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Old 01-02-2016, 09:37 PM   #21
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Old 01-02-2016, 11:21 PM   #22
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I learned frugality up close and personal from my parents. Growing up as one of 7 kids in a immigrant, minority family, and living my early years in one of the most dangerous sections of New York (though we kids did not know it at the time), I (and my siblings) saw my parents practice frugality. They were not ashamed of it, and didn't not make it seem like a burden.

The other import ant lesson was self-sufficiency. I never heard my parents`complain to us about life being unfair or discrimination - instead the emphasis was on personal responsibility, no job was beneath doing, and making the most out of ones skills.

Many of their adult friends, some of whom I viewed as mentors, had the same attitude. I can't recall any of my parents close friends being wasteful or extravagant - though we saw a lot of that in our neighborhoods. They would also encourage us to have friends who had goals - the adage "show me your friends and I'll show you your future" was something they taught us growing up - and which we experienced its truth.

The investing I learned primarily from listening to and observing older workers when I joined Megacorp. The main lesson was to not fall into the get-rich-quick mentality, but focus on the adage "slow and steady wins the race" when it comes to personal finance. I built on this by reading Money Magazine and personal finance books from various proven authors who emphasized that latter view. Of course I made mistakes, but fortunately they were relatively little ones.
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Old 01-03-2016, 07:05 AM   #23
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The other import ant lesson was self-sufficiency. I never heard my parents`complain to us about life being unfair or discrimination - instead the emphasis was on personal responsibility, no job was beneath doing, and making the most out of ones skills....

The main lesson was to not fall into the get-rich-quick mentality, but focus on the adage "slow and steady wins the race" )

Your vision although spot on and flawless isn't popular with the entitled generation. Free everything baby and I want it now.


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Old 01-03-2016, 08:04 AM   #24
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Your vision although spot on and flawless isn't popular with the entitled generation. Free everything baby and I want it now.


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That would be funny if it's wasn't "becoming" so true.
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Old 01-03-2016, 08:22 AM   #25
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Interesting thread. My parents were very frugal depression era types. My father was a school administrator and my mother stayed at home. Nevertheless they managed to put six kids through college and maintain a nice enough upper middle class household. That left me feeling secure (with no real basis since no big inheritance would be coming my way) so I became a typical no net worth twenty-something. I didn't so much live over my means as live in a paycheck to paycheck fashion. What caught my attention was a fellow employee at my first Federal job at age 25. I really liked this guy but he was abit of a debt/savings oddball. He had two kids, a nice suburban house, and a stay at home wife but no credit cards and no debt outside his mortgage. He was a Viet Nam vet who saved almost his entire military pay to fund the house and start an emergency fund (the wife lived with her parents during his enlistment). Paid cash for his three year old car. Saved up for major purchases. Yet his house was beautiful, the kids well dressed, the Xmas tree surrounded by presents. I didn't follow his path but he did inspire me to start thinking before I spent. Of course meeting DW about eight years later made the real difference -- she whipped me into permanent shape. It wasn't until I hooked up with her that I started paying off monthly balances on all CCs and building real savings.
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Old 01-03-2016, 08:27 AM   #26
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And ungrateful as well!
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Old 01-03-2016, 08:34 AM   #27
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Your vision although spot on and flawless isn't popular with the entitled generation. Free everything baby and I want it now.


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This may be the case for many younger people but certainly not all. My daughter and son in law (early 30's) work very hard, LBYM, and are excellent with money. Much better then I was at that age. This despite the fact we, as parents, have been very generous to them. No sense of entitlement that I can detect.

As far as how I learned personal finance? This is a tough one for me. Upbringing was middle class in most ways, except for my parents' lack of encouragement for higher eduction. My father actively discouraged me in this regard. He saw no value in it. He didn't have any and he saw no reason for me to have any. This didn't stop me though and I funded it myself to the grad degree level. Worked out splendidly for me but not so much for my siblings. In many ways I always did the opposite of what my parents wanted. A little strange.
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