DD was an mechanic and DM was a SAHM, we lived modestly, I'm the oldest of 4. They were not financially savvy. They made it a point to send us to private schools, but they saved enough to buy a house when I was 5, and a bigger one just before I moved out. When I started cutting grass for neighbors at 12, and working in a retail store at 16, I learned what hard work would/could do. Seeing the despair/hard times of the 73-81 recessions, I swore I'd never be poor, and I learned the principals investing, and I agrreed with my folks that I would pay for half of my private college education. I worked full time during college at the retail store, and co-oped in coal mines between terms. Once fully employed after graduation, I saved the maximun in all company saving plans,401ks, tIRAs and Roths as they came to be, for 35 years. Once DW and I married, she did the same, although she stayed at home until the kids started school. DW, who didn't have 2 nickels to rub together as a child, wanted to buy a Mercedes Benz 450SEL as soon as we saved up $100,000.
The kids went to private schools and it was the best investment my parents and I ever did. DW was a teacher, and went to public schools. She was raised by her mom, who divorced when DW was 10. DW started substitute teaching when the youngest started school, after teaching FT before the kids. While the private school parents didn't drive Maseratis, many owned businesses, were doctors, lawyers. They took frequent vacations, drove the latest luxury vehicles, had cleaning services and some had maids. We drove our used cars til we decided to upgrade. DW's mantra, when the kids wanted the latest gadget upgrade the school parent/children had, was "As soon as I get a full time job, we'll buy X". And that happened, we bought our first brand new car. The kids also worked through high school and college, and paid for half their college education at private colleges, via academic scholarships or cash. DS was offered many athletic scholarships but turned them down, as he knew he was never going to go pro, he knew what side his bread was buttered on. We took vacations every year, and big vacations every other year. Finances were never discussed, but unnecessary spending was the key. Allowances were paid when they were young, the kids saw what hard work could produce, and graduated 2003 and 2008 from private college, student loan free. They did help DW and I with the rentals and were paid allowances from them. DS learned enough about the business and maintenance side of things, and he and his DW have a rental, also. Exact numbers about our financial situation have never been discussed, but the dear kids have been taught/mentored/lectured about the economy/investing/saving over the years. Both are doing well. Some folks were surprised when we built a 26x26 detached brick garage to match the house. It all came to a bigger head when we retired at 56, and we started traveling, taking 4-5 trips/yr, even during the latest pandemonium.
I bought a new pickup in August 2019 and DW finally got her Mercedes in November of 2019, 37 years after her request. While it was not brand new 450 SEL, it was used and had less than 50,000 miles. While over the past 38 years folks thought we were living pay check to pay check, the Benz was our really first time to spike the ball, and let the cat out of the bag.
