the importance of being frugal

What does "frugal" mean? It means to be careful with money. If you and your partner have frugal parents then you both will most likely be frugal as well. If you are frugal then that means that you will be financially successful. It's important to save, plan ahead, and budget your money. If you do, you will be successful.

 - his dad moved during the depression. his dads job was to forclose on peoples property. he saw the pain that people felt as they lost their property and decided that wouldnt happen to him

-he had a wife and a baby and he was trying to decide what his future would be

-1925 used a $20,000 loan and some saved up money ($5,000) to open a Ben Franklin store
-was confident that he could turn the store around (at the time it was going downhill)

-found a way to get cheaper supplies and then sold them cheaper than all of the other stores

-was more aggressive than his competitors and it payed off

-within 3 years, paid off his loan
-was a good rolemodel to his brother
-had 4 children: 3 boys and 1 girls - they all helped out with the family business
-Walton leased a nearby Kroger store and opened it in 1950 as the "Eagle" department store, but it didn't fare as well.
-was very energetic.
-Walton married Helen Robson
-When Walton bought the franchise from the previous owner in 1945, the store was doing $72,000 in sales annually.
- By 1950, the store was doing $250,000 in sales annually, due to Walton's ideas and practices.
-The first true Wal-Mart opened on July 6, 1962 in Rogers, Arkansas
-he wished that he had spent more time with his kids so he took them camping and travelling to make up for all the lost time
-his strategy for getting rid of debt was to keep expanding
-wanted to become the largest retailer in the country
-he watched his competitors very closely: he would walk into their stores and observe their prices, products, etc. he would make sure that the prices were lower or atleast matched his competitors prices.
-his employees loved him
-he would have pep rallys to motivate his employees
-was diagnosed with lukemia but overcame it
-was diagnosed with bone cancer
-1992 he recieved the medal of freedom, walmart beat all competitors (he was the best finally - he reached his goal)
- April 5th 1992 he died (6 days after his 74th birthday)