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So this is why the current market is stupid.

Rahkmalla

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A lot also live with their parents and don’t pay rent. I live in California and a coworker who easily makes $20K less than me has 3 cars (one is a project car) because he lives with his grandfather and doesn’t pay rent. If I didn’t pay rent here I’d be saving $2K/mo. With that I could buy a $100K car and afford the payment easily. It’s stupid but I could do it.
Letting family live rent free is just enabling them. If my son moves home after college he's paying rent, and considering he'll still be eating my food for free, i won't even feel bad about charging him standard market rate for a room for rent in my area.

That being said, unbeknownst to him, all the money he pays me in rent will be going into a savings account that I will be giving back to him at a time I deem appropriate.

You gotta push em outta the nest at some point. Doesn't hurt to provide them with a safety net, but I have no interest in raising Peter Pan.
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RyanRallyX

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No not Galpin. They do lease but the rate was the same as purchasing but the interest was higher for the 3 years. They did say the but out would be mid $34k ish after lease to buy it after but if you decide to sell for any reason you are stuck with what FORD will offer you and the lease can’t be bout out if you want to sell for another vehicle or sell it out right to a dealer. Carmax for instance can not and had a big list the brands they can’t purchase. I went to see why I could get for my daily Lexus and it wasn’t anything amazing so it wasn’t worth the offer since cars are more right now. It would be paid vehicle and money to put down on a marked up vehicle. The ford lease rate was around 900 a month for three years with $5k down. My order is a badlands sas 4 door MIC high package with tow and 2.7
Yeah the interest wasnt great but better payment for now. Will finance and pay the 500 fee before the lease is up, or sooner if I plan to sell it.
 

MyBroncoNotYours

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Letting family live rent free is just enabling them. If my son moves home after college he's paying rent, and considering he'll still be eating my food for free, i won't even feel bad about charging him standard market rate for a room for rent in my area.

That being said, unbeknownst to him, all the money he pays me in rent will be going into a savings account that I will be giving back to him at a time I deem appropriate.

You gotta push em outta the nest at some point. Doesn't hurt to provide them with a safety net, but I have no interest in raising Peter Pan.
This is exactly the way to do it too. It fosters responsibility. I’m 25 and I know/met too many people who screwed up in college or didn’t understand the value of a dollar because their parents enabled them / paid for everything.

My parents could’ve paid for my college, they could’ve paid for my car, they could afford to put a down payment on a house for me. They have done none of that - just provided help and support (non financially) where needed. I have my student loans paid off and my car that I bought new 4yrs ago. I’m doing well completely on my own and it wouldn’t be that way if they just gave me everything.
 

HTX1811

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This is exactly the way to do it too. It fosters responsibility. I’m 25 and I know/met too many people who screwed up in college or didn’t understand the value of a dollar because their parents enabled them / paid for everything.

My parents could’ve paid for my college, they could’ve paid for my car, they could afford to put a down payment on a house for me. They have done none of that - just provided help and support (non financially) where needed. I have my student loans paid off and my car that I bought new 4yrs ago. I’m doing well completely on my own and it wouldn’t be that way if they just gave me everything.
My son who is 26 and a Captain in the USAF got a pretty good financial lesson from me growing up. I told him he can take out loans for college and if he graduated, I would pay them. He graduated and I paid them.
His senior year in college he was driving a 2011 F-150 super crew that was paid for by me. He told me he wanted an F-250 diesel. I told him he can keep the F-150 and drive it until the wheels fall off and I would pay the insurance or he could buy a new truck and I would repo the F-150. He said he was going to get the F-250. I took the F-150 back and drove it for several years issue free.
He has since told me he wished he had kept the F-150 and I taught him a good lesson and he appreciates that.
 

ramblinwreck

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Why would you pay taxes on the profit you make ? Is that a California thing ?
It’s actually a federal tax thing. If you sell at a gain you have to claim that as income. If the infrastructure bill in congress passes, the IRS will get access to your bank accounts so that they can catch when things like that happen.
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