QUESTION:

I wanted to know your opinion on the amount of cars a person should own before they turn 21. 

Thanks,

Concerned Older Brother

ANSWER:

Dear Concerened Older Brother,

 In my opinion, your parents should pay for your first car.  Once you decide you want a different car, then that's your problem.  You cannot depend on your parents for all of your financial problems.  Therefore, if you want 100 cars before you turn 21 that's fine, as long as you are willing to pay for 99 of them.

Hope this helps, keep reading!

Signed,

-moneymatters411 

QUESTION:

How much allowance should a 15 year old girl that has everything get?

 -Michael Custode

ANSWER:

Dear Michael,

Well, I assume you are talking about your daughter, and although I've never met her, she sounds great!  15 year old girls like to spend, and if you don't give her money, I'm sure she'll find another way to get some.  I would say depending on the chores she does would reflect on how much money she should recieve, please read the answer below to Donna's question.

Hope this helps, keep reading!

Signed,

-moneymatters411 

QUESTION: 

Great website. I have a questions or two for you. What is a fair amount of weekly allowance for an 11 year old girl? Should the amount of chores she does around the house be taken into consideration?

 Thanks,

Donna

ANSWER:

Dear Donna,

First off, I would just like to say congratulations, you're my first question!  Second, I don't think there really is a 'fair' amount of weekly allowance.  What my parents used to do when I was little was give me the amount of money that equated to my age, for example when I was 11, I would recieve 11 dollars.  But, once I got to age 13, 13 dollars a week was not suffice for my teenage spending capacities.  Third, yes I completely agree that the chores she does around the house should be taken into consideration.  You should label each chore with an amount of money that goes along.  For example, taking out the trash could be 5 dollars per week or washing the dishes could be 7.  If she did both then she would get 12 dollars that week.  Well, I think you get the point.  Thank you for your question, and I hope it all works out! 

 Signed, 

-moneymatters411