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Post by gmcwife1 on Oct 27, 2014 15:51:42 GMT
I wouldn't make dictates to him. I would sit down and talk to him. What does he think? How much does he think he should get to spend? How much does he think he should put in savings? He is 14. If you just dictate to him instead of involving him in the decision making process then you are missing a valuable learning opportunity. This is how I would do it too. But my 15 yr old is a saver and very goal minded. She has had a savings account since she in grade school. She loves watching it grow and has only taken $$ out a couple of times. |
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anniebygaslight
Drama Llama
I'd love a cup of tea. #1966
Posts: 7,412
Location: Third Rock from the sun.
Jun 28, 2014 14:08:19 GMT
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Post by anniebygaslight on Oct 27, 2014 15:55:07 GMT
It is his money, he won it. If he was my son, I would allow him to purchase one sizeable treat and then put the rest in a savings account for him.
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Post by alibama on Oct 27, 2014 15:56:10 GMT
I agree with Garcia5050. I think I would ask him to pick whether he would rather have a Surface or the Xbox One and sell whatever it is he is replacing. Use that money, plus whatever portion it takes from the $1300 to buy the item he wants. If he's able to manage to sell both and replace them with less than half of the $1300 (in addition to what he makes selling the old ones), I'd let him do it.
I think spending half and saving half is reasonable especially if he is willing to put it towards upgrading something he already has by selling one or both.
I agree with this |
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Post by auntkelly on Oct 27, 2014 15:57:44 GMT
I wouldn't make dictates to him. I would sit down and talk to him. What does he think? How much does he think he should get to spend? How much does he think he should put in savings? He is 14. If you just dictate to him instead of involving him in the decision making process then you are missing a valuable learning opportunity. I agree w/ myshelly. I think this could be a great learning experience for him. I would give him a lot of guidance, but in the end I'd let him make the final decision as to how much money he was going to spend and how much he was going to save. Be sure to follow up w/ him in two years and ask him if he thinks he made the right choice. And congrats to Nick for winning the tournament! |
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Post by BoilerUp! on Oct 27, 2014 15:59:16 GMT
I second the thought on the value of the ATV, especially if it was adult size.
But, to answer your question, I would set down with him and explain that (the total amount you get for the ATV) is a lot of money, express your suggestions, but ultimately, he won it, so he should decide on what to do with it.
Hopefully he values your opinion enough and makes the right decision. I think 14 years old is old enough to make those type of decisions based on you having a chance to explain your reasoning.
Good luck!!
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basketdiva
Pearl Clutcher
Posts: 3,699 
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Post by basketdiva on Oct 27, 2014 16:02:10 GMT
I would check into the tax implications of unearned income. It will be a good life lesson for your son to learn about taxes.
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Post by FrozenPea on Oct 27, 2014 16:02:46 GMT
I agree with the other posters double check the actual price of the atv. $1300 is way too low! It should be more like $5-10,000.
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Post by missysauter on Oct 27, 2014 16:05:00 GMT
I agree with the other posters double check the actual price of the atv. $1300 is way too low! It should be more like $5-10,000. I got a hold of a local retailer and he said the value is about $1,200. I think it is a small adult size. |
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Post by melanell on Oct 27, 2014 16:05:48 GMT
I would definitely sell it. I would definitely check about any taxes owed on it and deduct that amount from the earnings from the sale. Then I would tell him that X amount was to go into savings and that X amount could be spent. Since he is still a child and the purchase(s) will be coming into your home, I would also say that you have final veto power over his choice. He needs to know that he can't say "Okay, let's go buy a puppy." or something.  |
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Deleted
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Aug 18, 2025 21:05:54 GMT
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Post by Deleted on Oct 27, 2014 16:10:03 GMT
I would let him have $300 and put $1000 in savings. More accurately, I'd let him keep $300 minus taxes due and $1000 minus taxes due would go into savings.
There would also be discussions around this - what he wanted, etc. - it wouldn't just be a mandate. However, the majority of the money would be going into savings regardless. If he made a really good case about why he should get more than $300, I'd be open to that.
But at 14, there are big expenses coming soon - both car and college related - so savings would be a bigger priority than spending.
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Deleted
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Aug 18, 2025 21:05:54 GMT
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Post by Deleted on Oct 27, 2014 16:11:28 GMT
My opinion on gift money/prize money, etc. is that I encouraged meaningful/significant purchases rather than just letting it slip through their fingers as I might allow an earned allowance to do. Even more so for a child/teen that needs to learn money lessons. I think by encouraging him to come up with a plan on how to spend it (see what he would do with the ENTIRE amount) gives him some control over it but also encourages budgeting. And then sit down with that and see how he can get those things by giving up other things that he is replacing (in the case of the iPad or xbox).
In my house, if he was willing to sell those things to replace them with newer versions, I would be much more likely to let him spend a larger portion than I would if he just wants to buy random crap.
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Post by littlemama on Oct 27, 2014 16:11:46 GMT
I would let him spend $300 on something big, and bank the other 1000.
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suzastampin
Pearl Clutcher
Posts: 2,587
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Post by suzastampin on Oct 27, 2014 16:29:27 GMT
Honestly? I would let him spend the money as he chooses. Technically, he won the prize. It is a lot of money to give to a kid, and I would definitely talk to him about putting at least half in a savings account for later, but if he wants to buy a new gaming system (or whatever,) then I would let him. It would be a great lesson in personal finance too...A lot of banks have teen checking accounts, so it would be a great time to teach him how to have a checking account and budgeting money (or blowing it.) He can also use it to go to the movies, lunch with his friends...whatever. I'm in this school of thought. If he were able to keep the ATV, money wouldn't be involved in any decisions. While I would sit and discuss and give ideas, the final decision should be up to him. Hopefully, he has learned good savings habits from you and his Dad. He will, though, need to put enough away to cover any taxes on his prize. Can you contact the organizers and find out the value? You could tell them that he needs to save up for the taxes. That way, you will know what they paid for it, and the money can be set aside now. Im not sure whether he will have to file a return on it, or if it will be included on your taxes since he is a dependent. Also, keep your eyes out for ads for the same machine. I once won a 100 ct cd changer that came valued at $750. I found the exact same one in a Penney's catalog being sold for $399. With that documentation, our tax filer claimed it at $399. |
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Deleted
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Aug 18, 2025 21:05:54 GMT
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Post by Deleted on Oct 27, 2014 16:29:42 GMT
I agree with the other posters double check the actual price of the atv. $1300 is way too low! It should be more like $5-10,000. I got a hold of a local retailer and he said the value is about $1,200. I think it is a small adult size. Your retailer is wrong. A new atv starts at 3 grand. Of course he is low balling it he wants to buy it and resale for a nice profit. Call some stores in a more rural area and tell them you are looking for a present not sell one. And the prefect place to sell one is near Denver. I could sell my husband 's for what he paid for it there. |
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The Birdhouse Lady
Prolific Pea
Moose. It's what's for dinner.
Posts: 7,589
Location: Alaska -The Last Frontier
Jun 30, 2014 17:15:19 GMT
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Post by The Birdhouse Lady on Oct 27, 2014 16:47:52 GMT
You might want to check the value of the ATV. $1300 sounds very low to me if it is new. He might be able to get even more money for it. I totally agree. What kind of ATV can you get for $1300 bucks? |
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The Birdhouse Lady
Prolific Pea
Moose. It's what's for dinner.
Posts: 7,589
Location: Alaska -The Last Frontier
Jun 30, 2014 17:15:19 GMT
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Post by The Birdhouse Lady on Oct 27, 2014 16:50:04 GMT
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ginacivey
Pearl Clutcher
refupea #2 in southeast missouri
Posts: 4,685
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Post by ginacivey on Oct 27, 2014 16:54:04 GMT
i agree that $1300 sounds really low for a new adult atv
the last we bought new was over $7000
gina
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Post by myboysnme on Oct 27, 2014 16:54:34 GMT
I like the ideas where the kid makes a list of what he'd like to spend it on. See what he comes up with on his own. Then go from there - help him make a list of things that might include saving for a car, getting a new computer, IPhone or game system, maybe he comes up wiht giving some to charity or buying something for the family.
Many kids can be very generous and appropriate when coming up with ideas of what to do with money. Give him the opportunity to think about it and come up with his own ideas.
If he says he wants to spend it all on game systems, then set a boundary like; half now and half in 6 months; he may change what he would get in that time.
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ginacivey
Pearl Clutcher
refupea #2 in southeast missouri
Posts: 4,685
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Post by ginacivey on Oct 27, 2014 16:54:55 GMT
what type is it?
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basketdiva
Pearl Clutcher
Posts: 3,699
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Post by basketdiva on Oct 27, 2014 17:35:21 GMT
I think without knowing exactly what model it is, no one knows if $1200 is too low. Not many charity events are going to get the latest and greatest ATVs. The advertising for the event should have had the name of the donor and the retail value of the prizes.
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Post by Zee on Oct 27, 2014 17:36:31 GMT
I'd encourage him to save and not make any frivolous impulse purchases, but he earned it himself and I'd let him do with the money as he pleases. It may be a very long time before he has another $1300 available to do whatever he wants with.
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Post by missysauter on Oct 27, 2014 17:40:00 GMT
Its a Coolster ATV-3150DX-2 150 cc |
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ginacivey
Pearl Clutcher
refupea #2 in southeast missouri
Posts: 4,685
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Post by ginacivey on Oct 27, 2014 17:52:22 GMT
i see why it's $1200...nice looking quad but only 150cc. That would still make some kid really happy....
i'd let him buy the game console and save the rest
gina
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Post by dreamer on Oct 27, 2014 18:55:42 GMT
I think 1300$ is way too low for a new ATV. I think your friends are trying to get a good deal. Research before you make any commitments!
Your son may get a whole heck of a lot more.
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Post by Miss Ang on Oct 27, 2014 19:06:33 GMT
Its a Coolster ATV-3150DX-2 150 cc It's listed for sale HERE for $1099.00 (I believe that's the same one). I would let him spend money to get either the tablet he wnts or Xbox One, but he needs to sell the other and save the cash he earns, along with the money left over after buying the system. If he gets the Xbox One, I would let him buy 2-3 games as well, because the Xbox 360 games are not compatible with the new system. It's 100% normal to want to upgrade to the latest and greatest gaming systems. Look how adults are with new cell phone releases!  |
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Post by mikklynn on Oct 27, 2014 19:59:41 GMT
The value of the prize might have to be reported...I have no idea!
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~Lauren~
Pearl Clutcher
Posts: 3,876
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Post by ~Lauren~ on Oct 27, 2014 21:22:27 GMT
I agree.
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Post by ~summer~ on Oct 27, 2014 21:27:51 GMT
I would let him decide how to spend the money - and I have a 14 year old boy |
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Post by *Scrapper*Stamper* on Oct 28, 2014 1:54:33 GMT
I would put the entire amount into a savings account. That is rightfully his money he should receive it in full no matter how old he is.
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Post by 950nancy on Oct 28, 2014 2:01:14 GMT
Perhaps he should come up with the ideas for the money. For example, if he wants to buy a new MacBook, then he could spend all of the money. If he wants to purchase gaming equipment, he could spend several hundred. He is young, but this is an excellent opportunity to learn to manage money. We gave our boys $500 years ago to learn how to invest in the stock market. They now have ten times that amount and have learned a lot about investing their money.
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My original pea date was November 1999 and my number was 1803
