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Old 11-16-2018, 07:53 AM
 
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it all depends on priorities .... we all will have our own idea of being frugal .. my thing was i like new cars every 4 years or so . been that way since the 1970's . my idea of frugal was i never bought the higher end cars like my bmw's until my 50's when our investments started to blossom .

we love eating out and eat out at least a few meals every week . we saved and invested all our lives just so we could do this and not feel guilty .
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Old 11-16-2018, 09:20 AM
 
Location: NJ
22,900 posts, read 28,810,675 times
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Quote:
Originally Posted by mathjak107 View Post
by definition frugal means :
sparing, frugal, thrifty, economical mean careful in the use of one's money or resources. sparing stresses abstention and restraint. sparing in the offering of advice frugal implies absence of luxury and simplicity of lifestyle. ran a frugal household thrifty stresses good management and industry. thrifty use of nonrenewable resources economical stresses prudent management, lack of wastefulness, and use of things to their best advantage. an economical health-care plan

so it really has nothing to do with financial resources . lower incomes may just have no choice but to be careful in the use of their money hence frugal
i thought i was frugal until i looked up the definition. i save a large % of my net income and i always try to get a good value for whatever i spend my money on, but there are plenty of luxuries in my spending. so technically that would make me not frugal.
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Old 11-16-2018, 09:35 AM
 
4,367 posts, read 4,473,016 times
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Quote:
Originally Posted by CaptainNJ View Post
i thought i was frugal until i looked up the definition. i save a large % of my net income and i always try to get a good value for whatever i spend my money on, but there are plenty of luxuries in my spending. so technically that would make me not frugal.
I don't think I agree with that, but I guess by the strict definition you could say that. Like I said I consider myself frugal, we will save/invest over 50% of our gross income this year, but we do spend money on things we value. I buy really good beer, we send our kids to a daycare that isn't the cheapest in the area, we like to travel a few times a year, etc. But I consider that more of a frugal valueist mindset. I don't spend frivolously, I purposefully spend on what I value. For me at least, when I sit down and think about what I value it's not a lot. Spending time with friends and family, drinking good beer, going to the gym, watching sports, good education for my kids, learning new things, traveling, that's about it. Most of that stuff is relatively inexpensive except the beer and kids education
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Old 11-16-2018, 09:52 AM
 
3,162 posts, read 554,943 times
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Quote:
Originally Posted by MrRational View Post
The same way that savings work.


Frugality is NOT about being poor... it's about making conscious choices of HOW to spend.
It seems that this distinction needs to be pointed out monthly.
Yep, it works the same way as "getting rich" works.
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Old 11-16-2018, 09:58 AM
 
Location: NJ
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Quote:
Originally Posted by mizzourah2006 View Post
I don't think I agree with that, but I guess by the strict definition you could say that. Like I said I consider myself frugal, we will save/invest over 50% of our gross income this year, but we do spend money on things we value. I buy really good beer, we send our kids to a daycare that isn't the cheapest in the area, we like to travel a few times a year, etc. But I consider that more of a frugal valueist mindset. I don't spend frivolously, I purposefully spend on what I value. For me at least, when I sit down and think about what I value it's not a lot. Spending time with friends and family, drinking good beer, going to the gym, watching sports, good education for my kids, learning new things, traveling, that's about it. Most of that stuff is relatively inexpensive except the beer and kids education
i didnt agree either but what can we do, its the definition of the word. there is probably a better word for people like us.
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Old 11-17-2018, 09:42 AM
 
5,458 posts, read 8,285,104 times
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I disagree that a poor person can't be frugal. They can use their food stamps to buy simple, economical food that will last the whole month as opposed to convenience foods or empty calories. They can keep an eye on the minutes for their phone so they don't run out before the end of the month. Etc, etc.
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Old 11-20-2018, 02:53 PM
 
Location: North Idaho
21,160 posts, read 26,135,284 times
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Everyone I know who is rich is extremely careful with money.

My definition of frugal is that you don't buy stuff you don't need, and when you do need something, you shop around to get the best price on the item that does the job well and that will last and work well until it isn't needed any more.

The right item at the best price is where the rich differ from the poor. The poor might get the best tennis shoes that they can afford. The rich can buy high end $1000 leather boots that will look good for years, and then be re-soled and worn for many more years. By the time the boots wear out, the poor have spent more replacing shoes than the rich man has spent on shoes. It's just that the poor man can't come up with the initial purchase price.

I lost an alpaca overcoat in a divorce. My husband got the coat from his grandfather, and I liberated it. He took it back when we split up. The coat still looked great and was classic styling. I can't even guess what it had cost new. It for sure hadn't been purchased at Walmart. It had been custom tailored out of the finest wool. Best item for the job, just not the best price for someone on a tight budget.

No one I know with money is driving a new car. They buy high end and take good care of it and continue to drive it until it is worn out. Buying something that is good enough to last until the job is done.
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Old 11-20-2018, 02:59 PM
 
Location: NJ
22,900 posts, read 28,810,675 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
Everyone I know who is rich is extremely careful with money.

My definition of frugal is that you don't buy stuff you don't need, and when you do need something, you shop around to get the best price on the item that does the job well and that will last and work well until it isn't needed any more.

The right item at the best price is where the rich differ from the poor. The poor might get the best tennis shoes that they can afford. The rich can buy high end $1000 leather boots that will look good for years, and then be re-soled and worn for many more years. By the time the boots wear out, the poor have spent more replacing shoes than the rich man has spent on shoes. It's just that the poor man can't come up with the initial purchase price.

I lost an alpaca overcoat in a divorce. My husband got the coat from his grandfather, and I liberated it. He took it back when we split up. The coat still looked great and was classic styling. I can't even guess what it had cost new. It for sure hadn't been purchased at Walmart. It had been custom tailored out of the finest wool. Best item for the job, just not the best price for someone on a tight budget.

No one I know with money is driving a new car. They buy high end and take good care of it and continue to drive it until it is worn out. Buying something that is good enough to last until the job is done.
its funny to me when people manufacture their own ideal rich person and speak as if they are talking about actual rich people. do you really think most rich people are re-soling their shoes? do you really believe that rich people arent buying new cars? you may think that its great for rich people to do this and i am sure many are, but many arent also.
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Old 11-20-2018, 10:37 PM
 
2,472 posts, read 4,471,593 times
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Warren Buffet seems pretty frugal. His cheap breakfasts and house he bought for $31K decades ago are well-known, but there are other ways he spends less than you'd think.

"In a BBC documentary, his daughter, Susie Buffett, said he bought cars that he could get at reduced prices — like those that had been damaged by hail. The cars were fixed and didn’t look hail-damaged and became a regular part of the Buffett lifestyle.

“You’ve got to understand, he keeps cars until I tell him, ‘This is getting embarrassing — time for a new car,'” said his daughter in the documentary."

https://www.gobankingrates.com/net-w...ives-frugally/
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Old 11-21-2018, 05:16 AM
 
Location: The Triad (NC)
26,979 posts, read 58,437,855 times
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Quote:
Originally Posted by creeksitter View Post
I disagree that a poor person can't be frugal.
They can use their food stamps to buy simple, economical food that will last the whole month
as opposed to convenience foods or empty calories.
And of course they SHOULD do these things.
But these actions are about being RESPONSIBLE and adult. It still doesn't rise to frugality.
---


Since this thread isn't dying... enjoy a nice video:
https://www.youtube.com/watch?v=KQzOBEQysVk
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