How did your waspy old money ancestors show their thriftiness?

[Anonymous]

They'd change the liquor. Good stuff for two drinks. And then it would be melt your organs rotgut.

[Anonymous]

You guys are definitely explaining my family and we are wasps. But are these really wasp characteristics?

[Anonymous]

Anonymous wrote:You guys are definitely explaining my family and we are wasps. But are these really wasp characteristics?

They sound like anyone who has lived through the Great Depression, honestly.

[Anonymous]

Were your families so frugal because they were living off investment returns/dividends/family allowances? Most people were frugal in the old days, but I assume your wasp ancestors were quite wealthy. Was it on paper only? Were they trying to hold on to fortunes from a bygone era? Or do you think that’s just how people were in that era and they were no different?

[Anonymous]

Anonymous wrote:Were your families so frugal because they were living off investment returns/dividends/family allowances? Most people were frugal in the old days, but I assume your wasp ancestors were quite wealthy. Was it on paper only? Were they trying to hold on to fortunes from a bygone era? Or do you think that’s just how people were in that era and they were no different?

It was vulgar and tasteless to be wasteful, even if you were wealthy. Now, it’s some sort of weird flex to replace things that don’t need replacing just because you can.

[Anonymous]

Anonymous wrote:driving to the next town to save 10 cents on 2-liter store brand soda.

Buying soda is very NOKD.

[Anonymous]

Anonymous wrote:

Anonymous wrote:driving to the next town to save 10 cents on 2-liter store brand soda.

Buying soda is very NOKD.

Well dear you might need some mixers for the gin

[Anonymous]

I’ll play. My grandparents, born circa 1910, were quite literally the millionaires next door.

My grandfather didn’t go to college although money was there; he ended up inheriting stocks from two generations prior upon his father’s death in 1970. By this time, he was about five years from an early retirement.

Instead of looking at this as a windfall, he truly continued on with a very simple life. He always had a company car and my grandmother didn’t drive. When he retired, he bought a car with cash. I don’t think they ever had a credit card.

They shopped sales and were the first couple I knew who had stockpiles of essentials like tissues, toilet paper and their favorite foods.

My grandparents made no impulse purchases, ever. Everything from furniture to decor to lawn equipment was carefully researched with an eye on end of season or clearance sale. My grandfather could and would repair and fix anything himself and did a beautiful job.

Controversial: they gave little to nothing to charities. They didn’t believe in “spoiling” the grandchildren and didn’t adjust for inflation. We each got $50 for high school graduation, from 1975-1990. They held to buying us each one clothing item during a visit with them and they’d expect reimbursement from their DC!

My parent intervened about 5 years before they died and diversified their stocks and grandparents under slight duress gifted all GC whatever the max amount was w/o tax implications. It was enough to put a down payment on our first home.

[Anonymous]

No need to buy much of anything ever because you use inherited grand pianos for the children’s music education, inherited wool sweaters and blazers for clothing, inherited lake house for weekends away, inherited great books for entertainment and education, inherited pearl earrings, inherited desks for study, inherited rugs and paintings for decor, etc.

[Anonymous]

Anonymous wrote:I’ll play. My grandparents, born circa 1910, were quite literally the millionaires next door.

My grandfather didn’t go to college although money was there; he ended up inheriting stocks from two generations prior upon his father’s death in 1970. By this time, he was about five years from an early retirement.

Instead of looking at this as a windfall, he truly continued on with a very simple life. He always had a company car and my grandmother didn’t drive. When he retired, he bought a car with cash. I don’t think they ever had a credit card.

They shopped sales and were the first couple I knew who had stockpiles of essentials like tissues, toilet paper and their favorite foods.

My grandparents made no impulse purchases, ever. Everything from furniture to decor to lawn equipment was carefully researched with an eye on end of season or clearance sale. My grandfather could and would repair and fix anything himself and did a beautiful job.

Controversial: they gave little to nothing to charities. They didn’t believe in “spoiling” the grandchildren and didn’t adjust for inflation. We each got $50 for high school graduation, from 1975-1990. They held to buying us each one clothing item during a visit with them and they’d expect reimbursement from their DC!

My parent intervened about 5 years before they died and diversified their stocks and grandparents under slight duress gifted all GC whatever the max amount was w/o tax implications. It was enough to put a down payment on our first home.

Where on earth do you live that this could possibly be true?

[Anonymous]

Did not use credit cards except for emergency.
Heat came on very late - some years it was December.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ll play. My grandparents, born circa 1910, were quite literally the millionaires next door.

My grandfather didn’t go to college although money was there; he ended up inheriting stocks from two generations prior upon his father’s death in 1970. By this time, he was about five years from an early retirement.

Instead of looking at this as a windfall, he truly continued on with a very simple life. He always had a company car and my grandmother didn’t drive. When he retired, he bought a car with cash. I don’t think they ever had a credit card.

They shopped sales and were the first couple I knew who had stockpiles of essentials like tissues, toilet paper and their favorite foods.

My grandparents made no impulse purchases, ever. Everything from furniture to decor to lawn equipment was carefully researched with an eye on end of season or clearance sale. My grandfather could and would repair and fix anything himself and did a beautiful job.

Controversial: they gave little to nothing to charities. They didn’t believe in “spoiling” the grandchildren and didn’t adjust for inflation. We each got $50 for high school graduation, from 1975-1990. They held to buying us each one clothing item during a visit with them and they’d expect reimbursement from their DC!

My parent intervened about 5 years before they died and diversified their stocks and grandparents under slight duress gifted all GC whatever the max amount was w/o tax implications. It was enough to put a down payment on our first home.

Where on earth do you live that this could possibly be true?

There is no gift tax due unless you give someone $13 million over the course of a lifetime. You do have to report it on your taxes (as the gifter) if you go above $18k in a year, but there is no actual tax due unless you exceed the $13 million lifetime limit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’ll play. My grandparents, born circa 1910, were quite literally the millionaires next door.

My grandfather didn’t go to college although money was there; he ended up inheriting stocks from two generations prior upon his father’s death in 1970. By this time, he was about five years from an early retirement.

Instead of looking at this as a windfall, he truly continued on with a very simple life. He always had a company car and my grandmother didn’t drive. When he retired, he bought a car with cash. I don’t think they ever had a credit card.

They shopped sales and were the first couple I knew who had stockpiles of essentials like tissues, toilet paper and their favorite foods.

My grandparents made no impulse purchases, ever. Everything from furniture to decor to lawn equipment was carefully researched with an eye on end of season or clearance sale. My grandfather could and would repair and fix anything himself and did a beautiful job.

Controversial: they gave little to nothing to charities. They didn’t believe in “spoiling” the grandchildren and didn’t adjust for inflation. We each got $50 for high school graduation, from 1975-1990. They held to buying us each one clothing item during a visit with them and they’d expect reimbursement from their DC!

My parent intervened about 5 years before they died and diversified their stocks and grandparents under slight duress gifted all GC whatever the max amount was w/o tax implications. It was enough to put a down payment on our first home.

Where on earth do you live that this could possibly be true?

There is no gift tax due unless you give someone $13 million over the course of a lifetime. You do have to report it on your taxes (as the gifter) if you go above $18k in a year, but there is no actual tax due unless you exceed the $13 million lifetime limit.

Pp and I lived locally. 10k gift in 1999

[Anonymous]

Do you think so many people in the DC area had "WASPs" for grandparents, let alone old money WASPs?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’ll play. My grandparents, born circa 1910, were quite literally the millionaires next door.

My grandfather didn’t go to college although money was there; he ended up inheriting stocks from two generations prior upon his father’s death in 1970. By this time, he was about five years from an early retirement.

Instead of looking at this as a windfall, he truly continued on with a very simple life. He always had a company car and my grandmother didn’t drive. When he retired, he bought a car with cash. I don’t think they ever had a credit card.

They shopped sales and were the first couple I knew who had stockpiles of essentials like tissues, toilet paper and their favorite foods.

My grandparents made no impulse purchases, ever. Everything from furniture to decor to lawn equipment was carefully researched with an eye on end of season or clearance sale. My grandfather could and would repair and fix anything himself and did a beautiful job.

Controversial: they gave little to nothing to charities. They didn’t believe in “spoiling” the grandchildren and didn’t adjust for inflation. We each got $50 for high school graduation, from 1975-1990. They held to buying us each one clothing item during a visit with them and they’d expect reimbursement from their DC!

My parent intervened about 5 years before they died and diversified their stocks and grandparents under slight duress gifted all GC whatever the max amount was w/o tax implications. It was enough to put a down payment on our first home.

Where on earth do you live that this could possibly be true?

There is no gift tax due unless you give someone $13 million over the course of a lifetime. You do have to report it on your taxes (as the gifter) if you go above $18k in a year, but there is no actual tax due unless you exceed the $13 million lifetime limit.

PP was clearly referring to the annual gift tax exclusion amount.