So for starters, how did I get to be so cheap, I mean frugal? I inherited it from my mother who was tight and creative with the budget in raising 6 kids after my father died. She never made more than minimum wage but she had simple principles.
1. Each generation should do better than the last
2. You should have your house paid for before age 45
3. Never loan money you can't afford to loose
4. All money earned goes into the same pot
5. Always chose quality over name.
I paid more attention to her than my older brothers did. When I was 9, they used to borrow money I had in my dime piggy bank. I should have been a loan shark because I made them pay me back double what they borrowed with half in dollar bills and half in yep dimes. My mom would have whipped me and my brothers if she had checked that bank and only found pennies.
Did I say that when I was nine, my brothers were in their twenties. I always wondered why they were borrowing from a kid. I rarely spent the money and ended up with a lot of piggy banks until my mom opened a bank account for me.
I had saved enough so that I paid cash for my first used car when I turned 16. Too bad I purchased a 1976 Chevrolet Monza 4-cylinder that sounded like a lawn mower. It did last me half way through college though. This was back when the US car companies could not make a quiet 4-cylinder or mix up a color like silver that wouldn't peel.
From then on, my frugality led to graduating from college with close to zero debt, an MBA paid for with no loans and my wife's Ivy League Masters paid for at graduation.
I have held a series 7 and 66 securities license as well as insurance licenses, so I know about investments.Even though my knowledge is great, I don't consult on this blog. There are plenty of Financial Advisors out there willing to let you pay them for advice. I am good, don’t need the business. Well, time is running out and I need some shut-eye. I 'll talk later about buying plasma's, lcd's,HDTV
and the sort.
Frugal Frank from the Blackside
