Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-10-2020, 11:20 PM   #221
Full time employment: Posting here.
teetee's Avatar
 
Join Date: Jul 2019
Posts: 635
> How is your own Frugality Super Power helping you weather the choppy seas of Covid19?

My avg annual spending is less than 10k. After working full time for 7 yrs I had over .5M vested. I spent more than usual in this March and April because I needed some hobby to compensate the time I was house bound. My portfolio valuation did go down a bit but even if it goes down to 1/10 I don't think I will do anything about it. I am the type that tracks the srock index and not planning to lock in any wins or loses until I need the money.

I think no debt and no unnecessary subscriptions are the secret that I could be frugal. I am thinking to buy a house with cash in the near future so hopefully that works out. The housing is still too hot in our area though.
teetee is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-12-2020, 08:19 AM   #222
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 1,867
Quote:
Originally Posted by rayinpenn View Post
Parents divorced -
1) we ate but it usually was modest fare - franks and beans
2) didn't always have money for the oil burner
3) always in fear of the next shoe to drop

I wanted to be able to live financially fear free.. I learned it was better then I had hoped.

Iíve thought a lot about this over the years and I am frugal to reduce stress. When the jalopy needs tires I just buy them -there is no fretting over finding the money. Bam done. My early years were overwhelmed by stress and the sense I wasnít in control.
Back then there was no one to teach me about money as no one I knew had any.
rayinpenn is offline   Reply With Quote
Old 05-12-2020, 08:27 AM   #223
Thinks s/he gets paid by the post
 
Join Date: Sep 2017
Posts: 1,110
Quote:
Originally Posted by rayinpenn View Post
Iíve thought a lot about this over the years and I am frugal to reduce stress. When the jalopy needs tires I just buy them -there is no fretting over finding the money. Bam done. My early years were overwhelmed by stress and the sense I wasnít in control.
Back then there was no one to teach me about money as no one I knew had any.
One of the biggest stressors for me as a young adult with no money was driving unreliable cars. Never knowing if I was going to be stranded on the side of the road or going to have a surprise extra bill. Or the days I had just enough money to put in gas to hopefully make it to work. A horrible feeling.
tb001 is offline   Reply With Quote
Old 05-12-2020, 09:25 AM   #224
Thinks s/he gets paid by the post
Badger's Avatar
 
Join Date: Nov 2008
Posts: 2,633
Glad I had good role models (a Yankee dad - if it breaks then fix it. If it breaks again then fix it again. And a rural southern mom that grew her own food and canned for the winter months).
When I went through a divorce I gave my ex everything if I could keep the small house. I even had to give her all the furniture. Then the heater broke. I had no heat or air-conditioning for 4-5 years because I had no money to buy a new one until I met the lady who is now my wife. She said she would marry me on one condition. So with her small income to match mine I finally had a heater. I was able to keep going through those single years with a backyard vegetable garden and a sleeping bag.

Things are much different now. Thanks Mom and Dad for showing me the way.



Cheers
Badger is offline   Reply With Quote
Old 05-12-2020, 09:27 AM   #225
Full time employment: Posting here.
 
Join Date: Aug 2015
Posts: 509
During last 30-35 years I was watching our relatives and friends families with kids, in what way they were raising their kids and who raised successful and unsuccessful young adults by financial independence from their parents. Kids who had any desire provided to him/her by their parents, while growing (most people love their kids very much), there was many failures to launch, some of them are well over 30 now. On the other hand kids who were put in a condition that they had to work for their wants (in early age by helping parents at home chores, having good grades at school, no behavioral issues etc, for teenagers - work part time for your wants) they turned up successful and on frugal side, understanding the value of money and hardship associated with earning them.
VFK57 is offline   Reply With Quote
Old 05-12-2020, 11:52 PM   #226
Thinks s/he gets paid by the post
Calico's Avatar
 
Join Date: Apr 2012
Posts: 2,485
Quote:
Originally Posted by jollystomper View Post
My parents were immigrants and had the "long term" attitude present in so many immigrants to the U.S. Frugality was part of that attitude. I learned from them not only how to be frugal, but to be frugal with contentment.

Upon reflection, some of their lessons, both verbally but especially by actions ("more is caught than taught") stood out:

- Frugality gave important skills. Our parents taught all of their children how to cook, how to sew, how to wash clothing, how to make basic auto/household repairs, how to negotiate, etc. Many of those skills paid off for us beyond just frugality.

-Frugality gave patience with a purpose. My parents attitude was "be frugal now so that you can have something in the future". The idea was to have a goal that your frugality would be addressing. With a goal, you did not care about what others thought about your frugality, as you were trying to achieve something.Perhaps that is one difference between being "cheap' and being "frugal".

- Frugality allows you to better control things, and less outside forces control you. This is in terms of what you need vs. what you want. Ones wants can easily be more driven by the outside influence of what others have. With frugality it can be less so.

- Frugality did not mean you could not help others less fortunate. One of my parents favorite sayings was "I was unhappy because I had no shoes, until I met someone who had no feet". Even though we did not have much, they were still doing something to help those less fortunate. It helped me realize, even when being frugal, how blessed I still was.

Your parents sound like absolute treasures!
__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
Calico is offline   Reply With Quote
Old 05-13-2020, 01:07 AM   #227
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 8,378
Yeah, cooking. I spent a lot of time watching and helping my Ma. Pops taught me mechanical stuff, but Ma did the cooking. She was good too.

I worked with a woman (last job I retired from) who excitedly told me that she cooked her first food yesterday. That kinda surprised me as she was 23. She made pancakes.

I made pancakes when I was 9. Made the batter cooked a batch and ate it standing up at the stove while I cooked the second batch. Yum.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote
Old 05-13-2020, 05:10 AM   #228
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,563
Dad was a loving father but terrible at personal finances, so I learned -in principle - what not to do. But it took a couple of life changing events before I figured it out:
1) DW was stay at home Mom after our first child, and money was tight. One day in the mail I got an unexpectedly large credit card bill (even then I paid in full every month) along with one or 2 other surprise bills and my mortgage was due. That forced me to put together a budget to ensure no more surprises.
2) Perhaps at the same time, I "woke up" and realized we paid our bills each month but had zero savings. I signed up for US Savings Bond payroll withdrawal....at $6.25 per biweekly check. Within a couple of months that amount increased to $50 as I realized I wasn't missing the money.
Voila, the pay-yourself-first miracle was discovered. 401K contributions followed.
3) I read "The Wealthy Barber." It changed my whole perspective on balancing out the needs of saving for the future and enjoying life in the present.
mystang52 is online now   Reply With Quote
Old 05-13-2020, 08:40 AM   #229
Thinks s/he gets paid by the post
dixonge's Avatar
 
Join Date: Mar 2008
Location: Ajijic
Posts: 1,497
I grew up in a weird household. My dad grew up on a farm but generally had 'enough' money, my mom grew up picking cotton and evading an alcoholic father. She was the first in a wide circle of family to make it to college. They met there. He became a pastor, she was a teacher.

I grew up in parsonages. When your income is derived from the benificence of parishioners, all of whom have higher incomes, it does something to you. So they began buying things on store credit to furnish our home and keep up appearances. Their debt levels rarely wavered, even after my brother and I left home. When my father was 80 and still working part-time his church paid off his remaining debt as a severance package, which allowed him to actually *afford* to retire.

No, I did not learn frugality from them, nor from my first wife. My second and final wife though, she pinches pennies until they squeal. It took awhile, but her frugal ways finally rubbed off on me. Still, we spent more than we should have for many years. Then we found out about ER and *everything* changed. We're now many years into a happily, fully frugal life.
dixonge is offline   Reply With Quote
Old 05-13-2020, 08:57 AM   #230
Moderator
 
Join Date: May 2007
Posts: 12,876
I come from a rural background where nothing was ever allowed to go to waste. My role models were my very thrifty grandparents who lived through the great depression and World War II. They did the "zero waste" thing way before millennials made it cool again. So I definitely have the thrifty gene. But, I also know that I wasn't always frugal throughout my life. My thriftiness is usually proportional to my happiness. At the moment, I am very happy and very frugal. But the opposite has also been true in the past.
__________________
47 years old, single, no kids. Exited the job market in 2010 (age 36). Have lived solely off my investments since 2015 (age 41). No pensions.
Current AA: real estate 64% / equities 10% / fixed income 16% / cash 10%
FIREd is offline   Reply With Quote
Old 05-13-2020, 03:01 PM   #231
Thinks s/he gets paid by the post
Markola's Avatar
 
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,274
Ha, Yeah, my zero-waste grandparents in the country composted but also had a burn barrel. Millennials, please leave those in the past.
Markola is offline   Reply With Quote
Old 05-13-2020, 04:10 PM   #232
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 14,327
Quote:
Originally Posted by tb001 View Post
One of the biggest stressors for me as a young adult with no money was driving unreliable cars. Never knowing if I was going to be stranded on the side of the road or going to have a surprise extra bill. Or the days I had just enough money to put in gas to hopefully make it to work. A horrible feeling.
Good point and how many people live more or less permanently in our society - one car break down away from losing their job, their apartment and their health care insurance. No wonder many show signs of PTSD.
travelover is offline   Reply With Quote
Old 05-14-2020, 08:53 AM   #233
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,592
Send a message via Skype™ to kcowan
Quote:
Originally Posted by dixonge View Post
...My second and final wife though, she pinches pennies until they squeal. It took awhile, but her frugal ways finally rubbed off on me. Still, we spent more than we should have for many years. Then we found out about ER and *everything* changed. We're now many years into a happily, fully frugal life.
My mother was like your "final" wife. She did it by necessity and managed by fathers single income to raise two kids, have a nice home and a cottage. So it is in my genes but I have risen above it in many areas.

For example, when fitting out our new condo, I did not even want to know the costs were of things that my final wife purchased. As a result, she is extremely happy living here. And so am I!
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 05-14-2020, 12:52 PM   #234
Recycles dryer sheets
retired1's Avatar
 
Join Date: Jun 2011
Posts: 285
Only dad worked to support family. Saw family struggle financially and that sowed the seeds of frugality from younger age. After getting education and good paying jobs, splurging seemed to be a waste when similar needs were satisfied with frugal means. Savings became way of life.
retired1 is offline   Reply With Quote
Old 05-14-2020, 03:10 PM   #235
Thinks s/he gets paid by the post
 
Join Date: Dec 2010
Location: Midwest
Posts: 1,705
Well stated. Much like my own story.
brucethebroker is offline   Reply With Quote
Old 05-14-2020, 03:57 PM   #236
Thinks s/he gets paid by the post
 
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
Studying my dad. He built much of our family's first house, two truck campers, five boats, countless furniture. Rebuilt a complete '56 Chev engine by reading the book. Twice had recreational property, built bunk cabins for lake place and shed for beach place. Always found awesome property and put a crappy trailer on it but always found a diamond in the rough. Bought used cars. Mom worked PT as soon as I was in grade school. Saved like crazy.

I don't have the skills he had in carpentry but had other skills plus spent a lot more time with my family than he did. After he died I would clip their "coupon" for their bonds and he was getting 8% and 10% tax free. One went the term and one made it within two years. Incredible.

I don't think he ever made much over $50k but had >$1.0 mm when he died.
__________________
Jump in, the water's warm.
Bir48die is offline   Reply With Quote
Old 05-15-2020, 05:20 AM   #237
Thinks s/he gets paid by the post
 
Join Date: Aug 2012
Posts: 1,441
Quote:
Originally Posted by Bir48die View Post
Studying my dad. He built much of our family's first house, two truck campers, five boats, countless furniture. Rebuilt a complete '56 Chev engine by reading the book. Twice had recreational property, built bunk cabins for lake place and shed for beach place. Always found awesome property and put a crappy trailer on it but always found a diamond in the rough. Bought used cars. Mom worked PT as soon as I was in grade school. Saved like crazy.

I don't have the skills he had in carpentry but had other skills plus spent a lot more time with my family than he did. After he died I would clip their "coupon" for their bonds and he was getting 8% and 10% tax free. One went the term and one made it within two years. Incredible.

I don't think he ever made much over $50k but had >$1.0 mm when he died.

This is a great story. Lots to be said for DIY and resourcefulness.
finnski1 is online now   Reply With Quote
Old 05-15-2020, 10:42 AM   #238
Full time employment: Posting here.
Kwirk's Avatar
 
Join Date: Mar 2006
Posts: 501
I'm not especially frugal but I am lazy and contrary. I don't like stuff that I need to maintain (boats, houses, extra cars, rooms,...) and I don't like accepting others' ideas about what will make me happy. I do miss restaurants.
Kwirk is offline   Reply With Quote
Old 05-15-2020, 02:31 PM   #239
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 3,484
Quote:
Originally Posted by RobbieB View Post
Yeah, cooking. I spent a lot of time watching and helping my Ma. Pops taught me mechanical stuff, but Ma did the cooking. She was good too.

I worked with a woman (last job I retired from) who excitedly told me that she cooked her first food yesterday. That kinda surprised me as she was 23. She made pancakes.

I made pancakes when I was 9. Made the batter cooked a batch and ate it standing up at the stove while I cooked the second batch. Yum.
Lol my son is 5 and he can make eggs and oatmeal.
kgtest is offline   Reply With Quote
Old 05-15-2020, 02:37 PM   #240
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Nemo2's Avatar
 
Join Date: May 2011
Posts: 8,368
Quote:
Originally Posted by RobbieB View Post
I made pancakes when I was 9. Made the batter cooked a batch and ate it standing up at the stove while I cooked the second batch. Yum.
Quote:
Originally Posted by kgtest View Post
Lol my son is 5 and he can make eggs and oatmeal.
I'm almost 78....."What's an egg?"
__________________
"Exit, pursued by a bear."

The Winter's Tale, William Shakespeare
Nemo2 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are you unnecessarily frugal? Midpack FIRE and Money 42 02-13-2010 03:45 PM
Are you frugal or a cheap b@$t@rd? Grizz FIRE and Money 108 09-29-2007 07:50 PM
How frugal is too frugal? setab FIRE and Money 36 05-18-2006 12:51 PM
Are you frugal or are you stingy? Martha Other topics 60 03-25-2006 03:30 PM
So, frugal people, what DO you allow yourselves? LRAO FIRE and Money 131 11-25-2005 01:21 PM

» Quick Links

 
All times are GMT -6. The time now is 01:14 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.