You might think your parents were cheap, but they'd prefer to be called thrifty. That may be all well and good for everyday people who have to live on a budget, but the rich are not like you and me. Once someone decides that acquiring money is their goal, they tend to not want to let any of it get away. Some very rich people in history turned this desire into an obsession, even to the detriment of their own health and well-being. Since money is power, it also worked to the detriment of their families, employees, tenants, and everyone around them. Weird History tells us about ten of these rich misers who wasted their lives hoarding money as if their lives depended on it. Money is no good if you don't use it in some way, and you can't take it with you when you die, so we can assume that these folks were mentally ill. Luckily, this obsession is an illness that most of us easily avoid by not being rich.
I remember my grandparent's yard was absolutely filled with old scraps... Every one of their old cars, washing machines, etc., was stockpiled there for years. I thought that was just a common thing for old folks. All those I knew at that age, were old enough to have lived through The Great Depression and they were all too familiar with 25% unemployment, huge numbers of people starving, successful professionals suddenly losing their jobs and never being able to earn another dollar for the rest of their lives, and even extremely wealthy folks being suddenly reduced to complete poverty. No doubt living through that left a deep impression on them, and a powerful determination not to ever run out of money and go through the same.
Living frugally, despite being wealthy, is generally regarded as a virtue in western/Christian societies, and not a vice. It's only in recent decades that "stimulating the economy" has been bandied about as an excuse for frivolous or extravagant spending. At one point the narrator says "If he were just cheap with himself, that's nobody's business but his own" which sounds good, but then 90% of this video is in fact criticizing how these wealthy folks chose to live, with very few examples of these folks being miserly to others.