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View Poll Results: When did you develop the thrifty/LBYM habit?
I've always been this way, probably born with the gene 64 57.66%
Between age 20-30 17 15.32%
Between 30-40 11 9.91%
Between 40-50 10 9.01%
Between 50-60 5 4.50%
Between 60-70 0 0%
After age 70 0 0%
I'm not an LBYMer, I just come here to watch the crazy people. 4 3.60%
Voters: 111. You may not vote on this poll

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Old 11-21-2009, 09:04 AM   #41
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I have always been a LBYM'er, but in recent years have loosened up a bit.

Just a bit.
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Old 11-21-2009, 09:27 AM   #42
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I'm amazed at the outcome of this poll! I grew up comfortably middle-upper and went to college. I've never lived beyond my means at all, but in my 20's I thought I needed a BMW, designer clothes, vacations at trendy resorts, etc. and had little savings to show for it early on. Fortunately I grew out of that starting at about 30 and increasingly so ever since. Not entirely by plan, we became increasingly LBYM by never increasing our standard of living despite higher and higher incomes to the point that we spend way less than half our income. We never really wanted more and FI has been a primary goal of mine since about 30.

Again, I'm just surprised that most everyone has been LBYM throughout their lives. Demonstrates more than ever to me how unusual (in a good way) this group is compared to the general population. Also tells me that polls here are certainly not representative of the general population...
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Old 11-21-2009, 09:36 AM   #43
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Again, I'm just surprised that most everyone has been LBYM throughout their lives...
Madison Avenue and other societal cues to "spend it if ya got it" are really strong. It could be that early learning, while we are forming our core values, is the most effective way of countering these influences.

There's a good reason religions place a heavy emphasis on parents taking kids to church regularly and in inculcating them with the teachings and values of the church early. The early lessons stick the best.

But it's never too late to be a convert!
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Old 11-21-2009, 12:02 PM   #44
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All I really needed to know about finances I learned from that paper route - everything from capital investment to cash flow.
That's a damn-sweet title to a book. You better get to writing one or some-one's sure to steal that title.
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Old 11-21-2009, 12:08 PM   #45
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I spent my money like I was going to the electric chair till the age of 47.
Glad that the Governor finally decided to set you free. Was it the DNA that did the trick?
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Old 11-21-2009, 12:44 PM   #46
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We spent all the money we made but not much more than that until around age 42. I have always liked having the stuff I wanted as I did not have anything I wanted as a kid. Even as a child I dreamed of being able to get a job so I could buy stuff, which, as soon as I got a job, I did. I always bought exactly what I wanted at the cheapest possible price. I love getting a deal on what I want. This behavior was re-enforced by my life expectency of approx 45 due to childhood diabetes. Then at age 42 I got a kidney and pancreas transplant and started expecting to live a lot longer. This made me more thrifty. Then I had to go on disability at 60% of pay and the thriftiness really kicked in.

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Don't know how the italics got turned on for a while there. It was a mis-typed keystroke, I guess. [corrected]
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Old 11-21-2009, 02:02 PM   #47
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The funny thing is that both DW and I used to be teased by our family for being cheap. The LBYM gene certainly doesn't run in DW's family. My family is pretty frugal, so for them to make fun of me, I must have been pretty tight fisted with my money! As a kid, I avidly read Disney comic books that I inherited from my dad and my favorite character was... Scrooge McDuck. I always wanted to take a dip in a pool of gold coins
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Old 11-21-2009, 04:29 PM   #48
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As a kid, I avidly read Disney comic books that I inherited from my dad and my favorite character was... Scrooge McDuck. I always wanted to take a dip in a pool of gold coins
Kinda like this?..........

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Old 11-21-2009, 05:39 PM   #49
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... I've never lived beyond my means at all[/U], but in my 20's I thought I needed a BMW, designer clothes, vacations at trendy resorts, etc. and had little savings to show for it early on...

Again, I'm just surprised that most everyone has been LBYM throughout their lives. Demonstrates more than ever to me how unusual (in a good way) this group is compared to the general population. Also tells me that polls here are certainly not representative of the general population...
I still remember in my early 20s telling myself that when I got a full-time job out of school that I would get myself a BMW. Not a 320, but a "real" one. A 733! Then, when I got that first good-paying job, I was also married and with a mortgage to pay. That 733 cost more than one year of my salary then. The lust for fancy cars quickly faded. Soon, I found myself buying an old full-size Ford pickup as a spare car, just so that I could haul landscaping material for our new home.

Recently, we went to a Honda dealer to help my daughter with her buying a car. Seeing all these new shiny cars in the showroom does not excite me at all.

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... My family is pretty frugal, so for them to make fun of me, I must have been pretty tight fisted with my money!
I am more frugal than my two younger brothers. Being older and further along in my career, in 1987 when I bought the house I still live in, it was the largest in our family. My brothers have since both "upgraded" and now live in nicer homes than mine. They had to keep up with their friends, and I felt no such need.

My mother once told my brothers that she couldn't see how I still had my old 27" TV and not threw it out. I simply did not see what was wrong with that TV, but wondered what I was missing, so we went out and bought the first HDTV in our family. This was in 2001.

The novelty soon wore off; the HDTV did not make lousy programs any better. All members of my extended family now have better HDTVs than I have, simply because they bought later and even paid much less than I did. My 42" still works, and I see no needs to replace it. Even that old 27" CRT was not thrown out. It was brought up to my boonies home, where we watch TV even less than when at our main home.

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... As a kid, I avidly read Disney comic books that I inherited from my dad and my favorite character was... Scrooge McDuck. I always wanted to take a dip in a pool of gold coins
There were Disney comics in French. Did you read these or in English?

I wonder if they were as popular with French kids as the Franco-Belgian comic like Tintin, Spirou, Lucky Luke, Schtroumpfs (Smurfs), Johan et Pirlouit, and Asterix, etc...
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Old 11-21-2009, 05:40 PM   #50
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Better Late than Never

I never aspired to have the appearance of an affluent lifestyle like others I have known, so in that sense I never went beyond my means. However, I was somewhat careless with money, mostly going places and doing things, with a few electronic toys and the like, until my late 30's, when I got a little more serious about saving and planning for retirement. It was not an overnight abrupt change but gradually I taught myself not to want "stuff" all the time and spend money on things I didn't use or need. Even at that, I still found some wasteful spending that I finally cleaned up thanks to this recession. Rather than feel deprived in any way, I feel good about my situation at present and it certainly is a good rehearsal for spending in retirement. It's good to know I have plenty of elbow room if needed. I just don't want to go too far the other way and be afraid of spending anything and not get the enjoyment out of life that I desire, though I think I'll do fine there. This board has helped me see how it can be done.
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Old 11-21-2009, 05:47 PM   #51
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I've always been one, but to varying degrees.
Yep - plus I lived thirty years in New Orleans - and never let a chance to party pass by.

BTW - you can party well on what you got - after you've socked away some for investing.

heh heh heh - full auto deduct to 401k really helped - you don't spend what you don't get in your hands.
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Old 11-21-2009, 05:57 PM   #52
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There were Disney comics in French. Did you read these or in English?

I wonder if they were as popular with French kids as the Franco-Belgian comic like Tintin, Spirou, Lucky Luke, Schtroumpfs (Smurfs), Johan et Pirlouit, and Asterix, etc...
The ones I had were in French (Scrooge McDuck was called "Picsou" which means "penny pincher"). My dad collected Disney Comics in the 50's and passed them on to me when I was a kid. They were by far my favorite comics. I also was a fan of Tintin, Asterix et Obelix, Lucky Luke and Pif et Hercule. I watched the Schtroumfs on TV but never read the comics.
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Old 11-21-2009, 06:00 PM   #53
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Kinda like this?..........

Exactly! Of course nowadays it would take several million $$$ just to fill up a small bathtub with gold coins, but perhaps I could afford a foot bath with my current net worth!
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Old 11-21-2009, 06:38 PM   #54
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When I was a kid we got a nickel allowance and then later a dime. We each had a little check book and every Saturday we filled out a deposit slip and added the allowance to our account balance (bank of Dad). If you wanted cash you wrote a check and he gave you cash.
My mother told me that after the very first week I told her I was going to save up until I had $1. She asked me what I would do when I got to $1. I thought about it and told her I would then save until I got to $2.

It's been that way ever since.
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Old 11-23-2009, 06:47 AM   #55
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LBYM is a way of life for me, DW goes along for the ride. One example: we used time share sale incentive rewards for our wedding/honeymoon total lodging costs were just the room tax(less than 30 bucks for both). I only buy retail what I can't find at yard sales, thrift shops or free along the road. We have fully furnished two homes with estate and yard sale finds, our atlanta home is about 3/4 furnished with like items. I guess LBYM has allowed us in the last few years to loosen up a bit. We do have three residences, albeit one is a vacation rental that is earning some money, definitely went off the LBYM bandwagon there. But as far as our recurring expenses etc we continue to spend lean, while doing what we want Now.

Jim
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Old 11-23-2009, 08:13 AM   #56
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Don't know how the italics got turned on for a while there. It was a mis-typed keystroke, I guess.
Ctrl-I turns italics on and off. Probably hit the Ctrl key when trying to type the capital I.

I've always lived at or below my means. My family was very poor, therefore very frugal. I started working for money at 11 (farmhand, paper route, raking/mowing/shovelling, etc), so I understood the cost of a dollar. The only time I ever got into debt was my last semester of college. I was tapped out, so I put that last semester on my CC. But I refused to be in debt when I got married, so I worked 3 jobs for a year first in order to be above water.

However, I discovered early in my mid twenties from watching my Mom that skrimping to save didn't get you buy you much if you don't put the money to work. She saved a ton, but always (to this day) kept it in checking and savings acounts. Around then I actually started making good money and had plenty of available cash. This coincided with CD rates in the high teens, and I was off to the races. Good timing/good luck.

I started investing in the stock market in the late 80s, mostly tech stuff (buy what you know). Good timing/good luck again. Then I read James O'Shaughnessy's How To Retiree Rich book in '97. It opened my eyes to the fact that I didn't have to work until I died. It also got me reading about diversity and AA, so I diversified out of tech stocks just before the big crash. Didn't save me, but limited the pain a tad. Good timing/good luck once again. I retired 9 years later and have been smiling ever since.
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Old 11-23-2009, 01:59 PM   #57
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When I was 4 years old, I wanted a firetruck for Christmas. My parents (especially my mom) had drummed into me that money was a finite resource, and that applied to Christmas presents as well.

Well, Christmas rolled around, and I got my firetruck! But ... it was quite a large one. I equated size with expense, and figured that that particular firetruck was a good portion of my Christmas allotment. But I only wanted a small, cheaper one, so there'd be more money for other gifts.

I cried, ungrateful snot-nosed kid that I was. I didn't make my line of reasoning clear to my parents, which I'm sure was hurtful to them. Years later I found out that the larger firetruck was actually the cheaper of several in the store.

Being money-conscious since before I went to kindergarten hasn't always been a bed of roses. (Wait, roses have thorns. Why would a bed of roses be a good thing?)
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Old 11-23-2009, 03:34 PM   #58
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I had a paper route as a kid and learned to buy my own clothes, bikes, etc. My parents didn't have a large income. So, some LBYM was instilled when I was a kid. But it really didn't happen until I got married and my wife and her father beat me up into being really frugal. They encouraged me to get an education and I ended up working at an Oil Company that paid quite well, taking advantage of the 7% company match in the Thrift Plan. I continued to be guided by my father-in-law who was so tight he squeaked. He made Rush Limbaugh look like a liberal!! Anyway, thank God he was there to guide us. Now after 40 years of LBYM, we were able to retire somewhat early. The LBYM concept is firmly embedded and we watch our finances like hawks.





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