Personal Finance Tips from the Pros!
I read The Secret to Living Well on $20,000 a Year yesterday, an article in Yahoo’s Financially Fit Series. I was intrigued. In this time of consumption, I can get behind anything promoting frugality, supporting a happiness not rooted in a purchase.
The most important lesson I took away from this article? Stop reading Yahoo.
I had hopes of an article talking about how this guy bought a reasonably priced car and didn’t trade it in as soon as it was paid off, how he uses the library instead of buying books, how he darns his socks. Instead, the article was about a twenty-eight year old writer in the midst of a “10 Cities, 10 Years” project. This is an article about a young man without a family, without a savings account, without health insurance. Not exactly useful information for most of us.
Let me be clear: I have no issue with this guy at all. I think the way he has decided to live his life and manage his responsibilities is compelling. If anything, his story choices promote a more adventurous life and one outside of convention. I do have issue with the article’s positioning: Yahoo promoted the article as a response to an earlier piece about living on $40k a year, listing comments of folks supporting families on far less. However, instead of providing some helpful tips about managing expenses for a family, Yahoo tells the story about a young man living a lifestyle as unattainable to the commenters as a lofty salary.
So what is the advice here? If you don’t make enough money, cancel your insurance and leave your family?
A better option would have included thoughts about tasty, low cost meal options or ways find free entertainment in your town. Maybe even tips about the benefits of long term saving strategies. But I fear most of this is not as entertaining as an article about a young vagabond.
There was a nugget at the end of article that could have been a jumping off point for a more beneficial piece:
You can get rid of so much stuff and you’ll realize how little you’re really missing. It’s about prioritizing what you really need in life. It’s hard to save and stick to a strict budget if you don’t have a reason, or if you’re just vaguely saving. You should have a goal you’re working toward, a career goal or an artistic goal.
And I can get behind that.
