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Laura Rowley Money & Happiness

Laura Rowley, Money & Happiness

Earning a Degree in Financial Stability

by Laura Rowley

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Posted on Thursday, June 21, 2007, 12:00AM

The job outlook appears to be brighter this year for new college graduates, at least according to one survey: Employers plan to hire nearly 20 percent more new college graduates in 2006-'07 than they did in 2005-'06, according to the National Association of Colleges and Employers.

Here are a few thoughts on money and happiness for new graduates, who are set to begin collecting their first real paychecks and dive into their working lives:

1. Write down what you value most and how you can achieve it.

Do this today, tomorrow, and beyond.

Research shows that setting and striving for goals that are consistent with one's values creates happiness -- even if the effort requires some short-term pain. A 1993 study by German psychology researcher Joachim Brunstein discovered that a strong commitment to goals, and measurable progress, resulted in a higher sense of well-being.

Be specific about your financial goals, but don't let money serve as the only yardstick for success. Create measurable targets related to other values that create long-term happiness -- time with family and friends; education; health and exercise; memorable experiences such as travel; charitable giving and volunteer service; and spiritual growth.

2. When you list your life goals, don't put money at the top.

Researchers have found that people who make the pursuit of money a top goal score lower for mental health. According to several studies by Dr. Tim Kasser of Knox College in Illinois and Dr. Richard Ryan of the University of Rochester, money-chasers suffer a greater risk of depression; have more anxiety and lower self-esteem; experience more physical, behavioral, and relationship problems; and score lower on indicators testing for self-actualization and vitality. The findings were consistent across different countries, incomes, and age groups.

But there's an important caveat to these studies: The problems weren't caused by being wealthy, but by making money a high priority. A job that you're passionate about inevitably leads to high performance, which often results in financial rewards. But money is the byproduct -- not the primary goal.

So do what you love. Sometimes the money follows, sometimes it doesn't. But at least you're not squandering your precious time and talent pursuing a life of luxury that makes you nuts.

3. Start saving from day one.

Get in the habit of saving at least 10 percent of your salary every year for retirement right out of the starting gate. Otherwise you may never do it.

A recent study by HSBC Bank found that even people with more than $250,000 in household income -- the top 1.5 percent of U.S. households -- report facing many obstacles when it comes to saving. More than one-third said the need to pay everyday bills prevented them from saving more.

This is the dopiest thing I've ever heard. I started saving at 23, when my salary was in the mid-$20,000 range. I still had a blast devouring everything New York City had to offer (it helped to have friends who could score free concert tickets and club passes). In his book "Stumbling on Happiness," Harvard psychology professor Daniel Gilbert says that the brain is wired to recall infrequent and unusual experiences most vividly. And unusual experiences require creativity, not necessarily cash.

4. Recognize the downside of letting your lifestyle keep up with your income.

The phrase "hedonic treadmill" was coined by psychologists in the late 1960s. It describes how we adapt to improvements in our circumstances, and then seek more. The more money we make, the more we demand from life, and the more dissatisfied we become when we don't get what we want.

For 15 years, I lived in apartments (with up to three other people) that were no larger than 700 square feet. Then my husband and I bought a 1924 fixer-upper that was three times that size. When I find myself browsing local real estate ads, coveting more, I pull out my well-thumbed copy of "Your Money or Your Life" by Joe Dominguez and Vicki Robin.

That classic book reminds me of an important truth: The more crap I buy, the more I find myself in front of a computer working instead of frolicking with my kids at the beach. More stuff, less frolicking. Got it?

5. Procrastinate, procrastinate, procrastinate.

Put off until tomorrow what you could spend today, and the savings will be eye-popping over time. In my 20s, I had friends who dropped their laundry off with a service and had a biweekly cleaning lady. I held out until I was 40 and had a house and three kids before hiring someone to help out.

I figure that two decades of procrastination saved me somewhere in the neighborhood of $40,000. I'm currently applying the same technique to home improvements, and the purchase of a second car.

6. Never buy a new car.

Transportation devours one-fifth of average household spending. I have friends who have carried monthly car payments of $700. This is absurd. Once again, a bigger loan obligation and a bigger insurance bill mean less frolicking.

In my household, we pay cash for dependable used cars that cost $5,000 or less, take good care of them, and drive them into the ground. To borrow a phrase from Theodor Geisel (Dr. Seuss), "Be who you are and drive what you will, because those who mind don't matter and those who matter don't mind."

7. Choose your friends wisely.

According to a study by credit counseling group Myvesta, men overspend to impress other people, while women get in financial trouble because they want to socialize with a particular peer group. Either behavior can get you in a heap of trouble if you identify with a group that has deeper pockets than you.

"Whether it's your neighbors, people at work, or friends, you'll typically buy similar clothes, drive similar cars, and have similar activities," says Steve Rhode, Myvesta president and cofounder. "You can be very drawn to a group of friends, and before you know it you're in way over your head."

Bottom line: If you're a struggling novelist, avoid hanging out with investment bankers. If your college roommates are all investment bankers, enjoy your experience at the fancy bistro, excuse yourself before dessert by saying you have an early appointment, and fling them a $20 as you rush out the door. When it's you're turn to entertain, invite them over for poker night at your apartment (BYOB, naturally).

8. Define "enough."

A study by the Centers for Disease Control and Prevention found that people who earned $50,000 or more had fewer depressed or blue days than those who earned less. But to put a dollar figure on what everyone needs to be happy is utter silliness.

That's because the most basic needs can have radically different price tags. For instance, I have friends whose spouses and children have faced cancer, multiple sclerosis, diabetes, and a host of other health challenges (some since their 20s) that required excellent health insurance as well as significant financial wherewithal.

That said, think seriously about what you want to earn, but more important, about what "enough" looks like. How do you ultimately want to spend your time? Where and how do you want to live? What people do you want in your life?

Keep your answers to these questions in your head, because if you don't, you can blow through the next 50 years chasing a finishing line that keeps sneaking further away.

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209 Comments

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  • mm - Monday, June 25, 2007, 5:38PM ET  Report Abuse

    • Overall: 3/5

    I also disagree about not buying a new car. I bought my Volvo S60 2004 brand new. It had 8 miles on it, 5 of which I put on it while test driving. However, I paid CASH for it and because I negotiated well, when I drove it off the lot it was worth more than what I had paid for it! I bought the base model will drive it for at least 10 years before selling it myself, thus getting as much out of it as possible while it's still reliable to drive. No matter what car you purchase, you should always pay cash and negotiate a great deal.

  • Yahoo! Finance User - Monday, June 25, 2007, 5:37PM ET  Report Abuse

    • Overall: 5/5

    I'm surprised someone would give this articles two stars because they'd rather buy a new car! The car companies must love that person! I drive a used car...I've had it since college and I haven't had a car payment in 13 years. People NEVER believe my car is now 16 years old...I was smart enough to buy a car with a good body style that wouldn't look too outdated in a decade, with low-mileage at a good price and I got it checked by a mechanic first of course! My husband, on the other hand, bought a new car and it broke down alot in the first 3 years. We sold that hunk of junk, bought him a quality used vehicle and he hasn't had a payment in 10 years. THE BEST ADVICE I EVER RECEIVED: Buy a used vehicle in good condition. Be sure to pay the $100 fee and have a qualified mechanic look it over. This way you let the first buyer pay the depreciation value on your awesome car. Just be sure to always give your new-to-you car the same maintenance & care as if it was a new car. My husband and I save over $700 a month (at least) in car payments---it goes into our 401 K. We'll never buy a new car again! Why make General Motors wealthier than they already are when I can make myself make MYSELF rich? And as for the parachute metaphor our "new car only" friend made---no, of course you don't use a cheap parachute...you use a quality chute that has already survived a jump and is well-packed by a professional! (get it? quality used car check by a mechanic? cmon, you get it...)

  • Yahoo! Finance User - Monday, June 25, 2007, 4:56PM ET  Report Abuse

    • Overall: 5/5

    very good advice for someone who is starting a career fresh out of college......

  • Yahoo! Finance User - Monday, June 25, 2007, 3:50PM ET  Report Abuse

    • Overall: 4/5

    I've believe in buying good quality, low mileage used cars for cheap! I once bought a used, great mpg, good car for $2,000 cash, with 40,000 miles on it and 3 years old. I drove it for 8 years, put 100,000 miles on it, and someone bought it from me for $100 dollars and drove it for another 2 years! My next car (used) cost $9000 (put down $3000 and took a $6000 low interest loan- paid if off in 2 years), it had 8,000 miles on it, was 1 year old. I've drived it for 6 years now with no problems, and it will probably keep going for another 6 years since its got 50,000 miles on it now. The best part? My monthly transportation expense is very low (no car payment, regular maintenance, and great mpg means low fuel costs) - I spent less than $70 month on very dependable transportation. Can't beat that!

  • Yahoo! Finance User - Monday, June 25, 2007, 8:21AM ET  Report Abuse

    • Overall: 2/5

    THis is a good artical. I have only one issue. And it's this issue of NOT buying a new car. Yes if you buy one every 5 years then you've go a problem. I buy new cars and "drive" them into the ground. This way they last longer and I know how they've been drivin from mile 1. I loss NO value becuase I've used the car total myself. 10-12 years a car for my family. Oh and I HIGHLY doubt you get 5 years out of the average 5k or less used car you buy, More like 3 years. Divided by my 12 years and thats 4 used cars you bought for 5k each= 20k. NEW CAR. you're not saving money....Buy an affordable NEw CAR. I'd say Toyota/Honda and worry about savings else where. L:ike Eating out, Movies, Clothes, to much house, ccard debt, 401k's, Roth IRA's, Smoking($$$$) Drinking ($$$) Spending on Hair, Turn your lights off, use less water, recycle-reuse. These things are what is going to save you a TONE of money. The car..I thinks safety,reliablity. If you got sky diving your not going to buy a Cheap, "reliable" parachute are you?

  • Ray - Monday, June 25, 2007, 4:18AM ET  Report Abuse

    • Overall: 5/5

    This is my first time reading your article. I'm a college student. I have to learned a lot about saving money. Once your in college most of the time is tough for to save. This article of yours will help me and will benefit me to save money as part of my goal while attending college. Thanks

  • Yahoo! Finance User - Monday, June 25, 2007, 3:40AM ET  Report Abuse

    • Overall: 5/5

    The job of the reader is to digest what the author has to say and then decide whether or not to apply the advice to his/her own life. No one is forcing you to put this advice into practice. If this advice won't work for your life, rather than being crabby and spiteful (to those who left rude comments), be thankful that perhaps somewhere on this large earth the author helped someone reach their financial goals.

  • Bissane - Monday, June 25, 2007, 3:00AM ET  Report Abuse

    • Overall: 4/5

    Simple good advice is what makes this article easy to read and relate to. I'm still in my mid-twenties but it's good to know that there might be a way out.

  • Steiltjes C - Monday, June 25, 2007, 2:50AM ET  Report Abuse

    • Overall: 5/5

    I think Laura Rowley is right. You need to save first a lot of money for the future but about buying an old car worth $5,000 is useless because you can spend a lot of money in repair bills so i suggest why not buy a new motorcycle that is very affordable and as for those who criticized her tips that it has nothing to do with their financial problem, i think they are the ones who did not save their money while they are working at a young age. A chinese businessman who is staying from new york told me that most americans like to spend money a lot and doesn't know how to save money. Spend only your money on what you need and not what you want.

  • Andrenette - Monday, June 25, 2007, 2:04AM ET  Report Abuse

    • Overall: 5/5

    The writer has on to something. I never chased money or wanted what others had. I always tried to live within my means. I saved and at age 48 with my last child out of college I started saving to build my home and have a piece of the American dream. At age 50, I was laid off for the second time in my career. At age 56, I’m still trying to recover. I lost everything. I recommend young people to start saving with their first paycheck. Don't throw good money after bad and end up loosing it all. In America, there is no such thing as longevity on a job. That era has been long gone. BE VERY WISE AND SAFE (if that’s possible) WITH YOUR SPENDING.

  • Victor - Monday, June 25, 2007, 12:03AM ET  Report Abuse

    • Overall: 3/5

    This creator of this story seems to know something about finances and happiness...Was there God credit in the lines?Sure, God will give us everything except his face, why limit yourself to these persuits. Vic

  • tropics123 - Sunday, June 24, 2007, 11:23PM ET  Report Abuse

    • Overall: 4/5

    Good Article. Save and pay off high interest credit card debt by tranferring balances to a low interest rate. Go to a credit card comparison site like www.CreditCardRadio.com to find the best credit card offers

  • Ben F. - Sunday, June 24, 2007, 10:21PM ET  Report Abuse

    • Overall: 4/5

    Anytime you are making enough money to buy things that you don't really have to have, you are doing OK. If you can learn to save early, later life will be much easier and more enjoyable.

  • Yahoo! Finance User - Sunday, June 24, 2007, 8:15PM ET  Report Abuse

    • Overall: 2/5

    I disagree with buying an old car less than $5000. You will be surprise a lot of people don't even change engine oil. All they care is to hit the gas pedal. A lot of good advices here to buy a cheap reliable new cars. But don't say NO if your good friend wants to sell his car for cheap, because he may be the only seller who will tell the true about the car. It's your legs after all, you want it takes you where you want not to show off.

  • x - Sunday, June 24, 2007, 7:21PM ET  Report Abuse

    • Overall: 3/5

    Overall, this is pretty good "general" advice. One of the most accurate statements I read is to do what you love and the money may or may not follow...finally someone elucidates the real truth. I'm so sick of hearing Oprah and Suze Orman telling young people to do what you love and the money will follow. Yes, this is true for them and for some others, but not for people who choose to serve others, such as teachers, social workers, flight attendants, most artists, writers and musicians, and many others. For some people, doing what you love will literally keep (or put) you in financial strife all your life, so check out the earning potential for whatever career you chose, and know that it is never too late to change your career path if you really want to make one.

  • Reymond - Sunday, June 24, 2007, 6:48PM ET  Report Abuse

    • Overall: 5/5

    It's very true especially no 5 and 7...excellent advice!

  • John - Sunday, June 24, 2007, 6:44PM ET  Report Abuse

    • Overall: 3/5

    This is very good advice but there is something that most people don't know. Your home can be a big step towards your financial future. WHAT IF YOU COULD PAY YOUR HOUSE OFF IN HALF TO A THIRD OF THE USUAL TIME?? Being financially responsible is the first step to financial stability- but what really made a difference to us is by getting on the program through United First Financial. We just got on their program and we have all our credit card debts paid off and are now set to pay our 30 year mortgage off in half the time! This actually is an interest cancellation program that is helping us save almost $200,000 off our mortgage & basically USE THE BANK'S MONEY INSTEAD OF THEM USING OUR MONEY!! We build up equity each month and we don't have any lifestyle changes- no extra payments out of our pocket or anything like that. It really works! We watched the video on this website www.u1stfinancial.net/johnfechik and filled out the financial analysis on the website to see if we fit the criteria- not everyone does- you should have a credit score of at least 600, or already have a HELOC or business line of credit- but our financial future looks great now & I can finally sleep at night NOT worrying about how we will ever get out of debt!! I would highly recommend it along with all of the advice in this article.

  • Yahoo! Finance User - Sunday, June 24, 2007, 6:38PM ET  Report Abuse

    • Overall: 5/5

    Next to the Bible, this is the most valuable information I have heard in a long time

  • Yahoo! Finance User - Sunday, June 24, 2007, 6:30PM ET  Report Abuse

    • Overall: 5/5

    Really excellent. If only people would follow the time-tested principles listed above (regardless of the age), most of the financial, emotional and relationship stresses would become history.

  • Yahoo! Finance User - Sunday, June 24, 2007, 6:21PM ET  Report Abuse

    • Overall: 2/5

    absolutely marvellous

  • FERNANDO D - Sunday, June 24, 2007, 6:17PM ET  Report Abuse

    • Overall: 5/5

    BEST ADVISE TO EVERY ONE BUT I WANT MY NEW CAR LOL . EVERY WORD 1-8 IS TRUE BUT I WILL NOT GET 700 K PAYMENT LOL . THNAKS FOR GREAT INFO.

  • Siady - Sunday, June 24, 2007, 6:14PM ET  Report Abuse

    • Overall: 4/5

    If your earnings is enough to allow you to buy a new car. I would encourage that you buy a new one. This saves your a lot of headaches in repairs. One needs to differentiate between needs and wants. I believe a good car is a need. You don't have to buy the expensive ones but rather buy a car that you can afford.

  • Mel - Sunday, June 24, 2007, 6:08PM ET  Report Abuse

    • Overall: 5/5

    One of the wisest advised i have ever read.

  • William L - Sunday, June 24, 2007, 6:05PM ET  Report Abuse

    • Overall: 4/5

    This is actually pretty good advice, given the limits of the medium. Mastering finance is a discipline like anything else. You need to practice every day and learn the basics. Most people never get that far for the same reason they give up practicing piano. They can't see that learning to play "Chopsticks" is ever going to help them play Beethoven. However, you can always think of someone who is worse off than yourself and use that to say, well, at least I can learn something. Learning any kind of a discipline is about setting a reasonable goal in the beginning and convincing yourself that you can do it. It's about teaching yourself that you are someone that you can depend on. Stop thinking negatively and whining "Oh, I'll never get there." Then go do something, anything that will contribute to that long-term financial goal. And keep on doing it. This is really the most difficult thing about finances. Learn that and the rest is easy.

  • _ - Sunday, June 24, 2007, 5:59PM ET  Report Abuse

    • Overall: 4/5

    For the most part, I believe the advice to be sound. It's my basic tenet to controlling finances. The only piece of advice that I didn't agree with was the suggestion to never buy a new car. I find that to be a ridiculous notion.

  • SN - Sunday, June 24, 2007, 5:43PM ET  Report Abuse

    • Overall: 3/5

    I think this is a generally good read for the masses who have spending problems. If you're struggling with $, maybe you should cut that movie channel package or take one less cruise or start bringing lunch to work from home. This article lists some valid advic but here are some things to consider: *Buying a used car opens you up to a lot of potential missed appointments, repair bills and headaches. *Living like a complete scrooge only to get diagnosed with cancer or get into a disabling car accident will make you feel like an idiot for not enjoying your life a little more previously. *Image matters: If I go into a job interview for a controller or CFO and I'm wearing beat up old shoes and a $100 suit, what does that tell my future boss? That I can't even present myself well, and I'm supposed to represent his company? *Choosing friends wisely: MAKE AS MANY FRIENDS AS YOU CAN. Maybe choose them wisely if they're crack addicts but chances are investment bankers are going to open many MANY more doors for you than some guy flipping burgers or selling cars. Overall I thought this was fairly good but keep in mind that there you're missing out on a big part of life if you never spend a dollar on a nice pair of shoes or never go to a very nice restaurant. Money is a means to an end. It is a tool. Use it for something.

  • Jesse M - Sunday, June 24, 2007, 5:40PM ET  Report Abuse

    • Overall: 3/5

    It was a good article, but as usual, isn't targeted to the people who really need a way to wealth because what they have is nothing. For those people, the only answer is to earn more, and nobody seems to have suggestions on how to do that when you really are starting from zero (or less), especially when you're not so young anymore. I agree with the person who said that the old car thing is not the suggestion its cracked up to be, and I continually wonder why people never go so far as to tell the truth -- that people who earn less than 20K per person in the family actually cannot afford to own a car and are better off moving to someplace like New York City or San Francisco where the savings on car payments, insurance, maintenance, upkeep and gas are more than the increase in rent and taxes, and the salaries tend to be higher in these places as well. Let the other states and their cities catch up where public transit is concerned which they might be motivated to actually do when they see their populations dwindle. This article is for the 'earn-and-burn' subset of the "have-somes" set. The haves don't need this and the have-nots can't use most of it, but for those in the middle, it's a good, common-sense article. Oh, to the person who was so outraged at the suggestion that the aspiring novelist meet his/her friends at the expensive bistro and leave $20 on the table and go, there was a reason Ms. Rowley said to leave before dessert. The presumption is that that the $20 would actually cover what you owe. While it might not be your friends' jobs to pay your way (nice, really nice), if they were real friends, they would and should (in my opinion) do one or the other: 1) Find a cheaper way to have fun so that you don't feel left out because you can't go. 2) Understand what your poisition is and what choosing that expensive place entails and invite you on the expectation of paying your way. On a related subject, one more thought. I think it's a sad state of affairs when you have to choose friends by income level. I'm from New York City, lived in Texas, and I found never grew up confronted with that sort of attitude but found it thrust upon me in Texas. I find that aspect of this article pretty unpalatable on several levels, though unfortunately, it is something we do to each other in this country.

  • ee - Sunday, June 24, 2007, 5:39PM ET  Report Abuse

    • Overall: 4/5

    If you don't appreciate Laura's advice, read it again. It is wise . The following is an example of how her philosophy can make all the difference when it comes to money. My goal from day one was to save more than I spend. Every year you do so is one less year you will have to work for money. After college I made $40k/yr and immediately maxed out my 401k and IRA contributions. I lived quite well, rented nice apartments, and bought one car, one TV and one stereo over the next 10 years. It was more than enough. I never denied myself something I really needed but I always bought quality. All my savings were invested into appreciating assets. 15 years out of college I'm married with a family and I bought my first home with cash. I have over $500k invested in qualified retirement plans. With proper discipline, anyone can do this. Don't have kids if you can't afford them, period. Make yourself valuable by educating yourself and go to work every day. Learn about investing and how to enjoy life without throwing your money away. A strong, independent personality can resist the latest fads and trends because they are empty and bring no true joy. This country provides each of us with tremendous economic opportunity. Take advantage of it and protect it. And remember, the Jones' aren't going to pay your mortgage, college expenses or retirement. Why should you care what they think?

  • CherylL - Sunday, June 24, 2007, 5:37PM ET  Report Abuse

    • Overall: 1/5

    I'm supposed to be taking financial advice from a woman who RENTED for 15 years? Talk about throwing money away. And what is wrong with buying a new car? My new car, for which I only paid $17,000, came with a 6 year warranty. I can run that out for 10 years, just like I did my last car. I didn't get all the bells and whistle options, but instead bought something practical with an amazing warranty. Should I rather spend $5000 on a car which might have issues and die within the next 2 years? I don't think so. Financial planning isn't as easy as black and white, yes and no. You need to weigh all options, consider your situation and make an educated decision. I can't remember ever getting any useful information from your articles, other than what common sense taught me as a child.

  • Yahoo! Finance User - Sunday, June 24, 2007, 5:27PM ET  Report Abuse

    • Overall: 1/5

    This article shows a common weakness with yahoo... putting bad titles and labels on their articles. I was expecting an article about how to get my finances in shape, get rid of my credit cards, start a savings account, percentages I need to hold back on my check, how much I could expect to retire with using certain averages as guidelines... you know, the basic stuff these articles give when talking about financial stability. Instead, I get a page of "feel-good warm and fuzzy" crap for students who have just graduated college. Nothing about the title or yahoo's link that brought me here remotely suggested that this article was intended for new graduates, or that it wasn't an actual "financial" piece at all. What a disappointment! The "advice" may be good, but it's useless to too many readers. Indicating the target audience on the front page, and naming the article appropriately, would be very helpful.

Showing comments 6-35 of 209<< PreviousNext >>
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