Debt is a vicious cycle, and perhaps the most likely financial factor to inhibit the growth of wealth over the course of generations, (ensuring that the poor stay poor and the rich stay rich). It's great that your parents were able to increase their wealth by being frugal, but the opportunity to do so often tied to some form of privilege, whether earned or unearned - their case study stands in contrast to the millions of working poor, and extremely impoverished people inhabiting the globe - who are unable to increase their net worth or buying power despite working very hard, and spending frugally as a default because they have precious little alternative. Still, this article is great advice. :)