Thing is, my boy worked about 6 months and spent about 98% of his savings on beat up $800 truck that took another $600 to get it to pass inspection and somewhat safe to drive along with plates and tags. That's not even the insurance he owes us on.
My wife and I are blessed in that we're middle class, everything paid for but the house and land.
We bought a 4k honda accord knowing the boys could split the driving between them at no cost.
One boy is fine with driving the accord as he know it doesn't cost him any money and he can drive it. The other HAS to have a truck, and he thought he had a crapload of money (which he doesn't). This is the boy that paid $16 for $10, which scares the crap out of me. The other boy says with a smile he's like his grand dad and is a cheap bastard.
Right now they have free rent and food. When they turn 18, that's going to change drastically.
Everything in life costs money. You don't need money to be happy, but you better have your finances down when you become an adult or you will forever be in debt.
Want to guess what a universal life insurance policy with accured cash payout costs per year for a kid? Want to guess what food runs you for 2-16 year olds less the local meat in your freezer and what you can grow in your garden a month? Piano lessons a month? Clothes that they outgrow?
I filled the boys truck up with a 1/4 tank full, still cost me $50 (he is paying me for it), and with not much driving, he's already used a 1/4 of a tank. He's going to be in for a rude awakening when he has to fill that truck up for the first time out of his own pocket.
They need to have a "life budget" class in school. Spending for lifes necessities adds up quick.