My son, Mr Moneybags

[wired]

He was talking about a Jaguar today. That conversation got shut down quick.

 

[P7M13]

He was talking about a Jaguar today. That conversation got shut down quick.

Yeah, owned by the Hindus and *still* powered by the "Prince of Darkness."

 

[wired]

So I was talking to my wife a few minutes ago telling her our son made $20, 000 TODAY and she's like " You need to stop him . He's out of control? " I'm "Hey, Soviet Onion. back off. Capitalism at play babe."

 

[wired]

I spent an hour yesterday trying to wrap my head around how this whole thing works. Apparently the Covid hysterical nightmare has pushed quite a few people who you wouldn't think want to be gamers into online gaming as a means of socializing. Some like to play friendly socializing games like the one my son is involved with. Apparently in this game there are a finite number of things. Like in the real world there is a rule of supply and demand and you can do trading online and as it turns out offline. All my son is doing is buying items and
then selling. These are the non fungible tokens I've heard of. He sees something he thinks or knows might be valuable and buys it on the cheap. Then through his network he finds a buyer in the game and sells it for a profit.
Yesterday he was hitting me up to buy a car again. I told him he needed to have enough cash on hand to buy the car he wanted , tax on the car, tax on the income. , Title, a full years insurance, fees etc. . Basically another 20 grand to do the deal. He said OK . He came back 2 hours later with $20k. I'm thinking you get one chance to be 16. Run with it.

 

[Mikej]

You have two sons? Couple/three of years ago the son with the Dodge Charger was getting speeding tickets?

 

[Member 34319]

If anyone in my family made $20,000 in a day. I'd ask if they need help!

I spent an hour yesterday trying to wrap my head around how this whole thing works. Apparently the Covid hysterical nightmare has pushed quite a few people who you wouldn't think want to be gamers into online gaming as a means of socializing. Some like to play friendly socializing games like the one my son is involved with. Apparently in this game there are a finite number of things. Like in the real world there is a rule of supply and demand and you can do trading online and as it turns out offline. All my son is doing is buying items and
then selling. These are the non fungible tokens I've heard of. He sees something he thinks or knows might be valuable and buys it on the cheap. Then through his network he finds a buyer in the game and sells it for a profit.
Yesterday he was hitting me up to buy a car again. I told him he needed to have enough cash on hand to buy the car he wanted , tax on the car, tax on the income. , Title, a full years insurance, fees etc. . Basically another 20 grand to do the deal. He said OK . He came back 2 hours later with $20k. I'm thinking you get one chance to be 16. Run with it.

View attachment 1093350

I say do it! Push him to get it. It sounds like he is motivated to work for it.

Once he has the Vette, then pull him aside and see if he has the same motivation to go after a house. Get him invested in property and other assets that will help him later in life. I imagine the Vette will hold its value and it is a solid investment at 16. Especially if he treats it right and such.

Plays his cards right he can set himself up nicely now for his older years.

 

[wired]

After the Vettte he's bulking up 100k for college.mighr take a few months. And it was the other kid who's in college now that was getting tickets in the Camaro. I have 3 sons . These kids all have different personalities. The youngest is mild mannered and polite but cunning as hell. I hesitate to use the word genius because I'll get proven wrong right after I do it but I'd be really surprised if that one doesnt take over .

 

[wired]

Nothing like the first car you pay your own money for yourself.

 

[72scoutman]

Im pretty sure he has no idea what kind of accomplishment this is. Keep him rolling and investing in "permanent long term" type investments. My 15 yo does pretty good for a kid his age but apparently needs to step up his game. Lol

 

[wired]

The college fund is next. I figure once he grosses 185k for that we will talk investing.

 

[joshkk]

Congrats to your son, that is quite an accomplishment!

In addition to the college fund which you referenced, I would say that getting into real estate is going to be one of the best, most durable investments he could make. Not everyone needs NFTs on computer games, but everyone DOES need housing. "All signs point toward million-dollar homes becoming the norm, rather than the exception in the 2030s" (https://fortune.com/2021/11/22/million-dollar-homes-nationwide-norm-mortgage-fannie-mae-freddie-mac/) If he could buy a couple modestly-priced rentals or a triplex somewhere now or in the next handful of years, he could be set for life just from the rental income, let alone the appreciation in value of the homes. But look carefully at location too, climate change is going to change the real estate value maps significantly over the next decade.

Also, for his sake and the public's, please make sure he drives that car responsibly! Teenage boys kill themselves and others all the time going fast in sports cars.

All the best,
Josh

 

[wired]

Congrats to your son, that is quite an accomplishment!

In addition to the college fund which you referenced, I would say that getting into real estate is going to be one of the best, most durable investments he could make. Not everyone needs NFTs on computer games, but everyone DOES need housing. "All signs point toward million-dollar homes becoming the norm, rather than the exception in the 2030s" (https://fortune.com/2021/11/22/million-dollar-homes-nationwide-norm-mortgage-fannie-mae-freddie-mac/) If he could buy a couple modestly-priced rentals or a triplex somewhere now or in the next handful of years, he could be set for life just from the rental income, let alone the appreciation in value of the homes. But look carefully at location too, climate change is going to change the real estate value maps significantly over the next decade.

Also, for his sake and the public's, please make sure he drives that car responsibly! Teenage boys kill themselves and others all the time going fast in sports cars.

All the best,
Josh

Having lived that life I agree.Theres going to be some intrusive electronics and valet options installed shortly.

 

[Member 34319]

Ok. That's awesome! Congrats to the kid @wired .

Way he is going he should be well off for the rest of his life.

Also, he needs a radar detector and a good multi view dash camera for that thing.

 

[wired]

Well, He's fullfilled his college fund obligations. 16 years old. Junior in high school and he has already accumulated enough in his college fund to pay for a full 4 year ride. No loans, no money stress, hustling scholarships, none of that.

 

[Member 34319]

Well, He's fullfilled his college fund obligations. 16 years old. Junior in high school and he has already accumulated enough in his college fund to pay for a full 4 year ride. No loans, no money stress, hustling scholarships, none of that.

That is awesome.

Keep pushing the young entrepreneur.

He keeps this up, he'll have a smooth ride for years to come.

Hell, I can only imagine if he gets into property investment!

 

[Flopsweat]

This would be a great time to explore other areas of entrepreneurship, slowly, not at the cost of his current business, to see what else he's good at. If one gig dries up, he'll be poised to move smoothly and deliberately to another.

 

[wired]

We drove to a basketball game the other day and had a talk. Charlotte is a big banking center and I tried to discuss a business or finance degree. He's not too interested in careers just yet so I just drop seeds.

BTW you can't beat the Chicago bulls throwing 3 point shots all night and neglecting your defense. They'll walk all over you.

 

[bolus]

If you have the option, consider getting him a track school day at a local racetrack. PIR in portland had a track day school and a skid car control school. Both amazingly good for learning basic car control. If you add a high powered rear wheel drive car that you dont have exerience driving and also have a bit of that young person invulnerability feeling its easy to wrap one around a tree.

I've done several track day classes and still drive with the techniques I learned even if its in a economy car. If you learn how to control a car at 10/10ths of its ability, you are much better handling day to day driving or driving in the rain, etc.

 

[kmk1012]

Well, He's fullfilled his college fund obligations. 16 years old. Junior in high school and he has already accumulated enough in his college fund to pay for a full 4 year ride. No loans, no money stress, hustling scholarships, none of that.

But what to do if the Dems get their "free college for everyone" by then?

 

[Flopsweat]

But what to do if the Dems get their "free college for everyone" by then?

Seed capital for whatever he does next.