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Reply to "$$$ car for trust fund kid?"
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[quote=Anonymous]Are you using 4 $ to symbolize an extremely expensive car? Or do they just want a regular-ish car? I’d help them select the car, explaining how taxes and insurance work so they understand the wisdom of getting a reasonably priced car, and let them use the money early. My parents set up trust funds for my son and his cousins. My son is the youngest so I’ve been able to benefit from watching what my siblings did. They decided to let their kids buy cars after turning 16. Surprisingly, 2/3 kids chose not to buy a car. The one who did got something sensible and saved a big chunk of money for life after college. I think my siblings really benefited from not making a big deal about getting a car—never turning it into an argument about control of the money. I think they found YouTube videos explaining car buying and ownership, and that was helpful.[/quote]
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