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It’s cheap to buy a flimsy pair of shoes that gives you back, knee and foot pain and it’s frugal to spend more up front and save in medical bills later on.
I think a cheap person just looks at the initial cost and nothing else while a frugal person takes the big picture into account and spends carefully and accordingly.
This sums it up well. I just added one little tweak in red.
Agreed. I used to have one cheap friend. He didn’t agree to the concept of paying for trash pickup and would simply put his trash in others’ bins. I found that somewhat objectionable, but his worst trait was his “system” for prepartying- he’d drink as much as possible quickly before going to a bar where he’d have to pay and then DRIVE HIMSELF to the bar. He said it worked because he got to the bar before the alcohol worked its way into his bloodstream. I said I doubted it and was happy that I didn’t live in the same city with him. I am sure I recommended he get a cab or DD (this was before Uber).
Frugal is making making efficient use of your money ..
Cheap is making efficient use of your money and hurting others in the process or saving money at their expense
Great quote!
Funny, I heard a story about a distant uncle this week.......
He had a 4mm house in a seaside town with no AC, so for a month or two in the summer the place was miserable. He had a theory that you could open windows in opposite ends of the house and get some type of cooling cross breeze. His kids laughed and said it was simply miserably hot. To retrofit AC into that old house was ridiculously expensive (despite him being rich enough to do it, he claims he didn't want to alter the historic home).
It’s cheap to buy a flimsy pair of shoes that gives you back, knee and foot pain and it’s frugal to spend more up front and save in medical bills later on.
I think a cheap person just looks at the initial cost and nothing else while a frugal person takes the big picture into account and spends carefully and accordingly.
Great analogies!
I have a family member that made 100mm in cell phones before he was 40. He has never owned a boat, never owned a plane, usually only owned 2-3 cars at a time. He lives very nicely but not over the top, his one liner "I made my money slowly, I'm going to spend it even slower!"
Frugal is making making efficient use of your money ..
Cheap is making efficient use of your money and hurting others in the process or saving money at their expense
Great definition. Some thoughts I've had based on people I know/work with.
Cheap is spending dollars to save dimes. Guy I worked with -- car needed to be replaced. But he just kept fixing it, a thousand here, a thousand there. When it finally broke down the last time and he had to buy a "new" used car, he added up his bills and found in the last six months he'd spent more on repairs than the replacement car had cost.
Cheap people pursue the lowest price at all costs.
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He said it worked because he got to the bar before the alcohol worked its way into his bloodstream. I said I doubted it and was happy that I didn’t live in the same city with him. I am sure I recommended he get a cab or DD (this was before Uber).
