Happy Healthy Long Life

Get Depressed and Then Cheer Yourself Up! The Crisis of Credit Meets The Sound of Music

First Get Depressed

Everyday for 2 weeks now my husband has asked me if I've watched the video he emailed me.

I say, "No, not yet, but I will. Thanks for reminding me."

It's called the "Crisis of Credit. The Short & Simple Story of the Credit Crisis". 

He says, "You've got to watch it.  It will explain how the country's gotten into this mess." 

Now you can understand why I wasn't rushing off to the computer to watch it.  Depressing, potentially boring--a possible snoozer.

He says,  "It's only about 7 minutes long--it's really good--in fact it's so good that I've watched it about 4 times already."

OK.  He just asked me again today and I can't delay any longer.  I watched it.

He was right.  It's really good!  It's easy to understand & it makes simple the hard to understand. Even for me.

He was wrong about one thing, though.  It's not 7 minutes long--it's 11 minutes long.  Relax, that's not really so long.  Watch it now, or I'll remind you about it everyday for two weeks.

My Big Tip:  If you're not ready to get depressed right now--at least get happy & skip down to "The Sound of Music" - unless, of course you've already seen that video.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Now Get Happy - Cheer Yourself Up

Click Here If You Don't See The Video (thanks to Gretchen Rubin's mother-in-law for this one!)

An Alternative to Layoffs. The Many Benefits of a Shorter Workweek to Families, Communities, Employers, and Mental Health

                    

In such a climate, any cost-cutting is to be expected.

I'm actually quite happy that I can work a shorter work week. It makes for a more balanced work life.

-Ms L.C. Tay, executive at MediaCorp in Singapore-

Look, no one can afford to lose their job.  And no one rejoices about earning less.  But given the choice of losing one's job in a less-than-flat job market, or working a shorter workweek - with prorated benefits - what would you choose?  Yesterday's New York Times' article, "An Alternative to Layoffs: The Shorter Workweek"  by Hannah Seligson caught my eye this morning.  My husband & I have been living the shorter workweek for years now--and we wouldn't have it any other way.  It's time to start thinking out-of-the-box!

Anyone Remember the Eighties?

1982.  I was pregnant with my second child, the real estate market was at a standstill, mortgage rates were sky-high and we had just purchased a new home.  At the time my husband worked two part-time jobs--by his own choice.  One as a half-time professor, one as a half-time practitioner.

Soon after the house purchase, the "boss" of his "practitioner" job wanted him to either "buy in" to his business or leave.  My husband decided to strike out on his own. Suddenly we were without a guaranteed weekly income, and we were strapped with a mortgage and a big business loan.  I was plenty scared.

People were getting laid off left & right and the new job I had just taken had recently hired a big consulting firm to figure out how the hospital could cut expenses. 

The Upside of the Downside

• Eventually,  all those job uncertainties settled into an unexpected-but-perfect solution for our family-with-young-kids.  I dove-tailed a three-day work week with the three-day work week of my husband's fledgling solo business.  He stopped teaching to devote all his energies to his new endeavor.  In his field, which demands intense concentration - working 3 days a week had tremendous mental health benefits and flexibility.
• My large hospital provided part-time employees with family medical benefits at 1/2 cost, commensurate paid-time-off, a tiny commensurate pension and an employee-funded retirement plan.  I've been my family's source of health insurance since 1989. 
• With 2 part-time jobs we needed much less child care, and over the years the entire family benefited from our at-home presence.
• We were available for our kids.  We were around for car-pooling.  We were around for the inevitable sick days. My husband was around for coaching after-school soccer and baseball and leading Indian Guides.
• We had the energy to cook family meals, stay fit & not burn-out.
• I know we were lucky to have professional jobs that afforded us both the flexibility & income to be able to knit together this "part-time work" lifestyle - but in this dour economy, it just might be the solution to even larger-scale layoffs.
• How did we make this work?  We were lucky to "enjoy living on less".  We've stayed in the same modest house for over 25 years.  We drive our cars until we have to give them away.  We don't like to shop.  Lucky us!  Read, "Secrets of a Sound Marriage.  Marry Your Financial Soul Mate."

A Solution to Unemployment

Back in the eighties people fell into one of two groups.  You were unemployed or you were over-employed, working your tail off to compensate for the layoffs in your company.  People were working too much - or they weren't working.

In the nineties and over the past decade it was the norm for both parents to hold down jobs.  We were consumers of bigger fancier homes, expensive cars, and more "toys" and "clothes" than anyone needed. 

If you work full-time and have children at home, how do you have the energy for them, let alone yourself?  It's not easy and too much to ask of anyone.

I remember thinking, "Why don't we all decide to live on less, work part-time, have full employment, afford parents the benefits of spending more time with their kids,  afford empty-nesters with more time to care for their elderly parents, more time to volunteer, more time to exercise, and more time to just enjoy life?  It's a win-win solution for families, communities & the workplace.

No one gets burned-out working part-time!  Less time is wasted by part-time employees who know they have a limited time to get their work done.  Part-time workers are generally happier than full-time workers, provided they have enough money to make ends meet--which may mean figuring out exactly what we really need to get by.

Once the Kids Were In School and Beyond

• When I took my present job 20 years ago my boss asked if I would be interested in working full-time after my kids were in school.  I said, "Probably.  I'll have to think about that."
• Once the kids were in school I still wasn't interested in working full-time.  There was the after-school-time to supervise, my dad had major health problems and my mom needed help,  and there was a house and family to take care of. 
• As for my husband, working 3 days a week left him time to devote to community service, as well as plan and organize volunteer-service trips to Mexico and Honduras.  He was able to take care of the business side of his practice on his "at-home-days".

I Don't Have All the Answers & We're a Study of One (N=1)

• OK I'm a complete amateur here--but...I'd rather have our government spend money on supplementing (or providing tax incentives to) businesses to provide full-time health benefits to part-time workers, and reward businesses for keeping employees working part-time rather than laying people off. I'd rather have our government work towards full employment than spending  money for unemployment benefits and Medicaid for the unemployed. 
• The benefits of full part-time employment can be tremendous--provided families can support themselves. 
• It is possible to downscale our consumer appetite for things--it's happening already--and to enjoy the many benefits of the SHORTER WORKWEEK. 
• But, first we need to do a little rethinking about, "What's really important?  How much money do we really need to get by?  How much value would we put on having an extra "free" day or two off of work?  How much happier would we be if we weren't so stressed by working full-time and juggling a host of non-work responsibilities at the same time?"

Money Well Spent: In the Pursuit of Health, Calming Quiet, Cozy Warmth & Excellent Dental Care

#6 on Gretchen Rubin's Ten Tips for Being Happier:  Buy Some Happiness

I’ve learned to look for ways to spend money to stay in closer contact with my family and friends; to promote my health; to work more efficiently; to eliminate sources of irritation and marital conflict; to support important causes; and to have enlarging experiences.

-Gretchen Rubin, author & blogger-

Look, I know this is not the time to advocate spending money--but then again--a lot of businesses will be helped greatly if we can loosen up our purse strings a little.

I don't spend money easily.  I don't like excess.  And I don't like to shop--except for food & books.  My parents were young adults during the Great Depression, so their lessons of thrift definitely have rubbed off on me.

But...this year I've purchased a few things that I would describe as MONEY WELL SPENT!

I use them almost everyday, & they've brought me and my husband:

• Good health with little effort
• A quiet home where it's easy to read & think
• A warm cozy bed even with our thermostat set to 58 degrees
• Excellent dental care with germ-free toothbrushes

In Pursuit of Health - The Vita-Mix 5200

• Yes, I know you are all ready to shoot me if I say one more thing about my Vita-Mix & green smoothies--but believe me, I too, was once a skeptic!  And I don't part with money easily.
• We use this blender everyday, and at a hefty $450 I figure that at $1/day for a year & 3  months it's worth it.
• There is no way is the world that I could eat 5 cups of kale, spinach, Swiss chard or spinach; an orange; a kiwi; mixed berries; 5 carrots; an apple; some pomegranate juice & 2 TBS. of ground flax seed in one day.  But I can put it all into this incredible blender, add some water or ice & VOILA--I have a delicious drinkable, portable breakfast & mid-day snack.  You cannot believe the power of this contraption.
• I use it to make salad dressings, to instantly puree vegetable soups, make my own tahini, hummous, all-fruit sorbets, and more.
• It cleans in seconds & there are no annoying parts to take apart like in a food processor.
• To read more of my annoying green smoothie discoveries, click here and here

 

In Pursuit of Quiet - The Acoustic Research 900 MHz Wireless Stereo Headphones with autotuning - Model AW772

• My husband loves his TV time--especially loud WWII videos, like The Band of Brothers--Seinfeld reruns & anything on SPIKE.  I like to sit in our cozy Library/Den with him, but honestly, the noise is so annoying!
• My sister clued me in to the idea of wireless headphones that allow one to watch TV or listen to  music--have the volume as high one likes--and not disturb anyone else.  She bought a pair of these for my brother-in-law #1 for Father's Day.  He said it was a gift for her, not for him--but Oh Well--that's my sis!
• Back in September I wrote about  My husband's promise:  He's buying wireless headphones to use when he wants to watch TV & I want to read or write. Or vice versa.  Why be mad, distracted, or have to read the same page over & over again when you can buy wireless headphones for your TV?  Viva the silence!
• He bought them--he loves them--and so do I!  I can't begin to tell you how wonderful it is to not have a loud TV in the background when I want to read, write or think.  In fact, I can cook in the kitchen while listening to the radio (NPR of course), while hubby is less than 5 feet away in our den watching Seinfeld.  It's AMAZING!
• Another plus--since they are wireless, he can walk into his office, go get a snack, wash some dishes & keep listening to whatever he wants to listen to.
• Only downside:  When he has his headphones on he can't hear me (I guess that's an upside for him) unless I get right next to him & tap him on the shoulder.
• He picked the Acoustic Research brand by going to our small town's electronics store so he could support the local economy & get some expert advice on a reliable model.  Expect to pay between $65-$120 for a good pair--I think.
• I think wireless stereo headphones would also be the perfect solution for anyone who has to share a tiny 1 bedroom or studio apartment with a roommate.

In Pursuit of Warmth - The Sunbeam Heated Mattress Pad with dual controls

• We set our thermostat to go down to 58 degrees when we go to sleep.  Natural gas prices are sky high. Even with a sheet, a quilt & a down comforter, last winter I had to resort to crawling into a down sleeping bag to get warm enough.  Needless to say, my husband wasn't too happy with this.
• This Fall, I spotted a queen-sized Sunbeam Heated Mattress Pad at Costco for about $75 & thought I'd give it a try.  After all, Costco will gladly accept returns if you are dissatisfied with a product.
• We both LOVE this mattress pad--which I know sounds slightly looney.  It's got a nifty Preheat setting that we set fifteen minutes before crawling into bed, & each of us has preset our preferred temperatures--I'm comfortable with Low, and hubby who doesn't wear PJs likes #3.
• Now we only need a light-weight quilt to stay warm through the night.  No need for the down comforter.  And the house is a cool 58 degrees.  We could probably even go lower!
• There's even an automatic shut-off that turns the pad off, should you forget, after (I think) 10 hours.  And of course it has multiple adjustable temperature settings for both sides.
• Save Energy & Save Money.  Calculating with March 2008 Energy Information Administration forecasting---if you can lower your thermostat 8 degrees, 24 hours a day, 25 weeks a year, you save up to $131 a year.  That's a pretty good dollar return for a $75 investment, not to mention a cozy warm bed!

In Pursuit of Excellent Dental Health - Phillips Sonicare Flexcare 2 Handle Toothbrush All-in-one Sanitizing Charging and Storing Unit

• Full disclosure here.  My husband is a dentist and we've used the original Sonicare model for years.
• This new Flexcare model came out about 6 months ago--and there's no comparison to the older model.
• The pluses:  There is a timed Maxcare mode that keeps that toothbrush oscillating in your mouth for a full 3 minutes.  The average person brushes for less than a minute with an old-fashioned toothbrush.  If you want a quick brush between meals--there's a 1 minute Go-Care setting.
• Ultra-violet light sanitizer is included & it kills up to 99% of E. Coli & streptococcus Mutans, not to mention assorted cold viruses.  Since we all keep our toothbrushes in the bathroom & flush the toilet with the seat up--I think you get the picture.  The sanitizer is a closed-door unit keeping your toothbrush away from any nasties.
• If you travel, the set includes a portable travel charger--a nice convenience.
• My last dental check-up was absolutely the best I have ever had.  My dentist could not believe it.  It was as pretty close to perfect as you can get.  He would not conclude that it's the Flexcare--but I've done nothing else differently.  Again Full Disclosure:  I floss my teeth daily.  I apparently hold my toothbrush at the correct angle (a must do!) & I Only Brush My Teeth Once a Day in the Morning.  I say it's the Sonicare Flexcare  that is giving me excellent dental health.
• This unit is not inexpensive.  I saw it online at Costco for $160.00.  But with new research coming out weekly about the connection between good dental health, inflammation & heart health--I think it's a small price to pay.  It's all about prevention in my book!

Google to the Rescue! Eric Schmidt & GE Are Working on Alternative Energy & They Have a Plan

"Think about it. It would create a lot of high-paying jobs; the jobs would be in interesting places where there's a joblessness issue: rural areas, places with a lot of wind, a lot of solar, a lot of heat. All of those would contribute to energy security. The next wars are all going to be about oil, aren't they? Why don't we remove that from the equation? And as a byproduct, really make a dent in this climate-change issue."

   --Eric Schmidt, Google CEO--

Finally, some good news.  With Wall Street investment banks collapsing and news of wacko investment practices like "Naked Short Selling" it's starting to look as if our whole financial system is nothing but one giant Ponzi Scheme (this definition comes straight from the SEC), and now we're left holding the bag.

I first heard about "Naked Short Selling" and learned who Christopher Cox was on Sunday's  "This American Life".  By the way, if you haven't heard by now, he's the Chairman of the SEC who was asleep at the switch.

Now you too can listen to Alex Blumberg's chilling broadcast of "Naked Short Selling".   It's 20 minutes long, but it's worth a listen. Click Here!

And if you want a clear explanation of what's going on in our economy, read yesterday's "Freakonomic's"  in the New York Times. Click Here.

Oops, I got carried away.  I'll make this quick because I really must get going.  Here's the good news from Google & GE.  I heard it last night on the way home from work & if you read my post about Thomas Friedman's new book, "Hot, Flat, & Crowded", this really is a breath of Fresh Air! Someone just may be minding the store--at least the Energy Store!

Here's What Google & GE are working on:

All Things Considered, September 18, 2008 · A partnership between Internet search giant Google and General Electric is designed to invest in — and promote — technologies for renewable energy.

The plan for the partnership, announced Wednesday, is to establish renewable-energy plants, promote plug-in electric cars and transform the nation's electricity grid.

Although it's an Internet company, Google has a vested interest in renewable energy because it consumes a vast amount of energy — and contributes to waste — with its data centers, says Google Chairman and CEO Eric Schmidt.

"Understand that the energy prices drive the cost of Google," Schmidt tells NPR's Michele Norris. "So if we can spend money now to save money in the future, that ultimately produces better long-term shareholder value."

Schmidt says Google has been studying the grid to ensure that the company is "doing the right things."

"The story's not good — the electrical grid and the power transmission have had very little investment over the last 20 or 30 years," Schmidt says. "While all of us have ended up with our digital cameras and mobile phones … the underlying infrastructure that we use does not have the kind of technology investment that it should have."

The program will include both a research push to refine new clean energy sources and a lobbying effort meant to push policymakers toward smarter distribution paths.

Schmidt says the broader implications surrounding energy and climate change are compelling.

"If you assume that the two largest issues in the world are the possibility of death by nuclear bomb — nuclear proliferation — and climate change over a 50- to 100-year period in terms of the number of people they're going to affect," Schmidt says, "[for] at least one of the two most important things in the world, we can help."

As the head of a technology company looking at how things are used, Schmidt says he's privy to the incredible amount of waste generated in the country — and he acknowledges Google is a contributor.

One solution for the company to cut down on electricity waste was to put its data servers near dams, which have "excess electrical load and capacity," Schmidt says.

Unfortunately, Schmidt says, the company has "run out of places to do that kind of power."

Schmidt says that by 2030, the U.S. should be using renewable energy for 100 percent of its power generation. He adds that the company's calculations show that this is a conservative estimate assuming constant use.

He suggests the federal government put together a stimulus package to try to redo the energy infrastructure in the U.S.

"Think about it," he says. "It would create a lot of high-paying jobs; the jobs would be in interesting places where there's a joblessness issue: rural areas, places with a lot of wind, a lot of solar, a lot of heat. All of those would contribute to energy security. The next wars are all going to be about oil, aren't they? Why don't we remove that from the equation? And as a byproduct, really make a dent in this climate-change issue."

 

New York Times: The Secret of a Sound Marriage? Marry Your Financial Soul Mate!

"Marrying a person who shares your attitudes about money might just be the smartest financial decision you will ever make.  In fact, when it comes to finances, your marriage is likely to be your most valuable asset--or your largest liability."

   -Tara Siegel Bernard, "The Key to Wedded Bliss?  Money Matters"   NYT Sept. 10, 2008-

When I read Ms. Bernard's column last night I  had an ah ha moment.  She's absolutely right.  Yes, love is a key ingredient to a solid marriage, but as Betsey Stevenson, a business professor at the University of Pennsylvania says:

"A lot of the debates people have about money are code for how we want to live our lives.  A lot of of the choices we make in how we want to live our lives involve how we spend our money."

And Susan Reach Winters, a divorce lawyer in Short Hills, NJ agrees:

"Most people think people break up over sex issues and children issues--and those are issues--but money is a huge factor in breaking up marriages."

How much money do you think you need to be happy & secure?  What's more important to you, money or time?  Are your a saver or a spender?  Are you a bargain-hunter or do you want the best brands?  Are you an impulse buyer or someone who waits & thinks it over?  Can you live with debt or do you aim for the debt-free life?  Big house-little house?  Expensive car-Modest car?

And the big question?  Are you & your spouse in agreement on these questions?

When I got married at 21, almost 37 years ago it was the early 70's.  Still the Woodstock, back-to-the-land, anti-establishment era.  We didn't think we needed much money to get by or be happy.  And we lived on my big $5100 a year while my husband finished grad school.  Our parents said, "You'll see.  Money will matter to you one day."

Yep, they were right, money matters, but who knew at age 21 how lucky we were to marry our  "financial soul mates".    I'm probably the more conservative one of the two.  At birthday, anniversary times, or on vacation, hubby always say, "I wish you liked jewelry.  I wish there was something I could buy you." 

We've been in our 1960's era house for over 25 years.  It's still a work in progress.  We buy our cars & drive them for over 10 years.  We hate to shop.  We like to save. We both work less than 5 days a week.  But, we don't think twice about buying high quality healthy food, athletic equipment, or books; making charitable contributions, investing in our kids' education, or going on modest-cost vacations. 

So, here are the Seven Keys to Wedded Financial Bliss according to the successfully married and experts on psychology, divorce and finance:

• TALK AND SHARE GOALS
• RUN A HOME LIKE A BUSINESS
• BE SUPPORTIVE OF CAREERS
• ENJOY, BUT WITHIN REASON
• USE A MEDIATOR IF YOU HAVE DIVERGENT FINANCIAL GOALS OR STYLES
• MAINTAIN SOME INDEPENDENCE
• INVEST IN YOUR MARRIAGE--SPEND TIME & MONEY TOGETHER!

And as I wished Dave & Emily on my blog post on the eve of their wedding,

May you have enough money to feel both secure and generous.  Not so much that you become out-of-touch & spoiled.

Cash or Credit Card? Does It Make a Difference? It Does To Your Brain & Your Future

Think what you do when you run in debt; you give to another power over your liberty.

~Benjamin Franklin~

 I'm no economist--in fact, I never took an economics course.  But I remember how it used to be, back before 15 year olds had credit cards & shady mortgage lenders were authorizing $400,000 mortgages to people who earned $25,000 a year.

Yesterday, David Brooks offered up some sobering facts about how far we have come from Benjamin Franklin's ethic of "hard work, temperance and frugality".  His  NYT Op-Ed piece stems from a recent report on the sorry state of our "financial decadence":  For a  New Thrift: Confronting the Debt Culture.  Brooks calls this one of the most important economic reports you'll read this year.

What does any of this have to do with health and happiness?  Plenty.  We're all in this mess together.  As Barbara Dafoe Whitehead, the author of an essay that summarizes the New Thrift says, "A society in which ever more of us are over our heads in debt--a society in which a place like Bedford Falls* seems no longer to exist, except in our fading collective memory--is unlikely to remain a thriving society for very long.  *(Remember Jimmy Stewart's It's a Wonderful Life?)

Anyone Remember the Seventies?

• We had to have at least 20% down to buy a house--the monthly mortgage payment couldn't exceed 25% of our net income--the bank was local and there was a very strict qualifying process.  Most banks would consider only 1 person's income for qualification.  After all, what if you start a family? Our goal was to make extra payments whenever we could so we could pay off our house ASAP.
• I bought my groceries with cash & since this was before calculators, I used a red plastic counting gizmo to count everything up before I  got into the check-out line.  I would have been mortified if I didn't have enough money.
• It was extremely hard to qualify for a credit card, and even harder to get one if you never had one.
• If you really wanted to buy something & didn't have the cash, you would put it in "WILL CALL". You didn't get your merchandise until it was paid for. Or, you saved up until you had enough money to buy what you wanted.

Today

• Between 1989 and 2001 credit-card debt nearly tripled, from $238 billion to $692 billion.  By last year, it was up to $937 billion.
• You're either in the investor class with tax-deferred savings plans and financial advisors, or the "Lottery Class"--no 401 K's, just credit cards, payday lenders & lottery agents.
• 56% of students in their final year of college carry four or more credit cards.
• Households with incomes under $13,000 spend, on average, $645 a year on lottery tickets, 9% of their income.

Neuroeconomics-Credit Cards & the Brain

• Jonah Lehrer, a young savvy science writer who writes and blogs about neuroscience has some great insights into the perils of plastic.
• "When we buy something with cash, the purchase involves actual loss-our wallet is literally lighter. Credit cards, however, make the transactions abstract, so that we don't feel the downside."
• George Loewenstein, a neuroeconomist at Carnegie Mellon says, "The nature of credit cards ensure that your brain is anesthetized against the pain of payment."  He demonstrated this with brain imaging.
• An MIT study published in Marketing Letters, called "Alway Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay", set up an interesting experiment.  The researchers organized a real life sealed-bid auction for tickets to a Boston Celtics game.  Half the participants were told they had to pay with cash; the other half were told they had to pay with a credit card. Guess what? The average credit card bid was twice as high as the average cash bid.  Using plastic promoted reckless spending, making it much easier to spend beyond one's means.

For anyone over 40 who remembers what it was like with local banks & bankers who cared about the community, manageable college tuition & student loans, family-owned businesses and no credit cards--it really is an out-of-control economic landscape.