The march to financial freedom

Ali-OK

He's pretty savvy...he asks if I'm going to replace any furniture and if so, can we store the old so he can have it for his first home! He won't let me get rid of curtains (from previous house) as he wants those too eventually

Very unlike his Dad who loved his clothes, shoes and gadget shopping - think my MSE ways have rubbed off on DS fairly well so far. Long may it continue!

AlexLK

Ali-OK wrote: »

:rotfl: It went downhill about age 10 then :rotfl:

Aside from the expensive gaming laptop in 2013, he's had money for his birthday for several years now - he saves about two-thirds of it and tends to split the rest between books and his online gaming.

This year, he wants to replace his iPad - he has an early one and it's not supported by some software now, so he'll get the usual £100 from me and normally end ups with close on £450 total with relatives and friends money gifts. He's after a new series of fiction books and some non-fiction history ones too.

He's not interested in much else, which might be a good thing. No designer clothes, trainers or phones that cost alot.

I think him having money for gifts quite young and me discussing saving vs. spending and 'free money' from interest has helped him save alot and learn the value of money.

Then there's the road kill he picks up from the school playground and apparently he sells his knowledge at school for £1 a go :rotfl: Paid upfront before he helps his mates who haven't done their homework Entrepreneurial or extortion? :rotfl:

I'm hoping for a teenage son like yours in a few years, Ali.

Selling the knowledge made me laugh but good for him. As for £1 being extortionate, I don't think so. If anything I reckon the price should go up a little.

Ali-OK wrote: »

Very unlike his Dad who loved his clothes, shoes and gadget shopping - think my MSE ways have rubbed off on DS fairly well so far. Long may it continue!

....Mine's got no chance then, both Mrs K and I like nice clothes and shoes. She likes the gadgets and then there's the car habit ... He's doomed for life.

Ali-OK

Just to add his iPad was second hand - his Dad's friend upgraded and the original one was still like new, so we bought it off him for £150. DS doesn't know that - was boxed, data cleared and set up for DS on opening. I'd never have bought him a new one at that age (think he was 9).

He had his first laptop at 8 as some school homework was online from age 5 and increased each year - I had a company one and an ageing desktop - held off as long as I could there!

Alex, I only found out about him selling knowledge this summer, I'll pass you price increase idea on!

Ahh surprisingly DS isn't into cars and I was definitely disappointed at the time, but maybe not so now after breaking my 2 car/sports car habit!

If you teach him to save rather than spend everything he has, that's a fab start and much good stuff in life is free - which Little K already enjoys and will further with dog walking and his nature interest - can't go far wrong.

DS puts some of the one-third money left in his current account too - then he can dip into it over the long period between Christmas and birthday. He gets a similar amount at Christmas so savings get a good boost and spending money gets spread out.

School also do Personal Finance as a choice subject too, so he's learnt alot of the stuff MSE teaches us and which I wish I'd have known 30 years ago!

AlexLK

Ali-OK wrote: »

Just to add his iPad was second hand - his Dad's friend upgraded and the original one was still like new, so we bought it off him for £150. DS doesn't know that - was boxed, data cleared and set up for DS on opening. I'd never have bought him a new one at that age (think he was 9).

He had his first laptop at 8 as some school homework was online from age 5 and increased each year - I had a company one and an ageing desktop - held off as long as I could there!

Alex, I only found out about him selling knowledge this summer, I'll pass you price increase idea on!

Ahh surprisingly DS isn't into cars and I was definitely disappointed at the time, but maybe not so now after breaking my 2 car/sports car habit!

If you teach him to save rather than spend everything he has, that's a fab start and much good stuff in life is free - which Little K already enjoys and will further with dog walking and his nature interest - can't go far wrong.

DS puts some of the one-third money left in his current account too - then he can dip into it over the long period between Christmas and birthday. He gets a similar amount at Christmas so savings get a good boost and spending money gets spread out.

School also do Personal Finance as a choice subject too, so he's learnt alot of the stuff MSE teaches us and which I wish I'd have known 30 years ago!

Everyone tells me that I'll be persuaded otherwise on this but I'm determined to not let my son have computers / 'phones / games consoles. I can appreciate he'll have schoolwork to do on a computer but will let him use mine. My main concern is the type of material available on the internet and what he will inevitably go looking for when he is older but probably not old enough to view. Sorry to say this but all teenage boys do and I know my son will likely have a better knowledge of the internet / computers than I.

He most certainly ought to increase his prices, as I'm sure staying off the Headmaster's radar is worth more than £1 in 2015. September is the perfect time to do it too, new school year, new price structure. Your son is doing very well if he is saving some of his allowance. I remember I used to spend mine almost immediately and ask for more. Could always find someone that had a greater allowance than I to guilt trip my parents over, seriously dreading my son doing something similar in years to come.

Was your son ever into cars as a little boy? Mine is certainly showing a few signs at the moment but is more interested in animals and the outdoors. Not even sure where he got that from, in the first place. At least it keeps him from nagging me to get a TV, we had that the other week as he'd been to a nursery friend's house but it's stopped as I told him if we had a TV we couldn't afford a dog.

You are right about my son liking things that if not free are very cheap. He's more interested in and has had much more use from a 50p (IIRC) second hand bird book that I bought for him than any of the £500+ presents my parents have bought over the years. Currently he's doing the local library's summer reading challenge again (we do it together), this is free, of course. Not got him into saving money as he doesn't get his own hands on any money, yet.

I could have certainly done with lessons in personal finance as a teenager but know sadly that I would have scoffed at the idea at that age. As far as I am aware it isn't in the curriculum for the senior school we plan to send our son to, unfortunately.

in_need_of_direction

Not wanting to rain on anyone's parade but DS was a sensible money wise teenager. Went to uni in London and only managed to get himself sorted around the age of 28. Even yet, he doesn't save but uses interest free offers for big purchases. Dd however never saved and still doesn't bar putting money aside for certain things she wants. She has however never had a credit card, overdraft or personal loan. What I'm trying to say is that you can provide the guidance but they will go their own paths.

I am really impressed by the sales made by DS Ali.

beanielou

My son is not great with money but refuses point blank to have a credit card & does not have an OD either.
So a partial result?

Ali-OK

Agree INOD, once he flies the nest or gets influenced elsewhere his attitude to money could all change, though if he's anything like his second cousin, he'll come back with more money than he took to Uni and never buy a beer himself in those 3 years :rotfl:

Beanie I class that as a decent result with your DS.

Alex - most ISPs now blanket block or give option to, certain types of sites so kids can't access or even see a list in a search engine. I'll join the majority that say you'll give in to games console/phone/laptop etc at some point in the future .

DS enjoyed the convertible experience but was never interested in cars on any level. I'm chipping away at getting him onboard to learning to drive - probably a course next summer where they teach them at an old airfield or track and they start at age 15 - gets them car/driving competent before adding roads and traffic at 17.

A good work day today and I've still lots to do, have put that to one side tonight to get the usual housey bits done of bins, towels, beds and washing on.

Am viewing an office first thing Monday which I've a good feeling about.

Managed another NSD :j

Financials:
- bank account checked - I'm astray by £1.01 and it's bugging me
- freepostcodelottery checked
- Inbox Pounds - need to do searches to move that on up
- Qmee still 22p

Monthly use and pay off CC bill has rolled over so full amount set up to pay on 17th.

And I need to pay myself rest of month's salary after I've done the business banking in the morning.

Avoiding cake making tomorrow as I've been given half a cheesecake left over from the office - the DIYers will enjoy that

Think a bit of tv time now, washing onto the line and tidy up a bit.

Happy weekend all

AlexLK

beanielou wrote: »

My son is not great with money but refuses point blank to have a credit card & does not have an OD either.
So a partial result?

Definitely a result, in my opinion there.

Ali-OK wrote: »

Agree INOD, once he flies the nest or gets influenced elsewhere his attitude to money could all change, though if he's anything like his second cousin, he'll come back with more money than he took to Uni and never buy a beer himself in those 3 years :rotfl:

:eek: Went to uni for three years, came back with more money (erm, how?) and never bought a beer??? :eek::rotfl:

Ali-OK wrote: »

Beanie I class that as a decent result with your DS.

You aren't the only one.

Ali-OK wrote: »

Alex - most ISPs now blanket block or give option to, certain types of sites so kids can't access or even see a list in a search engine. I'll join the majority that say you'll give in to games console/phone/laptop etc at some point in the future .

DS enjoyed the convertible experience but was never interested in cars on any level. I'm chipping away at getting him onboard to learning to drive - probably a course next summer where they teach them at an old airfield or track and they start at age 15 - gets them car/driving competent before adding roads and traffic at 17.

Did not know about the ISPs, I'm fairly certain mine doesn't block anything.

:rotfl: Even Mrs K thinks I'll give in. No TV is a good excuse for no games console unless he pays for the TV licence from his allowance. Otherwise, he'll have to tell his grandparents that he wants one at their house and I know my parents will refuse. Do agree the 'phone and laptop is going to be more difficult though.

Perhaps there's hope my son will like his classics, then. My mother has ordered a Defender to be put away for him but I would really like to restore a classic with him when he's about your son's age.

Glad to hear you're trying to get your son into the idea of learning to drive. I learnt to drive well before 17 (was about 12/13) in my mother's LR on private "roads" / green lanes.

Ali-OK wrote: »

A good work day today and I've still lots to do, have put that to one side tonight to get the usual housey bits done of bins, towels, beds and washing on.

Am viewing an office first thing Monday which I've a good feeling about.

Managed another NSD :j

Financials:
- bank account checked - I'm astray by £1.01 and it's bugging me
- freepostcodelottery checked
- Inbox Pounds - need to do searches to move that on up
- Qmee still 22p

Monthly use and pay off CC bill has rolled over so full amount set up to pay on 17th.

And I need to pay myself rest of month's salary after I've done the business banking in the morning.

Avoiding cake making tomorrow as I've been given half a cheesecake left over from the office - the DIYers will enjoy that

Think a bit of tv time now, washing onto the line and tidy up a bit.

Happy weekend all

Very good news regarding the office, I hope it works out for you.

Ali-OK

Check your ISP's website Alex - Government changed laws last Autumn I think and made ISPs responsible for accessible content, so instead of the user having to block by individual site, they should all offer blocking at ISP level.

Cousin's father sent him an allowance each month he was at Uni - he managed to save 25% of it :rotfl: and ducked paying for rounds of drinks (this came up in his Best Man's speech too :rotfl:)

DS doesn't have a games console, but he does play games online on his laptop so you could probably get away with that one and tv can be watched as catch up on a laptop too. DS doesn't want his phone - I made him have that and he leaves it at home most of the time anyway! Difficult to know at Little K's age as things move on all the time and schools work differently too.

I like the restoring classics with you idea, I'm sure he'll learn lots from you as time goes by and that sets the interest and knowledge base.

I too learnt to drive young (14) on private land, picked up terrible habits though :rotfl: so these organised courses seem a really good idea.

Having an office has made a great deal of difference this past year, so moving to another one makes sense. Fingers crossed it stacks up for cost. Location is perfect and with moving out of my current one and not planning on being in a new one until after my break in September, I'll be saving a few weeks of overheads - very MSE

Oh, I found the £1.01 that went astray with budget, can go to bed a happy bunny now!

AlexLK

Ali-OK wrote: »

Check your ISP's website Alex - Government changed laws last Autumn I think and made ISPs responsible for accessible content, so instead of the user having to block by individual site, they should all offer blocking at ISP level.

Cousin's father sent him an allowance each month he was at Uni - he managed to save 25% of it :rotfl: and ducked paying for rounds of drinks (this came up in his Best Man's speech too :rotfl:)

DS doesn't have a games console, but he does play games online on his laptop so you could probably get away with that one and tv can be watched as catch up on a laptop too. DS doesn't want his phone - I made him have that and he leaves it at home most of the time anyway! Difficult to know at Little K's age as things move on all the time and schools work differently too.

I like the restoring classics with you idea, I'm sure he'll learn lots from you as time goes by and that sets the interest and knowledge base.

I too learnt to drive young (14) on private land, picked up terrible habits though :rotfl: so these organised courses seem a really good idea.

Having an office has made a great deal of difference this past year, so moving to another one makes sense. Fingers crossed it stacks up for cost. Location is perfect and with moving out of my current one and not planning on being in a new one until after my break in September, I'll be saving a few weeks of overheads - very MSE

Oh, I found the £1.01 that went astray with budget, can go to bed a happy bunny now!

Hope the weather held long enough for your DIYers, it's not been nice up here all afternoon.

Checked the ISP (BT) and found they have software you can download to block "inappropriate content", though I do wonder if the kids will find a way around that. I hope it's a good few years before my son has a need to use the internet, though.

The school my son will be attending for the first two years (maybe longer) isn't one that is much into technology. I'll admit it was one of the things that persuaded me from the other choice. There, pupils seem to turn up with iPads / 'phones and other nonsense from the beginning, it's normal, I'd go so far as to say even expected.

No idea what I'll do when the time comes regarding driving with my son. I never had any lessons from a qualified instructor, passed first time and never had a crash. Lots of years to work it out, as well as what to restore. At the moment a Triumph Spitfire Mk.III is in first place. My son's favourite cars at the moment are TR3s and MGAs which I think are too much money for a first car / restoration project, unless the market crashes, of course.

Your potential office move sounds great and from what I know about your business from what you've said on here, I think having one has really helped it to grow.