2006-11-17 11:25:50 · 9 answers · asked by marian l 1 in Business & Finance ➔ Personal Finance
Show him how you've done it and the rewards it has brought you.
If he's the type who hates work, play up the early retirement angle.
2006-11-17 11:32:01 · answer #1 · answered by John's Secret Identity™ 6 · 0⤊ 0⤋
Hes already 20 and doesn't know how to save money?Tell him that if he keeps it up life will become very hard and he will always be trying to break even.No new cars,his own home,debt collectors calling all the time,repossessions,and no credit worthiness.Why don't you take him for a ride and show him a homeless person out on the street because he may just end up like that.Money rules the world whether we like it or not and if you don't have any no one will care to help(well except for his parents and how long do you think you can help before you go broke).I would probably tell him to join an armed services,the national guard is a good option with the War in Iraq still going on(less chance of deployment).If nothing else send him to mandatory financial counseling in your city.
2006-11-17 19:52:26 · answer #2 · answered by Aaron D 2 · 0⤊ 0⤋
Unfortunately you're about 15-something too late. If he/she just started working, is new at getting paychecks, it's not unusual to spend all of it at first. But if they've been working for awhile, should be putting some away. Talking the them about some large item they want, maybe a new car, and how they can get it if they put away a certain amount from every paycheck toward a down payment, might help. No point talking to a 20-something about saving for retirement - that's way too far away to impress them.
2006-11-17 20:32:25 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Cut them off, obviously they don't have to worry about money because someone keeps giving it to them. Someone already said it and they hit the nail on the head. Tough Love! Sounds to me like they need a reality check.
2006-11-17 20:09:43 · answer #4 · answered by AMMO 1 · 0⤊ 0⤋
If it is so easy for him to spend it must be easy for him to get. Maybe he would find money more valuable if he worked for it and had to buy the things he needs by making the money to pay for it him or herself.
2006-11-17 21:08:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Throw him out and let him make out live on his own. Its called tough love and it will be difficult but some people need to find out the hard way.
2006-11-17 19:30:57 · answer #6 · answered by Jason S 3 · 0⤊ 0⤋
I'm 30 something, and I wish someone taught me!
2006-11-17 19:29:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
have then pay some of their own bills, like car insurance and cell phone bill.
2006-11-17 20:11:49 · answer #8 · answered by Laura W 1 · 0⤊ 0⤋
tell him getting older is inevitable, being poor is not
2006-11-18 15:23:59 · answer #9 · answered by Anonymous · 0⤊ 0⤋