Frugal Role Models

I am not a big fan of Robert Kiyosaki.  I find his teachings  too simplistic and overly vague.  There is just so little substance and actual hands-on information in his writing.  I must say, however, that his book Rich Dad Poor Dad has made me think a lot about how we pattern our behavior based on what we observe in others.  I have written before about how my parents are my primary financial mentors.  They are both high wage earning business owners who have utilized hustles and side hustles to accumulate wealth.  While I would never call them spendthrifts (they saved a huge part of their income every year), they definitely understood how to enjoy the finer things in life.  When you live in the affluent suburbs of Chicago, frugal role models are hard to come by.

It wasn’t till in my early twenties when I met my wife, that I learned the meaning of true frugality.  My in-laws  escaped Iran as refugees in 1979.  Classified as a Shah supporter because of his position as CFO in a pro-Shah business, my father-in-law gathered his family together, and escaped his home country before being imprisoned and likely executed.

He left not only his secure occupation, but all his wealth behind. My in-laws came to the United states with three children and a few thousand dollars to their name.

Almost forty years later, they live in a one of the wealthiest cities in the United States despite the fact that they never earned as a couple more than one of my moderately successful side hustles.  They have never even owned a single stock or bond either.

So how did they do it?

They invested in real estate (which is not the point of this post), and they spent very little money.

Stretching Dollars

My frugal role models taught me the value of a dollar.  Nothing, I  mean nothing, in their house is bought new.  If a store in the area has the word discount plastered on the front, my in-laws have been there,  They are masters of value.  They know how to find the cheapest grocery stores, most undiscovered garage sales, and best wholesalers.  My in-laws are not above using hand me downs from family or friends.

They don’t buy things they don’t need or live  on credit.

They cook.  Every night.  At home.  There are no glamorous restaurants or even fast food.  They buy in bulk, cook in bulk, and eat left overs.  In fact, I have never seen my mother-in-law throw food away.  Never!  She will plan a whole weeks worth of meals to make sure that every single scrap is used (and btw, she is a wonderful cook).

Reuse It Or Lose It

How many of us throw away bags, food containers, or other assorted materials we bring home from the store?  Not my in-laws.  Why buy trash bags when you have left over plastic bags from the grocery?  Why buy Tupperware when food containers and jars can be cleaned and reused?

All good frugal role models know how to multipurpose that which is already owned.  Old shirts become rags for cleaning and dusting.  One child’s outgrown jacket becomes the next child’s new winter coat.

DIY

My father-in-law manages two multi unit buildings and does the majority of maintenance himself.   Home improvement was something that he never hired out.  When a deck needed to be built in the backyard, he got out his ruler, made a sketch, and off to home depot he went.

The bathrooms int he house were getting dated, he remodeled those too.

If it can be done without an expert, you better believe that one of my in-laws has done it.

In Conclusion

While my parents modeled for me the behavior of the wealthy and high earners, my in-laws were my true frugal role models.  While their habits may seem extreme to many, being exposed to such frugality tempered my needless spending habits.

As I get older, I realize that both sets of parents had it right.  Earn what you can, spend less when possible.

Live a happy, financially secure life !