What America’s Cheapest Family Have in Common with Millionaires

A fascinating insight into the life of America’s most frugal families. The most wealthy family are the ones with the tightest budget.

Steve and Annette Economides were called “America’s Cheapest Family” since 1982. Don’t get me wrong here. The Economides family from Arizona did not scrounge through the garbage bins of America to earn that title. It’s actually the opposite of that. They earned titles like “The Frugals” and “America’s Cheapest Family” for thriving on a very tight budget. “Now how tight?”, you might ask.

The Economides could feed their family of seven at an average of $350 a month where most similar sized family would spend about $2000 to do the same thing. Now you might think that the Economides family must be eating really low quality food here. Well, you are wrong again. The Economides family in fact eats very nutritious meals and mind you, their children are stylish and wears brand-name clothes as well. The Economides family recently launched their latest book titled “Cut Your Grocery Bill in Half — With America’s Cheapest Family”.

So How Did they Do All That?

Planning-When Steve and Annette got married during the recession many years back, they both shared similar goals in life. They wanted to maintain a debt free home and planned never to indulge in extravagance spending. Both Steve and Annette would sit down in the dining room table to plan and maximize food coupons before they go grocery shopping every month.

Being Frugal-Now the whole Economides family are  experts at stretching the dollar. Their daughter Becky, 26 never spends more than $10 on a pair of jeans. She could never understand why her friends would spend $200 for a pair of jeans at the shopping mall. The Economides family go shopping for clothes at thrift stores which give them the best bargains.

The Reward- All these cost cutting measures allowed the Economides to pay cash for their late-model cars, pay off their first home in just nine years and raise five healthy and happy children without ever going into debt.

That’s what the self-made millionaires of America are already doing all these years.

A 20-year research done by Thomas J. Stanley, Ph.D and William Danko, Ph.D revealed that the majority of self- made American millionaires have:

  • only one spouse in their lifetime.
  • They share similar goals with their spouse throughout their lives.
  • Normally one spouse or both husband and wife would plan their spending budget every month so that they could live below their means.
  • Most self-made millionaires live in the middle class and lower middle class neighbourhoods.
  • All these these planning and budgeting would allow them to continually invest their remaining cash on stocks and bonds or on other investment opportunities.

Their long term investments would finally pay off one day making them among the wealthiest in America. If you compare the habits of “America’s Cheapest Family” with the self-made millionaires of America carefully, you will begin to see a really interesting pattern. Mere coincidence or is this truly the path of success you’ve been looking for?

Read more about America’s self made millionaires below:

Unearthing The Real Millionaires of America

Sharif Ishnin is a writer and miniature painter from Singapore.


14
Liked it

Published in: Homemaking

Tags:

RSSComments: 30  |  Post a Comment
  1. thanks for sharing

  2. planning indeed helps… good info.. now i knw what i should buy and what not to :P

  3. that was a good article, I wish I was more frugal and had a like minded partner. I really think if you have a partner they have to be on the same page as you.

    I had a partner who was not even in the same book store as I was.

  4. A great inspiration but typically hard to emulate unless one start new life in the mountains. Great post, Sharif.

  5. An interesting share

  6. great share! :)

  7. What an inspiring article. Thanks, Sharif

  8. Great post, Sharif. I really enjoyed it. Thanks.

  9. Most rich people are smart with their money. The exceptions would be some sports figures and lottery winners.

  10. another really enjoyable post, Sharif. i also found it really fascinating too. i really like your writing style. thanks for sharing. :)

  11. Nice share. I like it

  12. Great article! I wish I could someday live like that.

  13. All must learn to live frugally, we must avoid waste at all cost. Nice article, thanks for sharing.

  14. nice sharing there dude..5*

  15. Well written, thumbs up.
    I only wish to be a millionaire by luck without so much effort.
    Shall talk to you later, going to queue for 4D now, no, 4D won’t make me become millionaire unless my stakes really very high, ok, I go and buy toto and big sweep now, or wait for the Sing Siong Supermarket 10millian contest again.
    $_$

  16. Planning and then working the plan can allow people to live well and frugally too. Good info. I like this idea of yours.

  17. Instead of commenting, am laughing at that comment by star. Anyway, you are right.

  18. Nice p[ost

  19. @Brianna
    Lol

    Thanks for sharing this Sharif
    How can two walk together unless they be in agreement on basic issues?

  20. Amazing, I would name this common thing in one word:responsibility. Both groups share it. It took me some time to figure why a single spouse is one of the characteristics of the self-made millionaires, but now I think I understand. Good post.

  21. interesting post here!

  22. Thanks for share . nice informative material !

  23. Nice Share.

  24. Planning definitely pays off…gr8 share.

  25. Great Stuff, good share!

  26. wow…they so amazing,how i wish i could budget our allowance this nice…

  27. great, gave me some good ideas

  28. very inspiring, planning means a lot. You should not live beyond your means. Thanks for that very nice article.

  29. A very insightful article. Do keep writing more!

  30. Nice, very informative.

RSSPost a Comment
comments powered by Disqus
-->