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Well, when my kids are old enough, I'd rather they put in some money towards buying the gaming system instead of me buying it. Even if they buy it with an allowance I give them, it's important because it starts to teach you about money, etc, when you have that kind of responsibility.
So, yep, I think it's fair.
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Is it fair for my dad to pay 2/3 of an xbox 360?
Is it fair for my dad to pay for 2 third of an x-box 360 and I pay for 1 third because I have $92.