A spendthrift (also profligate or prodigal) is someone who is extravagant and recklessly wasteful with money, often to a point where the spending climbs well beyond his or her means. "Spendthrift" derives from an obsolete sense of the word "thrift" to mean prosperity rather than frugality,[1] so a "spendthrift" is one who has spent their prosperity.[2]
While the pair of words may seem to imply the opposite of its meaning (as if you are thrifty in your spending), it follows the tradition of the earlier word "scattergood", the first part being an undoing of the second.[9]
The Young Man and the Swallow (which also has the Victorian title of "The Spendthrift and the Swallow") is a fable about a young man who spends all his money on gambling and luxurious living.
In the Bible
In the Parable of the Prodigal Son, a son asks his father for his inheritance, but then squanders it recklessly as he lives a life of indulgence. With nothing left of his fortune, he is forced to work as a hired hand for a pig farmer.
The modern legal remedy for spendthrifts is usually bankruptcy. However, during the 19th and 20th centuries, a few jurisdictions, such as the U.S. states of Oregon and Massachusetts, experimented with laws under which the family of such a person could have him or her legally declared a "spendthrift" by a court of law.[10] In turn, such persons were considered to lack the legal capacity to enter into binding contracts.[11][12] Even though such laws made life harder for creditors (who now had to bear the burden of verifying up front that any prospective debtor had not been judicially declared a spendthrift), they were thought to be justified by the public policy of keeping a spendthrift's family from ending up in the poorhouse or on welfare.[13] Such laws have since been abolished in favour of bankruptcy, which is more favourable to creditors.
Receivership is another equitable remedy for a spendthrift, by which a state-court-appointed trustee or attorney manages and sells the property of the debtor in default on debts.
^Westmore, Peter (2011). "Why Portuguese voters punished spendthrift Government" News Weekly, June 25, 2011, accessed 20 November 2012
^"In capitals such as Athens, Madrid and Rome, large portions of the sovereign debt racked up by spendthrift governments are owed to the countries' own banks..." Chu, Henry and Lauren Frayer (2012). "Europe's governments, banks perilously entwined: Much of the crushing debt that was racked up by the former is owed to the latter." Los Angeles Times, 19 May 2012, accessed 20 November 2012
^Etymology Online: Spendthrift c.1600, from spend + thrift in sense of "savings, profits, wealth." Replaced earlier scattergood (1570s) and spend-all (1550s).
^William Herbert Page, The Law of Contracts, 2nd ed. (Cincinnati: W.H. Anderson Co., 1920), 2848-2849.
^See ORS 126.335 (repealed Or. Stat. 1961, ch. 344, § 109). Oregon's unusual law resulted in a famous conflict of laws opinion, Lilienthal v. Kaufman, 239 Ore. 1, 395 P.2d 543 (1964).
^Olshen v. Kaufman, 235 Or. 423, 385 P.2d 161 (1963). This case involved the same defendant and was relied upon by the majority in Lilienthal. Both cases involved joint ventures for the sale of binoculars.
External links
Look up spendthrift or profligate in Wiktionary, the free dictionary.
A Rake's Progress
May 06, 2023
spendthrift, horse, horse, 1936, film, film, other, uses, prodigal, disambiguation, spendthrift, also, profligate, prodigal, someone, extravagant, recklessly, wasteful, with, money, often, point, where, spending, climbs, well, beyond, means, derives, from, obs. For the horse see Spendthrift horse For the 1936 film see Spendthrift film For other uses see Prodigal disambiguation A spendthrift also profligate or prodigal is someone who is extravagant and recklessly wasteful with money often to a point where the spending climbs well beyond his or her means Spendthrift derives from an obsolete sense of the word thrift to mean prosperity rather than frugality 1 so a spendthrift is one who has spent their prosperity 2 Historical figures who have been characterised as spendthrifts include George IV of the United Kingdom 3 4 King Ludwig II of Bavaria 5 and Marie Antoinette the Queen of France 6 The term is often used by news media as an adjective applied to governments who are thought to be wasting public money 7 8 Contents 1 Etymology 2 In artwork 3 In literature 4 In the Bible 5 Legal issues 6 References 7 External linksEtymology EditWhile the pair of words may seem to imply the opposite of its meaning as if you are thrifty in your spending it follows the tradition of the earlier word scattergood the first part being an undoing of the second 9 In artwork Edit A Rake s Progress the prison scene William Hogarth s A Rake s Progress 1732 33 displays in a series of paintings the spiralling fortunes of a wealthy but spendthrift son and heir who loses his money and who as a consequence is imprisoned in the Fleet Prison and ultimately Bedlam In literature EditThe Young Man and the Swallow which also has the Victorian title of The Spendthrift and the Swallow is a fable about a young man who spends all his money on gambling and luxurious living In the Bible EditIn the Parable of the Prodigal Son a son asks his father for his inheritance but then squanders it recklessly as he lives a life of indulgence With nothing left of his fortune he is forced to work as a hired hand for a pig farmer Legal issues EditSee also Spendthrift trust The modern legal remedy for spendthrifts is usually bankruptcy However during the 19th and 20th centuries a few jurisdictions such as the U S states of Oregon and Massachusetts experimented with laws under which the family of such a person could have him or her legally declared a spendthrift by a court of law 10 In turn such persons were considered to lack the legal capacity to enter into binding contracts 11 12 Even though such laws made life harder for creditors who now had to bear the burden of verifying up front that any prospective debtor had not been judicially declared a spendthrift they were thought to be justified by the public policy of keeping a spendthrift s family from ending up in the poorhouse or on welfare 13 Such laws have since been abolished in favour of bankruptcy which is more favourable to creditors Receivership is another equitable remedy for a spendthrift by which a state court appointed trustee or attorney manages and sells the property of the debtor in default on debts In conservatorship a fiduciary handles both the personal affairs and paying the debts of an incapacitated person Infamously Theodore Roosevelt was conservator for his brother Elliott Roosevelt I citation needed References Edit thefreedictionary com thrift World Wide Words how thrift applied to spend can end up being someone who is not thrifty George IV Art amp Spectacle review A spendthrift with excellent taste Evening Standard 2019 11 13 Retrieved 2020 06 03 The two sides of George IV is his wretched reputation deserved HistoryExtra Retrieved 2020 06 03 Gerhard Hojer ed Konig Ludwig II Museum Herrenchiemsee Katalog Munich 1986 p 137 Fraser Antonia 2001 Marie Antoinette 1st ed New York N A Talese Doubleday ISBN 978 0 385 48948 5 p 226 Westmore Peter 2011 Why Portuguese voters punished spendthrift Government News Weekly June 25 2011 accessed 20 November 2012 In capitals such as Athens Madrid and Rome large portions of the sovereign debt racked up by spendthrift governments are owed to the countries own banks Chu Henry and Lauren Frayer 2012 Europe s governments banks perilously entwined Much of the crushing debt that was racked up by the former is owed to the latter Los Angeles Times 19 May 2012 accessed 20 November 2012 Etymology Online Spendthriftc 1600 from spend thrift in sense of savings profits wealth Replaced earlier scattergood 1570s and spend all 1550s William Herbert Page The Law of Contracts 2nd ed Cincinnati W H Anderson Co 1920 2848 2849 See ORS 126 335 repealed Or Stat 1961 ch 344 109 Oregon s unusual law resulted in a famous conflict of laws opinion Lilienthal v Kaufman 239 Ore 1 395 P 2d 543 1964 Chandler v Simmons 97 Mass 508 514 1867 Olshen v Kaufman 235 Or 423 385 P 2d 161 1963 This case involved the same defendant and was relied upon by the majority in Lilienthal Both cases involved joint ventures for the sale of binoculars External links Edit Look up spendthrift or profligate in Wiktionary the free dictionary A Rake s Progress Retrieved from https en wikipedia org w index php title Spendthrift amp oldid 1149319945, wikipedia, wiki, book, books, library,
