8 New ways to think about financial security

Generation X is the first generation in American history that earned less than their parents. Generation Y is the most in-debt generation in American history (and the early American colonies were built on indentured servitude, so that’s saying a lot.) We are in an era of financial ruin. Generation Z will face this with a sense of inevitability. They will feel it is their job to stabilize the failing economy and acclimate to a much lower standard of living.

In the meantime, you are not Generation Z. And you are probably wondering how to adjust to the idea that you do not have the level of financial security you had imagined you would at this time in your life. I have done my own adjusting to this harsh reality, and here are some ways that I’ve shifted my thinking. Read more

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How to understand your relationship to money

Here’s a phone call I had with the Farmer, last summer, when I was at a cello institute with my son:

Me: We have bites everywhere. We are never going blackberry picking again.

Farmer: I don’t have bites. I don’t think it’s blackberries.

Me: They are itching. They are mosquito bites.

Farmer: I think they’re bed bugs.

Me: Country people always think bed bugs! It’s a country thing to think bed bugs are everywhere. I’d know them if I saw them.

Farmer: Well mosquito bites don’t show up two days later.

Two days later, I was up late, reading because I was too itchy to sleep, and a bed bug crawled across my son.
Read more

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Work for yourself without financial worries

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I am in Boston having post-traumatic stress syndrome from being too close to the town where I went to college. The kids are doing a music workshop and it’s in Newton, which is very close to Waltham, which is where I went to college. So I thought travel planning would be easy since I know my way around. But the cab pulled up to the hotel and I realized it was the hotel where I lost my virginity.

It was not a good scene. Well, the first time I was there was definitely not a good scene, but this time was not either.

“Mom! I don’t want to leave the hotel!”

“Mom! I like this hotel! I want to lay in bed and watch TV!”

I took half a Xanax and we changed hotels. Read more

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Attention to problems matters more than solutions to problems

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Fortune magazine has started reporting about family in corporate life.

We all know corporate jobs are messed up. Fortune magazine is a monument to how messed up corporate life really is. In November, Fortune wrote that the company that Sheryl Sandberg, a working mom, runs, has employees “on lockdown” and their kids come to the office to say goodnight before bed.

In December Fortune reported that to get his almost-top spot at GE, John Krenicki relocated his family 11 times while the kids were growing up. Working at GE requires the same type of sacrifice from a family that the US expects from military officers. Read more

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8 Lessons about money I learned from my family

When I was growing up, we had stuffed lions from Harris Bank. We had enough Hubert Harris lions to make a whole zoo.  The lions made sense to me, because I thought of the bank as a warm and fuzzy place.

Really, to understand what I’m talking about, I need to tell you about money in my family. And what I learned about money from living the life of a rich kid

1. Big money comes from areas of big chaos.
The money started coming to my family when my great-grandpa got a law degree in the 1920s in Chicago. He didn’t have any clients, so he hung out at the jail, looking for people who needed a lawyer. It turned out that the only people who landed in jail who could reliably pay for a lawyer’s help were prostitutes.

My great-grandpa did a good job representing them, and consequently, he met Al Capone, who was the money behind the prostitutes. Soon my great-grandpa became Al Capone’s lawyer. Read more

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7 Big relocation mistakes

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Last fall I took my kids to Hermosa Beach. It was a big moment for me because the whole time I was playing professional volleyball, in my 20s, I dreamed I would have a family and live in Hermosa.

It’s a great beach town with top-notch volleyball. There’s proximity to good career opportunities in the LA area, and a culture of kids growing up with sand in their hair.

The day we arrived I realized that it might be really hard to leave. I worried that maybe I’d never go back to the farm. And the more the kids loved the water, the more closely I looked at For Rent signs. I thought maybe I could split my time between the beach and the farm.

But then something happened. We didn’t miss only The Farmer (who doesn’t like to leave the Farm). We missed the animals, and the feeling of being in a cozy warm house surrounded by snow.

Which made me realize that when we think about relocation, we think about the wrong stuff. Read more

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How school affects future earnings

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The best way to understand earning power—no matter what your age—is to understand the factors that go into it. For example, most people who have careers that are plateauing usually have a learning problem that manifests itself as an earning problem.

And for parents, schooling discussions are really earning discussions. Because you can say that kids with a love of learning are lifelong learners (essential for workplace success today), but truly, who wants an unemployed Ph.D candidate? You don’t want a lawyer who can’t get a job because of poor social skills, you don’t want a kid with perfect SAT scores who marries for money because supporting oneself seems too hard. Every parent wants to raise a kid who is capable of supporting himself and capable of finding engaging work for a stable life.

Here’s how schooling affects earning power. Read more

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When it’s OK to take a pay cut

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The farmer is separating his farm from his parents’ farm. To say this has been a summer full of drama would be a total understatement. I would say that the drama has gone from his larger family, to our little family, and now, to the economics of the farm.

This is probably where the drama should be: The Farmer is essentially starting a new business. I have always thought he would do a great job on his own and it’s been fun to watch him.

He is experimenting, trying to figure out what he wants. This summer, for example, he let the pigs graze in our field of sweet corn after the season was done.

Read more

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Career ruin: homeschooling

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When people tell me they want to stay home with their kids and they can’t afford it, I want to yell at them about how when I was trying to write freelance and take care of the kids I had a babysitter refuse to come to the house because we had no food in the house. We had no food in the house because we had no money. I bought food on a day-to-day basis. That was me, affording to stay home with my kids and not work.

I must also admit that I ended up in a mental ward. Maybe from postpartum depression, but probably from the stress of being the sole breadwinner and a stay-at-home mom.

I am having flashbacks. Because I’m homeschooling now — both boys. I never really believed I’d do this. When I launched my homeschooling blog I actually thought I was just exploring a trend. I thought I’d just write a little about how it’s clear to me that there is about to be a homeschooling revolution.

But that’s not what happened. Read more

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Unhappiness is good for you

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It’s hard to confess to you that I’m happy on the farm. The Farmer and I are getting along well, and all that research about how if parents are in a happy marriage the kids are happier — well, that seems to be true for us.

So I spend my days writing career advice and reading about goats and figuring out how to make enough unleavened desserts to keep the Farmer from hating Passover. When I need a break from thinking, I plant my vegetables in perfectly straight rows and hope for no more snow.

The thing is, though, that it is not my nature to be sunny and bright.

Now there’s a study to support my instincts toward stress and anxiety. According to Leslie Martin, author of the new book, The Longevity Project, stress and anxiety that arise from working hard at something that is engaging and exciting to you is actually a more healthy way to live than in a regular state of cheerfulness. Read more

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