Oooweeee, them boys from Carolina are good! Hit the nail on the head... Dad has never even owned a credit card.
Come on up to the Clemson area, Duffer, and I'll put them donuts and coffee on my gold card:thumbsup:
Frugality
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Oooweeee, them boys from Carolina are good! Hit the nail on the head... Dad has never even owned a credit card.
Come on up to the Clemson area, Duffer, and I'll put them donuts and coffee on my gold card:thumbsup:
buckeyefarmer
Epic Contributor
Yep, my dad has never had a credit card. Never borrowed much, that i know of.
ultrarunner
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The only debt in the family, parents, Grandparents etc... has been first mortgage which was retired as soon as possible.
I was in college and got a Sears card... my Grandmother was really quite upset about it... she said many a good person was ruined by credit...
Each market day started at Bank of America where she would withdraw cash and then do her shopping... her life creed is unless she had the cash on hand she couldn't afford it... and NEVER gamble on Wall Street... again, from those that lost it all back in the 1930's... and those $2800 homes are now regularly selling from 600k+... yes, 2 bedroom and 1 bath!
I bought several of the homes where I lived from original 1920 owners... they saved and bought and that was home... some had no children and others just 1... having a lot of kids during the depression was just not done.
Also, the men were quite a bit older than the women... men pushing 30 and women 8 to 10 years younger... a man didn't think about settling down until he could provide... what a difference today.
Also, losing your home meant you hit rock bottom... you took in laundry, boarders, did mending, cooking... in other words anything not to lose the home... cash was king...
Many a lawn became vegetable gardens and that continued through WWII and preserves were put up... several of these homes came with Mason or Ball preserve jars... each home had fruit trees... and these are 42x120 city lots...
One of the husbands was a UC Berkeley Grad... he was one of the lucky ones because he had a career as a Postman... and did tutoring on the side.
Another seller said she finally told her husband to be are we getting married or not... he was the oldest son and was supporting his widow Mom and 3 sisters... they had a milk cow on a 40x100 city lot... he showed me the house... he mowed lawns for a nickel to get grass for the cow so his kid sisters would have milk... anyway... when she proposed he said we better look for a home... she was shocked… he work for the Victor Talking Machine company and got laid off in the Depression... but had saved up $3000 so they went to the bank and were given a list of Bank Owned property and bought one for $2400... later, he got on as a school grounds keeper... and they knew the future was secure...
She said had she known he had a bankroll they could have been married 2 years earlier!
Lots of wisdom for the asking... one never knows unless you walk in another's shoes...
I was in college and got a Sears card... my Grandmother was really quite upset about it... she said many a good person was ruined by credit...
Each market day started at Bank of America where she would withdraw cash and then do her shopping... her life creed is unless she had the cash on hand she couldn't afford it... and NEVER gamble on Wall Street... again, from those that lost it all back in the 1930's... and those $2800 homes are now regularly selling from 600k+... yes, 2 bedroom and 1 bath!
I bought several of the homes where I lived from original 1920 owners... they saved and bought and that was home... some had no children and others just 1... having a lot of kids during the depression was just not done.
Also, the men were quite a bit older than the women... men pushing 30 and women 8 to 10 years younger... a man didn't think about settling down until he could provide... what a difference today.
Also, losing your home meant you hit rock bottom... you took in laundry, boarders, did mending, cooking... in other words anything not to lose the home... cash was king...
Many a lawn became vegetable gardens and that continued through WWII and preserves were put up... several of these homes came with Mason or Ball preserve jars... each home had fruit trees... and these are 42x120 city lots...
One of the husbands was a UC Berkeley Grad... he was one of the lucky ones because he had a career as a Postman... and did tutoring on the side.
Another seller said she finally told her husband to be are we getting married or not... he was the oldest son and was supporting his widow Mom and 3 sisters... they had a milk cow on a 40x100 city lot... he showed me the house... he mowed lawns for a nickel to get grass for the cow so his kid sisters would have milk... anyway... when she proposed he said we better look for a home... she was shocked… he work for the Victor Talking Machine company and got laid off in the Depression... but had saved up $3000 so they went to the bank and were given a list of Bank Owned property and bought one for $2400... later, he got on as a school grounds keeper... and they knew the future was secure...
She said had she known he had a bankroll they could have been married 2 years earlier!
Lots of wisdom for the asking... one never knows unless you walk in another's shoes...
Good thread.
I see much of myself/family in this thread, on the frugal side. My parents ,and my wife's, we're allergic to buying things On Time.
I remember an article in the Globe and Mail, around tax time 10 years ago..... "Going Broke on $640k per year". It was about debt-levels, and the title came from a high-end financial adviser in Vancouver - long term clients of his (not named, obviously) made 640k/year, and every year they came in to get a 100% loan to make their RRSP contributions (our 401k). I'm glad to have the allergy I inherited.
Frugal is something you do; Cheap is something somebody else does ! :laughing:
At times (me included), there can be a comical aspect to our "saving" behaviour...... many good examples in this thread already. Years ago, I was having a similar conversation with a guy the same age as myself at work..... both of us technologists, who as a rule, behaved logically..... his example of personal logic (said while having a good laugh at himself) was Paying for Parking. He said "When I go downtown, I refuse to pay for parking. I'll pay the ticket or tow right away, but I won't pay for parking".
^ Kind of the next-level up of "Drive for half an hour to save 0.02cents/gallon", in an otherwise frugal person.
There can be an emotional component at play, even for us "logical" types. My example is buying a Canadian $200 cell phone, so I could switch carriers after the one I was with tried to ram through a $2/mo increase.
I was taught - Money is power, Choose wisely how you use that power.
Rgds, D.
I see much of myself/family in this thread, on the frugal side. My parents ,and my wife's, we're allergic to buying things On Time.
I remember an article in the Globe and Mail, around tax time 10 years ago..... "Going Broke on $640k per year". It was about debt-levels, and the title came from a high-end financial adviser in Vancouver - long term clients of his (not named, obviously) made 640k/year, and every year they came in to get a 100% loan to make their RRSP contributions (our 401k). I'm glad to have the allergy I inherited.
Frugal is something you do; Cheap is something somebody else does ! :laughing:
At times (me included), there can be a comical aspect to our "saving" behaviour...... many good examples in this thread already. Years ago, I was having a similar conversation with a guy the same age as myself at work..... both of us technologists, who as a rule, behaved logically..... his example of personal logic (said while having a good laugh at himself) was Paying for Parking. He said "When I go downtown, I refuse to pay for parking. I'll pay the ticket or tow right away, but I won't pay for parking".
^ Kind of the next-level up of "Drive for half an hour to save 0.02cents/gallon", in an otherwise frugal person.
There can be an emotional component at play, even for us "logical" types. My example is buying a Canadian $200 cell phone, so I could switch carriers after the one I was with tried to ram through a $2/mo increase.
I was taught - Money is power, Choose wisely how you use that power.
Rgds, D.
ruffdog
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Being frugal might mean being content with simple amenities. I am content with having a simpler work truck with hardly any options while others might not be content with such a vehicle. The same could be said for a person's house, bicycle, camper, boat, or what ever. If you are content (happy) with a simpler product, you can save quite a bit in a life time. If a person MUST "keep up with the Jones's", or if they need the latest and greatest for what ever reason, it will cost them dearly.
adjective: content
1. in a state of peaceful happiness.
"he seemed more content, less bitter"
synonyms: contented, satisfied, pleased;gratified, fulfilled;
happy, cheerful, cheery, glad, delighted;
tranquil, unworried, untroubled, at ease, at peace, comfortable, serene, placid, complacent
"she seemed content with her lot in life"
antonyms: discontented, dissatisfied
不atisfied with a certain level of achievement, good fortune, etc., and not wishing for more.
"he had to be content with third place"
verb
verb: content; 3rd person present: contents; past tense: contented; past participle: contented; gerund or present participle: contenting
1. satisfy (someone).
"nothing would content her"
synonyms: soothe, pacify, placate, appease, please, mollify, make happy, satisfy, still, quieten, silence
"her reply seemed to content him"
"we contented ourselves with a few small purchases"
synonyms: be content, be satisfied, satisfy oneself;
be fulfilled, be gratified, be pleased, be happy, be glad
noun
1.a state of satisfaction.
"the greater part of the century was a time of content"
synonyms: contentment, contentedness, satisfaction, fulfillment;
adjective: content
1. in a state of peaceful happiness.
"he seemed more content, less bitter"
synonyms: contented, satisfied, pleased;gratified, fulfilled;
happy, cheerful, cheery, glad, delighted;
tranquil, unworried, untroubled, at ease, at peace, comfortable, serene, placid, complacent
"she seemed content with her lot in life"
antonyms: discontented, dissatisfied
不atisfied with a certain level of achievement, good fortune, etc., and not wishing for more.
"he had to be content with third place"
verb
verb: content; 3rd person present: contents; past tense: contented; past participle: contented; gerund or present participle: contenting
1. satisfy (someone).
"nothing would content her"
synonyms: soothe, pacify, placate, appease, please, mollify, make happy, satisfy, still, quieten, silence
"her reply seemed to content him"
"we contented ourselves with a few small purchases"
synonyms: be content, be satisfied, satisfy oneself;
be fulfilled, be gratified, be pleased, be happy, be glad
noun
1.a state of satisfaction.
"the greater part of the century was a time of content"
synonyms: contentment, contentedness, satisfaction, fulfillment;
s219
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After college, I spent about 6 years as a grad student living on $8-10K a year (this was back in the 1990s). It was enough for rent, food, and basics, and if I was lucky I might have a couple hundred bucks leftover to put in the bank each month. It caused me to be very careful and frugal. I have never gotten over that mentality, though I have learned to A) save up money and spend it on what I want rather than cheap out and cut corners, and B) spend money on equipment when it can save wear and tear on me or make a task more productive. Otherwise I am still pretty careful and frugal with spending (which is good, since my wife is the opposite -- we sort of cancel out).
BTW, the other behavior I learned during those years, and still have, is an affinity for free food and buffets. I can still make the most out of both of those opportunities and even now that I am older, I feel downright youthful when being fed in those situations.
BTW, the other behavior I learned during those years, and still have, is an affinity for free food and buffets. I can still make the most out of both of those opportunities and even now that I am older, I feel downright youthful when being fed in those situations.
teejk
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To me frugal means avoiding buyer's remorse. I think much of it is just how one is wired. We have two sons 3 1/2 years apart. They grew up under the same circumstances. The older one is a marketer's dream. Prone to impulse purchases, never much money in his piggy bank. The younger one will study every purchase he makes and with time he'll often decide that a "need" is really just a "want". He's not much into the latter and it's more important for him to have money in the bank so when a true "need" arises he can afford it. They've been that way since they were young.
ultrarunner
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I was thinking about mpg and cars... a lot of people drive 60 or more miles to work one way... plus we have some super commuters driving a 1000 miles a week.
Commuting 2500 miles a month in a 15 mpg vehicle vs a 45 mpg vehicle will impact the pocket book...
The super commuters all chose to move far away to own a new home... mostly trading a 1930-45 home of 1000 square feet minutes from work for a 3000 square feet home that is brand new or even larger... like SF Bay Area to Eldorado Hills... or a 110 mile commute one way. Don't see many pickups making the drive but do see a lot of Toyota Prius.
When I drove the 1967 Cadillac Fleetwood from Oakland to Olympia... I had to stop for gas 3 times and arrived with a quarter tank... when I drive the 325iT I stop for gas once and arrive with a half tank and the BMW tank is much smaller...
Commuting 2500 miles a month in a 15 mpg vehicle vs a 45 mpg vehicle will impact the pocket book...
The super commuters all chose to move far away to own a new home... mostly trading a 1930-45 home of 1000 square feet minutes from work for a 3000 square feet home that is brand new or even larger... like SF Bay Area to Eldorado Hills... or a 110 mile commute one way. Don't see many pickups making the drive but do see a lot of Toyota Prius.
When I drove the 1967 Cadillac Fleetwood from Oakland to Olympia... I had to stop for gas 3 times and arrived with a quarter tank... when I drive the 325iT I stop for gas once and arrive with a half tank and the BMW tank is much smaller...
duffer
Platinum Member
That's mighty generous of you, but I wouldn't want to put you anymore in debt..."them there plastic cards" charge a boat-load of interest!
Fuddy1952
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Retired five years now, but when I started my business in 70s I had $145 and $400 car, some tools, meters.
I moved business into an abandoned building, owner was a friend so rent free a few months then $50/month.
Two weeks went by before first customer! I had lots of time to think...so I doodled on paper.
It occurred to me people I knew had three spending habits, I represented by a bucket.
Everyone has a bucket. They get paid, throw their glass of water in the bucket. Every bucket has a spigot where you open to pay for things.
First bucket has holes in it (credit card interest, mortgage, car payments,etc) then poor spending habits. Bucket leaks and throwing glass of water in doesn't help.
Middle bucket represents someone debt free...they patched leaks. Still spend (spigot equals water glass thrown in every week payday). So they're ok...never get anywhere.
Third bucket they patched leaks, control spending and invest what they can. Mutual funds, max out IRA, Roth IRA, etc. So now it's raining into the bucket and it's overflowing!
I bought my house a year after opening business, 30 year 14% loan. I was happy but terrified. Grandfather gave me an empty cigar box. Every working day, put $20 in it...there's your mortgage money.
It worked and I learned something.
After two years I learned paying more on mortgage lessened the principal. Third year I walked into bank paper sack of money and paid it off. I was debt free!
Anything I bought after that, garage, new cars, etc., I paid cash. I have always had credit cards...the 2% cash back ones. I've never paid a dime in penalty or interest, balance paid in full each month.
So frugality is not for lack of wants and needs, it's wisdom.
My Dad, r.i.p., best friend, mentor, before his death I told him the greatest gift he gave to me was never things or money, but food, shelter, and a work ethic. If I wanted a new bicycle I got one with a paper route.
OP...I wish you and your Dad the best. Enjoy him while you can. Learn from his experiences and wisdom. He sounds like a great guy as mine was. I miss him so.
I moved business into an abandoned building, owner was a friend so rent free a few months then $50/month.
Two weeks went by before first customer! I had lots of time to think...so I doodled on paper.
It occurred to me people I knew had three spending habits, I represented by a bucket.
Everyone has a bucket. They get paid, throw their glass of water in the bucket. Every bucket has a spigot where you open to pay for things.
First bucket has holes in it (credit card interest, mortgage, car payments,etc) then poor spending habits. Bucket leaks and throwing glass of water in doesn't help.
Middle bucket represents someone debt free...they patched leaks. Still spend (spigot equals water glass thrown in every week payday). So they're ok...never get anywhere.
Third bucket they patched leaks, control spending and invest what they can. Mutual funds, max out IRA, Roth IRA, etc. So now it's raining into the bucket and it's overflowing!
I bought my house a year after opening business, 30 year 14% loan. I was happy but terrified. Grandfather gave me an empty cigar box. Every working day, put $20 in it...there's your mortgage money.
It worked and I learned something.
After two years I learned paying more on mortgage lessened the principal. Third year I walked into bank paper sack of money and paid it off. I was debt free!
Anything I bought after that, garage, new cars, etc., I paid cash. I have always had credit cards...the 2% cash back ones. I've never paid a dime in penalty or interest, balance paid in full each month.
So frugality is not for lack of wants and needs, it's wisdom.
My Dad, r.i.p., best friend, mentor, before his death I told him the greatest gift he gave to me was never things or money, but food, shelter, and a work ethic. If I wanted a new bicycle I got one with a paper route.
OP...I wish you and your Dad the best. Enjoy him while you can. Learn from his experiences and wisdom. He sounds like a great guy as mine was. I miss him so.