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Can being frugal be taken too far?
Old 11-16-2010, 06:44 PM   #1
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Can being frugal be taken too far?

Wedbush: Edward Wedbush's roof leaks, but his wallet doesn't - latimes.com

Be sure to watch the video.
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Old 11-16-2010, 07:08 PM   #2
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I think, yes, frugality can be too far if safety is an issue.

For example, not fixing a broken down car (what..change the brakes and tires? Do I have to?) or an old furnace. The risk isn't worth the savings. Plus, remember that old commercial (pay me now, or pay me later)?

On the otherhand, if safety or big losses later (such as liability) is not an issue, that's a different matter.
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Old 11-16-2010, 07:31 PM   #3
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Weeeeellll, there was the Witch of Wall Street years ago who let her son's leg go cause she didn't want to spend the money to take him to the Dr. He lost his leg. Is that what you mean about taking frugality too far maybe
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Old 11-16-2010, 07:44 PM   #4
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Seems like a few blind spots on customer & employee relations...
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Old 11-16-2010, 07:48 PM   #5
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It is a story I've seen before. People raise in the depression who can not spend money on themselves but can give it to others - 500K to charity - and treat the workers fairly - pays them for sick days they do not take.
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Old 11-16-2010, 08:07 PM   #6
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Sweet! You can use tarps for roofing instead of paying thousands to reshingle??
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Old 11-16-2010, 08:32 PM   #7
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Thanks for sharing this link. I thought I was cheap.

Surely this smart businessman can do a cost/benefit analysis and see at a certain point it makes economic sense to replace a roof.
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Old 11-16-2010, 08:36 PM   #8
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I've tried the frugal thing, I'm not too good at it and DW is worse, much worse in fact.
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Old 11-16-2010, 08:53 PM   #9
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...and he got free publicity for his company....
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Old 11-16-2010, 09:15 PM   #10
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I wondered as I read through the article:
Would he invest and watch other peoples money closely?
If so he might be the best company out there to help investors.
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Old 11-16-2010, 11:12 PM   #11
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Quote:
Originally Posted by Stevewc View Post
I wondered as I read through the article:
Would he invest and watch other peoples money closely?
If so he might be the best company out there to help investors.
Steve
I used to have an account there.

Ha
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Old 11-17-2010, 07:10 PM   #12
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Absolutely nothing to do with frugality. Re-read the end of the article. Who would spend money on repairs when the building is going to be torn down? (maybe the U.S. government, but we won't go there)

quote:
Wedbush said he took steps to fix the roof but stopped because the house has extensive mold, which he blamed on hillside drainage problems.

"I've had to live in that place and I've got some potential infections from the mold," Wedbush said. "My wife won't even enter the house. We've suffered."

He said he probably would demolish the house and buy another one nearby.
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Old 11-17-2010, 07:15 PM   #13
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Sweet! You can use tarps for roofing instead of paying thousands to reshingle??
Do not stop there. One needs a smaller piece of tarp to cover a leaky motor home than for a house.
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Old 11-17-2010, 07:18 PM   #14
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Originally Posted by kypix View Post
Absolutely nothing to do with frugality. Re-read the end of the article. Who would spend money on repairs when the building is going to be torn down?
Most of us who own homes keep an eye on the condition of our roof and take action to repair or replace when a leak develops. He obviously delayed taking care of the initial problem and allowed a mold situation to get out of hand. Maybe not frugal, more like cheap...
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Old 11-17-2010, 07:32 PM   #15
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When we buy things, we assume the responsibility of keeping them reasonably maintained. A frugal person who buys a home buys one that is small and modest enough that he/she can afford the maintenance cost, taxes, and insurance.

Had he been frugal, perhaps he would have bought a less expensive home (perhaps a smaller home with less than 500 square feet?), and kept it up fastidiously.

But he did not. He is a spendthrift, because he threw his money away buying a home that he then allowed to deteriorate so badly. I could do the same spending $100K/year, buying a mansion, and then letting it fall apart. That just isn't frugal IMO.
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