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Old 08-21-2009, 10:24 AM
 
Location: Ocean Shores, WA
5,082 posts, read 12,596,161 times
Reputation: 10554

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Quote:
Originally Posted by lizzy_09 View Post

The secret to getting financially rich is to live frugally.
Why would anyone want to get rich if they weren't interested in spending it?
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Old 08-21-2009, 01:11 PM
 
Location: Los Angeles
137 posts, read 535,021 times
Reputation: 74
Both my wife and I are 2nd generation immigrants; my parents worked hard to get me through college and both my wife and I are fortunate to have a very comfortable living situation. I have the ability to spend, but I hold back, because I think it would be disrepectful to my parents to 'waste' money on most items.

I found an interesting quote in Money magazine that I do find applicable, "[SIZE=2]My parents told me, “Use money well, but do not waste it.” I remember receiving a bicycle when I was a kid. When I asked my dad how much it cost, he wouldn’t tell me. So I grew up with the sense that money is here to do good things, to support your family and others. [/SIZE][SIZE=2]I like to think I’m frugal. The Millionaire Next Door describes millionaires who never buy a new car because its value goes down substantially after two years and so on. I buy new cars. I check with other dealerships to get the best price. But the idea that I have to live like a pauper even if I have the means to live better doesn’t make any sense to me"[/SIZE]
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Old 08-21-2009, 05:14 PM
 
197 posts, read 538,837 times
Reputation: 70
I'm 22 years old and I'll be living frugally for the next 5 years and especially the next 2. I plan on paying off this 40k student loan debt within the next 2 years and then save money for the next 3 years to start buying real estate properties or some sort of investment once I'm debt free!
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Old 08-21-2009, 05:38 PM
 
Location: Tennessee
33,955 posts, read 32,424,502 times
Reputation: 49918
I'm unintentionally frugal because I'm boring and uncomplicated. I view every action and purchase as how it may complicate my life more.

Examples: I have one credit card and it has absolutely nothing to do with debt and everything to do with how I want to pay a minimal NUMBER of bills each month. I don't travel to exotic places not because I think it's a waste of money or that I wouldn't want to see those places but because I hate flying and really like to drive, which just happens to be cheaper. I don't go to Starbucks or bars, not because Starbucks is expensive. I just don't like the taste of coffee. I don't drink not because I'm religious (I'm not), don't like a good party or because it can get expensive but because it puts me literally to sleep. I rent and don't own because I don't want to be bothered with maintenance/upkeep. My primary hobby of nature photography has an initial cost for equipment but everytime I do it, it's free. I suppose if I liked to photograph exotic places or athletic events instead of birds, it would cost more but it's just not what I like to photograph. Plus, I don't have a very expensive DSLR camera not because I can't afford it but just because I don't want to lug a lot of lenses and a tripod around. I could go on but I'm unintentionally frugal by default not by design.
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Old 08-22-2009, 01:48 PM
 
Location: Jacksonville, FL (Northside)
3,271 posts, read 5,898,225 times
Reputation: 3353
My parents taught me all about finances. They stressed that debt is bad; why get into debt to get what you desire when there's a better way of going about it? Based on their knowledge, that's why I'm frugal. I've been debt free (no student loans, credit card debt, etc) and plan on staying that way. If I have kids, I'll teach them the same way my parents taught me: Don't go into debt if you don't have to. Use cash for all purchases, bargain shop, bla bla bla. I make excellent money for what I do and at the same time, other than rent and necessities like entertainment and food, I'm virtually debt free. No car payment (car insurance doesn't count to me)
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Old 08-22-2009, 06:27 PM
 
Location: In America's Heartland
929 posts, read 1,825,995 times
Reputation: 1173
Default If you buy a 2 year old car, it forces you to live like a pauper?

I don't think that buying a 2 year old car over a new car actually forces anyone to live like a pauper. I think it just makes good financial sense. Whether you make millions, thousands or hundreds, buying a new car will guarantee you one thing. You are going to take a butt kicking in depreciation. Would you buy a stock or mutual fund that guaranteed you that you were going to continually lose money and a great big chunk of it the first two years?

Quote:
Originally Posted by LArenter View Post
Both my wife and I are 2nd generation immigrants; my parents worked hard to get me through college and both my wife and I are fortunate to have a very comfortable living situation. I have the ability to spend, but I hold back, because I think it would be disrepectful to my parents to 'waste' money on most items.

I found an interesting quote in Money magazine that I do find applicable, "[SIZE=2]My parents told me, “Use money well, but do not waste it.” I remember receiving a bicycle when I was a kid. When I asked my dad how much it cost, he wouldn’t tell me. So I grew up with the sense that money is here to do good things, to support your family and others. [/SIZE][SIZE=2]I like to think I’m frugal. The Millionaire Next Door describes millionaires who never buy a new car because its value goes down substantially after two years and so on. I buy new cars. I check with other dealerships to get the best price. But the idea that I have to live like a pauper even if I have the means to live better doesn’t make any sense to me"[/SIZE]
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Old 08-22-2009, 07:24 PM
 
Location: SoCal desert
8,095 posts, read 12,759,507 times
Reputation: 14842
Quote:
Originally Posted by debtmonger View Post
I don't think that buying a 2 year old car over a new car actually forces anyone to live like a pauper. I think it just makes good financial sense. Whether you make millions, thousands or hundreds, buying a new car will guarantee you one thing. You are going to take a butt kicking in depreciation. Would you buy a stock or mutual fund that guaranteed you that you were going to continually lose money and a great big chunk of it the first two years?
Whenever my Dad decided it was time for a newer car, he went to the auctions held by the rental companies. Three times, I think; my memory is kinda fuzzy.

He said he knew they were well-maintained (got the records), he got low-mileage cars, and got killer prices. I don't think my parents ever had a brand new car between 1980 and 2000. Worked for him!

But heck, I don't even know if the rental agencies do this anymore ...
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Old 08-22-2009, 07:40 PM
RHB RHB started this thread
 
1,096 posts, read 1,833,113 times
Reputation: 945
Why is frugal and pauper being used as the same thing?

In my mind, being frugal is a way of thinking about your purchase, do they inhance your life? So you don't just spend without thinking.
Pauper, again in my mind, is not having enough to make ends meet, or just barely meeting.
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Old 08-22-2009, 07:58 PM
 
13,727 posts, read 22,868,784 times
Reputation: 18553
Quote:
Originally Posted by debtmonger View Post
I don't think that buying a 2 year old car over a new car actually forces anyone to live like a pauper. I think it just makes good financial sense. Whether you make millions, thousands or hundreds, buying a new car will guarantee you one thing. You are going to take a butt kicking in depreciation. Would you buy a stock or mutual fund that guaranteed you that you were going to continually lose money and a great big chunk of it the first two years?
If you are going to keep the vehicle forever, you will find that whether you buy a new car or you buy a three year old car with a 40,000 miles, that the costs are pretty similar.

My friend just dumped his 1992 with 192k miles last month for a new one.
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Old 08-24-2009, 01:28 AM
 
Location: Philippines
62 posts, read 104,243 times
Reputation: 66
Quote:
Originally Posted by Fat Freddy View Post
Why would anyone want to get rich if they weren't interested in spending it?
Well, he did manage to get rich and the one who gets to spend on what he worked hard for is his children.I think that my grandpa's point was to live simple. Spend on what's important.
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