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Laura Rowley Money & Happiness

Laura Rowley, Money & Happiness

When Should You Start Stashing Away Your Cash?

by Laura Rowley

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Posted on Wednesday, July 9, 2008, 12:00AM

Many financial pundits recommend you start putting away money in your early 20s if possible, because the power of compounding is formidable over time. But lately, a number of economists have been recommending the opposite.

Consider a post from University of Chicago economist Stephen Levitt on his "New York Times" Freakonomics blog last week. It was headlined: When It Comes to Saving, Who Would You Listen to: My Wife or Milton Friedman?

Levitt says that when he was a first-year assistant professor, department chair Jose Scheinkman shared some advice that Nobel Laureate Milton Friedman had given him when he started out: Don't save too much.

Theoretically, Levitt would be able to make it up in later years when his income was higher. Since the purpose of saving is to smooth out your consumption over time, Levitt writes, you should "borrow when times are bad and save when times are good." Levitt says he didn't follow the advice as fully as he should have, because his wife insisted they save.

Milton Friedman may have been an economic genius, but Levitt's wife has a better handle on real-world money issues. If you're trying to figure out whether to save or splurge in your early working years, go beyond theory and consider these five issues:

What Goes Up May Come Down

"In academia, you may have a stable salary and pension -- but that's not how the rest of the world works," says attorney and financial planner Charles Farrell of Northstar Investment Advisors in Denver. "People change jobs and careers, move across the country. Maybe they were making $100,000 and the new job pays $75,000. Or workers in the Midwest go from manufacturing jobs where they made $80,000 a year with overtime into the service industry to find out they're worth $40,000."

Jacob Hacker, Yale professor of political science and author of "The Great Risk Shift", has found that short-term family income volatility doubled between 1969 and 2004. Ten percent of working-age Americans experienced a drop of 50 percent or more in their family income in the early 2000s -- up from 4 percent in the early 1970s.

The instability increased more for Americans with at least four years of college than for those with only a high school education. Moreover, if you plan to have children, or have parents who will be elderly when you hit your late 30s and 40s, you may find your income disappears for some period of time. Women spend an average of 11 years outside the workforce caring for children or aging parents.

The risks of an income drop "hit us hardest when we have extended ourselves financially to achieve our dreams," writes Hacker, adding that, if you face unexpected expenses, "setting aside even a small share of your income for retirement [is] a safety valve you can release by postponing your contributions for a while."

Don't Underestimate the Psychological Benefits of Saving

"Being in debt can be extremely nerve-racking, whereas saving regularly and having some sort of nest egg gives you a wonderful sense of control," says Jonathan Clements, director of financial guidance for MiFy -- a new advisory service from Citigroup -- and former "Wall Street Journal" columnist. "There's a real psychic value in having a small pot of money."

In a paper published in the "Journal of Economic Psychology", researchers Peter Lunt and Sonia Livingstone found a psychic payoff from saving even among people who had debt (something no economist would recommend given the typical interest-rate arbitrage).

"Those who save up out of their income at the same time as paying off debts (rather, say, than paying off their debts faster) felt more in control of their finances and more optimistic about their future than those who did not or could not save while having debts," they wrote, adding that regular savers worried less about "unpredictable changes in economic conditions."

Progressive Consumption Habits Are Hard to Kick

Roy Baumeister, author and social psychologist at Florida State University, studies how people resist temptation and change bad habits.

"Dr. Levitt's suggestion may make sound financial and economic sense," Baumeister wrote in an email from a writing retreat in Aruba. "But self control works like a muscle, and developing good habits of self control when one is young provides an important psychological foundation for later life." (Baumeister says his retreat was made possible, in part, by an early savings habit.)

New York financial planner Gary Schatsky agrees. "I understand at age 21 if you're earning $25,000 and you don't have the ability to save," he says. "But if you don't start early, you'll forever defer saving until some future period of time when your salary is higher, and allow spending to rise faster than it would have otherwise."

The Markets May Not Cooperate With Your Plans

In recent months, revolving credit card use has increased at its sharpest rate in seven years, as consumers who were using home equity to "smooth their consumption" find that the spigot has run dry. At the same time, the rules of the game are moving against debtors, as lenders begin to reduce credit card limits and damage credit scores.

Meanwhile, the shorter your time horizon, the lower the likelihood of getting the investment returns you anticipate. "Performance over a long period is better," says Schatsky. "There are many more poor 10-year [return] numbers than 20-year numbers or 30-year numbers."

Additional Consumption Won't Create Lasting Happiness

Buying more stuff in your 20s offers temporary joy and lots of inventory to sell on eBay in your 30s. A host of research -- see this, this, and this column - has found that material goods don't buy happiness.

"You lust after the new car, but three months after you purchase it the thrill is gone and it's just another thing you drive around town," says Clements. "Hedonic adaptation is something we cannot escape. The idea that consuming more is going to make us happy is a piece of financial foolishness."

Meanwhile, running up debt to consume in your 20s may come back to haunt you in your 40s. "If you're 22, you are wildly enthusiastic about your career and imagine working at it for the rest of your life," says Clements. "By the time you're 45, the world doesn't seem quite so exciting -- you start to think about changing careers, downshifting, working part-time. If you started saving diligently when you got into the workforce, all of those are options. But if you spent your 20s accumulating debt, you may have a totally secure job and no option but to go to the office in the morning."

Finally, as Farrell points out, nobody knows if the consumption-smoothing advice panned out for the great Nobel Prize winner himself: "All I know is Milton Friedman was working when he was 90 -- so who knows if he did well or not?"

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116 Comments

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  • Yahoo! Finance User - Wednesday, July 16, 2008, 12:35AM ET  Report Abuse

    • Overall: 1/5

    Most people (couples) in their 20's are trying to survive. Their families are young and they are going to make mistakes. I certainly did. Most people I know didn't really be able to save until their children were gone. If they didn't leave, they never saved. The so called experts need to get in touch with reality.

  • Yahoo! Finance User - Tuesday, July 15, 2008, 5:40PM ET  Report Abuse

    • Overall: 3/5

    From an investment point of view I would do the opposite of what Friedman said. It's best to borrow when times are good because you can invest that money and get a better rate of return on it. In general its best to just go with the flow and buy stocks that are strong in good times and bad (like at tinyurl.com/67asvx ). Also I think that Friedman really enjoyed what he did for a living which is why he worked until he was 90. If you love what you do, you're already retired!

  • Zoia Adam - Tuesday, July 15, 2008, 4:32PM ET  Report Abuse

    • Overall: 3/5

    Obviously if Milton Friedman was working up to his 90s then his advice is useless...save when you have lots of money, save when you have less money, save whenever you can because we can't foretell the future and we never know what might happen. It's bad advice to save when you have a lot of money, when you make a lot of money, you would like to buy a good home, a car etc...so save whenever you can...but don't save your money in the banks, credit unions, Insurance companies, because they give you low rate of return, find a mutual fund, money market where you can get a good rate of return..good luck.

  • Yahoo! Finance User - Tuesday, July 15, 2008, 2:17PM ET  Report Abuse

    • Overall: 3/5

    Solid information, but where you stash your money is just as important as when you start. Opening a Mortgage Savings Account is something every homeowner should consider. The money in the account offsets the principal balance on your mortgage to potentially save hundreds of thousands of dollars in mortgage interest, yet you have access to the money in case of emergency. If you are not familiar with the concept google "Mortgage Savings Account".

  • Yahoo! Finance User - Tuesday, July 15, 2008, 12:59PM ET  Report Abuse

    • Overall: 5/5

    When I was 18, I decided that I didn't want my parents to help with college, so I worked (manual labor) for a few years to save up the money. The intersting thing is that EVERYONE made me feel like a idiot for saving my money. They would actually tell me that I'm stupid for saving money. Now I'm 24 and have $120,000. I go to school full time, I stopped working because I don't need the money, and when I graduate I'll have zero debt (I have 0 right now) I'm looking forward to the stock market going even lower because I have $20,000 in cash to put in it. Saving money worked for me. I'm not a financial genious and I haven't been saving for 40 years. Saving didn't hurt me at all, because I never missed a penny of it. Now I have the rest of my life to let compunding work for me.

  • Celebrity Metallurgist - Tuesday, July 15, 2008, 12:31PM ET  Report Abuse

    • Overall: 1/5

    Stash you cash in gold and silver. Then run up your debt. The bank's are even nuts not to do this.

  • Yahoo! Finance User - Tuesday, July 15, 2008, 11:55AM ET  Report Abuse

    • Overall: 4/5

    To the bird who says that silver and gold are they only ways to protect purchasing power: What was the price of gold in 1980? What's it today? Nice return, huh?

  • Stephon - Monday, July 14, 2008, 3:21PM ET  Report Abuse

    • Overall: 3/5

    riches is very simple - slow and consistent. plain and simple. consistent 401k contributions over long time will net you a lot of money because you are receiving dividends, markets trend up, and you are dollar cost averaging. I hate people who compare sp2000 to today and say they are net 0. With dividends reinvested and picking up some funds during the bear market 2000-2002, you are handsomely up.

  • HanO - Monday, July 14, 2008, 1:30PM ET  Report Abuse

    • Overall: 4/5

    Definitely stash away some cash. I would reccommend pre-1965 dimes, quarters, and half dollars. Also pre-1982 pennies. With our banking system near collapse due to people thinking that housing is the best investment somebody else money can buy, one needs real liquid specie on hand just in case hell breaks loose.

  • Marty - Monday, July 14, 2008, 1:20PM ET  Report Abuse

    • Overall: 4/5

    Debt crushes you (as so many Americans are finding out or will soon find out) - get out from underneath it as soon as you can. Einstein said the most powerful force in the universe is "compound interest." - smart man! Live below your means - save early, save often and take control of your own destiny.

  • Yahoo! Finance User - Monday, July 14, 2008, 8:22AM ET  Report Abuse

    • Overall: 5/5

    Spock, let me see your Nobel prize. An abandoned home is Milton Friedman's fault? You must be kidding. Back in the 80's Friedman laid the foundation for the strongest economic boom the world has ever seen. You can look that up. Do you want to back track now (raise taxes, end free trade, etc.)? That's not change I can believe in.

  • binderzz - Monday, July 14, 2008, 2:12AM ET  Report Abuse

    • Overall: 5/5

    Oh? Milt Friedman again? Is this guy everywhere anymore? And he's not even still "here"!! "Don't save too much" is exactly what I'd expect to hear from Friedman. Too bad so many Americans have taken his advice to heart over the last 20 years and gotten all of us into the fine economic mess we're in, where income is going down while debt is piling up and savings is negative. Tonight I saw something I'd only heard about but didn't think had gotten to us yet: a $250000 home that's apparently been abandoned by its owner and the bank. A nice, new 3000 sqft home on 5 acres with garbage piled up in the front drive and the yard turning back into pasture. Someone, somewhere must still own it but it appears to have been abandoned for a year or two. The chickens are coming home to roost. It's too bad Milt ain't still around to see the fine mess he cooked up for America.

  • Yahoo! Finance User - Sunday, July 13, 2008, 1:11PM ET  Report Abuse

    • Overall: 1/5

    In inflationary times, real inflation rate is running close to 9 percent right now, the only way to store value and not lose money is to buy gold and silver. Thats it. No other way to guarantee no lose of purchasing power while you are saving money. Ask the guy from the 70's who worked all his life to "save" 100000. Hes going to retire on this amount? Ya right. Probably cost him 500000 in purchasing power to store that 100000 from 30 years ago. The dollar has lost 95 percent of its purchasing power since its creation. With such a horrible track record, and knowing eventually all fiat currencies become worthless, this article is financially irresponsible and incredible ignorant. I would hope this author would resign immediately.

  • Kim - Sunday, July 13, 2008, 8:49AM ET  Report Abuse

    • Overall: 1/5

    She is always last to the party. You need to stash cash during bubbles (e.g., during the tech boom of the late 90's and the housing boom of 1998-2006), and buy like mad after the burst bottoms. As more banks, investment banks and other institutions fail as housing prices contract 50% to get us back to historic ratios, you need to be buying houses and stocks as long as you have a stable job, not saving. Stocks will bottom in the next 18 months (down another 20%) and housing will bottom in three years (when you can get properties at auctions from whatever congress passes as the new RTC entity to liquidate bank assets at 30% of peak prices as long as you have cash). Not everyone was a moron and went into debt to buy McCrap Boxes for 500k or more a few years ago. Some of us were bright, and said hey wait a minute, local salaries dont support this, why not buy after the crash. This one is going to be historic folks, and will be in history books book for centuries. Some places like Miami, Las Vegas and San Diego are so over built, there are much more properties than ppl to live in them. Once we get all speculators and knife catchers out of the picture, prices will plummet. 15% drops or more during each of the next three years should be expected, and that is assuming the best case scenario. HGTV and your Realtor friends lied to you folks, they really viewed those that bought homes between 2000 and 2006 as stupid marks and they were right!!!!!!!!!

  • Robert J - Sunday, July 13, 2008, 6:12AM ET  Report Abuse

    • Overall: 5/5

    I　ｔｈｉｎｋ　she makes ｖｅｒｙ　ｓｏｕｎｄ　ａｄｖｉｃｅ. I too was a victim to "living beyond my means" in my 20`s but now living a more frugal life after marriage. Also, there seems to be a misconception that all debt is bad...but in some instances it makes sense to borrow (if the rate/terms are reasonable) and invest the funds. Personally, I think it`s paternizing and elitist by many of the commenters I`ve read so far to talk down to many average Americans about their ability or inability to manage their funds. Just because you went to University or are doing well financially doesn`t mean you are above people. I have an MBA and work for a commerical bank. Many of the so called "sophisticated" clients I deal with don`t have the acumen or common sense my hardworking, under-educated, generous Grandfather had. By the way, I lived in quasi-socialist Japan for 3 years.. so, for all of you "Socialism for the poor masses" folks, please go live in Europe or Asia for several years and come back and post your gripes.

  • Dehao - Sunday, July 13, 2008, 3:33AM ET  Report Abuse

    • Overall: 5/5

    One should also consider a fifth issue. One needs to consume or save with purpose and conscience.

  • Yahoo! Finance User - Sunday, July 13, 2008, 2:31AM ET  Report Abuse

    • Overall: 3/5

    A woman who worked with my wife was making good money but spent it all. Excellent insurance was available to her for $5 a week, that's right 5 bucks, but she claimed she could not afford it. At the same time she and her boyfriend were building a new house. She came down with leukemia, was evenually in remission, and was on the hook for all the medical bills. On two occaisions, where the wife worked, the direct deposits were paid on Monday instead of Friday and there was mass hysteria each time because so many people had checks bounce because there was no money in their account. Some claimed they had no money for food until the deposit came through. These were all people making decent money in a two income household. How many sleepness nights and bouts of nerves do all the spendthrifts go through regularly because they are too stupid to save even a couple of bucks. Any short term pleasure they got from partying through life was more than negated by the negative things, but still they do not learn. "To every life a little rain must fall" is more than just a corny saying.

  • kenneth - Saturday, July 12, 2008, 10:41PM ET  Report Abuse

    • Overall: 3/5

    Since childhood, we have been taught to save from our school allowance. We put them in piggy banks, saving accounts or simply, hand over our money to "mama" for future use. So now, whether in good times or in bad, I continue to save and live within a budget.

  • Flyer1 - Saturday, July 12, 2008, 10:03PM ET  Report Abuse

    • Overall: 2/5

    I tell my kids to start saving the day they get out of college - max the 401K matching funds. I have also showed them why with a speadsheet, adding their savings every year till they retire. We run through what if scenarios to see the impact. The best outcome is always to save early. But it is very difficult and complex with student loans, car loans, and saving for a house not to mention getting married and raising kids. God help you if there is health problems. I tell them they do not live in a socialized country and have to look out for themselves. I personnally feel we live in a very brutal society here in the U$A. We are the wild west of capitalism - very liberal capitalism - to the point of it being detrimental to our society. Take the current banking crisis for example. Unless you have a college degree and and a great job (which I do) you are destined for poverty. I feel that those that are not so fortunate are probably better off in a country that is more socialized. Face it, you can get a crappy job in any country, but some of the other countries provide education and health care, even housing and retirement benefits. I guess I am becoming more Socialistic lately because the working class in this country seems to be taking a terrible beating.

  • Jeff - Saturday, July 12, 2008, 8:19PM ET  Report Abuse

    • Overall: 3/5

    There are pluses and minuses starting saving earlier, had I saved more money earlier my ex would have taken more of it from me in the divorce! But my main concerns now isn't how much I have saved, but how does what I save effect my social security payments whne I draw momney out of my 401k. I heard that if you draw over 15000 that you reduce oyour social security 1 dollar for every 2 dollars you draw from 401k. If you work during retirment it gets even worse where you get nothing!

  • Yahoo! Finance User - Saturday, July 12, 2008, 6:33PM ET  Report Abuse

    • Overall: 4/5

    Just remember not to save US dollars, as there seems to be an ongoing plan in effect to steal people's dollar savings (via inflation) and transfer that money to Wall Street so the players can buy new Maseratis every year. Instead, buy something real. Blue chip stocks; gold; silver; farm ground, etc. Buy something Bernanke and crew cannot steal. They're already rich. Don't contribute to the problem. Be part of the solution.

  • Yahoo! Finance User - Saturday, July 12, 2008, 6:25PM ET  Report Abuse

    • Overall: 5/5

    Murp. Anal? wHERE ARE my things? Do you polish?

  • The Dreamer - Saturday, July 12, 2008, 6:09PM ET  Report Abuse

    • Overall: 5/5

    Laura...You make some valid points in this article. We have become a nation of consumption / consumerism. Always wanting more, bigger, better stuff. The slow down in the market place, the drop in housing values, the increase in oil and gas prices, all make for less spending money for vacations, etc. Some people in the US are currently having hard times making ends meet. Others are just starting to think about saving. If one doesn't want to work in retirement, they must save starting young ~ unless of course a windfall comes their way. I always try to remind everyone to NEVER STOP DREAMING! Be a Creator! Like the book "21 Days To Creating Your Dream Life" states, you can create your dream life - your own blue print. Will Smith stated in an interview that you must believe in your thoughts, your feelings, and ideas as they will become physical commitments. Don't focus on what's missing. Everyone wants and desires something different from life. Love life every day, every moment! This empowering book shows how changing the way a person thinks can radically transform their life; it’s an excellent guide to help get anyone on the path to creating success and abundance. It is a step–by-step inspirational guide with real life examples to leave a powerful and lasting impact in the readers mind. It takes the reader through the necessary steps to start changing their thoughts and beliefs so they can achieve their dream life. Original. Dream Board Publications, LLC. Paper. 188 pages. 6” x 9”. April. Author: Mark, Stephen ISBN-13: 9780981627502 http://www.stephenmark.com

  • sevenedge - Saturday, July 12, 2008, 6:00PM ET  Report Abuse

    • Overall: 4/5

    Sam you make a god point. MTV cribs doesn't agree with you though, and neither do I. I don't know if you are well-traveled or educated on said religions, but when you don't know any other lifestyle people tend to be happy even in dismal conditions. Around the world, lets say the Philippines; people are happy even though they need cash in hand to be treated and are victims to one of the most corrupt government systems I've seen. If you change it why be upset and ruin your health? I think that is admirable of them, but you should see the kids on the street in Europe and Asia (that includes Russia) and the amount of social problems prevalent there. Happy or not, you leave the US and you will be kissing the ground when you return. If we didn't make prozac as accessible as pez and unplugged the media machine that makes the Jonses appear next door suddenly we'd be getting somewhere. Here in the US we create issues by using money we don't have via HELOC'S and Credit Cards. If you rack it up that way, you deserve to be stressed. If you decided to go clubbing and not go/fail out of college, then you reap what you sow. It's quite simple, we get out border fences torn down fro a reason. If the global community is so hapy then good for them, but as a man educated abroad I see nothing to one up the US. On a fianancial note, I will leave an earmarked charity contribution that gives me 100k a year until death and live off my alternative retirement outlets. Nothing wrong with conventionality.

  • Sam - Saturday, July 12, 2008, 2:21PM ET  Report Abuse

    • Overall: 3/5

    In Hinduism & Buddhism, it is taught that desires bring unhappiness. There is no end to desires, after one is fulfilled another one comes into mind. Few years ago when world population was surveyed about happiness, they found that people who kept life very simple to be the happiest people in the world, and they are not from western world. When you keep your life style very simple, buy only minimal essential needs, happiness achieved this way will far exceed material consumption life style.

  • Jesse - Saturday, July 12, 2008, 7:45AM ET  Report Abuse

    • Overall: 1/5

    re comment: you DO NOT have to live with your choices. have you not noticed the elected LEADERS(?) you select take care of you with the money they TAKE from others while they do it right with THEIR SUPERIOR WISDUMB. YOU THINK THE WAR IS COSTLY . JUST WAIT A BIT.

  • familyman05 - Friday, July 11, 2008, 10:27PM ET  Report Abuse

    • Overall: 4/5

    Savings allows flexibility and option value. Friedman was married to his work and worked until he died ... if that is what you want to do then he is absolutely right, there is no reason to save. If you want to retire some day, or leave something to your heirs or favorite charity then saving is probably prudent. Everyone's situation is different, you have to make your own choices ... and live with the consequences.

  • Yahoo! Finance User - Friday, July 11, 2008, 8:40PM ET  Report Abuse

    • Overall: 2/5

    I think someone sung it best when they sung: "Oh, look at me in my fancy car, And my bank account... Oh, how I wish I could take it all down Down to my grave, God knows I'd save and save Man, take a look again, take a look again, Things you have collected, Well, in the end it all piles up so tall To one big nothing, one big nothing at all"

  • Mister Moose - Friday, July 11, 2008, 1:23PM ET  Report Abuse

    • Overall: 5/5

    Debt and consumption are the enemies of wealth. I have saved 20 percent of my income for 41 years… since age 20…and now I can come and go as I want, without a worry. Life is good!

  • Santiago - Friday, July 11, 2008, 1:21PM ET  Report Abuse

    • Overall: 2/5

    It all depends. The advice isnt quiete right for everyone. I had no 401-k in my first job (I am now 25, started at 21). Without a 401-k all I could do that was of value was pay off debts (interest rates on savings were low, so a Roth seemed pointless, I wasnt ready to enter the stock market). By 23, having no emergency stash, I paid off my student loans and my car loan (combined around 40,000, I had a salary of 36,000). I switched jobs to get a 401-k, get a 75% match and am now saving. Interestingly enough, I learned another trick, that is you can Borrow to Save. If you can find quality investments out there and you can find low interest loans, you can make a lot more money by borrowing and investing what you borrow, than simply using Dollar Cost Averaging. No one talks about this, and it is the most valuable tool I have ever learned. I now have quiete a bit saved up, and my loans dont even affect my quality of life. Why isnt any of these experts trying to help people get rich?

Showing comments 6-35 of 116<< PreviousNext >>
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