Posted on 03/21/2012 5:21:31 AM PDT by Kaslin
Dear Dave,
Is there some way to put a block on a credit report prior to sending a kid to college, so that the credit card hustlers cant get to them?
Trevor
Dear Trevor,
No, theres not. Unfortunately, in todays culture thats part of becoming an adult. When you hand them car keys theres no way to put a block on how they drive. And when they turn 21, theres no way to put a block on what they ingest.
About the only thing you can do is to teach your kids to the best of your ability, and be a good parent and good example. Teach them why debt is dumb, and show them how it eats away at their ability to save money and build wealth.
And for goodness sake, dont use credit cards yourself. Kids can smell a hypocrite a mile away!
Dave
Dear Dave,
Im a new doctor, and I drive a car that has over 200,000 miles on it, is 10 years old, and a few dings in the doors. Ive heard image is everything when youre a doctor, but I like not having a car payment. Should I just get over being self-conscious about my old car?
Mario
Dear Mario,
I like not having a car note, too. Id walk, ride a bike, or drive your car with a great, big smile on my face before I picked up a car payment!
As new, young doctor youve probably got six figures in student loans hanging over your head right now. So you need to get out from under all that before you start thinking about driving something fancy. If this car is truly on its last legs, then Id say save up for a few months then upgrade to a good, reasonably-priced, used car.
Just remember, a Mercedes or BMW doesnt prove youre a doctor, and it doesnt mean youre a good doctor, either. You just need to worry about whats smart for you instead of what other people think!
Dave
Dear Dave,
Im 24, and I dont have any debt except for a small student loan. Im going to law school to study international law, and I have a scholarship that pays 25 percent. However, I wont really be able to work much while Im studying. How can I do this without taking on more debt?
Amy
Dear Amy,
If I were you Id do some online research on all the governmental agencies out there. Ill bet theres one thats willing to pay for your law school if you would agree to work for them for a few years after you get out. Its kind of an indentured servitude deal, but thats a lot better than taking on $150,000 or more in debt.
The scholarship is a good thing, but we both know it will only scratch the surface when youre talking about law school. Think about this, Amy. You got the scholarship by finding a good opportunity and asking for it, right? Theres a ton of scholarship money out there, and millions of dollars of it goes unclaimed every year.
If I were you, Id get into the business of hunting money. Track down every possibility you can, and use every honest thing to your advantage!
Dave
Good advice as always from Dave. :-)
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