Inherited Wealth

The new car decision brought up a debate that I think people split adamantly 50/50 over: leasing versus owning. At one point Jason insisted, "You know my dad's as cheap as it gets, and he believes in leasing!"

I countered, "You never met my dad, but boy, was he frugal - and we owned every car."

Over lunch today with coworkers we were musing about the habits you inherit from your parents, like attitudes towards debt, and point of view on what time to leave for the airport.I realized that our dad was so thrifty and disdainful of debt that when he taught me and Juliet how to play Monopoly, he never mentioned that you could mortgage your properties. Landing on Park Place spelled financial collapse to rival Lehman Brothers if Juliet had hotels. Even if I owned the entire railroad system, if I had no cash, it was over.

I think we didn't figure out the mortgages well into adolescence.

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