The first time I ever borrowed money from anyone I was 15. I had taken drivers ed and had everything taken care of to get my license on my 16th, I was ready to go. I’d been working various jobs since I was 14, saving up to buy a car. Unlike kids today back then it was a big deal to get your license and a car at 16. Everyone did it and made it a big priority.
So I had this car picked out the summer before I turned 16 (Nov 1), this would have been summer of ’77. It was a 1969 Firebird. The price was something like $2k, maybe $1500 can’t remember for sure. But as I recall I had only about half the money saved up. So, I don’t remember if I asked or if my parents offered to loan me the rest. Anyway I did borrow the money on the condition that I work and make monthly payments for a year to pay them back. I quit football and worked nearly full time through high school.
Memory is weak but I remember my payments being $89/month. At 12 months that comes to about $1068. That sounds about right. Anyway I was working near full time (sophomore in high school) and I made every payment and had it paid off just before my 17th birthday.
And for my 17th birthday my parents handed me a savings account statement in my name, that showed a balance of $1068.
That’s the only time I can remember borrowing money. I’ve loaned money several times. I can’t say everyone has always been terrific at paying it back but eventually most of them do.