Well, if someone asked me, I would have to say, NO. I am writing about this cause I just read an article from Market Watch called, My daughter co-signed her boyfriend’s student loan. He quickly stopped making payments — how can she free herself?
That is a sad story. No, I would not co-sign anything for anyone now days.
I did co-sign a car for my wife at the time about 30 years ago, then she left me and I am stuck with it. Then as she took off, she also stopped paying on her leased car. Well, later on she wrecked the car and it was totaled. I did make a payment on the insurance and that saved me as the car lease got paid off with the insurance money.
So no, I would advise people to not co-sign. Well, maybe co-sign for a house, if that is your spouse. I wouldn't co-sign for girlfriend that may take off and stop paying.
One time I took a girl to a car dealer cause she asked me to take her. Then the dealer said they needed a co-signer and was looking at me. Well, I wasn't about to sign anything.
I would rather just buy a $1000 to $2000 car from an owner of a used car in cash. This way if something does happen I can at lease live with that kind of loss.
I am single now, but I won't co-sign any loan. I don't even want to sign for any loan at all. Why get into all that debt? I hate long contracts.
The way I feel of things is, if you don't have the money to pay for it, just don't buy it.
You might ask, what if you have kids that want to go to college? Then if I did have a kid, I would advise him or her to go to community college and to stay at home and at the same time work to pay for that college. That is what I did when I was young.
I would say to him or her that one must educate oneself always, but that doesn't mean that you would have to go to college to do that. Yes, there is a thing called self education.
I would tell them about Brian Tracy and how he uses his car to educate himself. He calls it, University on Wheels. This is when one would use the car stereo to listen to audio books on subjects that have to do with whatever career one is in or wants to get in, as one drives.
I would have them use audio books on subjects of their choice of careers at home also. Doing this will keep them away from the TV programming. I would tell my child that by self education he or she would learn things that they don't even teach in college. Of course I would suggest audio of the Bible too.
I would mention that if they knew the principles of what is in the book called, How To Win Friends and Influence People written by Dale Carnegie, then he or she would have the know how to climb the corporate ladder.
If one would study sales, management, negotiation and how to read people, then they would have a chance at a good job. Then with all that self education, they might even want to someday have their own business.
Let's end with a scripture, I have more understanding than all my teachers: for thy testimonies are my meditation. Psalm 119:99.
If you enjoyed this blog, please upvote and follow.
Thank you, David
Image is from pixabay.com.