This Week in Your Wallet: December 27, 2012
As I normally do around this time of year, I find myself reflecting on the past twelve months. I have to say, it’s been a busy year, hasn’t it? Yes, there was a presidential election and hurricanes and terrible news like school shootings, but it’s been busy for other, better reasons. You’ve written to me about soon-to-come children and grandchildren, exciting moves to new states, steps you’re taking to pay off debt and save more money and much more. And for all these great things, I say, “Mazel Tov!” and wish you continued good news in 2013.
In just my little corner of the world this year, I released a book (“Money Rules,” out in March), started a TV show (“Cash Call,” on RLTV), changed the name of that TV show and began a second season (“Money Matters,” on RLTV), ran a marathon and sent my oldest child off to college for the first time. However, these landmark events aren’t the only things I will remember. To that end, I’ve compiled a list of my favorite things — but unlike Oprah’s list, this one might remind you of some of the nuggets of wisdom you’ve learned over the past year. These are the segments that have stuck with me, the pieces of research I continually cite. I’ve included some of these items in previous newsletters; others, you might be reading for the first time. Either way, I hope that they are useful, I hope they remind you of your own favorite pieces of advice, and I hope that some of them even make you smile.
Favorite TODAY segment: Lowering your cable bill. I was proud of the work that went into many of my TODAY segments this past year, but this one stands out because it was inspired by popular demand. It’s been several months since this aired — have you been able to successfully employ any of the strategies we discussed?
Favorite piece of research: This piece from the Journal of Consumer Research. It talks about how we consistently fail to budget for “unexpected” events like birthdays or an old hard-drive crashing — i.e, things we really should be planning for.
Favorite on-location shoot: While working on “Cash Call” and then “Money Matters” this year, I got to go to some great places and interview some really interesting people. One of my favorite shoots happened at the Belmont Racetrack this fall, where I spoke to the founder of a horse partnership about how ordinary horse racing fans can own part of a horse — and how they can do so without sacrificing their retirement nest-egg. I thought it was a fascinating topic, and as an added bonus, we got to do this on what had to be one of the most gorgeous days of the fall. (See for yourself!)
Favorite shopping splurge: This is an easy one: my new Beetle convertible, of course! Not only was this the completion of a lifelong dream, but it was a great chance to learn all the ins and outs of buying a used car. Revisit my full experience here!
Favorite app: Waze. This driving app has up-to-the-minute, community-contributed information about which roads in your neighborhood are traffic-ridden and which ones are clear for you to navigate. I like it because it always saves me time, and helps me find the gas stations with the cheapest gas, too. If it has one downside, it’s this: if you’re not careful, it will drain the battery ofyour smartphone.
Favorite Money Rule: #73: Hope is not an investment strategy. (Need I say more?)
Favorite book: Because who said everything on this list had to be financial? The best thing I read this year was The Immortal Life of Henrietta Lacks. It’s a fascinating story of how the cells of a poor, Southern tobacco farmer became the most important cells in all of medicine, helping to develop the polio vaccine and advancements in fertilization, cancer treatment and gene mapping. Yet, while Henrietta’s cells lived on, her family never knew, nor did they see any of the profits from the multi-million dollar research her cells yielded. You don’t need to be a scientist to follow — and love — every word.
Favorite movie: Argo. Directed by Ben Affleck and featuring wonderful performances by John Goodman and Alan Arkin (to name a few), this true story was one of the most entertaining (and suspenseful) films I saw all year.
Favorite article I read: This winner in this category has to be the excerpt from Charles Duhigg’s book that appeared in the Times magazine in February: how Target knows you’re pregnant before you do. It’s an in-depth look at how companies study your buying behavior and use this information to keep you coming back for more. This article started a year-long interest in learning why we do what we do.
Favorite article I wrote: My holiday story for USA Weekend is about gimmicks to avoid while doing your holiday shopping, but I think that all of the advice (like ignore countdowns and exploding deals) is something we could do to remember for the other eleven months of the year, too.
Favorite thing I’ve (re)learned: I had heard this before, but it’s become more important than ever this year: the busier you are, the more important it is to slow down. It’s a lesson that my husband’s mother taught him, and it’s something that our executive producer on “Money Matters” does really well. The faster your life moves, the more crucial it is to stop, take a breath, and go a little slower. Your work, your family, and most importantly, YOU will thank yourself for it.
Have a happy, safe and healthy New Year! See you in 2013!
Jean
