This is what ‘Truth or Dare’ star Tyler Posey splurged on with his first big paycheck

Rich Polk | Getty Images

Tyler Posey, star of the new movie "Truth or Dare," has over a decade of acting success under his belt, but he still remembers — and cherishes — the item he splurged on with his first big paycheck.

Posey tells CNBC Make It that he was 6 when he began pulling in some pretty big money, but he wasn't allowed to use much of it until he was 12. That's when he bought an electric guitar he'd had his eye on at a local L.A. music store.

"I would walk in there, and there was basically this wall of guitars, and there was this one that stuck out. It was this beautiful red, Thinline '72 Telecaster, a Fender, and it was a semi-hollow," Posey tells CNBC Make It, adding that it had a "beautiful, sparkly pick guard."

Posey, who now also plays in a band called PVMNTS, says the store gave him a good deal, but he still shelled out over a grand for the guitar.

"It was my first real electric guitar, and since then it's been through the ringer," Posey says. "I've dropped it a bunch of times, it's got all these cracks in it, but it looks so cool and vintage and it's like falling apart now."

Posey, 26, has had many TV roles, from Scott McCall on MTV's "Teen Wolf" to Adam on "Jane the Virgin," and he has film credits dating back to the early 2000s. He's racked up numerous nominations for People's Choice and Teen Choice awards for his role in "Teen Wolf." But Posey still remembers and appreciates what it felt like to be able to buy something for himself.

"It's really nice, and that feeling hasn't really gone away yet. I love working hard and feeling like I earned something, you know? And that was probably the first time I had ever felt that," Posey explains.

"And I think that's why I cherish that thing so much; I love that guitar. It's one of my favorite guitars, and it means a lot more than just an instrument to me. It was the first thing I bought with my hard-earned money," he adds.

Posey says he enjoys spending his money on experiences as opposed to material things, and to him, that guitar provides an experience.

He's way less spendy on things like clothes, he says, pointing to his black and white Vans sneakers, and simple blue shirt. However, he says he recently splurged on a $600 motorcycle jacket, arguing that, "it's supposed to save your life."

Posey in his blue shirt and Vans. Source: Mike Coppola | Getty Images

It's about balance, he says.

"You've gotta have a healthy balance of keeping your eye on how much money is in your account, and making sure that it can sustain a healthy, happy life. But also what does create a happy, healthy life is treating yourself, you know?" Posey tells CNBC Make It.

"So you've got to find the line of doing that, while also having a responsible bank account."

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