My son, Mr Moneybags

[wired]

So Ive mentioned on here before that my youngest son is doing character development and creating "Virtual Items" for characters for a video game he plays online. He sells this stuff to apparently wealthy clients . I thought it was a kids game but I havent played a video game in 40 years and have no idea what I'm talking about.
So yesterday we are trying to figure out why the car I bought him last year is having headlight problems . Its because its a 13 YO BMW and the electrical system suck ( needs a switch) . I can tall he's getting frustrated and he asks me if he can buy a new car. I'm like sure what are you thinking about? "I don't know" "Maybe one of those new Corvettes". I'm telling him theres no way I'm paying insurance for a new Corvette for a 16 year old kid then it dawns on my we are actually having a legitimate conversation about my 16 year old son going down and paying cash on a $100K Corvette. No. Thats it. No. I like the new ragtop Broncos

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[mrblond]

Sounds like its time to talk to your son about paying rent...

 

[CamoDeafie]

So Ive mentioned on here before that my youngest son is doing character development and creating "Virtual Items" for characters for a video game he plays online. He sells this stuff to apparently wealthy clients . I thought it was a kids game but I havent played a video game in 40 years and have no idea what I'm talking about.
So yesterday we are trying to figure out why the car I bought him last year is having headlight problems . Its because its a 13 YO BMW and the electrical system suck ( needs a switch) . I can tall he's getting frustrated and he asks me if he can buy a new car. I'm like sure what are you thinking about? "I don't know" "Maybe one of those new Corvettes". I'm telling him theres no way I'm paying insurance for a new Corvette for a 16 year old kid then it dawns on my we are actually having a legitimate conversation about my 16 year old son going down and paying cash on a $100K Corvette. No. Thats it. No. I like the new ragtop Broncos

He talking about selling "NFT" stuff? (Non Fungible Token)

 

[L84Cabo]

And thus begin-ith the first day of your new relationship with your son. For today is the day that he became an integral part of your early retirement plan.

In all seriousness, it's time to have a serious talk with him and get him connected with some good financial management help. It doesn't have to be too complex. But it's better to teach him right from the start about saving, investing, taxes, and how to manage money like that before he goes out and buys a brand new corvette.

 

[CamoDeafie]

Yeah, and get him to put money into tangible assets before it disappears digitally one way or other.

 

[Cavedweller]

If by paying cash you mean he will be plunking down 100 grand in paper money, he will have the IRS on your a$$ in no time, as the auto dealer will have to report the transaction. I hope you are not claiming him as a dependent on your return.

 

[Certaindeaf]

Insurance will be I dont know, $1000/mo? and he might not live long driving a race car as a first car.

 

[Certaindeaf]

You know somewhere on the net this same question is being asked of a 16 year old daughter's onlyfans account and a $100,000 pair of go-go boots.

 

[CamoDeafie]

You know somewhere on the net this same question is being asked of a 16 year old daughter's onlyfans account and a $100,000 pair of go-go boots.

I do believe OnlyFans require age verification for NSFW things but swimsuit/cosplay/"just chatting" may well be profitable for teens

 

[Certaindeaf]

I do believe OnlyFans require age verification for NSFW things but swimsuit/cosplay/"just chatting" may well be profitable for teens

Yep, that whole genre.. twitch, instagram, yada.
I think the biggest money maker on YouTube is 5 years old.

 

[wired]

He uses my accounts or at least accounts that have been set up under my name. It kind of screws him because he's taxed at my high rate . We keep two accounts going. One for every two he puts in his savings goes into his tax account. That of course doesn't count the money he hasn't extracted from his/my Coinbase account ( a lot of this stuff gets paid for in bitcoin ) which isn't tangible yet. This is all to prevent what happened last year where he sold 50k worth of stuff and made maybe 5k net without mentioning it. Then we/I had to deal with the taxes. He did manage to screw up my ebay sellers account which I havent used in years . Ebay has put a LOT of restrictions on sellers in the last few years

No he's not going to pay rent or any of that stupid crap. I wholeheartedly encourage his foray into loading up on cash while the geting is good. No need to be dick dad . Interesting modern world we live in.

 

[RicInOR]

I would encourage you to have him sit while you "pay the bills"

Even if he only made a few bucks working an after school job, this is great life knowledge that I wish my parents had done with me.

"We don't have money for that" is far different from seeing the electric bill, gas bill, insurance - especially if that is paid every 6 months.

 

[ma96782]

I constantly have to remind my son about THE TAX MAN and paying his fair share.

But whatever.......good luck with your son and his continued success.

Aloha, Mark

 

[ma96782]

He uses my accounts or at least accounts that have been set up under my name. It kind of screws him because he's taxed at my high rate . We keep two accounts going. One for every two he puts in his savings goes into his tax account. That of course doesn't count the money he hasn't extracted from his/my Coinbase account ( a lot of this stuff gets paid for in bitcoin ) which isn't tangible yet. This is all to prevent what happened last year where he sold 50k worth of stuff and made maybe 5k net without mentioning it. Then we/I had to deal with the taxes. He did manage to screw up my ebay sellers account which I havent used in years . Ebay has put a LOT of restrictions on sellers in the last few years

No he's not going to pay rent or any of that stupid crap. I wholeheartedly encourage his foray into loading up on cash while the geting is good. No need to be dick dad . Interesting modern world we live in.

My bold.

That's the catch......
Since it's in your SS# and Name.
But, whatever.......I'm not doing your taxes.

Aloha, Mark

 

[wired]

I constantly have to remind my son about THE TAX MAN and paying his fair share.

But whatever.......good luck with your son and his continued success.

Aloha, Mark

Thats why the separate tax account exists. To be honest the coinbase account takes out most of the federal and state tax already so he's going to end up with more at the end of the tax cycle.

 

[wired]

My bold.

That's the catch......
Since it's in your SS# and Name.
But, whatever.......I'm not doing your taxes.

Aloha, Mark

Well yeah thats why the taxes are going to be higher FOR HIM than they would have been if he wasnt my minor dependent. He's got to make up the difference and he knows that. It gets tricky when dealing with minors who cant technically have this stuff in their names. The other option being telling him no and shutting down his accounts and sending him off to flip burgers vs making 150 grand a year using his mind as a tool. . That would be dumb.

Other than asking about a car the only things he spends money on is Taco bell . He did buy a set of ear buds and lavished gifts on his mother for Christmas. I could be in a MUCH worse position for kids. Like my dad was

 

[ma96782]

As I mentioned.......
Continued success to your son.

Taxes.....well......everyone pays (one way or another, Rrrrright....)?

Aloha, Mark

 

[Cavedweller]

It gets tricky when dealing with minors who cant technically have this stuff in their names.

Is there any reason why he can't?

Statutory Requirements for Opening Bank Accounts for Minors

This map is intended to provide state specific information regarding statutory requirements for the opening of bank accounts for minors.

www.csbs.org

 

[wired]

Is there any reason why he can't?

Statutory Requirements for Opening Bank Accounts for Minors

This map is intended to provide state specific information regarding statutory requirements for the opening of bank accounts for minors.

www.csbs.org

It's more on the Coinbase side. Most of this is done by crypto.That and I prefer to use my account to better track ins and outs of money. I did manage to convince him to look for a 40k car. We have annual property taxes here.

 

[Member 34319]

I pray my kid understands this stuff. It's crazy to me, knowing kids on YouTube make more in a month than most in a lifetime! Internet commerce is a huge industry and rakes in billions.

Kudos to your kid @wired, I hope you encourage him and help where is needed!

Sounds like he has a good dad looking after him and helping him become a responsible person financially.

If he gets the Vette, post pictures ok! So we non-internet fluent folk can live vicariously!