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Laura Rowley Money & Happiness

Laura Rowley, Money & Happiness

Don't Fiddle Away Your Financial Independence

by Laura Rowley

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Posted on Wednesday, March 26, 2008, 12:00AM

Remember Aesop's fable about the ant and the grasshopper?

The ant toils daily, makes sacrifices (no luxury vacations in far-flung colonies), scrimps and saves to send his larvae to college and retire. He struggles to manage and properly diversify his crumbs, tries to take appropriate risk (foraging just far enough from the nest to get results without getting devoured), and hopes the queen ant doesn't tax his stash into oblivion.

The grasshopper, meanwhile, plays his fiddle, replaces his molting exoskeleton with one by Prada every season, ignores his 401(k) plan, buys an alfalfa pasture with no money down and a subprime mortgage, and hops away when the interest rate readjusts.

Puny Savers

Lately, the ants are feeling foolish. They see the U.S. government slashing interest rates, rescuing Bear Stearns by guaranteeing $30 billion in troubled mortgages and other assets, and bailing out subprime borrowers. And they wonder why the taxpayer is always left holding the bag for other people's financial shenanigans, greed, and stupidity.

As one reader commented on my column a couple of weeks ago: "Saving and living within your means is rational only if there is a future payoff that exceeds the value of the present consumption you must sacrifice. But government policies (tax policies, welfare in all its forms, bankruptcy laws, etc.) do everything possible to destroy the natural incentives and disincentives."

Who's Happy Now?

The reader continued: "One person, by committing mortgage fraud, gets to live in a $500,000 house for $1,000/month, realizes $100,000 in appreciation, cashes this illusory equity via a [home equity line of credit] and blows it on toys. When the mortgage payment adjusts and the price crashes, leaving him upside-down and with no hope of making the payments, he simply walks away, and the bank has no recourse. ...

"Another person takes your advice. ... He foregoes all the consumption the first person enjoyed in terms of both house size and HELOC-funded toys, planning to move up to the bigger house when he can truly afford it. But then the government freezes ARM adjustments; the Fed pushes interest rates to the floor and orchestrates a massive bailout of the insolvent mortgage-backed securities, leading to inflation, negative real returns on savings, and ultimately higher tax rates when he withdraws from his IRA. ... The second person is happier how?"

Repugnant bailouts and questionable economic policies are matters you need to take up with your elected representatives, not your personal finance columnist. However, I'm delighted to challenge the notion that grasshoppers end up happier than ants. Even in an economy where no bad financial deed seems to go unrewarded, ants still rule. Here's why:

1. Ants invest in stocks and bonds and pay attention to taxes and fees.

Inflation, taxes, and fees can wreak havoc with one's nest egg, which is why you almost never hear financial services companies talk about real rates of return. A study by Thornburg Investment Management in Santa Fe, found that from 1976 to 2006, $100 invested in the S&P 500 in a taxable account would have grown to $3,225 -- a 12.26 percent nominal rate of return.

Factor in fees, taxes, and inflation? The real rate of return is a meager $456, or 5.19 percent. And that was the best performance of any asset class in the study (for instance, someone who put $100 in Treasury bills would have lost 67 cents over 20 years.)

The lesson here: While you can't control inflation, you can do something about taxes and fees. Mitigate taxes by sheltering your savings in tax-deferred (or tax-free) vehicles -- 401(k)s, Roth IRAs, and state-sponsored 529 college savings plans, to name a few. The study also underscores how critical an employer's 401(k) match can be in meeting your long-term goals -- so contribute enough to grab it. In addition, knowing how to avoid egregious fees is really helpful in an inflationary environment. Ants worry about stuff like this -- grasshoppers don't.

2. Ants don't expect personal finance to be a merit-based system.

"Whoever said 'life ain't fair' was right," says Charles Farrell of Northstar Investment Advisors in Denver. "Sometimes people do stupid things and take a lot of risk. You can take that course and hope you get lucky, or rely on prudent principles that have high probability of succeeding."

In the late '90s, for instance, I was in the midst of a decade's worth of saving to buy a home. I knew a guy who accumulated his down payment in less than a year by putting $25,000 in Lucent stock and watching it double.

"Another guy who gambled on Lucent a few years later is still waiting to get his money back," says Farrell. "We have all these anecdotal stories in the media -- every so often someone gets lucky. If you want to be someone who is responsible, who has self-respect about how you handle yourself financially, you have no choice but to save and build capital. If not, you can wing it and see how it turns out."

3. Ants sleep better at night.

Someone could commit mortgage fraud, spend like a fiend, and incur debt he'll never be able to repay. Then, when he's old and broke, he can throw himself on the mercy of whatever political regime happens to be in power, and hope he's the beneficiary of some kind of bailout.

"If you're working three jobs and trying your best and not getting anywhere, it's hard to keep the faith," says Doug Flynn of Flynn-Zito Capital Management in New York. "But what's the alternative? Do you want to give up? Do you want to be the person who doesn't need anybody, or the one who tries to get taken care of?"

Moreover, if you face a serious health problem, do you want the government to be in charge of your care?

4. Ants desire freedom of choice more than toys.

Grasshoppers value bling, so they spend; ants value options, so they save.

Consider the story of a parent I met recently, whom I'll call Lisa. Lisa told me she had been in medical sales for more than 15 years, and had always banked her bonus and lived a frugal lifestyle, while her peers splurged on big-ticket items like cars.

Thanks to her savings, Lisa had the option to switch to consulting, and works just eight hours a week so she can spend time with her young child. One of her peers, who always blew her bonus on toys, also has children and reluctantly works full-time. She told Lisa, "I'm just not in your position" -- implying that Lisa had a trust fund, a winning lottery ticket, or some other secret source of support.

Lisa says she wanted to scream: "I chose this position!"

"Building financial assets is tough because it seems to take so long to get anywhere," says Farrell. "But once you get it built, it provides financial and intellectual independence. That's the ultimate reward -- the freedom to do what you want on terms you consider reasonable, because you have enough assets to tell everyone else to take a hike."

5. Ants pursue their own goals while grasshoppers compare and covet.

Ants know that envy is useless, because the good life another ant appears to be enjoying may be just that -- an appearance, concealing a mountain of debt and stress.

"Stop comparing yourself to your neighbor and your friend and get down to your core values and execute on them," advises Farrell. "The happiest people I meet measure themselves against their own objectives."

Bottom line: If you're a saver, the way the government is handling the mortgage crisis may change the way you vote. It shouldn't change the way you manage your money.

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207 Comments

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  • carlosfandangos - Thursday, April 3, 2008, 11:48AM ET  Report Abuse

    • Overall: 5/5

    Laura, thank you for your excellent and timely article. Life on the other side of the pond is also getting tougher with the credit crunch biting, inflation rising and low rate mortgages running out with our standard interest at a high level to arrest price rises. Your advice is timeless; think long term, live below your means, save then invest, avoid debt, be frugal and careful with your cash. It is funny how our society does not value that any more. Your readers have said that being a nation of ants made America great and the same was true with the UK, now we have gone down the debt filled have-it-all-now route and the grasshoppers are suffering. We ants will do well to heed this advice, take heart from you and keep to our long term goals of financial freedom and independence. Thanks again.

  • David R - Tuesday, April 1, 2008, 7:15PM ET  Report Abuse

    • Overall: 4/5

    I am retired while being an Ant since 1970. I self annuitized with IRA's and 401K's and now I am living better than when I worked. My biggest fear now is our government and its Socialistic trend that could eventually eat up what I had worked for. The leading Democrats scare the hell out of me. I may not live long enough to suffer their confiscation of wealth, but my grand kids most likely will.

  • Owen K - Tuesday, April 1, 2008, 6:14PM ET  Report Abuse

    • Overall: 5/5

    The Fed has announced no more rate cuts. Be careful buying stocks as the market volatility is almost off the charts. After the recent Fed rate cuts, the dollar has sank like a stone against foreign currency. Now, the Fed has to try to shore up the falling dollar. Talk about being between a rock and a hard place. The housing meltdown continues and its effects will be felt for years to come. Be careful and conservative.

  • Yahoo! Finance User - Tuesday, April 1, 2008, 2:21PM ET  Report Abuse

    • Overall: 5/5

    Grasshoppers die a thousand deaths, everytime the phone rings (debt collectors calling), the mail comes with stacks of bills that can't be paid and the FICO score drops ever lower. Better to be an ant and have the peace of mind that comes with living withing your means. A long time ago in America, we used to be a nation of ants; that was one of the things that made us great. Now we are a nation of $4 capuccino drinking, SUV driving, credit card balance carrying, designer clothes buying, McMansion purchasing whiners. Wake up people! Reply to Obosumba - a person who puts 5% down on a house and finances it with an interst only loan really can't afford the home to begin with. I feel sorry for anyone who goes through foreclosure but sometimes bad decisions proceed bad consequences.

  • El Viejo - Tuesday, April 1, 2008, 1:45PM ET  Report Abuse

    • Overall: 4/5

    yup, she's pretty much right on, most of the time ... occasionally she nags ... :)

  • Lora - Tuesday, April 1, 2008, 10:11AM ET  Report Abuse

    • Overall: 5/5

    Always a pleasure reading Laura's articles. I'll print this one out and give it to my children to read. Please consider writing an article on the excessive student loan debt that people are taking on. This will be the next crisis.

  • Jon - Tuesday, April 1, 2008, 8:24AM ET  Report Abuse

    • Overall: 5/5

    To the ants out there: If there is a recession this year, tighten up those finances and invest a little more each month into your 401(k) or IRA. Now is the time to buy--when fear puts stocks on sale.

  • Dorothy - Tuesday, April 1, 2008, 6:11AM ET  Report Abuse

    • Overall: 5/5

    Ants have more fun.

  • JESS - Tuesday, April 1, 2008, 12:19AM ET  Report Abuse

    • Overall: 1/5

    I'm sorry but there are plenty of ants who saved and saved to buy a home and watched as they were priced out of the market. When they finally decided to take a goofy loan like an interest only or 5 percent down loan guess what? The market goes down and they cant refinance. Do they walk away? No! They keep paying their mortgage, while they run up their credit cards to make repairs and pay utilities on a home/investment that continues to go down. After watching the real estate market go up for the past 30 years how stupid do these ants feel for having bought into the American Dream just to see their life savings wiped out slowly month after month. So go ahead rant about people who live it up on maxed out credit and home equity loans but they are not the ones being punished. At least they have their fancy cloths and SUV. The folks who finally got a chance to buy a home are the ones who will stay until they are foreclosed on and will lose everything.

  • Daddytimes4 - Monday, March 31, 2008, 6:23PM ET  Report Abuse

    • Overall: 5/5

    "Life consists of the choices that you make." Ants are generally very contented in the long run; grasshoppers are bouncing all over stressing over the latest thing, unable to pay for last year's latest thing. Contentment is a beautiful thing, and it is never found through envious attitudes or self-serving behaviors. When one accepts the responsibility and rewards for one's decisions, life becomes much more enjoyable and manageable. You know, it's amazing how many of these concepts come straight from the Bible. God sure knew what He was talking about when He gave us His Word!

  • Yahoo! Finance User - Monday, March 31, 2008, 5:10PM ET  Report Abuse

    • Overall: 5/5

    I've been reading Yahoo! Finance for years and this has to be one of the best columns I've come across.

  • Yahoo! Finance User - Monday, March 31, 2008, 4:05PM ET  Report Abuse

    • Overall: 1/5

    "Consider the story of a parent I met recently, whom I'll call Lisa. Lisa told me she had been in medical sales for more than 15 years, and had always banked her bonus and lived a frugal lifestyle, while her peers splurged on big-ticket items like cars." OK now tell Lisa that the money market accounts she banked in are being marked down from $1 per share to $0.80 to $0.95. UBS is doing that now to clients who thought they were banking in cash equivalents. I'm sure the brokerage houses are going to be real happy when their clients liquidate their cash accounts.

  • Yahoo! Finance User - Monday, March 31, 2008, 12:49PM ET  Report Abuse

    • Overall: 1/5

    The ants, as you call us, who have been prudent, lived within tiny means, and didn't overborrow are paying a huge price for bail out the investment banks (grasshoppers). Interest we receive on our Treasury bills, money market funds, and CDs has dropped sharply, thanks to the Fed's rate cuts and direct subsidies. Nice try at sugar coating this fiasco, but when you see the SUV in your grasshopper neighbor's driveway and realize you and your children bought both the driveway and the SUV, there's not too much to be happy about.

  • PETERM - Monday, March 31, 2008, 11:00AM ET  Report Abuse

    • Overall: 5/5

    I am an Ant. For 15 years I had credit card debt. It started the typical way: I got the card my first semester in college and by the time I graduated, with no job lined up, mind you, I had over $6k in debt. This was the mid-nineties. When I finally got a job, I still kept charging and paying some to the cards but never eliminating them. I just couldn’t afford to pay for the way I was living. Fortunately I was smart enough to have also contributed to my 401(k) enough to get the employer match and put a little money in savings, maybe $50/month. I don’t think those savings efforts seriously hurt my ability to pay the debt, as it required nearly $1000/month to keep my debt at bay. At the peak my credit card debt equaled $28k while my income was less than 2x that. People told me to file for bankruptcy. I decided against bankruptcy, or even challenging any of the debt. I even worked a 2nd job for 2 1/2 years. Finally In 2006, after landing a much better job a year earlier, I made my last payment to this 15-year old revolving for $14k. I could have declared bankruptcy or refused to pay and yeah, 7 years after the bankruptcy would be wiped from my record, but by paying it down I forced myself to work harder and smarter to control my finances. I won. I beat the credit cards that I had since college and I was able to save a little bit too. I will never go down that debt path again unless I’m well capitalized and it’s for a home or some similar investment. As someone in their early 30’s I’ve lived and learned a financial lesson for life. In contrast, a friend who’s a Grasshopper, has school debt equal to a small mortgage and tons of bling. He’s got no freedom, no financial future and it bears down every day. The decision is yours everyday. You make the choice: ant or grasshopper.

  • Yahoo! Finance User - Sunday, March 30, 2008, 10:30PM ET  Report Abuse

    • Overall: 5/5

    Great to see the sharing of solid financial perspective and fundamentals. Many "grasshoppers" will have difficulty with the concept of deferred gratification, especially for high ticket items. Over time, the lessons associated with the "got to have it now" folks are learned the hard way. Maybe a few will heed Laura's advice and avoid the making short term decisions that hurt their long term efforts to achieve financial independence. Its difficult to watch friends and coworkers drive nice cars and live in big houses with debt balances that are way beyond their means. Ants should remember, there is no price tag for the piece of mind (and flexibility) that comes from driving a car that is paid for and living in a house with no mortgage.

  • Yahoo! Finance User - Sunday, March 30, 2008, 4:08PM ET  Report Abuse

    • Overall: 4/5

    I agree with Laura's column most of the time. She dispenses good, common sense advice. I also like her final sentence about changing the way one votes not the way one manages their money. Also liked the point about being an ant gives one more options later on in life. But there is a larger point here. These options are in no small part about maintaining -hopefully enhancing- one's lifestyle or spending power. I have grave doubts as to how realistic this goal is becoming, even for an ant. The Fed and the gov't does everyting in their power to reduce the purchasing power of your money through inflation, weakening currency and so on. All we're doing is socializing the cost of the excesses that took place over the past 9 yrs, yes I include the tech bubble here. So if these costs are socialized who's better positioned than an ant to bear the costs? I mean the grasshopper is tapped out anyway. But yes, even under these circumstances the ant has more (altiugh reduced) choices.

  • Leslie - Sunday, March 30, 2008, 3:02PM ET  Report Abuse

    • Overall: 5/5

    "Bottom line: If you're a saver, the way the government is handling the mortgage crisis may change the way you vote. It shouldn't change the way you manage your money." Laura, Thanks. That is the best comment I have seen so far on this mortgage crisis. I really don't want to bail out a buch of grasshoppers but I don't have any choice. (FYI: I paid 78 K last year in income taxes). I live frugally and I don't owe a penny. Of course, I am for social benefits and helping poor people but these bail outs are helping the middle classes and in some cases the wealthy folks with two homes. It does seem to me like the ants could be in a position now to find good deals on foreclosures from the banks whose grasshoppers have hopped away.

  • Yahoo! Finance User - Sunday, March 30, 2008, 12:14PM ET  Report Abuse

    • Overall: 5/5

    This article reminds me of my mom's tradidtional values of frugal life style yet knowing when and where to spend money. Life is short and I try to teach this type of lessons to my nephews and nieces as well. Thaks for your article.

  • Yahoo! Finance User - Sunday, March 30, 2008, 11:40AM ET  Report Abuse

    • Overall: 5/5

    excellent article. I agree whole heartedly. one of the things that I have always heard "financial advisors" advise is to save 10 % of your income. I have always saved what I didn't need closer to 20-30% and always bought more modest houses in good neighborhoods and while all my neighbors struggle to make mortgage payments my home is paid for and I have just started buying real estate (a triplex and 4-plex) paid cash, What I usually find it is not how much you make or how many jobs you have its how much you put away and how you manage what you have. I always read financial advise but ake it with a grain of salt because most talk the talk but probably don't really walk the walk.

  • cowboy47201 - Sunday, March 30, 2008, 10:56AM ET  Report Abuse

    • Overall: 5/5

    My grandmother survived the great depression by being extremely frugal and I remember one story that stuck with me. I was only in my 20's in the early 70' and I was taking my grandmother to the bank to deposit a bit of her meager SS check. She was in her late 70's and I asked her why she was saving, why not spend. She said two things. "Spend on what, what do I need" and the second was " I feel better saving". When she died she had over $150,000 in savings and she never made more that $1.00 an hour. She was happy with her life, did not envy anyone, and I am sure slept well. I have lived almost the same way, always living below my fairly substantial means, retiring in my 50's with zero debt. It is peace of mind and independence.

  • Yahoo! Finance User - Sunday, March 30, 2008, 7:53AM ET  Report Abuse

    • Overall: 5/5

    Working in the mortgage industry myself, I agree exactly with the "ant". The lenders are lobbying for the government to come in and rescue them and their borrowers who knew better!

  • Yahoo! Finance User - Sunday, March 30, 2008, 5:37AM ET  Report Abuse

    • Overall: 5/5

    I read this article at a most appropriate time. I was at work and several coworkers were bragging of the recent good fortunes that they've experienced due to the fluctuation that the real estate market is experiencing. I know that the market cycle dictates that we're in a downward cylce, so I held my tongue. I was actually ridiculed for my savings and goal of financial independence. Thank you for these words that appleal to a part of me that I was begining to feel that only I valued. I take comfort in knowing that there are other ants out there and we constitute the backbone of the economy.

  • Newton - Sunday, March 30, 2008, 5:20AM ET  Report Abuse

    • Overall: 5/5

    Wouldn't be nice for us to go back in time when most Americans were "Ants". Saved their money, took RISK very seriously and strived on self improvement and selflessness. What we need now is a massive unprecedented "shakeout" e.g. stock market crash, depression etc. May be then we will begin to value what we have and live for tomorrow and not in the moment.

  • Yahoo! Finance User - Sunday, March 30, 2008, 12:36AM ET  Report Abuse

    • Overall: 5/5

    Truth is: we've all been there; we’ve all experienced some form of the 'grasshopper' way of life. But being one of three siblings from immigrant parents who worked hard to give us the most they could, I'm proud to say that I'm the first of my family to own my own home (almost 2 years and counting) even though one of my siblings makes 2 times my income. I have minimal debt (at 0% interest of course) and only accumulate what I can pay off. Last year I was able to travel extensively and the majority of the expenses are almost a distant memory. What's my point? I used to have an average of $5K in debt when I graduated college with a 1/3 less salary. Basically, anyone can get here if they want to: I started $8-$10 a day by making my lunch instead of buying it. Oh, and the sleeping soundly at night and all that? I can vouch for it!

  • Yahoo! Finance User - Saturday, March 29, 2008, 11:09PM ET  Report Abuse

    • Overall: 5/5

    In LR's early writing I was critical of her writing style and subject presentation. I think she has finally found her unique niche over the past several months. It has been interesting to watch her growth. To her current article. I read a few of the responses and think most people agree as well. Dog's comment that it takes LBYM is so true. If only this message would get through to a lot of the Gen Y I work with who are hell-bent on buying every last toy they can, only to learn the happiness they experience lasts a very short time...compared to the payments. I try to educate them, yet to no avail. I think the Gen Y'ers reading this are probably the exception, and the ones who will do well over the long haul. I learned to keep my financial teaching to a low with my younger employees who earn a fraction of what I do. Last week I walked to the parking garage with one of my subordinates. I earn a solid six-figure income and my employee earns approximately 90K. He walked to a new Porsche 911 and I walked to my seven-year-old Toyota. He looked shocked and said to me, "Is your car in the shop?" I said, "No, my money is in investments."

  • Todd S - Saturday, March 29, 2008, 10:40PM ET  Report Abuse

    • Overall: 5/5

    superb article. i put together a simple interview style financial calculater called www.wealthblocks.com to help people understand the concepts of saving. keep up the good work.

  • Yahoo! Finance User - Saturday, March 29, 2008, 9:40PM ET  Report Abuse

    • Overall: 5/5

    great story. OneSparklyGirl, thanks for sharing your story. So very true. I will always stay the ant. Credit cards are a ripoff. Do you know that some religious consider debt and high interest a sin. I thought that was crazy when I heard that a few years ago. NOw, I believe CreditCards are the devil's handmaid.

  • Yahoo! Finance User - Saturday, March 29, 2008, 9:23PM ET  Report Abuse

    • Overall: 5/5

    As a life long ant (read conservative) I am encouraged to read Laura's advice. Life is long (and even more so for ants). Keep the faith. The grasshoppers will eventually freeze in the dark.

  • me - Saturday, March 29, 2008, 7:19PM ET  Report Abuse

    • Overall: 2/5

    Ok. So I used to be a grasshopper and now I am an ant. Not by choice, mind you. I was one of those who would spend the check as soon as I got it. We bought our first home with a no down payment GI loan. Paid $150,000 back in 1992. It was an 1100 sq ft 3BR 1 bth tiny house in an exclusive neighborhood. In like 2000, the houses started to sell like crazy and go up and up every day. I was divorced and needed cash so I took several HELOC's. Up to $225,000. Then I decided to get in on the party and bought a $500,000 home with a no interest loan. On a salary of $50,000. The good news is that I sold that tiny home for $300,000 in like a day. The bad news is, I bought the big house right when the market started to balk. Nov of 2004. By May of 2005, I knew we could not afford to say so we put it up for sale. It took 8 months, and many price reductions. (broke even on the sale price but negative due to paying the realtor.). Ruined my credit as couldn't pay the $50K in credit card debt I had run up. Almost got foreclosed on but sold just in the nick of time. Then the party ended with an abrupt jolt. No more credit cards. Lived in a 2 br icky apartment. Never enough cash. Had to file Ch 13 and live on peanuts now. Took 2 years to finally get my act together and stop whining. Started working overtime, watching every penny I spent, spent less on groceries, forget about vacations or new clothes. Felt terrible, and then noticed that the rest of the country was having the same thing happening to them. So I felt like they all came to this new party. The party of living without credit. It sucks. But you know what? I can sleep at night now. Don't worry that bill collectors are coming after me to sue me or garnish wages. I've learned the hard way to spend only what I earn. So I think now, I actually lost on the second house, but I would have never sold the first house for $300,000 today. I would probably be looking at being upside down on that mortgage due to the HELOC's. So I win one, I lose one, and I learn a big lesson. As for ruining my credit, I have a LOT of company now. Credit cards? Never again. Not worth it. By the way, I moved to Michigan after the big house got sold. It's really so bad here that I feel rich compared to these poor folks.

  • Qniform - Saturday, March 29, 2008, 6:20PM ET  Report Abuse

    • Overall: 5/5

    I'm encouraged to see so many comments that affirm the necessity to do the right thing financially. Really, this attitude extends into other areas in life; does one honor committments or not? Even if it made sense to walk away from a mortage because it didn't turn out the way you planned, it is plain wrong to do that - unless one's word means nothing.

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