Is there any character development in the story. If there is give examples in the beginning, middle (turning point), and the end?
Yes. At the beginning of the story, Fausto will do anything to get the guitar and wants to play the guitar as his job. "That afternoon Fausto knew his mission in life: to play guitar in his own band; to sweat out his own songs and prance around the stage weird; to make money and dress weird."
At the turning point, Fausto realizes that he can not take the money. "I can't take that."
At the end, Fausto gives up, but then gets the guitar. "Fausto had to forget about getting a guitar." and then "But that night during dinner, his mother said she remembered seeing an old bass guitarron the last time she cleaned out her father's (Fausto's grandpa's) garage.