2007-01-31 12:21:16 · 5 answers · asked by segabill 3 in Education & Reference ➔ Quotations
A pound in this case is the currency used in Britain, not a weight measurement. It means that a person is smart in finding bargains on the the small, everyday purchases, but when it comes to the large, lesser bought purchases they spend extravagantly.
Example: When grocery shopping a person might buy the cheaper products or in bulk to save a few pennies here and there, but might splurge when it came to redecorating their house, or taking a vacation.
2007-01-31 12:28:13 · answer #1 · answered by marklemoore 6 · 0⤊ 1⤋
Back in the days when this saying came about, penny and pound were money.
One example of being penny wise and pound foolish--
If someone chooses to not have health (or any other kind)insurance- it's cheaper in the short term, but can cost you BIG BUCKS in the long run.
If someone decides to not save up for a major purchase- yeah, you've got all your paycheck before the purchase, but if you buy on time, the interest will make the actual cost of the thing more than 2x!!!
Thanks Freya- that was another excellent example!!
2007-01-31 20:49:01 · answer #2 · answered by Yoda's Duck 6 · 1⤊ 1⤋
To be penny wise but pound (British currency) foolish is to drive 10 miles out of your way to get gas that is 1 penny / gal cheeper. It is penny wise because you saved that penny per gallon but pound foolish because it cost you more than you saved by driving so far out of your way.
Or to fix the example from the other person to buy something in bulk to save some money but then you couldn't use it all and wasted a bunch of it. If the 10 lb block of cheese goes bad and you throw a bunch away it doesn't matter that it was 10 cents per pound cheeper than buying 2 lbs in the regular grocery store.
Anytime you do something to save a little bit of money but it cost more in the long run is penny wise but pound foolish.
2007-01-31 20:30:46 · answer #3 · answered by Freya 2 · 1⤊ 1⤋
I don't really take it either literally or physically. It just means to say that lots of money can make a person do stupid things. Like the other person said, a pound is a unit of money where this saying comes from. Its good advice, by the way. ^__^
2007-01-31 20:31:43 · answer #4 · answered by Chick in Florida 1 · 0⤊ 1⤋
Figuratively, as you take short-term gains instead of long-term results
2007-01-31 21:48:24 · answer #5 · answered by Anonymous · 1⤊ 1⤋