I recently arrived at the end of two relentlessly and unexpectedly chaotic years. It was all I could do to keep my head above water. I coped by hurriedly chucking things into cupboards any which way, abandoning cleaning routines for a lick and a promise, stacking files on surfaces (floor included) instead of putting them away—you get the picture.
Finally I gained some breathing space and have spent the past couple months bringing order out of the chaos. Continue reading
Last fall I discovered that people in the book industry speak about a book “going live.” I think it’s an appropriate term. Having just been through the book production process, I feel as if I’ve given birth – to an elephant!
It’s name is Conscious Spending. Conscious Life: An uncommon guide to navigating the consumer culture. Continue reading
Soon. And I have the evidence to prove it. This is a photo I took right after the print proof arrived. Very exciting, as you might guess!
Careful review revealed a few goofs that escaped our scrutiny of the final digital proof. Continue reading
We live in a culture of excess. Over the top. Hyperbole. It’s a challenge to maintain perspective, or what my grandmother referred to as a sense of proportion. Blowing things out of proportion was not a cool thing when I was growing up. Yet it so easily happens. One thing leads to another, and pretty soon… Continue reading
To make meaningful lives that work for us, we need mental space. How else can we be open to seeing and hearing the prompts and opportunities that occur around us? Serendipities will slide right by us if we don’t recognize them and respond. Recently, Frans Johansson wrote an interesting blog in the Harvard Business Review about the role of serendipity in business success—not only his own, but also unexpected moments that forever changed life for the owners of Microsoft and Google.
I’m a fan of serendipity myself. That’s how my book title appeared after more than six months of searching Continue reading
There’s a good possibility our children will be poorer than we are, according to Kevin Press in a recent “Today’s Economy” blog . If productivity of the Canadian economy doesn’t improve, he says, our children will not experience the standard of living we enjoy.
It strikes me that kids raised in a consumer culture have been put in a very difficult position. The conditions of their upbringing have set them up for a fall Continue reading
The economic system depends on high levels of consumer activity. The more we spend—the more mindlessly we spend—the better for the economy. Never mind what it does to the lives of those who spend beyond their means and end up deeply in debt.
Over-indebtedness is a frequent media topic these days because it has become a fact of life in the consumer culture. Concern is not just about the magnitude of the debt load, but the rapid increase Continue reading
The consumer culture has become a complicated and complex place to live. Dealing with money is no longer simple and straightforward.
It’s easy to make financial mistakes that haunt us for years, yet insights to help us navigate through the tricky parts of the system are fragmented and inconsistent.
I observed this during my 27 years teaching a college course in consumer economics, and it concerns me. That’s why I wrote Conscious Spending, Conscious Life. I hope this book will bring coherence and consistency to the way we think about money and how we deal with it.
There are so many things that people just don’t know. Early on, I discovered that many students thought if they made the minimum payment on their credit card balance, they weren’t in debt. They used their credit cards and paid the required minimum, thinking they were doing the smart and adult thing.
When we see situations in their true light, they come into focus in a new and clearer way.
Here’s an example:
$3172 in purchases on a credit card at 18.5% with minimum payments of $63/month.
Assuming nothing else is bought on this credit card and the minimum payment is faithfully made each month, the last payment will be made 42 years and 8 months later, according to information printed on the credit card statement from which this example was taken.
Over those 42 years, interest amounts to $9,451. That is three times the cost of the goods themselves! A total of $12,263 will be paid for purchases worth $3172.
Knowing this is an eye-opener. Knowing how to find this out for ourselves is a game-changer. For that reason, I include many links to information sources such as the Financial Consumer Agency of Canada.
When we ask questions—i.e., how much will this really cost me?—and independently check out the answers, we are less likely to make long-lasting and serious mistakes because we understand the implications of the actions we take. In other words, we are acting consciously.
The way to beat the banks at their game is to only use your card as a convenience, not as a way of living on money you don’t have.
When you use a credit card as a convenience, you use it to facilitate making purchases during the month, and then unfailingly pay the entire month’s balance on the due date, not just the minimum payment. In that way, you do not pay any interest to the bank for using the card each month. But that is only true if you pay the balance off in its entirety every month by the due date on your statement.
In a consumer world, it’s incredibly easy to make poor choices that haunt us for years. The best defense is conscious spending. I developed my ideas on this during the many years I taught a college course in consumer issues. During that time, I could not find a book that covered our down-to-earth but wide-ranging discussions and assignments. I’ve now written this book, which will be available in November 2012.
However, completing a book does not complete a conversation or full exploration of these matters! Follow my blog to find things to think about, practical advice, and some surprises.