I got like $850

[sonic209]

get a ps3 instead of an xbox360

 

[VBKirby]

+ the fact i can't get a ride to work
1. Work close to home.

2. Work online.

3. Public transportation.

4. Bike.

As for having a credit card, I mainly meant that at his age, he should not have a credit card. especially if he has no job.

Explain.

Wait, you still get an allowence?! I haven't gotten an allowence since I was 10!

As harsh as it sounds, (and I know I'll get flamed for this) Most young people can't handle money very well. Granted, I am 18 too, so I still fall under that category. Now I KNOW! There are people who are smart with money. But as unfair as the stereotype is, for the most part, it's true. Flame me if you must, but it is mostly true. the people who say ALL young people can't handle money are the ones who should be flamed. (though no one here has said that)

In these days, things cost a lot, and having a credit card is a huge temptation. some can fight it. Others cannot. Now it all depends on how often you use it though, but one can get into severe debt, and with no job to be able to pay it off, you're stuck. You'll end up making your parents pay it, and that is horrible. It is wise to wait until one gets older and matures a bit, and starts to figure out how much the credit card should be used, and for which things. Credit Cards should only be used for really important things like emergencies, and weeks when you don't have enough for necessities. Using your credit card to buy a Nintendo Wii (or whatever the heck system you want) is a poor choice. Of course one can be a little lenient about it and use it for some entertainment purposes, but you need to be careful. Credit cards are something one will most likely eventually need, but not so early in life.

 

[Deleted member 110780]

Tell your parents that you'll be an adult in two years and that you're not a kid. Opening an account is simple, just walk into a bank and ask about opening a checking account(which is what the debit card draws from). You can get different rates sometimes, but that only depends if you deposit a large sum of money first (say, $100 at US Bank). If you only open a Savings account, you'll get a debit card but you won't be able to use it the same way as a credit card. But if you have a Checking account, you'll get a debit card that acts as a credit card, only you can't go below $0. You also earn less interest. But if you open a Checking account they give you a Savings account too.

And on the debit card thing: A debit card that is linked to your Checking account has the same number of digits as a credit card, so it is treated as a credit card and as a Visa or Mastercard(depending on your bank).

PayPal is pretty simple(although SOMEONE I know still hasn't done it =_=), all you need is a debit card(that acts as a credit card) or your bank account numbers, and your bank's routing number. You should also have at least $1 in your account(s) that you will be using PayPal for. PayPal has to withdraw this $1 and deposit it back into your account to verify that you are actually the owner etc. It's not a hassle at all.

 

[Sailor]

Go get yourself the 360, but make sure you get some sort of extended warranty from wherever you buy it from.

The 360 has got it going on, but it has a tendency to get the 3-rings-of-death problem. A bonus warranty is a must.

Spend any excess cash on some games for it.

Why? Microsoft gave every Xbox360 a 3 year warranty...so worry free, my lad.

 

[imgod22222]

Didn't Microsoft put a 5 year warranty or something insane on them recently?

Before i buy games, i'll see if i the "right" disc drive (probably not) then i'll borrow games from my friends until i get other money (this $850 is part of my "large spending" money i set aside (only 50 and 100 dollar bills) to get big expensive stuff i want that my parents dont get me for a holiday (xmas and bday come to mind)) probably from allowance or by fasting and collecting lunch money to put to games

 

[Urza]

As harsh as it sounds, (and I know I'll get flamed for this) Most young people can't handle money very well. Granted, I am 18 too, so I still fall under that category. Now I KNOW! There are people who are smart with money. But as unfair as the stereotype is, for the most part, it's true. Flame me if you must, but it is mostly true. the people who say ALL young people can't handle money are the ones who should be flamed. (though no one here has said that)
I suppose I can't speak for others, but I was making a fortune on eBay back when I was 14 (well, averaged out to about 800 a month, but a small fortune in my young eyes

)

In these days, things cost a lot, and having a credit card is a huge temptation. some can fight it. Others cannot. Now it all depends on how often you use it though, but one can get into severe debt, and with no job to be able to pay it off, you're stuck. You'll end up making your parents pay it, and that is horrible. It is wise to wait until one gets older and matures a bit, and starts to figure out how much the credit card should be used, and for which things. Credit Cards should only be used for really important things like emergencies, and weeks when you don't have enough for necessities. Using your credit card to buy a Nintendo Wii is a poor choice. Of course one can be a little lenient about it and use it for some entertainment purposes, but you need to be careful. Credit cards are something one will most likely eventually need, but not so early in life.

Not everyone has such terrible self-control.

 

[VBKirby]

Not everyone has such terrible self-control.

I believe I also mentioned that.

QUOTENow I KNOW! There are people who are smart with money.

 

[phoood]

All I read is blah blah blah, so heres what I would of done if I were you.

Get a 360 (the one w/ a 20GB HDD), a good game or two (Like CoD4

), and Live. Then put half of the rest into paypal and shop online and the other half, save it for when ever.

And be cheap. As in go for sales and don't think you can waste all that money. So look for deals when ever you're shopping.

 

[Urza]

Not everyone has such terrible self-control.

I believe I also mentioned that.

Now I KNOW! There are people who are smart with money.

Let me rephrase my statement:

"The person in your example sounds like an idiot. I wouldn't trust them with their lunch for fear they might trade it for a marble and starve to death."

 

[Sailor]

I suppose I can't speak for others, but I was making a fortune on eBay back when I was 14 (well, averaged out to about 800 a month, but a small fortune in my young eyes 

)

Haha, you remind me of a kid in my Middle School. I asked to borrow $5 once, and he pulled out a roll of $100's from his bookbag. My jaw nearly dropped..later I found out that he was an eBay merchant.
..Wish I found the way of eBay when I was young

 

[VBKirby]

Not everyone has such terrible self-control.

I believe I also mentioned that.

Now I KNOW! There are people who are smart with money.

Let me rephrase my statement:

"The person in your example sounds like an idiot. I wouldn't trust them with their lunch for fear they might trade it for a marble and starve to death."

LOL! That totally cracked me up!

Though the sad truth is, that there really are people like that. Maybe not that extreme, but there are people who will use their credit card for totally worthless things and get into debt. Surely you can understand it when it's put that way. If you know anyone who collects collector cards and has a credit card... well I think you can guess what they do with it. (Actually knew a guy like that once)

 

[Urza]

Though the sad truth is, that there really are people like that. Maybe not that extreme, but there are people who will use their credit card for totally worthless things and get into debt. Surely you can understand it when it's put that way. If you know anyone who collects collector cards and has a credit card... well I think you can guess what they do with it. (Actually knew a guy like that once)

While it is true that there are people like that, I'd like to think that someone who'd query the intelligent (and handsome

) members here at GBAtemp before making a decision is at least a bit smarter than the average Joe.

 

[dmonkey21]

Oh, and you need a credit card for online shopping. not a bank card. I HIGHLY suggest that you DO NOT get a credit card.

Incorrect on both accounts. You can sign up for PayPal with a debit/bank card, allowing you to do business with any of the stores that accept it; and theres nothing wrong with credit cards as long as you manage your credit.

Ya if you want to buy stuff online you don't even NEED any cash to begin with. My friend set up a paypal and sold all his old n64, Snes, and Genesis stuff for like $300 on ebay, and just uses it to buy stuff online now.

 

[Sailor]

Though the sad truth is, that there really are people like that.  Maybe not that extreme, but there are people who will use their credit card for totally worthless things and get into debt. Surely you can understand it when it's put that way. If you know anyone who collects collector cards and has a credit card... well I think you can guess what they do with it. (Actually knew a guy like that once)

While it is true that there are people like that, I'd like to think that someone who'd query the intelligent (and handsome

) members here at GBAtemp before making a decision is at least a bit smarter than the average Joe.

Oh, stop Urza. Not in front of people

 

[Urza]

Ya if you want to buy stuff online you don't even NEED any cash to begin with. My friend set up a paypal and sold all his old n64, Snes, and Genesis stuff for like $300 on ebay, and just uses it to buy stuff online now.

Hell, you don't even need STUFF to start SELLING online. Anyone with a PayPal account can just start drop shipping or selling digital items.

 

[VBKirby]

While it is true that there are people like that, I'd like to think that someone who'd query the intelligent (and handsome

) members here at GBAtemp before making a decision is at least a bit smarter than the average Joe.

Ah yes. well, that may just be pride of the forum, but I do admit, that this forum definitely has the smartest group of people than any other forum I've been too. And I sincerely mean that. I don't know if it's just an anime forum thing, but people I've seen else where are very obnoxious, and spam like crazy. They also nitpick at everything (though that's not avoidable on any forum really) So I guess I should be raising my standards a bit here.

My advise:

-Get a bank account
- Purchase whatever console you really want to get. (but wait for a sale, and if the extended warranty is cheap, go for it)
- Buy certain foods you rarely get to treat yourself
- save up your money. Put it somewhere safe.
- and while I believe you can be trustworthy with cash, I still suggest waiting to get a credit card, at least until you get a job you can pay off the debt with. Surely that makes sense. Right?

But most importantly, be independent about your choices. Sure I was giving my list of suggestions, but that doesn't mean you even have to take it into consideration. You do what you think is right.

 

[Extreme Coder]

A bit offtopic, but I'm wondering how do you guys make money with eBay? I mean sure, you may have some left over stuff you don't need and then you sell them, but then after that, what else?

 

[imgod22222]

Okay, so this is what it sounds like you're suggesting to me (or what also sounds like i should do, anyways)

1) Buy the 360 (a given)
2) Open up a debit account (and get a card, works like a credit card but cannot go less than zero [preffered])
3) At any time transfer money to paypal to buy stuff online
4) Transfer my money to my debit account so i'm not caught with large cash amounts on my person
5) (optional) Find stuff to sell on eBay and make a killer profit.


(I don't want to get involved with debt, so i don't want a credit card [credit card = debt possible, right?] so debit makes sense here is what i'm understanding)

 

[Sinkhead]

If you don't want to get a bank account yourself, get a written receipt from your parents. It doesn't have to be anything fancy, just a bit of of paper with your Dad's signature on and the date with how much money you gave him, and the interest rate at which your Dad is giving you.

And the above idea sounds great.

 

[hankchill]

Well, aren't we lucky

Guess how much I got for Christmas? $20.

And I agree with your list you got there, you should do just those things