We teach our boys to maintain their cars and home to make them last longer and save money. Without proper care things can break down faster and cost lots of money. This is why this is one of our Financial Freedom rules we teach our boys.
Have you ever co-signed on a loan for someone before? If so, how did it work out? I have had many friends that co-signed loans from student loans to personal loans for their kids, relatives or friends and some of those loans they ended up having to pay them off. I co-signed on a couple of loans and they both worked out but at times I lost sleep worrying about getting stuck paying for them. I tell myself I won’t put our family in that position again.