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Lose Track Of Time To Find Your Career

By Frugaling 6 Comments

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Looking out at my future

Graduate school consists of a series of races – from place to place, hour to hour. Today, I was a student, counselor, teacher, and technical assistant. Every day requires a series of hats, as I run from activity to activity. Sometimes my mind feels like it’s in a million different places at once. It’s hard to slow down.

Thankfully, I’m nearing the end of my tenure as a doctoral student, and ready to think about next steps. I’ve segued to future-oriented questions. The most important one has been: How can I make the greatest contribution to society, while continuing to be excited to work each day? This question propelled me in the first place to study counseling psychology and acquire a Ph.D. But next steps beget a reevaluation of how I can best make a difference. I can’t stay in graduate school forever!

As a counseling psychology student, I have the privilege of multiple career paths. Some go directly into private practice (seeing clients), hospitals, teaching at universities, researching psychological concerns, and/or informing public policy. Alone, any one would be nightmarish; I’d get itchy, looking for diversity in my daily routine. Doing a sole activity all the time scares me. I don’t want to become an automaton. Frankly, I’ve envisioned being most happy with a blend of research, teaching, and counseling.

Questions abound: Would I like to be a university professor? How about a counseling psychologist at a VA? Will I work at a community college or research institution? How much of the job will include teaching, practice, or research? Where will I find a new home – East, West, Central, another country?

Answers are nearly impossible to find, as the job market is constantly in flux and increasingly competitive. I won’t magically be handed a career because of my advanced degree. Surprising as it may be, having a Ph.D. only gets you into an interview – not in the door.

Future career prospects are also tempered by concerns of stress and overwork. In this field, I’d venture to say many academics put in 60 to 80-hour weeks. There are numerous employers that work people mercilessly. Too many treat their employees as replaceable “human capital.” These practices leave individuals prone to burnout and contribute to this country’s greatest killer: heart disease.

Where does that leave a soon-to-be Ph.D.? Like much in life, I’m seeking a balance between my wants and needs. The 30-hour workweek for an academic probably doesn’t exist unless you’re near the end of your career. But 80 hours per week for years frightens me to the core.

The secret for me is pursuing passions, which can often result in “flow.” This psychological concept centers on how “just-manageable challenges” tend to make employees feel purposeful and needed — in between anxiety and boredom. When this state occurs, people become hyper-focused, productive, and generally happy. It’s a mutually beneficial state for employers and their underlings, but not often made possible due to overscheduled weeks or monotonous responsibilities.

Researchers have presented six symptoms of flow:

  1. “Intense and focused concentration on what one is doing in the present moment.”
  2. “Merging of action and awareness.”
  3. “Loss of reflective self-consciousness”
  4. “A sense that one can control one’s actions…”
  5. “Distortion of temporal experience.”
  6. “Experience of the activity as intrinsically rewarding…”

Essentially, people are focused, active, forget their struggles, feel autonomous, lose track of time, and are internally motivated. From artists to scholars to writers to mathematicians, flow is an incredible place for creativity and excellence.

The greatest moments of my life have been here, when I lose track of time and become engrossed in an activity. For instance, when I started an endowment, Frugaling.org, and wrote my dissertation proposal, each were madly written, advocated for, and created. Despite the time to establish each, the pleasure of feeling purposeful made the hours fly by. They didn’t feel like work. I lost “reflective self-consciousness” and became the activity at hand.

While constrained by a society that values money over health (again, look at our health costs associated with being overworked and underpaid), I have the opportunity and privilege to pursue my own route. As I envision my “perfect” career, I imagine a series of part-time style gigs. I want a sprinkle of supervising counselors’ work, seeing clients, conducting research, and teaching future generations. The hours might become irrelevant when I’m tested, pushed, and encouraged to focus on helping others.

Two Novembers from now, applications will be due. I have time to find the right home, but I’m eager to fulfill the values gained over 26 years of my life. Right now, it feels like a professorship, but I’m open to change. I need to find my flow; without it, any job would be unbearable long term. Additionally, I need to be able to shape ideas, work, and daily activities in a manner that helps others directly.

How will you find your flow? What activities make you lose track of time? When do you feel purposeful, action-oriented, and passionate? Could these activities ever become a part of your work?

Filed Under: Make Money Tagged With: Autonomy, balance, Career, counseling, flow, Income, jobs, Life, professor, time, vocation, Work

Shatter Your Definition Of Success

By Frugaling 9 Comments

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McMansions

Tell me about successful people and you might be inclined to rattle off resumes. Perhaps these people work hard and make sizable sums of money. Maybe they are moving into multiple-thousand square foot homes with ample room. They could even have the prestigious title of doctor or chief executive.

In our highly individualistic society that hails “hard work” and “grit” and “responsibility” and “choice,” we learn early on what success looks like. Different cultures have variations of vocational prestigiousness, but many share in the desire to own land, property, and make more money than most. To be accomplished, one must follow this tattered path.

The ability to captivate through material possessions and titles is dangerous. Real success and accomplishment seems lost amidst this cavalcade of crap. Worse, these measures of success are not afforded to everyone. Minorities and those from disenfranchised backgrounds are not offered the same opportunities to “succeed” in these traditional ways. For example, faculty at institutions of higher learning are overwhelmingly white men, and that’s a problem for everyone.

Our ideas and definitions of success are decrepit. We need new measures, and we’re long overdue. If success cannot be afforded with greater equality, why do we continue to allow these narrow ideas to continue? What exactly are we doing with these antiquated ideals? Why do we trumpet individual achievement that only goes to consume and perpetuate inequities?

Society benefits in the propagation of materialism and consumption. And current measures of success conveniently fit this modality. Buy the home, buy a bigger one. Buy the car, buy a more luxurious one.

We need better, less financially dependent measures of successes. Education is out of reach for many. Material possessions are tired and tried methods of achievement. Income disparities are nearing Gilded Age levels again. Larger homes consume more fossil fuels to heat and cool. Luxury vehicles tend to burn through gasoline. And prestigious titles seem reserved for those born and ascribed status.

Just because “success” works for capitalism doesn’t mean it works for the collective. Let’s craft something a little different. Perhaps we can live in a world that defines success flexibly. Perhaps we can see success in the helping hand, time, and dollar given to anyone/someone in need. Perhaps we can see success in the mother that raises children who respect the planet and find ways to help others. Perhaps we need to break out from formal strictures that rule over our lives, and consider that consumption cannot equal achievement.

Disbanding this present thinking provides for a future with hope for the masses. Achievements needn’t be through prescribed methods and lists of prestigious professions. We need a world with janitors, plumbers, assistant to the assistant managers, and everything in between. We need a world where someone making $35,000 per year, retiring with little, but helping find foster homes for children is seen as a hero (and heck, would it hurt to pay that person a little more?).

Humans are incredibly creative; yet, we have allowed these to persist. We are flawed, but have great potential. It’s time to shed archaic messages. They were convenient for marketers, but harbored horrific messages to those who couldn’t meet the prescribed rules.

How would you define success? Who are your role models? What do you think about income, vocation, and education as measures of success?

Filed Under: Social Justice Tagged With: achievement, Career, Gilded Age, Income, Income Inequality, jobs, rich, Success, vocation, Wealth

3 Lessons From The Great Recession

By Frugaling 9 Comments

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Banksy Follow Your Dreams Cancelled
By Banksy

“We learn from history that we do not learn from history.”
— Georg Wilhelm Friedrich Hegel

Making and losing money during the Great Recession

In 2007-08, the stock market dove. We entered a massive “Great Recession.” I had a measly amount in an investment account and sold every stock. I couldn’t afford to lose any more. The panic was great and I followed it.

I held mostly cash, but bought a dangerous ETF that shorts stocks at 2X investment. For every dollar down in the market, I’d make two. Although, for every dollar up in the market, I’d lose two. By buying the ETF, my future would be tied to the demise of the global markets. It felt sick, but I was making money seemingly every day in the tough bear market. As others clambered to secure positions, I was profiting. The demise of other’s portfolios meant I was in the minority, making money.

At the time, I kept telling my mom to sell out of a large, inherited position in AIG. The major insurance company was spiraling out of control, and the public would soon realize how much debt the company hid. I wasn’t prescient, but dead set on her selling much of the position. The wealth was directly tied to the most risky industry.

Her financial advisor asked her to sit still. His sentiment was simple: don’t worry, don’t panic, and everything will be alright. I remember urging her over the phone, “Mom, you’ve got to sell at least a bit. The portfolio isn’t diversified and could be destroyed by this market.” She followed the trusted advisor’s approach and held on to the position. She stayed with the stock until it was a small fraction of the inheritance, and AIG was unrecognizable to its predecessor — what it used to be.

A reminder of the Great Depression

My grandparents had their own economic tumult: the Great Depression. They were a product of a time when food was scarce, fortunes changed, and many suffered. Both my grandmothers — at separate times — would talk about this time of disparity. They seemed weathered and changed by this period.

The Depression had a lasting impact. In their adult lives, they saved nearly everything, invested, and were constantly frugal. Eating out was a privilege — a true rarity even when they had wealth. They got creative with meals, celebrations, and travel. They learned to travel with and for less.

Not everyone suffered, though. A select few — the richest elite — continued to enjoy the spoils of wealth. Robber barons, corporate titans in the 30s and 40s, held disparate levels of wealth. They suffered, but not like most of society.

It wasn’t until President Roosevelt, his new deal, and World War II that the economic despair lifted. A vision for the future came into the picture. My grandparents served bravely, and were able to cultivate a middle class life afterwards. They were never “rich,” but always well. Their goals weren’t for mass consumption, but for peace and calm.

Lessons from a time of scarcity

Just like my grandparents before me, this generation’s financial calamity changed me. The Great Recession permanently shifted my life and that of my parents. The following are a few lessons learned along the way:

1. Who you know counts, but gratitude is greater

I left high school at the height of the Recession, and graduated college in 2011, as things began to look brighter. Still, I applied to countless jobs and found nothing. I submitted applications to Starbucks, Target, Wells Fargo, and a host of smaller companies. No one answered. The jobs were scarce, and money was tight. Everyone — including companies — became more conservative with their money.

A dean changed my life and gave me a chance. She gave me a paid opportunity to study and prep for graduate school in counseling psychology. I considered the offer, realized I had nowhere else to go, and embraced the opportunity. I’m forever indebted to her offer and help.

Without that helping hand, I’m not sure where I’d be, how much I’d be making, or if I would be the man I am today. An age-old lesson for business people is to network unmercilessly, but for me, I learned about gratitude. It’s vital that we remember who helped us succeed.

2. Modest living matters, skip the material mementos

I saw countless Americans lose everything material in the Great Recession. Crying families on TV and in documentaries exclaimed how they had lost everything. They were leaving houses — foreclosed on by banks that “afforded” them way more house than is necessary.

Those with modest means and mindsets braced through the economic tumult, but usually were able to maintain their lives. Those whose lifestyles were paycheck to paycheck or near their means suffered greatly.

Living through this time cemented a new ideal towards minimalism and reduction of material worth. Now when I travel, I try to avoid “collecting” and taking physical mementos. When I get something new (to me or the world), I research everything about it and try to buy based on value.

Last year I was interviewed by USAToday on the topic of buying homes. I might be a kook, but I don’t believe I want to buy a house unless I have all the cash necessary to do so. This Great Recession taught me to distrust debt and mortgages.

3. Save like it’s the last day on the job

In struggling to find work and seeing others do the same, I’m uncertain about my ability to hold one consistent job in life. Employers don’t necessarily have the incentive that they once had for employee sustainability. Everybody seems to be replaceable in this new, globalized economy.

While the unemployment rate has recovered from the depths of the Great Recession, salaries have stagnated or decreased. People are employed now, but they aren’t making what they once made.

Whatever reaches my pocket today, I’ll fiercely protect. But protection cannot mean selfishness.

Despite the economic uncertainty that will forever be a hallmark of my adolescence, I refuse to believe that we cannot continue to help each other. Whether that means serving and giving your time, or scrounging for a few dollars to give to charity, it’s still important to give selflessly.

Filed Under: Minimalism, Save Money Tagged With: Banks, Banksy, Financial, Great Depression, Great Recession, jobs, Lessons, Making, money, saving, Stock Market

5 Financial Lessons I Learned In College

By Frugaling 5 Comments

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Fort Collins, Colorado State University Oval

This past weekend I traveled to my alma mater, Colorado State University. My old stomping grounds changed, as new buildings and flashy designs populated the sprawling campus. But despite the changing landscape, it felt familiar.

There are countless memories — exceptional and horrific — that span my 5 years of life in Fort Collins, Colorado. One of the most poignant and relevant were the many financial mistakes made during my tenure. It was here that I started a crazy financial roller coaster that led me to nearly $40,000 in student loans and debt. It was here that I first noticed a panicky daydream where I would be sucked into the ground and have no way out of this horrific financial hell.

After reflecting on my visit and time in Fort Collins, I realized that I’ve changed — like the campus landscape. I’ve learned a lot about myself and some financial lessons along the way. Today, I wanted to focus on 5 key aspects that college helped me understand about personal finance. What I would’ve given back then to know this information now!

1. Friends influence frugality
Unsurprisingly, the people you surround yourself with greatly influence how you spend your money. If you’re trying to be a more frugal person, it’ll be vital to find friends that support and approve your way of life. It can be radically different from the party, work-hard-play-hard mentality at some campuses. Additionally, if you attend a private college/university, you may be around people with larger bank accounts. It’s important to reflect on who you are and what your inner compass is telling you about finances.

2. College is expensive, put extra funds in a savings account
While I was fortunate to have parents that paid for college, I didn’t budget well — if at all. My parents gave me a little spending money and I did exactly that, spent it! It wasn’t “saving money.” I burned through the money. From expensive dinners to luxury road bikes, I was a faux-millionaire with an unquenchable need to spend. Much of this could’ve been solved or stifled with a good budget. And it’s never too early to make a budget! College is the ideal time to figure out these important “adult” issues, as you should have money coming in and out. If you ever have extra funds — whether you’re the campus pot dealer or have generous parents — stock your funds away for rainy days.

3. Question your student loan “award” unmercilessly
Student loans are often called “awards” after you apply for and fill out the FAFSA. Unfortunately, these are not anything of the sort. Student loans are powerful debt instruments that are issued by the federal government, with changing terms and interest obligations. These are complex, dangerous, and can spiral out of control rapidly. With any decision to take out student loans you need to be unmercilessly skeptical and defensive.

4. Avoid car-friendly/needed campuses
I sold my car over the summer. It’s been a difficult adjustment, as the current university — Iowa — isn’t particularly bike-friendly. Wherever you intend to go to school, consider public transportation and (wide) bike lanes. You should be able to receive free transportation on buses with a student ID. Look out for bike racks, too! Ideally, you’d be able to sell or avoid buying a car altogether.

5. Find “easy” jobs and double-up on work
College campuses have tons of jobs for students. If you’re an exceptionally busy, motivated student — and I hope you are with what college costs — it’s important to find a job that allows you to double-up on work. For instance, you could get a job as a server that pays very well, but that could make it difficult to take full semester course loads. Thus, you sacrifice one part of your life for another. An alternate option — especially if under a time crunch to graduate — is to find a desk job at a residence hall or an office assistant position. Oftentimes, these jobs have downtime and allow you to sneak in some study time. Now, you can be efficient and make some money in the process. What could be better?!

Filed Under: Save Money Tagged With: Awards, college, Colorado, Colorado State University, debt, Friends, Frugal, frugality, jobs, Personal Finance, Student Loans, university

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