April 11, 2007
20/20 Flat Broke: Begging and Borrowing in America
This special was aired on ABC back in January. I had to post this clip about some extremes when it comes to living on a budget and being frugal. This video shows a family that is struggling with their debt and compare them to a family who has zero debt. This family has seven kids, two cars, a house, and absolutely no debt. They have self labeled themselves and their book “America’s Cheapest Family” which may or may not be a good thing. They buy a lot of stuff used, cars, furniture, clothes, and are on an extremely tight grocery shopping budget. Planning their meals for 30 days so they can go shopping once a month, which is almost like running a business at that point. I’ll give them credit for the dedication to their budget and owning that title. Do they ever take a vacation or splurg on something ‘brand new’ that someone wasn’t getting rid of?
I would like to see a followup on this family and what happens when their kids discover what credit can do. Money should not control your life to this point.
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