I have always felt the effects of the Depression Era. My grandparents were hard working and very frugal. My grandpa Chalk, was a barber, pool hall manager and ran the City Club tavern. He managed to navigate the Depression and save some money besides. People who lived on farms canned vegetables, fruit and even some meats. Nothing was wasted. Clothes got mended when they frayed. Shoes got re-soled when they wore out.
I recently watched a History Channel special on the Depression. It officially ran from 1929 to 1939. I was born 1940. I was surrounded by people who survived the Depression and their memories affected everything I did. Unemployment was 16-20%. Breadlines existed for people to eat. Banks collapsed. My friend Gordy, grew up in Plymouth and as a kid amassed a $300 fortune and kept it at a local bank. The bank closed and never opened again. Gordy lost his $300.
I have often wondered how many traits I have “rubbed off” on me from the Depression.
I don’t like owing anybody anything. There are some purchases in life that are tough to avoid such as home mortgages and car payments but my goal was always to eliminate debt.
I have never had a credit card debt that I didn’t pay when due. Never. I remember Nana bragging about never having a credit card balance that went unpaid. When you came through the Depression, you didn’t want to be beholding to anyone.
Cash is king. The arguement that cash needs to be put to work so that it grows over time is rooted in financial management theory. Tell that to people that retired in the year 2000 and now 11 years later, they have less than they had when they retired. People who had cash during the Depression were able to control their own destiny. They also got to buy valuable things at very low prices.
I think I’ve created a pretty good balance between being frugal and spending enough to enjoy life. Down “deep” I can be cheap. For example, I can resist buying blackberries in the grocery story while waiting years for my Son-In-Law to nurture a few plants to bear fruit.
I never lived the Depression years but I was a beneficiary of the lessons. They were actually very good lessons based in common sense. Best of all I can sleep at night.
Love,
Dad