Comments on: What I Learned About Saving Money From Older Generations

By: Slackerjo

Slackerjo — Sun, 13 Jun 2010 14:58:20 +0000

Depression era people = good.
Boomers = not always so good.
Gen X = the jury is still out. I fall into this category and I have my sh*t together because I make $33K and can’t waste my money.
Generation Y(whine) = Maybe once they learn to pull up their pants and stop buying gadgets every time they leave the house, might get it together but I have my doubts.

By: Chase

Chase — Tue, 02 Feb 2010 01:03:01 +0000

My Nana was one of the wisest savers I knew, and I thank her for many a financial lesson over the years – the most important being that you should save and save early. You can never get that time back once it is gone.

By: Ryan @ Planting Dollars

Ryan @ Planting Dollars — Mon, 01 Feb 2010 04:57:00 +0000

My grandparents weren’t barraged by marketing all day and had to work for a lower standard of living so each dollar meant more to them. It seems that they’re just accustom to living a lifestyle that’s advocated by Dave Ramsey and Suzy Orman. Maybe living in the past is the best way to invest for the future…

By: mildred lane

mildred lane — Sun, 31 Jan 2010 17:56:00 +0000

My older generation bartered w/ items of food and work. Maybe someone could chop wood and another could make quilts and would barter.
My mom was a single mom in 1938 -she helped w/ neighbors when they processed chickens and hogs-she was payed w/ the parts that she was given. I have seen her wash clothes for others in the creek,do their ironing, w/ the iron you heated on the cook stove, to get $ for the items you could not grow.
Break green beans and can for 1/2 the beans.
And I never heard her complain. Life was hard but she made it fun.

By: Sue

Sue — Wed, 27 Jan 2010 18:36:14 +0000

Old school savers, also know the value of mending, repairing, and making do with what they have. Their world is not a disposable one like the current generation’s world is.

By: MD @ Studenomics

MD @ Studenomics — Wed, 27 Jan 2010 06:47:05 +0000

Thanks for the insightful comments everyone. Some of you listed some very positive experiences. Others listed negative lessons learned.

At the end of the day this was a highly subjective article and I only wrote about what I learned from “successful” individuals. I’m sure we can all agree that there’s a lot to be learned from those that weren’t wise with their money (i.e celebrities, athletes, etc.)

I feel that the important part is that we learn from others– both their failures and accomplishments.

By: Hilde

Hilde — Wed, 27 Jan 2010 05:36:22 +0000

It is not a question of generations alone. My father-in-law, born 1921, was the younger one of two brothers. When he was 10 his father died, so he grew up much poorer than his brother. Aftert the war, they both had to start from zero, having lost their home. They both made about the same amount of money. But my mother-in-law now owns two houses and a nice sum of money and gets a very good pension, while her brother and sister-in-law had to rely on social security and my father-in-law during their last years.

By: Jan

Jan — Wed, 27 Jan 2010 01:05:26 +0000

My husband’s parents (mom just died at 83) were amazing.
Raised four children in a 1500 sq ft house that they bought for $8,000. All block. did the repairs themselves.
Never bought anything on credit- even cars. Saved stuff forever.
My FIL never was over lower middle in income and was forced to retire at 60. They continued to save.
My MIL died with $250,000 in the bank! She had been in assisted living for ten years.
They grew a large garden, gave half to the widow women in the neighborhood.
They monetarily supported their grandchildren’s mission work.
All and all- they were amazing.
I hope to be somewhat like them—someday.

By: *pol

*pol — Tue, 26 Jan 2010 23:45:03 +0000

Sure, lots of older folks are sensible with money, but many of them aren’t too.

My parent’s generation (now grandparents with over a decade of experience) are the seedlings of the “me” generation, unfortunately I am 99% sure my mom will go bankrupt AGAIN before she gets her Senior’s Gold Card. Just like her mom (my Grandma)she is impulsive with her money and keeps debt big and deep.

My grandparents are all long gone… of the 4 of them only one was any good with money, and she still passed away living below the poveryt line month to month with subsidised government pension only.

My husband’s family was MUCH better at money at the Grandparent level, they too are all passed on now, but they had something at the end to keep a roof over their heads. BUT my husband’s parent’s are also atrocious with money, zero savings, zero assets. His mom on disability pension renting in a low-income housing project, his dad in a terrible little rental home downtown with dead cars in the lawn and no prospect of retiring EVER.

Thankfully we seem to be learning from our parent’s mistakes and want better for our golden years — hopefully we won’t have to care for all the parents as THEY age too!

By: marci

marci — Tue, 26 Jan 2010 23:34:06 +0000

Be as self sufficient as possible, and don’t buy anything you can make yourself.

Save up until you can pay CASH for everything needed – or don’t buy it.
The only exceptions were a house, and sometimes a car/truck.

Take good care of what you DO have – maintain and repair and keep it clean. Take pride in what you do have.

Keep everything – cuz someday you may have a use for it.

Learn basic first aid and health care so you don’t have to run to a doctor (and get the bill) for little things that can be taken care of by any responsible adult at home.

Cook from scratch.
Hand me down clothes, remake clothes, trade and save. As a teenager, I wore some of my Mom’s teenager clothes – that she made herself.

Buy quality for the long haul- not throwaways.
Don’t get taken in by fads.

I’m 55…. this the way I was raised, and what I tried to pass on to my children (pretty successfully) and am now instilling in my grandchildren.