I enjoyed Neal Templin’s response to a reader’s suggestion that he was so cheap his family would “breathe a sigh of relief when [he] die[s]” in an article from The Wall Street Journal this morning:
“I also know that we live in a society that has lived beyond its means. Much of the wealth around us was created by a huge increase in debt. Now, with the economy shrinking and credit tightening, much of that debt is going to disappear. Like it or not, America may once again become a place where people watch every penny.”
There is no doubt that being frugal can be hard on family members that don’t share the same sensibilities when it comes to money. This was especially true when the whole nation was going crazy with debt. Now that a lot of the big spenders are facing foreclosure or other severe financial strain, it is important to point out to your family what can happen if you over-extend.