Were your parents mustachian ?

[jabes]

Nope.  My parents are slightly pre-Boomers (born early/mid 40s) and are both still working and collecting Social Security.  Dad farms, Mom has an office job.  They don't have any debt but Dad routinely drops 10-40k on a piece of farm equipment, and Mom buys a lot of "stuff."  For example, I visited them over Christmas and helped my mom go through a bunch of clothes.  We gave about 5-10 bags of clothes to the Goodwill, many of them things she got "a great deal on!" at Kohl's, still new with tags, that she never wore.  Mom has a sister born in the 20s who helped out a lot when my brother & I were kids, so we get our savings gene from her.  Re-using bags, tin foil, rubber bands, etc. -- used to make fun of my aunt for doing it when I was a kid but now I do the same damn thing!  She gives me stock tips sometimes, too.  She's a millionaire off AT&T from all the splits.

[LiveLean]

Very much so, great examples for all of us.

They believed in paying for value (private schools) and were shrewd with real estate, yet rarely had a mortgage. They bought modest cars that they drove forever, budget clothing, and we rarely ate out. (Mom was an awesome cook; then again, nobody ate out in the '70s and '80s the way we do today.) We never had a birthday party involving friends that wasn't at the house - and only between the ages of 6 and 12 - and never had cable TV.

Though my Dad was an accountant and Mom (now deceased) a nurse, Mom was equally shrewd with numbers and money. She knew within a dime what the grocery bill would be when the items went through the checkout line. She'd whisper to me something like -- $62.04 - and inevitably it would be $62.12. (This was when $62 still bought a lot of groceries.)

I always thought she could have cleaned up on The Price is Right.

[okits]

They spend exponentially less now than what their investments make, and should have in the several million at the time of their deaths in 30 years. Instead, they now work full-time on my sister's farm... for free. Because that's who they are.

Your parents sound awesome.  They'll probably live another 40 years.  Labouring on a farm sounds very health promoting, in a way cubicle dwelling is not.

[Miss Prim]

Nope!  I don't know where I learned frugality as they liked to spend money and complained about living from paycheck to paycheck.  But, we ate steak and bakery bread, had new cars every 3 years, etc.  Then they retired at 54 and 55 years old with hardly anything saved.

No matter how much my husband and I made, and sometimes we didn't make a lot when I was working part-time with younger kids, we never felt like we were living hand to mouth.  We bought used cars, paid for stuff with cash and saved as much as we could.  Now we are retired and should have enough to last us and have a good life.

Meanwhile, my parents have been retired for almost 30 years and have to watch every penny.  I never wanted to live like that.

                                                                            Miss Prim

[OlyFish]

Dad- mostly yes.

Mom- not so much. She didn't buy the most expensive of things, but she couldn't resist a "great deal!".

They fought quite a bit when I was growing up, which I know gave me severe financial anxiety.

[Neustache]

Nope.  But they did okay for themselves, by owning a company.  My mom still gets a paycheck from the company, and my dad is on SS, so it works out okay for them.  She's made the comment that they were never good at saving money, as if it's a skill they just didn't have so there wasn't much use in trying.  She definitely is a 'fixed' mindset kind of person, and I see it crop up in me every once in awhile. 

While they are not mustachian, they do have two paid-for houses (dad built the 2nd one himself, with help), paid for cars, and will have a paid-for pontoon boat soon (who knew they have 12 year loans on BOATS?  Sheesh!).

They eat out all of the time, mom buys a ton of books, and really don't give much thought to what they spend.  But, again, they seem to be okay as long as their business keeps going.  If needed, we'll support them, but it will not be at the current level they are accustomed...no cable, no eating out, etc.

They are really great people, and I am proud of all of their accomplishments.  I wish they had saved a bit more, but if I need to work a few years to support them, it will be money and time well-spent. 

[Wads]

Yes, especially my mother who was a coupon cutting machine. I never really got into the coupon thing as I look for bigger gains(insurance,phone ext.)

[Krolik]

My Dad - very much yes. He was born just before WWII started (Poland) and it was very hard. His mom died when he was 6 years old and his father was left alone with 5 other kids (all younger) during war time. He experienced real hunger, like literally they had nothing to eat.
He was on his own (left home) since he turned 13. Being frugal and not wasting anything was the only way to survive.
Given the circumstances he did very well and is enjoying very pleasant retirement.

My Mom - yes. She is not wasteful at all but compared to my dad spends money more easily.

[zephyr911]

Nope.

Mom just started getting SS and still can't afford her own place. AFAIK, her car is her only asset, and she spent a $40k inheritance and similar amount from her last (probably last ever) home sale on a seminary degree. I also believe she racked up substantial student loan debt, but she hasn't told me directly. She's earned a small amount of money teaching etc. but nothing substantial.
She's currently living in campus housing and working for said seminary... for free... for the summer. Come September, she might actually be homeless.

Dad has been out of my life since age 12, but I do know that the business he started was unprofitable and he hid that from my mom, and when they got divorced (for other reasons) they were both essentially bankrupt despite his highly marketable IT skills. I think he's doing OK now financially.

My grandparents were all Depression-era kids and generally more sane and rational about things; I remember a lot of camping and homemade meals as a kid. The exception was my maternal grandfather, who was not really a spendypants, but was so conditioned to view wealth as a measure of personal value that he chased it incessantly and could never be content to park it in a low-risk position and enjoy the fruits of his labor. He had a million in cash at least twice in his life, lost it all in risky ventures, and died broke - unable to leave the legacy he had always dreamed of. So sad.

[Mika M]

No, well a little, but got even less so as they got older. After my parents' brand new Oldsmobile station wagon died in the late 80s (after a few years of constantly breaking down), they got a used Honda Accord and stuck with it for 25 years.

When I was growing up they lived not terribly far from work (as far as the DC suburbs go), car-pooled in, brought their lunches to work most of the time, and most of our vacations were weekend trips to a budget hotel in the nearby countryside (neither of them were into camping) or visiting extended family on the west coast.

Beyond that, we had cable as soon as it was available in the early 80s and never went without. My dad still refuses to cut it even though there are so many other options out there. They won't get rid of their barely used land-line. They're also now empty nesters but won't budge from their 5-bedroom house. And a few years ago they traded in the Accord for a younger Hyundai Sonata (with a gas-guzzling V6 engine... ???)

I think their worst habit was mindless shopping, for themselves and for gifts. We'd often go out to the mall or series of stores on the weekends just for fun. My dad's idea of fun was to head to Blockbuster/Best Buy/Circuit City/etc. to pick up something to add to his movie collection. We went out to fast food for dinner at least once a week. My mom has this idea in her head that every occasion and every long-distance must include purchased gifts that you did a lot of legwork to hunt down and spend good money on - that's how you express your love to friends and family. Unfortunately this was the most anti-Mustachian of bad habits that I definitely picked up from them and didn't really start to shed until about a year ago after I started to seriously into this blog . I'm just glad my husband and I have both gotten into it while our daughter is still young and know she'll be growing up around much better habits.

[Le Barbu]

My Dad have great aptitudes to Mustachianism but...when you don't put it all together to make the entire loop, it's better then nothing but with no impressive results

[mathlete]

No not really. I'm still regularly surprised at the amount of money they spend on things at times.

They did fine all things considered though. They're a dual income couple who has probably averaged around 2X the median household income since I was a teenager or so and even though they just bought a new home with a mortgage in their 50s, they do have retirement accounts and a fully paid off rental house netting them ~a grand a month.

So they're not as frugal as I am but yeah, they're doing fine.

[FIRE me]

My mam was a bit but my dad is a total spendthrift.  Genetically I think I'm more like my dad but my head is running the show now (just) so mustachianism it is because of the simple weight of the concepts behind it.

My Dad was, yes. He retired comfortably at age 59 in the mid 1980's. My Mom was definitely not. My Mom must have got the spending habit from her parents. Grandpa made good money for his station in life, and he spent every penny as fast he got it.

[Merrie]

Fairly financially savvy but I don't know if they're Mustachian. They don't buy tons of stuff; that's not their values. They buy new cars because they've had bad experiences with used, but keep them for a long time. Don't take expensive vacations or have expensive hobbies. My dad switched careers in his early 40s to be a lawyer. Now in his late 50s he works 10-12 hour days. Sounds lousy to me, and he complains about it, but whether he really dislikes it I don't know--he is one of those people who complains a lot seemingly for fun. I don't know the health of their retirement finances and if he could afford to retire or downshift. They did also upgrade to a pretty expensive house after the law degree and the kids flew the coop.

[Jtrey17]

When I was a child my parents were Mustachian. As my brothers and I grew up and left the house their spending has increased tenfold. They have become avid antique dealers and love going to estate sales and auctions. They will buy entire estates to sell at an antique mall or on eBay. I have no idea if they come out ahead in the end, but it sure looks like a lot of work to me!

[startingsmall]

My parents divorced when I was about 12 years old and took completely opposite paths.

Mom was COMPLETELY irresponsible with money.  After the divorce, she insisted on a fancy house and a fancy car... all while not working and living off child support & alimony.  Dated/married a parade of losers and attempted to support them financially at the same time, eventually culminating in foreclosure & bankruptcy.  Shortly after that, she received a $400k settlement against my grandmother's nursing home and blew through that in the same way, being back in financial trouble within a few years.

Dad was the opposite.  I don't know a lot of details about his finances, but he & my stepmom shop Walmart/Target despite having an income that is certainly well into the six figures, rarely eat out, don't travel much except for work-related trips, etc.  He started a Roth IRA for me at 16 years old and emphasized importance of savings.  He could have retired a while ago, but is still working because he doesn't mind it and "it's easy money"... not sure how long that will last, though!

So Mom was an example of what to avoid, and Dad was an example of how to avoid it :) 

[happy]

My parents were definitely not mustachian, but they  practiced LBYMs as well as YOLO. They were not frugal but did make fairly sensible decisions - for example, they have lived in the one 3 bedroom home for over 50 years, and when I was young, Dad had a company vehicle and the second car was always second hand. Once they could afford a new vehicle ( no car loans) they kept them an awfully long time. They don't eat out much and cook  all their own food. Many of their holidays were quite low cost. Dad worked until he was in his 80s: something about never wanting his capital to shrink :) , not sure how successful he's been with this.  Compared to a mustachian though, they fritter away a lot of money on unnecessary stuff.

[Meggslynn]

Nope!

I think they were spendthrifts and also had really bad luck. My childhood was financially unstable. I think that plays a big part of why I am the way I am.

[yourusernamehere]

I think all three of my parents mostly were/are. My stepdad, absolutely. He is long-retired, lives in their modest, paid off house and draws off investments. Mom, dad, and stepdad have never had a car loan and never really cared what others thought of their lifestyles. Dad though I think is this way partly to a pretty low income and he is not mustachian in many of his philosophies. More cold and rational, and almost certainly one of the "suicide is my retirement plan" camp. Mom only recently had a huge income increase and is now awake to the possibilities and wants to retire while she "can still goof off." Stepdad is a very true mustachian I believe. Minimalist, happiest in nature, giving, and thoughtful. I think I'm very lucky to have these influences. Come to think of it most of my aunts and uncles are similar, and even my grandparents on both sides. We're just a big reasonable bunch. :-)

[tardis]

Yes, both of them, but the purse strings have loosened considerably since I was little.  I remember this turning point in my childhood, where looking back is probably the point where a) the house was paid off b) student loans were paid off and c) my brother and I were old enough to not need childcare, and all of a sudden they bought new furniture, appliances, and home electronics to replace the 15-20 year old ones and we were no longer buying the no-name brand in the grocery store when another brand was noticeable better, most significantly in toilet paper, haha.  I remember freaking out on them and worrying that they were spending too much, and they had to calm me down.  They now spend more than I would be comfortable with, but can retire whenever they want so it's none of my business.

[Rural]

Yep. Dad has gone from no running water or electricity and not enough food to the millionaire next door. Mom was never quite so poor, but she's the money manager. - those she says he handles the investments, news to me just this week. Now in retirement, they can't spend the money as fast as it builds up.

[taekvideo]

My parents are in the process of building a patio for the $13k deck they're having installed on their house.
They're getting "free" labor (me/brother/friends) for the landscaping and patio though, so there's that.

[Spondulix]

Absolutely. I think they feel guilty they won't be leaving a lot of money to me and my siblings, but it's a gift to know that they have financial security for the rest of their lives - plus enough to do things while they are well (like travel).

[Zamboni]

No, not at all.

[chesterfield_king]

My parents are a cautionary tale.

[chevelle57]

Not in the slightest.  Lived paycheck to paycheck their entire lives.  If things keep going good for me and the Wife we should be retired before them.  I honestly think their complete lack of a plan kind of helped push me over the edge in terms of me being a little overboard at times with personal finance.  I guess it could have been worse and followed in their foot steps and been in my mid 50's with almost nothing to show for it.

[fb132]

Not in the slightest.  Lived paycheck to paycheck their entire lives.  If things keep going good for me and the Wife we should be retired before them.  I honestly think their complete lack of a plan kind of helped push me over the edge in terms of me being a little overboard at times with personal finance.  I guess it could have been worse and followed in their foot steps and been in my mid 50's with almost nothing to show for it.

I know that feeling.

[PawPrint3520]

My parents bought a newly built home in 1957, paid it off by 1967, paid for college for two kids and grad school for one and, except for one new car, bought used. My parents always had a vegetable garden and always composted. Neither had any college and both worked mid-level jobs. They did invest extra money, and my mom was part of an investment club.

On the other hand, my dad let the house go to ruin almost because he'd never spend money fixing anything, he wouldn't let my mom travel, and all the furniture was threadbare. He enjoyed looking at his bank balance rather than spending any of his money. I don't recommend living like that personally.

[3Mer]

My Dad was a saver, my Mom was a spender

[tofuchampion]

My parents are a cautionary tale.

Same.

My parents have never had much money, so they have some frugality, but it's kind of a "penny wise, pound foolish" thing. My mom was always a coupon shopper, we never went out to eat, got clothes from yard sales, etc. But then they'd do stupid things that cost thousands - different investments/get-rich-quick schemes/businesses. They know how to get by on very little, but have no idea how to handle money when they actually have some.

[Squirrel away]

My mother was in that she was frugal but my father wasn't even though he was able to retire at 50 as he had a decent job and bought property when it was low in price and did have some investments. I think it was more luck of being in the right place at the right time in his case.

[Valetta]

Not really but they made some smart decisions, but there are a few things I learned from them.

My parents (born 1952 & 1953) are self-made. Started out very, very poor (like sometimes not enough food poor) and put themselves through school. Paid off student loans and bought a modest home. When they were poor, they were frugal because they had no choice. Fortunately, my father ended up being extremely successful in business (mom was a teacher) and even though my dad is a major spender, they managed to save up millions of dollars. They are both retired now and are completely set for a wonderful retirement. They have all the toys - motorcycle, muscle car, vacation home, boat, etc. And will still have enough money to leave behind a very generous inheritance for my brother and me. My dad was able to semi-retire at 55 and fully retire at 60, which I know isn't "early" but is better than many. My mother is still frugal to the point of ridiculousness - buying the cheapest thing and it falls apart - i've tried to convince her this isn't actually frugal. They have zero debt now.

They did make some really smart decisions though:

1. Other than the vacation home they just bought a few years ago, they have stayed in their very modest starter home - farthest thing from a McMansion.
2. They saved like crazy and my dad invested very well.
3. They never took on any consumer debt even when we were really poor. They scrimped and managed to do it.
4. Even though my dad is a spender, it's not on "everything." He buys the big toys but otherwise they keep all their other stuff forever - clothes, furniture, dishes, etc. They eat very simply and never eat at restaurants. No morning stops for coffee for them. They both hate shopping just to shop and don't take fancy vacations.

I think I've learned what I want to do from them and what I don't want to do. Even though I know the inheritance will come eventually - hopefully many, many years from now - I'm not planning on it in the slightest. It will be a nice bonus when it comes.

[CatamaranSailor]

Definitely not...my father never met a car loan he didn't sign up for and my mom (to this do) will go manic (we call it "crackerdog"...nod to James Herriot there) and goes on wild spending sprees. My dad is approaching retirement age and although he'll be OK (pension from working in government) he still makes it his mission in life to spend as much as he possible can for something...not use it and then sell it for 20% of its value a few years later. His current toy is a motorhome. He bought it out of some guy's field where it had been sitting for several years. Surprise, nothing on the thing works (including the engine apparently).

[ender]

I had pretty much no idea until I was older (25).

My parents made a lot of money, but also spent a lot on bigger ticket items (boat, plane, lake home, etc). But then were super cheap and annoyingly cheap about seemingly random things, such as constantly nagging us to turn the lights off.

As a kid, my brothers and I could not reconcile this in our minds since we knew they made a lot of money, and spent a lot on really expensive things, but then were obnoxiously cheap in other ways.

Looking back, I think they were much more Millionaire Next Door minded than mustachian and will be fine in their more traditional retirement. But it was very hard as a kid to understand my parents money choices and they never talked about them with us.

[rubybeth]

Not exactly, but they were frugal and financially smart in many ways and I appreciate what I learned from them. Because of them, I learned to buy used cars with cash on hand, pay off my credit card balance every month, shop for health insurance wisely, always have savings in case an important major appliance dies, and they supported me through my undergraduate and graduate degrees (I lived at home and worked part-time jobs).

They didn't save much in their early years of being married, putting a lot of their income toward building a house and then put me and my sister through private school. But my dad made some good investments in his 40s and kind of caught up, they paid off their mortgage early, and my dad was able to retire 'early' (though not by MMM standards) at 63 and start his own business. My mom worked part-time the last 25 years or so, and finally quit when she became Medicare-eligible last year.

I think it kind of boggles their minds that I hope to retire in my mid-40s, but I think they know they raised me well--and wouldn't that be an accomplishment, as a parent, to see the generation after you able to earn enough and spent wisely enough to be able to retire nearly 20 years earlier than you did? :) I hope they are both still around and healthy enough to enjoy our being retired together. ;)

[DCKatie09]

My folks were frugal - partly by design and partly by necessity at various points in my childhood - and that definitely rubbed off. Money was never a taboo subject in our house, they taught us to never carry a credit card balance, they helped me open an IRA when I was 18, etc. That said, they also moved about every 5 years, so building equity was never modeled...  My dad, husband, and brother-in-law all mutually discovered MMM about 3-4 years ago and have been pretty obsessed with it since, bringing the rest of us along for the ride. My dad managed to retire early at 55 this past year, despite not aggressively planning for retirement until about 4 years ago (a huge salary increase for both him and my mom definitely helped out there). My in-laws are not Mustachian by any stretch, but they also don't live nearly the extravagant lifestyle they could (and many of their friends do), and my husband and I have managed to end up in a very similar mindset now, despite fairly different childhoods.

[HazelStone]

Frugal, yes, but somewhat lacking in the "how to make more money" angle. I got next to no useful advice on career and business matters. Just a vague "get a marketable degree and work hard," but no instruction on how to network, because they never did it themselves- to the detriment of their careers.

Dad gained a marketable skill and worked his butt off. Mom's was less marketable and so a very secondary income. They lived below their means, put us through college (for which I am truly grateful), but are short-sighted on other matters (regarding buying quality). Ours was the older house with paid-off domestic cars in the driveway where many other houses were bigger, fancier, and the luxury cars mostly leased. It was a valuable lesson in "big hat, no cattle." I do find myself in some of the same spending patterns as Dad, which isn't always a good thing. You can't save what you don't make, and I am still trying to get into a higher income situation where I can sock away more. My parents retired a few years back, and do all right.

[use2betrix]

My parents are very mustachian, at least compared to me. No idea where my poor habits came from, but I'm slowly getting them under control. My parents taught me to be very smart with my money, and I have been in a sense of paying my bills, but I guess I didn't learn enough about accumulating debt. I'm getting there, though.