me like you are off to a GREAT start on your way of thinking and I'm proud of your way of thinking!

YOU sound like a really fine young MAN!!!

Thank you Jim

All great advice, you have an expensive ride and you will probably not gain anything by rolling over into another vehicle. So take advantage of your connections and work all the hours you can, if possible work more jobs to gain hours. Or if you can work under the table that really helps. My advice would be to divide up every check. Take half and pay bills, put a fourth into your pocket for spending and put the other fourth into the bank for an emergency down the road. Be open about everyhing you are doing with your Mother so she can see you are trying to make it and staying on track. Talk is cheap, action will speak the loudest. Good luck..

That's true, even going into a $12,000 car like my previously mentioned mustang would still make the loan more than it's worth for that car. I'm willing to work as many hours as possible and as many jobs as possible. And I may have "under the counter" jobs again because back when I was 10 I took the sales certification tests for many salesman at a chain of dealership so I may be able to get back into that again

If you are upside down at all in your truck, dont do it. Youll end up saving a few bucks now, but end up paying a lot of bucks at the end of your loan if you roll anything into it.

I speak from experience....I rolled 6k into my Stratus....I had no choice tho....and i hate it every day....

Yeah I rolled over about $3,000 from my genesis which is low compared to what it could've been but the dealership offered me $23,000 for it(new was $24,000) and took the loss by trying to sell it for $27,000

and stop modding for a while to save.

Only mod I did to my truck was dumping the exhaust which was done by me and a buddy in my driveway but the exhaust is back on now

look into other options for work. from what i know sonic pays like 7.50 an hr plus tips. and hobby lobby starts out at 12.50/hr. both of those will give you more then minimum wage. explore you options and dont think you are doomed because of you age. i was making 700 a week when i was 17 and i havent looked back

make a list of all you are wanting to take on, Truck payments, ins, gas, cell phone etc. i would think for you age it would be better to have your parents help you ease into things. get a family plan for your cell if you dont have one and talk to your mom about taking responsibility. if you are serious she will be proud and more then happy to help get you on your feet. they dont tell you this in school but when you are on your own the bills never stop coming so be a kid while you can and learn how to manage your money now. i have seen so many of my friends fall on their asses because they dont understand how to manage money. you need to have somewhere for every dollar to go. money sitting around with out purpose is a very bad thing.

I'll have to check into those places Mike. I'm wanting to take on truck payments, gas, insurance, and possibly phone. I'm already on a family plan with my mom which is $9.99 a month, but I have a data plan on my phone so that's around an extra $50-$60. I've always been into learning how to manage money, finances, and the like since I was about 12; but this whole loan thing is new so I'm still learning up on that. Do you happen to know what age you have to be to work at an autoparts store(such as autozone, etc) or a tire shop(such as discount tire)?

I agree with everything said here. Don't rush anything, pay some of your bills while putting some away. This will show your mother that you are managing your money and she will appreciate the relief of you paying some of your bills.

And in regard to trading your truck for something else...your truck is failry new which will put you upside down in it (owe more than value/trade-in). Whatever the upside down amount, it will be added to the amount you finance for something new. So, it is VERY likely that your payment will be close to the same, or even more.

Good luck.

Yeah I've pretty much thrown out the idea of trading in my truck just for the fact that I'd rather be upside down in a newer truck than an older vehicle where being upside down is definitely not worth it. Thank you

[garner]

Just got back from the dealership and the finance manager is going to look into trying to get my payments lower by talking to the bank that currently holds the loan and by talking to other loan companies; since I have about 63 months left out of a 72 month loan and he's hoping that will help with getting a lower interest and payments on a shorter term loan(60 months) than the original 72 month loan

[Silverbullet08]

shit! 72 months? damn i did 60months with my car and my payments are 280 a month!

[garner]

shit! 72 months? damn i did 60months with my car and my payments are 280 a month!

Different interest rates, loan rollover, higher truck price, etc lol. My 06 mustang was around $250 on a 60 month loan because it was only around $12,000. Iirc your loan is only around $13,000 or so. Mine on the truck started out at over $35,000

[AWE Daniel]

shit! 72 months? damn i did 60months with my car and my payments are 280 a month!

Yeah nick but you traded in the truck and I would imagine the R/T was more expensive than the mustang you got. Both of those combined with whatever credit ratings would make the payments a whole lot different

[ramthis9501]

I'm paying for all my gas and my parents are paying for insurance. I don't have a payment though which is very nice. If I was you I'd pay for gas for awhile then when you get a better paying job then start paying for more stuff. That would be the best option if you want to keep the R/T

[SmokedRam]

I really can't offer much advise...I moved out the night I graduated high school...June 6th, 1997...moved up to Dade City (9 miles north) and started college, in hopes to get my AA in Criminal Science. But I didnt attend community college long at all and dropped out...but you will find your way...you're only 16, dont grow up too fast man...enjoy the next two years of your life as best ya can.

[AWE Daniel]

^^^^^This

[Silverbullet08]

i had no credit. my mustang was 30k msrp and i got 10k for the truck

[Fla 66 cuda]

All this advice is very good here's my view i have first hand experiance.We will start with my oldest son at graduation i bought him a car [1991 nissan 240sx built] paid cash for it [he has had the same job since before graduation] he paid his insurance,gas,phone which he still does to this day,he street raced the car blew up the motor [i took the car and rebuilt the motor and drove it my self] meanwhile i cosigned for him and got an 05 mustang [which he spent well over 3 grand modding] he enrolled in college and is paying for it himself. He took back the first car and drove it once and awhile then it sat so he sold it put money in bank, the 05 worried him that with all the mods it was going to break so he traded [ i cosigned again] it in for a 2011 mustang in dec of last year [the 05 would have been paid off this dec.].He loves his new car but don't hesitate to say he should have kept the nissan or the 05 due to it being paid off this year. My other son was given a 1979 impala that was completely rebuilt by us the year before he also had a job after graduation but he too was unhappy with a gas guzzleing tank so we sold it and he bought a vw jetta [i cosigned again] so he now has a payment,gas,insurance,maint plan, with one exception i'm paying for his phone with his data plan because he can't pay for everything plus he has enrolled in college with a grant and starts in two weeks. Both boys pay no rent or help with any other bills due to the financial straights they have created,i am in no way complaining they are my sons and i will help them any way i can soooooooooooo. My comments first then my advice first at 16 years old you have no busness with a high dollar truck like you have your mom [spoiled you] should have made you keep your first car,second before you make plans for any thing first find a job that's your most important step when you find it dedicate your self to it go to work and school that's it no runnin around, no fun,your life will be work and school day in day out. Keep what you have don't go deeper in debt [or put mom deeper in debt] the way your talkin you sound like your commited to do this but remember your free time will be limited [your life will suck] but stick with it and sooner or later it will pay off. I'm sorry for sounding like an ass but i have heard this from more than one young person and ya'll talk a good game but fail most times proving it soon as you can't go hang out or have no money games over.You have no idea what is in store for you ask any one over the age of 30 they will tell you life is not a bed of roses no one hands you anything [unless you come from a welthy family] you have to earn it, sometimes it don't seem worth it but you have to keep going to reach you goal. I appoligise for the rant and if i offended any one just think the young man needs to hear from someone who has been there done that. Good luck in your job search and your plans if your dilligent you will succeed.

[OklaHemi]

while i agree with almost everything you have said lou i do believe there has to be some r&r time, all work and no play makes jack a dull boy. but he is right so take your time and do it right. the further you can stay away from girls the better at your age they are a money pot in the making and dont even get me started on kids, they are sucking my will to live. but seriously like i tell colton every time i see him. enjoy your time as a kid you cant do it again and there is no need to rush the mortgage payments, medical bills and taxes will all be waiting for you

[Fla 66 cuda]

I'm sorry for coming on so strong but my youngest is worring me he is very outgoing and seems oblivious to any thing important[except tattoos and music] and i feel a screwin comin. My oldest is the work/school type never goes any where else but to the friday night cruise in with me saves his money very anil about his goals very dedicated to have a better life than i have had, i'm proud of both my sons as different as they are, but i worry at the same time.

[garner]

All this advice is very good here's my view i have first hand experiance.We will start with my oldest son at graduation i bought him a car [1991 nissan 240sx built] paid cash for it [he has had the same job since before graduation] he paid his insurance,gas,phone which he still does to this day,he street raced the car blew up the motor [i took the car and rebuilt the motor and drove it my self] meanwhile i cosigned for him and got an 05 mustang [which he spent well over 3 grand modding] he enrolled in college and is paying for it himself. He took back the first car and drove it once and awhile then it sat so he sold it put money in bank, the 05 worried him that with all the mods it was going to break so he traded [ i cosigned again] it in for a 2011 mustang in dec of last year [the 05 would have been paid off this dec.].He loves his new car but don't hesitate to say he should have kept the nissan or the 05 due to it being paid off this year. My other son was given a 1979 impala that was completely rebuilt by us the year before he also had a job after graduation but he too was unhappy with a gas guzzleing tank so we sold it and he bought a vw jetta [i cosigned again] so he now has a payment,gas,insurance,maint plan, with one exception i'm paying for his phone with his data plan because he can't pay for everything plus he has enrolled in college with a grant and starts in two weeks. Both boys pay no rent or help with any other bills due to the financial straights they have created,i am in no way complaining they are my sons and i will help them any way i can soooooooooooo. My comments first then my advice first at 16 years old you have no busness with a high dollar truck like you have your mom [spoiled you] should have made you keep your first car,second before you make plans for any thing first find a job that's your most important step when you find it dedicate your self to it go to work and school that's it no runnin around, no fun,your life will be work and school day in day out. Keep what you have don't go deeper in debt [or put mom deeper in debt] the way your talkin you sound like your commited to do this but remember your free time will be limited [your life will suck] but stick with it and sooner or later it will pay off. I'm sorry for sounding like an ass but i have heard this from more than one young person and ya'll talk a good game but fail most times proving it soon as you can't go hang out or have no money games over.You have no idea what is in store for you ask any one over the age of 30 they will tell you life is not a bed of roses no one hands you anything [unless you come from a welthy family] you have to earn it, sometimes it don't seem worth it but you have to keep going to reach you goal. I appoligise for the rant and if i offended any one just think the young man needs to hear from someone who has been there done that. Good luck in your job search and your plans if your dilligent you will succeed.

I would still have my first car(06 mustang) if it wasn't totaled. And I'm committed to work and school. I'm used to not having much time to hangout anyways because I took many classes outside of the regular school day to be able to graduate a year early which payed off because I have 14 college credit hours currently and achieved my goal of graduating a year early. Yes I know life isn't a bed of roses, I have a 29 year old sister and have seen what she had to do to get to this point in her life and I have seen what my brother in law has had to do to achieve his goal of becoming a GI pediatrician. No offense taken, I posted this because I knew I would get straight up advice from you and everybody else that has posted in this thread

while i agree with almost everything you have said lou i do believe there has to be some r&r time, all work and no play makes jack a dull boy. but he is right so take your time and do it right. the further you can stay away from girls the better at your age they are a money pot in the making and dont even get me started on kids, they are sucking my will to live. but seriously like i tell colton every time i see him. enjoy your time as a kid you cant do it again and there is no need to rush the mortgage payments, medical bills and taxes will all be waiting for you

I'm gonna try the best to split my time between working hard and having some fun. I'm all for work now and play later rather than play now and work later which will hopefully pull me through life

[Fla 66 cuda]

Great just remember the harder you work toward your goal the sooner you can have fun and just coast to your golden years,if i had it to do all over again i would have gone to trade school got my certs in automotive [not intrested in college then] and by now who knows,i have an airframe and powerplant licence but have not touched an aircraft in years [don't beleve the ads on the radio for a&p schools you don't make that much to start].

[garner]

Woohoo finally done with high school

http://i1024.photobucket.com/albums/y305/garner3/IMAG0130.jpg
http://i1024.photobucket.com/albums/y305/garner3/IMAG0129.jpg

Monday I go to the dealership where my aunt used to work and where I got my truck to fill out an application cause the manager, who is a close family friend, said to fill one out after I graduate and he's gonna talk to the owner since I've been around that dealership since I was 6, my aunt was the one that opened new locations of that dealership, and I've been taking the salesman certification tests for almost every salesman there since I was 8

[SmokedRam]

Congrats Garner...well done my friend.

[garner]

Congrats Garner...well done my friend.

Thank you Adam

[Silverbullet08]

congrats man

[05singlecabHEMI]

congrats on graduating, i myself have graduated this past May.

i pay for half the payment and half the insurance. ive had a job since my junior year in HS.every summer, i get one day off a week and work almost 12 hrs a day. been saving my money since i was young. my brother and sister havnt worked a day in their life... you literally dont have any time to do anything. i wont be attending college untill i can go parttime. my one day off isnt a day off to myself. im barely home at all. dont get me wrong. i love my job and what i do. but it can get hard to keep up with things at times. I plan on paying off my truck full in the next month or so and it will be worth all the work. it feels good not having to rely on my parents to pay for things. hell a lot of the times they ask me for money, and i give it to them. a brand new R/T will be an expensive bill monthly. gotta make sacrifices, only time i see my friends is at night for a little bit, or when they come into my store. I wish you the best of luck.

[Storm Rider]

Great looking diploma you have there. Be very proud of it.

[4XLGator]

Congrats Garner!

[Ms.MagnumSLT]

Congrats!!

[garner]

congrats man

Thanks Nick

Great looking diploma you have there. Be very proud of it.

Thanks Paul and I am proud of it. It's sitting on the fireplace mantle next to my sister's wedding picture

Congrats Garner!

Thanks Lee

Congrats!!

Thanks Spring

[garner]

Well Monday I applied at the dealership and the manager I know said he would talk to the owner of the dealership personally about my application. Tomorrow I'm gonna go to the body shop(paceline collision) where my truck gets fixed and I know the owner to see if he has anything open, go to a mechanic shop(m&b auto repair) where I know the owner and see if he has anything, go to an offraod shop(txpro 4x4) where I met the owner at a local car show and see if he has anything, a restoration shop(nolan creek rides & resto) down the road and see if they have anything, gonna apply at discount tire, and may apply at home depot or lowes. At the body shop, mechanic shop, offroad shop, and restoration shop I'm sort of hoping for anything just so that I have something to do and so that hopefully I'll pick up some skills while I'm there



I'm just gonna sort of keep updating this thread as an update of what's going on. Hope nobody doesn't mind too much. If anybody does, I'll stop updating

[Storm Rider]

Good Luck with your job search. Please keep us updated. We want to know how you are doing. You are family.

[garner]

I'm not really a big fan of my age right now, and here's why:

Went to the mechanic shop(M&B)- only needed a mechanic but gave me 2 places to go to
Went to body shop(Paceline)- owner wasn't there so going back tomorrow
Filled out an online application for Home Depot
Went to 1st suggestion from M&B which was a parts place he orders from(Parts Depot)- due to insurance he can't hire anybody under 18
Went to 2nd suggestion which was Oreillys as a parts delivery driver-manager said he would've hired me on the spot if I was 18

Tomorrow I'm gonna go back to the body shop, call the offroad shop(txpro 4x4), go to the restoration shop(nolan creek), and turn in my application to discount tire

[Redtruck-VA]

I not advocating doing anything that will get you in trouble. But back in the day it wasn't a real big problem for a 16 yo to get a part time job. You often worked 40+ hours but technically it was a part time employment. But what i am saying is perhaps you should not be so forth coming about your actual age. Good luck..

Edit: I started working at 11 and would lie about being 16. lol

[garner]

Nothing so far. Everywhere I've gone isn't hiring or you have to be 18. I keep trying to think of more places but there aren't many places to begin with. May have to broaden my search area by at 75 miles to see if any of the bigger cities(Austin, Georgetown, Round Rock) have anything. Almost tempted to walk into the recruiter office and talk to them although it might be tricky to convince my mom to sign the papers since she's not a big fan of the military after being in it almost 30 years and all the issues they're currently having

[Silverbullet08]

places that hire at 16 are restaurants and grocery stores. most retail places are 18 and up

[garner]

places that hire at 16 are restaurants and grocery stores. most retail places are 18 and up

Yupp and none of those around here are hiring which is why I'm thinking about expanding my search area

[AWE Daniel]

Yup my first job was flippin Pizza at Domino's when I was 16

[garner]

Thought I'd update this thread since I told Adam I would about 2 or 3 weeks ago. Well no jobs so far. But my mom's friend says she can get me a job at the local heb, but I'm not getting my hopes up since I've applied there twice. And decided to enroll at one of the local community colleges for spring semester, now to decide what I want to study

[Storm Rider]

Everything will start to fall into place and life will take off on you. Enjoy what you can while you can. Seventeen is suppose to be fun. Have Fun !!!

[004x41500]

i jumped into a truck payment insurance, phone bill, and gas a month after i graduated two years ago, i hated going to work every day to pay bills and only have a few bucks to show for it. i wouldnt change it for the world now, but at the time i really hated it.

start with your gas, and phone bill. then when you start making more money you can start to pick up all or part of the other bills.

[garner]

Well registered for college today with my degree plan in engineering for now

[txbass06]

Just general engineering or something more specific?


Sent from my iPhone 4 using Tapatalk

[garner]

Just general engineering or something more specific?


Sent from my iPhone 4 using Tapatalk

General since I'm just in a community college right now

[txbass06]

Gotcha. I just started working on my Masters with an electrical engineering major

[05singlecabHEMI]

its good your in school. i started working since i was 16. you lose your life working 40hrs a week. im gonna try and go to school next year if work allows me.

[Silverbullet08]

nice! one more semester and i graduate!!!