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    Thrift: A lost virtue?

    Op-Ed Columnist - David Brooks - The Great Seduction by Debt - Op-Ed - NYTimes.com

    David Brooks on American debt - how we got here, what we might do to remedy the situation etc. Discuss



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    Re: Thrift: A lost virtue?

    A Nation In Debt - Barbara Dafoe Whitehead - The American Interest Magazine

    Whitehead article referenced in there. I agree with the sentiment completely as well.



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    Re: Thrift: A lost virtue?

    Frankly, this should be no surprise to anyone who has read my posts, that I really enjoyed the sentiments shown in this Op-Ed piece. I'm kind of surprised it hit the NY Times, but good on them for publishing a "non-sky is falling" piece like this.

    I think one of the biggest misunderstandings about thrift and wealth, is the idea that one needs to have a high income to save and invest.

    In 1998, I had a car accident that left me unable to work at my relatively high-paying job. We lost our house, and had to move back to Iowa from Chicago, and were forced to live frugally, on subsistence wages, until 2003. On a very modest income, we were able to save around $500 to $700 a month.

    One of the things we did, was clean people's (usually very expensive) houses. Many of the people we worked for were one paycheck away from financial disaster, and a couple of our customers "stiffed us" by going bankrupt.

    But what really ticked me off at the time, were some of the self-proclaimed "poor" people, who would gripe and moan about how hard they had it and blamed "the rich", when they easily made twice as much money as we did.


    I'm baaack! See my Hot Milk For Breakfast blog under Social Groups for more details

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