On ATV loans from a wise relative

This past weekend I had the pleasure of visiting with a bunch of my family’s relatives, some of whom I hadn’t seen in years.  Much fun and amusement was had by all.

I want to share a quick story about what one wise relative taught one of his children.  The gist of it is as follows.  (I’ll refer to the parties as Wise Relative and Elder Child to protect the innocent, and in case there was too much changing of the story through its oral history. :) )

The setting is a dealership with various “fun” vehicles: four-wheelers, snowmobiles, etc.  Wise Relative and Elder Child listen to a sales pitch discussing the features of a particular vehicle, including the affordable monthly payments: an ATV loan, if you will.  Elder Child is impressed with said features and said low monthly payment, and indicates this to Wise Relative.

Wise Relative tells Elder Child, in a voice loud enough to be heard by most in the showroom:

“If I never teach you anything else … NEVER … EVER! … borrow money to buy a TOY!”

This got Elder Child’s attention — as well as the attention of the people in the showroom who were in the process of taking out loans to buy their toys.

The latter group didn’t appreciate it very much, apparently, judging by the dirty looks they gave out.

Elder Child did appreciate it, though, and is rapidly becoming a Wise Relative as well.

John Wedding

Husband. Father. Web publisher. Musician. John has blogged at Mighty Bargain Hunter since 2005, helping people to recognize life's good deals.

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Comments

  1. The only worthwhile debt is for assets that appreciate. In addition, you should buy it at the best price and borrow at the lowest interest rate.

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