I got to thinking recently what ancestors of mine would think about the U.S. economy and the overall personal finance situations of the population.
A great, great grandfather from my mother’s side of the family was a successful self-made businessman who raised cattle. He was so involved in his business he would even ride the train in one of the cattle cars from Iowa to the Chicago Stockyards, to assure they arrived safely and so he could deal with purchasers face to face. He took up smoking cigars to cover up the smell as he rode with his cattle.
My grandmother on my dad’s side lived a very frugal life, making do with what she had, conserving her resources and always planting a vegetable garden.
My mom’s dad worked as a bank teller for very little pay during the depression and beyond, moving his family to where the work was. He slowly climbed the ranks and finally retired as president and chairman of the board of a small town bank.
If they could I wonder what kind of financial advice they would have for us today. I imagine they would all have something to say about the enormous federal deficit and government bailouts of huge corporations, along with questions about how it happened. On the home front the fact that 37 million people currently are receiving food stamps, the personal savings rate was recently in negative numbers and that there were over one million bankruptcies last year might raise some eyebrows.
While they can’t comment, we can. What do you think about the way things are going, and what advice would you give to future generations? Before I gave any advice I think I would first have to offer an apology.
A great, great grandfather from my mother’s side of the family was a successful self-made businessman who raised cattle. He was so involved in his business he would even ride the train in one of the cattle cars from Iowa to the Chicago Stockyards, to assure they arrived safely and so he could deal with purchasers face to face. He took up smoking cigars to cover up the smell as he rode with his cattle.
My grandmother on my dad’s side lived a very frugal life, making do with what she had, conserving her resources and always planting a vegetable garden.
My mom’s dad worked as a bank teller for very little pay during the depression and beyond, moving his family to where the work was. He slowly climbed the ranks and finally retired as president and chairman of the board of a small town bank.
If they could I wonder what kind of financial advice they would have for us today. I imagine they would all have something to say about the enormous federal deficit and government bailouts of huge corporations, along with questions about how it happened. On the home front the fact that 37 million people currently are receiving food stamps, the personal savings rate was recently in negative numbers and that there were over one million bankruptcies last year might raise some eyebrows.
While they can’t comment, we can. What do you think about the way things are going, and what advice would you give to future generations? Before I gave any advice I think I would first have to offer an apology.
My advice to the current generation and the future generation is to live within your means and not to be so materialistic. Be happy with what you are able to afford without going in debt.
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