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View Poll Results: Do you know a Depresssion survivor personally?
I know a Depression survivor 141 90.97%
I do not know a Depression survivor 14 9.03%
Voters: 155. You may not vote on this poll

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Old 12-18-2008, 02:24 PM
 
Location: Cushing OK
14,545 posts, read 18,268,269 times
Reputation: 16829

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Quote:
Originally Posted by Oildog View Post
Exactly. Like many posters my parents were born in the depression era and passed a lot about saving and not getting to far into debt. I've been surprised by all the expensive cars and furnishings I see by people in their 20s. Hope its paid in full...
Mostly it isn't. There is always the credit card to buy your things. When the other shoe falls and you can't pay it off the brick wall of reality hits rather quickly.

I wonder how many of these 20 somethings (and older) will deal when that comes. I don't know anyone of any age who cosiders their job secure (even in management) and the smart ones are planning for a what if. The twentysomethings who never saw anything bad have no clue how to do that.

I guess its sink or swim.
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Old 12-18-2008, 04:46 PM
 
16,092 posts, read 37,280,813 times
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I didn't start the thread to create any panic.

My parents were born in 1921 (late father) and 1929 (mother) they both grew up as farmers - father's family were sharecroppers and my mother's rented their farms. My g-grandparents were born in 1885 and 1898 (both sets born in the same year). So believe me I heard all about it. My older grandmother never had AC (in Texas) and when she went to a house with it, she would go out and sit in the shade.

I remember my father saying something like if the family made $400 in a year during that time it was good. He was always proud that his father had a car and went into town every Saturday. They had no electricity. When I used to run water to get it hot, my father would lecture 'you wouldn't do that if you had to fetch water from the creek as a kid'.

Anyhow my father served in the AAF during WWII and was the first in his family to graduate from college (after the war). He ended up being worth a couple of million despite a somewhat modest job - albiet at Mobil Oil. When he died my sister asked the CPA/Estate Attorney 'why didn't he spend more of it' -- the guy said, ' he liked knowing he had it ' i.e. the security.

I personally just marvel at how some people run through money. Don't get me wrong, I like a few luxuries - mostly travel - but I don't care if I impress anybody. Most of my friends growing up had parents like this and some of them were quite wealthy. Many of them actually tried to hide their wealth rather than showing off.
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Old 12-18-2008, 04:54 PM
 
28,453 posts, read 73,577,247 times
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I suspect I have a lot in common with you Lakewooder. My hunch is that your dad and mine did, in fact, have very similar attitudes about the appropriate use of credit and personal finance.

I don't fault you for starting the thread, but it burns me up to see people that cannot see anything other than a train wreck coming from the current difficulties.

Seems to me that a little bit of "bitter medicine" is exactly what helped instill a frugal nature in guys like our dads, and if that medicine is now administered by the lenders we might see some folks get the idea that living withing their means is actually a good thing...
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Old 12-18-2008, 05:19 PM
 
20,377 posts, read 18,393,843 times
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My parents and grandparents lived through the great depression. My dad's family was fairly well off, his dad never lost his job at least. My Mother's family had it alot tougher, although I do take pride in still seeing some of the public works projects my grandfather helped build.
I have to say it shaped their outlook on finances. They were frugal but not cheap, you saved to buy what you wanted and looked for a bargain. Also I learned to expect gifts and presents only on my birthdays and on Christmas. To this day I have little trouble avoiding impulse purchases and am debt free. I still wonder about how people throw money around( away) on gadgets and toys even right now. Keep a roof over your head, clothes on your back, food on the table and then worry about spending money on frivolous things.
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Old 12-18-2008, 05:21 PM
 
Location: Cushing OK
14,545 posts, read 18,268,269 times
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Quote:
Originally Posted by chet everett View Post
I suspect I have a lot in common with you Lakewooder. My hunch is that your dad and mine did, in fact, have very similar attitudes about the appropriate use of credit and personal finance.

I don't fault you for starting the thread, but it burns me up to see people that cannot see anything other than a train wreck coming from the current difficulties.

Seems to me that a little bit of "bitter medicine" is exactly what helped instill a frugal nature in guys like our dads, and if that medicine is now administered by the lenders we might see some folks get the idea that living withing their means is actually a good thing...
A lot of us grew up with that same attitude and are saddened by the ones that seem to prevail now. Nobody talks about the social reverberations but a lot of people with no clue will learn a lot regardless of how bad it gets. I just hope the lesson stays with them.
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Old 12-18-2008, 06:25 PM
 
Location: Forests of Maine
31,574 posts, read 51,191,397 times
Reputation: 20593
My parents were both born in the mid 20s.

Their spending and investing habits were instilled in each of my siblings and I.
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Old 12-18-2008, 06:35 PM
 
Location: Mid-Atlantic east coast
5,527 posts, read 10,243,957 times
Reputation: 10752
My Dad talked a little bit about living through the Depression. He was newly married and lied to get a job as a traveling sales rep for a company--they only wanted single guys. His first two years of marrriage were spent traveling...they didn't have kids until they'd been married for more than 7 years...they were great at managing money and making it go far. I learned a lot about staying out of debt from my parents that's coming in handy right about now. Frugal meals and shopping top the list...
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Old 12-19-2008, 01:19 PM
 
Location: NJ
12,284 posts, read 32,400,431 times
Reputation: 5250
My parents. My mom's family were millionaires (and not in 2008 dollars, but 1929 dollars) in NYC and lost everything. My mom remembered all the beautiful things her mom had, and how she had to hock it all and "get a job". My dad was younger than she (born '28), and grew up 1 of 8, and they really didn't have anything. I learned a lot from them - stuff that's been echoed in this thread.
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Old 12-19-2008, 01:45 PM
 
Location: So. of Rosarito, Baja, Mexico
6,729 posts, read 19,237,986 times
Reputation: 6254
I see him every morning when I look into the mirror. Steve
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Old 12-24-2008, 11:01 AM
 
16,434 posts, read 19,686,880 times
Reputation: 9550
My dad was born in 1900 and lived through the depression. When I asked him about it he summed it up: "A hamburger was only a nickel but nobody had a nickel...".
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