Weren't our grandparents taught to save?

[phoenixrising]

interesting points of view w/varying generations on this topic

my *parents* went thru the depression. 5 kids to feed & clothe & they managed to purchase real estate to boot. 3 of us went thru college too (2 didn't want to) & they "co-signed" for the loans...which was cool. kinda made u go thru school a bit more seriously....or drop out.

we all had jobs even at young ages...yard work, babysitting, snow shoveling, paper routes etc...so if we wanted something--we earned it.

as an adult i was pretty frugal...yet after a major move & starting all over in a more expensive area...we did something we never did b/4 ...& allowed ourselves to be sucked into the *credit trap* ...we ended up going thru a BK 17 yrs ago & actually it was the best thing that could have happened! we learned a LOT!

after that we became *serious* weekly SAVERS....regardless of the cost of living where we are.... where there is a will there IS a way!!!

the other thing that helped us imho is...we both are self employed. so if u want to make more cash...work more. plus the coup is...so much MORE is deductible IF i have to pay this false tax!!

we were blessed to be able to buy a home finally 10 yrs ago...refi'd 3x...ONLY to take the interest down....so when the crazy markets were going bizzurk...we left every penny in the property...plus we pay a measley $25 extra every mo. & it drops 3 more yrs off the repay time.

we use credit cards for almost everything (for miles or cashbacks)--yet they are paid in full every month. so i guess we are now called "dead beats"

IF iwe buy something at home depot on their 12 month no payment deal...the first thing i do is calcualte a monthly payment of 1/12th the cost THEN decide if we can afford it now. hell! i'll *use* their money interest free for sure!!

it makes me sick to see all the cc companies on campuses today. it gives the WRONG impression for sure! CREDIT ...is not CASH.....peopel forget to look at the cards as "this is what i owe" NOT "this is what i have"

EASY credit...given to people who don't know how to handle it...or what it *really* means...is how we got where we are...on every level of society. (imho) it's a deathtrap...& they KNEW it when they gave it to ya! so it's up to u tolearn how to use it & make the game *backfire*

 

[Matt Collins]

DAMN GOOD BOOK:

http://www.amazon.com/Age-Abundance...bs_sr_1?ie=UTF8&s=books&qid=1222876112&sr=8-1​

 

[Jean]

In the past you could save your money in the bank and get interest! Now days the interest does not even keep pace with drop in the dollar!

 

[H Roark]

Good point. The media keeps hammering on this idea about how people can't buy cars or houses without these loans [that are rightly being denied.] As if people are entitled to credit.

There are plenty of people rolling around in luxury cars, speaking into high-tech cell phones, and wearing expensive shoes that don't belong on their feet. All thanks to a lifestyle built on credit. I used to think that America was the wealthiest nation because we produced better, but thats just wrong.

I know my friends think I'm a cheap ass, but hey I'm the one with a degree and zero debt.

 

[phoenixrising]

here here!

 

[kaberUSA]

Why save if your money becomes worthless.

 

[freelance]

Want to hear something funny?

My grandfather is getting pretty old, and in an effort to protect his savings from the estate tax/nursing homes he decided to start gifting out some of it this year.

He gave me $12,000 - which I really appreciate. It is extremely noble of him and helps me tremendously. But I was thinking that this $12,000 will cover only about half of my share of the national debt his generation left me with. So maybe he should be the one thanking me?

Oh, for HEAVEN'S SAKE, his generation didn't leave it to you, then damn bankers left it to you. PUHLEASE. He was way more frugal than any of us thought about being.

QUIT BLAMING OLD FOLKS, unless you mean the OLD FART BANKSTERS and POLITICIANS.

FYI, my parents built a nice large house in 1965 with custom this and that, and carried a $5000 loan. It helped that a contractor friend built the house. Sold it for cash last summer and paid cash for a condo. They've never, EVER owned a brand new car in their lives, and they do not carry any balance on their credit cards. THIS IS NOT THEIR FAULT. Oh, and Dad's a notch baby, to boot.