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Re: Why do you LBYM?
Old 02-13-2007, 08:28 PM   #41
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Re: Why do you LBYM?

B & D
First paying job, outside of home, at 12, learned lesson of work. After daughter born, learned I had to save to support family for the future, which included DW and me after she was grown. After grandson born, learned that I needed to leave something for future generations to get a start. I'm slow, but I eventually get there.
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Re: Why do you LBYM?
Old 02-13-2007, 08:40 PM   #42
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Re: Why do you LBYM?

B C D and E

Both sets of grandparents survived the Depression on small farms.

We didn't have health insurance and ran up incredible medical bills with my brother's cancer.

Learned not to ask for stuff because I knew we couldn't afford it.

Never really wanted 'stuff' that was important to other people : top end cars electronics jewelry clothes houses...
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Re: Why do you LBYM?
Old 02-13-2007, 08:46 PM   #43
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Re: Why do you LBYM?

Quote:
Originally Posted by JustCurious
Those of us who LBYM are in the minority. We do so despite strong influences from society to spend everything we have, and then spend some more using credit. So why do we do it? Here are some reasons that I have come up with:

A) You were raised or lived in another country, and are somewhat innoculated from the consumerism influence in America.

B) You either grew up poor, and you know the meaning of a dollar, or, you did not grow up poor, but your parents lived below their means.

C) When you were an adult, you suffered some financially catastrophic event (ie loss of job, health issue, loss of family member, etc) that caused you to re-evaluate your lifestyle and adopt an LBYM lifestyle.

D) At some point during your adult life (usually middle age) you realized that if you kept spending every dollar that you made, you would not get ahead and you would never be able to retire comfortably, so you got religion and started LBYM.

E) You were born frugal, and it's just the way you are.

Which one of the above is it for you? Is it some combination? Is it something else?

For me, it's a combination of A and E.

A, B, and E for me.
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Re: Why do you LBYM?
Old 02-13-2007, 08:47 PM   #44
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Re: Why do you LBYM?

It would go somthing like, because of B, I became E, and later realized ala D (and the fact that we've been blessed with sufficient means to comfortably live beneath them - ala Martha) that savings and investments eventually could buy my life back from employment so that I could spend more of my time on the planet doing what I think is important.

Given that, the question for me would be "Why not LBYM?" It isn't much of a sacrifice if you've got a decent base to work with and never got on the status-symbol/techno-gadget/whatever-other-acquistion-floats-your-boat treadmill in the first place. It's not like the joke about the clueless twit who devilishly tempts a vegetarian friend with "Ah, come on, you can have just one bite of this juicy steak, can't you? I'll never tell". Like the vegetarian, we're not "missing the steak" when we don't accumulate stuff (or routinely eat mediocre restaurant meals instead of cooking good meals at home, etc.). We're just not interested for the most part.

Are there things we don't buy or do now that we might if we had more disposable income - almost certainly. But we live comfortably and don't really miss the other stuff. Extra stuff can be a pain to take care of; DW keeps me honest there. On perhaps a more preachy note, living a life of material excess seems a tad decadent in this world as well.
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Re: Why do you LBYM?
Old 02-13-2007, 09:22 PM   #45
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Re: Why do you LBYM?

f) probably just semantics but as far as i know i never lived below my means and my parents never used the term. for us, our means included saving money. as far as i knew, saving money was just for a rainy day, so that you don't wind up in debt when it rains. outside of the context of er--something else i had never considered until i just jumped ship--lbym sounds like deprivation. better to live within your means and to put something away for a rainy day. of course, now that i am er'd and i suppose living below how a non-er'd person mght live on my means: let it rain, let it rain, let it rain.
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Re: Why do you LBYM?
Old 02-13-2007, 10:02 PM   #46
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Re: Why do you LBYM?

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Re: Why do you LBYM?
Old 02-13-2007, 10:04 PM   #47
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Re: Why do you LBYM?

My Father was born in 1907 (he was 50 when I was born) and was very much impacted by the Great Depression. My Mother grew up poor but claims she didn't know she was poor. So, I grew up with frugal parents.

I lived at my means for the first 10 years of my work life. Then, my Dad asked me to learn about finance so I could take care of things if something happened to him. My Mom just doesn't have the mind for finance. I didn't know jack about money and fear is a very good motivator. I figured I'd better practice with my own money, so I read everything I could about investing. I put together a retirement plan for my partner and I and stumbled upon the Retire Early forum at the Motley Fool.

That's when LBYMs kicked into over drive for me. My partner is frugal and was happy when I started our 401ks and Roths. Our incomes keep going up and we paid off the house in 12 years and started buying I Bonds.

We're saving 42% of our gross and will be able to pull the plug in six years when we are 56.
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Re: Why do you LBYM?
Old 02-13-2007, 10:10 PM   #48
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Re: Why do you LBYM?

F) Means is so big, there is no chance not to live below means?
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Re: Why do you LBYM?
Old 02-13-2007, 10:24 PM   #49
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Re: Why do you LBYM?

Gumby - I feel the same way as you so about being able to buy any groceries I want. Thank goodness I don't live within 100 miles of a Whole Foods.
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Re: Why do you LBYM?
Old 02-13-2007, 10:58 PM   #50
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Re: Why do you LBYM?

B and E for me. I can relate to almost everything that Gumby stated in his posts.
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Re: Why do you LBYM?
Old 02-13-2007, 11:42 PM   #51
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Re: Why do you LBYM?

Quote:
Originally Posted by LOL!
F) Means is so big, there is no chance not to live below means?
Pretty close to me. I've always bought what I wanted, just never wanted all that much.
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Re: Why do you LBYM?
Old 02-14-2007, 12:45 AM   #52
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Re: Why do you LBYM?

[

I still fight with things like this. I want grapes, but I see $2.99/lb and
automatically think "too much, I'll wait until they are on sale". I recently
lost my USB memory stick, and felt stupid that I had to pay $20 for a
new one.
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Re: Why do you LBYM?
Old 02-14-2007, 01:26 AM   #53
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Re: Why do you LBYM?

I think I'm this way because I've been so lucky in my life and I have always expected that luck to run out someday. I want to be prepared if that day comes.

Sometimes I made good choices, sometimes I worked hard, but I have also been very blessed, and very lucky.

If my good luck continues, in 93 business days (at age 55) I can reap the benefits by retiring and having the means to do what I want. I hope it's worth it.
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Re: Why do you LBYM?
Old 02-14-2007, 08:30 AM   #54
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Re: Why do you LBYM?

B. Been poor and remember it.

Also, I have my independence rule. I like being financially independent. I could live much higher on the hog, but B lurks over my shoulder reminding me of bad times.
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Re: Why do you LBYM?
Old 02-14-2007, 10:04 AM   #55
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Re: Why do you LBYM?

Quote:
Originally Posted by Eagle43
B. Been poor and remember it.

Also, I have my independence rule. I like being financially independent. I could live much higher on the hog, but B lurks over my shoulder reminding me of bad times.
Back at ya. We were dirt poor, but myself and my 7 brothers and sisters didn't realize it. (We weren't very smart)

But I'm getting smarter. Sun's out, golf clubs in trunk of car, see you later.
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Re: Why do you LBYM?
Old 02-14-2007, 10:06 AM   #56
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Re: Why do you LBYM?

G) Learned it from my parents?

I grew up very middle class, and my parents LBTM. Mom was a SAHM and raised 2 kids, we didn't have designer clothes or the latest video games or fancy cars, but had a nice house (to which they added a pool when I was 10), and never felt deprived. And they put my sister and I through college (thanks!).

They retired at the age of 57 (12 years ago), and are having a blast and are not concerned about running out of money.

I want to be just like them!

Karen
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Re: Why do you LBYM?
Old 02-14-2007, 11:59 AM   #57
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Re: Why do you LBYM?


B) You either grew up poor, and you know the meaning of a dollar, or, you did not grow up poor, but your parents lived below their means.

Parents were Depression Era survivors. They did not trust banks or the stock market. Paid cash or did not buy (expect for the house).


D) At some point during your adult life (usually middle age) you realized that if you kept spending every dollar that you made, you would not get ahead and you would never be able to retire comfortably, so you got religion and started LBYM.

First wife could not spend it fast enough so she got (and hid) 10 credit cards. We never had anything in savings; no investments, no stocks, no bonds...nothing but bills and had to juggle which ones did not get paid each month. The divorce fixed that problem. Took me 3 years to climb out of a huge debt pit and into the light. Made my first stock trades then and have continued to this day.

Having a spouse or SO that shares your financial plans is priceless.


E) You were born frugal, and it's just the way you are.

I was always the one other family members came to for $$ from my little savings bank. My brother was a spender...I was a saver. I think having the savings gene helps LBYM.

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Re: Why do you LBYM?
Old 02-14-2007, 12:38 PM   #58
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Re: Why do you LBYM?

B,C,and E for me. I can remember being taunted by my older brothers when I was only four or five because I saved all the coins given to me by uncles and aunts. They would give us kids a quarter or so on each visit. My brothers could not wait to get to the corner store for candy, and I couldn't wait to get to the shoe box under my bed that held my savings account. My brothers never changed and neither one is very responsible with money. I knew that the money was more valuable to me than the candy even back then!

My parents were products of the depression and never had debt of any kind.

I went thru a divorce at the age of 28 that left me emotionally scared and financially destroyed.... I wound up with a six year old son to raise and debts that were greater than my income. It was a tough time. I never wanted to worry about being able to by food or pay the light bill again.

The second time around I married a man that had been married and divorced from a woman who sounds a lot like SteveR's ex-wife. He had had it with debts and longed to have financial security. We were perfect for each other.

At Christas I found myself explaining to my granddaughter (13) why in my retirement I drive a shiny new Toyota Yaris instead of a "cool" and expensive car. I said I can afford any car out there and that's the beauty of it! I don't feel the need to impress anyone with my wealth. I am secure in the fact that I could have the best, but feel better with the money under the bed (or in the market....).
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Re: Why do you LBYM?
Old 02-14-2007, 02:12 PM   #59
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Re: Why do you LBYM?

Quote:
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At Christas I found myself explaining to my granddaughter (13) why in my retirement I drive a shiny new Toyota Yaris instead of a "cool" and expensive car. I said I can afford any car out there and that's the beauty of it! I don't feel the need to impress anyone with my wealth. I am secure in the fact that I could have the best, but feel better with the money under the bed (or in the market....).
AMEN!!! Last fall I bought a "pre-driven" 2006 Chevy HHR. Got it for 2/3 of "new" cost. Many of my friends asked why I would ever buy a "used" car, I told them I could drive ANY car I wanted to but chose this one and kept ALOT of money 'under the bed'!
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