Trucks and Bugs

"Dad, can I see your phone so I can look at Ford F-150s?" my almost 10-year-old asked.

"Uhhhhh, sure, bud. Here you go. Let's pull up some options."

For more than a year, my kids have known that when they start driving, they'll need to buy their own vehicle. We will match whatever they contribute, too, but that means they must take that first step. If they contribute $5,000, we'll add $5,000. If they contribute $10,000, we'll add $10,000. If they contribute $400, we'll add $400. The burden is on them.

It's a bit of a weird conversation to have with a 3rd grader, but there's power in talking about these concepts early and often. Conventional wisdom says that we are tasking our kids with an unattainable goal. How is a kid supposed to save enough money for a vehicle?!?!

I couldn't disagree more. My 9-year-olds have embraced the idea and are already thinking ahead. Currently, Pax wants to buy a Ford F-150, and Finn wants to buy a VW Beetle. Presently, Pax has $50 saved, while Finn has $30. Every time they get paid for work, I ask them if they want to contribute any of their earnings to their vehicle fund. It's completely optional. We've started slow so far, but I have a lot of grace and patience with this. One day, one battle at a time.

With their 10th birthday coming up, that means they will be driving with a permit in just four years. First, oh no! Second, oh my! Third, it will be here before we know it.

Work > Get Paid > Give Some > Enjoy Some > Save Some For Later.

This is the foundation of financial management, and it's fun to watch my kids (slowly) learn and embrace them. It's a bumpy road, filled with wins, losses, celebrations, tears, progress, and regression. But that's why we start early. I'd rather they learn these hard lessons at 10 than at 20 or 30. They need to feel the pain of sacrifice. They need to see the benefits of delayed gratification. They need to understand the importance of persistence.

Making our kids work, save, and pay for their own vehicles isn't child abuse. It's a gift. No, it won't be easy, but it will be worth it. Today, I encourage you to walk alongside some young people in your life. Maybe it's a son or daughter. Maybe it's a grandkid. Maybe it's a niece or nephew. Help them gain some skills that will benefit them for decades to come.

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