Festival of Frugality: Cheapest Man Alive Edition

It’s time once again for the Festival of Frugality, a place where all good articles discussing the frugal life come together to party. I thought I would dedicate this festival to the newly crowned cheapest man alive, Edward Wedbush, founder and president of Wedbush, Inc. He’s worth over $100 million!

Cheapest Man Alive Tight Fisted Miser

Welcome to the Festival of Frugality!

Edward has been making the news recently. Not for his business successes, but for his extreme frugality. It’s the classic example of frugality turned cheapness. The roof of one of his homes in L.A. has been in need of repair for quite some time. His neighbors have had enough of his run down roof, which he has been covering with several blue tarps (ideal for local real estate prices). They complained to the City who is subsequently suing him. The water damage from the roof has created a mold problem in the house and Edward’s health has “suffered”.

The 78 year old Wedbush was deemed one of the most admired CEOs by the L.A. Times. It was once said of him that although he doesn’t have a lavish lifestyle, he could afford it. He “brings his lunch from home and drives a 1992 Lincoln Town Car.” I like Edward up until the point he’s letting his cheapness get the best of them. What do you think?

Now let’s head of to the festival to see what the past two weeks of frugality writings has produced (my favorites are in bold):

Christmas and Holiday Leftovers

Christmas Gift IdeasThink Your Way to Wealth presents 5 Ways to Deal with Unwanted Christmas Gifts. Wondering what to do with that ugly sweater your aunt got you? Check out these tips. I’m thinking craigslist would probably be a good solution. The trick is how do you clue them in next year not to get you anything. Or better yet, give you a gift card. Does that make me a bit of a scrooge?

Frugal For Life presents A 2 in 1 New Year’s Resolution. Money and health: a match made in heaven. If you’re going to try and tackle one this year, it’s not a stretch to take on the other while you are at it. What are your new year’s resolutions?

Personal Finance By The Book presents Rethinking Our Family Christmas Gift Exchange. I prefer the secret Santa or the gifts for the kids only route. We did the later for one side of our family this year and it worked out great. It ended up still being a boat load of gifts and the adults got to enjoy the smiles on the kids faces.

The Sun’s Financial Diary presents Great Gifts without Great Costs. Take note of this one for next year. But really these are some very unique ideas for any time of the year.

Networth Journey presents What Does That Gift Really Cost. This is a great breakdown of the rules involved with the gift tax. Did you know there is a tax on the money you give to another person? Kinda stinks doesn’t it? Don’t worry, several thousand dollars are exempt from the tax. My question is how do they enforce this?

Debt Kid presents 10 Ways to Make New Years Resolutions Stick. “It’s not the taking that counts, it’s the holding.” Anyone can make resolutions. But can you stick with them? These tips are sure to help you out.

Sweating The Big Stuff presents Why You Should Donate More Money to Charity. Don’t wait till your filthy rich, make donating a part of your financial plan. If money isn’t an option, give your time.

Go Banking Rates presents Top 12 Money Mistakes You Make During Christmas. Christmas is a time to celebrate. It’s also a time of great financial stress for some people. Don’t get tripped up. Avoid these mistakes.

Planting Dollars presents All I Want for Christmas is Stocks!. Kind of selfish, don’t you think? Actually, no. I love it. I’ll take some stock too, please.

Frugal Home and Family

Frugal Home and FamilyWise Bread presents 7 Ways to Get Warm on the Cheap. Time to bundle up with more clothes, I know that’s step one. Read this post to find out more ways to pay less this Winter.

Northern Cheapskate presents Hosting a Gathering on a Budget. I rarely have someone over to spend money on. But if you do this kind of thing often, there’s no sense in spending money that you don’t have to. Party for less.

MoneyNing presents OMG Kids Are So Expensive!. If you go by the stats, they are. I’ve found our little one to be pretty economical though. She’s already practicing her parents frugal ways.

Funny about Money presents God’s Free Carwash. Here’s a really frugal idea. Click though to see how this free car wash takes place. I bet the cheapest man alive washes his 92 Lincoln by himself.

Sea Of Savings presents Make your own Carpet Deodorizer. Clean, green, and frugal. Smells like a good idea.

Live Real, Now presents 3 Things You Need to Know About Homeowner’s Insurance. Get the facts about home owners insurance. Including what to do about flood insurance.

Money Help For Christians presents Home Improvement and Repairs. Feeling like doing it yourself? Good, here are some ways it might save you some money.

Dewey’s Treehouse presents Use-What-You-Have Doll Wardrobe. Make your dolls original. Give them their own homemade cloths. See what’s new in doll fashion.

Free From Broke presents The Greatest Impact On My Finances And My Best Financial Tool. How many points do you think FFB scored with this post? Good work, my friend. No seriously, it’s great to have a mate that is on board with improving the finances. It’s always good to celebrate (aka encourage) that behavior. They’re called our better halves for a reason.

Provident Planning presents Is Renting Throwing Away Money? Personal finance is personal. Do your own analysis and determine which type of real estate decision is best for you. Think renting is just wasting money?

Frugal Shopping

Frugal ShoppingSpruce Up Your Finances presents Why I Buy Tires At Costco. A well laid out case for buying your tires at this discount warehouse. The best part is that you get to actually do something while you are waiting on tire repairs.

Personal Cents presents Saving Money at the Grocery Store. One of the biggest expenses in the monthly budget is often food. When you can maximize savings in this area you’ll be saving a lot. Includes some unique ideas.

Wisdom From Wenchypoo’s Mental Wastebasket presents An Example of How Futile Savings Efforts Are Using Coupons vs. Cost Per Unit. If buying bulk makes sense for the item you are buying, then by all means go for it. Bulk will usually beat coupons for smaller items. Check out this post for more on the real-life analysis.

My Wealth Builder presents Athletic Shoe Usage Cycle. A good technique for getting the most from your old running shoes. I make the mistake of wearing my running shoes too much around town. Not good if I wanted to keep them in top shape for running longer.

Christian Personal Finance presents Netflix for Books?. Would you ever rent books through the mail, like you do with movies and Netflix? Check out this post to see the cost of such a service.

More Frugal Posts

Frugal People Are Happy!50 Plus Finance presents How To Go To Medical School For Free. “Can we get a doctor?” He needs to pick up his free education! This is a very cool list of ways to go to medical school for free.

Mighty Bargain Hunter presents Sharing is Saving. Can’t we all just get along? …and use each other’s stuff? Great ideas here about getting the most out of our stuff. Hey, that’s what’s at the heart of the frugal movement.

Squirrelers presents 5 Ways to Save Money at Airports. In the airport you are trapped in a time warp of high margin items it seems. Here are some tips to help you through this tempting time.

Free Money Finance presents 16 Mindsets of the Cheapskates Next Door. What does it take to be cheap. I find that I admire some of these qualities. Some I’m not so sure about.

Jeff Rose, CFP presents What Happens When You Over Contribute into IRAs? It’s not very frugal I can tell you that. Keep away from the dark side of the IRS and only contribute what you should, you over-saver, you.

Moolanomy presents How to Avoid a Personal Debt Crisis. Just avoid it altogether, right?

FIRE Finance presents Personal Loans – How to Borrow Money Responsibly?. Part of living frugal is being smart about how we take on debt. I think a personal loan is a good solution for someone that is already in the process of debt reduction. It should never be used to continue a life lived above one’s means.

Thanks to all who participated. Please link back within a week or two. Make sure you submit to the next edition as well.

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Last Edited: March 8, 2014 @ 11:03 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

13 comments
MikeYan
MikeYan

Nothing wrong with extreme frugality, as long as you understand you're not taking anything with you when you go. I would have a lot more respect for the guy if he was living below his means and giving away the money he saves to people in need instead of hoarding it in off-shore bank accounts.

FIRE Finance
FIRE Finance

Thanks for hosting the carnival and including our post. Best wishes ahead :).
Cheers,
FIRE Finance

Bob
Bob

Thanks PT - have a good weekend!

Funny about Money
Funny about Money

Thanks for hosting! Nice job on a big project...

And thanks for including the story of Funny's serendipitous car wash.

Paul Williams
Paul Williams

Thanks for hosting and including my article, PT. It sounds to me like Mr. Wedbush's frugality has gone a little too far. No sense in putting off roof repairs if it causes a mold problem that affects your health. Penny wise and pound foolish...

Jenna
Jenna

I'd like to think that if I'm ever lucky enough to become wealthy my habits won't change too drastically. I'd probably drive the same old car and bring lunch to work because I like doing those things. I just might be more likely to travel to Africa on safari or something.

Dawn
Dawn

Thanks for Hosting PT and including a link to my submission. Best Festival this year!! :D

Joe Plemon
Joe Plemon

PT,
Thanks for hosting and including me in the Festival. Have a happy and frugal 2011!

RC
RC

Great job with the festival, PT! Thanks for including my post as a fav. Happy new year!

Craig
Craig

Thanks for hosting PT!