Ok, so what I was going to suggest as additional summer reading (for those languorous days in the Hamptons) oh, so long ago, when I still wrote on this thing called a blog, was a little ditty about the ups and downs of our good ole financial system.
Yes, you too can follow along as the author shares research and insights on the roller coaster that is the US economy in Panic Profits.
Though to be honest, it's a wee bit over my head. Or at least better suited to Wall Street aficionados or true economists (really nerdy ones at that) rather than little ole me, the wannabe. No matter how many times I've cracked the book, I get distracted just a few pages, and line graphs, in. I am more adept at following the ups and downs of the big personalities that created the US financial system in all their glory and gluttony, especially if there are glitzy side bars on illegitimate children and the like. So basically I stick with broad Vanity Fair retrospectives on the subject.
But Mary, why even bother sporadically cracking said text instead of relegating the spine to serve as a decorative piece to entice said nerdy economists? Well, the author is (was) my grandfather and I would feel quite high brow and pleased with myself if I were to truly comprehend it. Though as he's no longer with us, I won't expect a pop quiz any time soon and I can feel ever so high brow and pleased with myself because rather than just reading about it (and glazing over by the 4th line graph), I'm living in the midst of it all.
Yep, I traded the quirky, creative vibe of Nolita for the awe-inspiring, over the top grandeur of days past to presently reside on Wall Street.
The Stock exchange, Federal Hall and Trump Building are my closest neighbors who beckon absurdly stereotypical camera-toting tourists to mill on the cobble stoned streets, nearly bumping into fully automatic-toting NYPD while focusing their viewfinders on the glistening and gilded words, Tiffany & Co. or 14 Wall Street, perhaps failing to notice that 2009 Wall Street looks more like 1979 Belfast.
But those tourists, like the men in suits, boys in blue trading jackets, women in pantyhose and that big old flag, are all part of the scenery here on Wall, my new home sweet home.
And even with my illiteracy for economic literature, perhaps Poppa would still be proud.
Panic Profits: How to Make Money When the Market Takes a Dive by John Dennis Brown
Tuesday, September 29, 2009
Sunday, July 19, 2009
Summer Reading
I’ve been a little light on the blogging over the past couple of weeks but it’s summer, lovelies! Everyone should be out and about on wonderful holidays. I haven’t been jaunting too much since gay Paree but that suits me just fine. I’m enjoying NYC in all its sticky, humid grandeur.
So while the rest of you are lounging by the water in St. John, the Cape or your kiddie pool, here are a couple summer reading suggestions for you….
1. The Blue Sweater by Jacqueline Novogratz
Perhaps a little heady for the summer months but this amateur economist likes it that way.
In the 1980s Novogratz set out as a young, idealistic girl with a head for figures to Africa where she worked within local communities and with prestigious organizations to develop some of the earliest microfinance programs. Her very plain spoken yet compelling tale spans decades and continents, having worked in Rwanda, Kenya, India and Pakistan, lending a personal perspective of some of the most dire events in modern history. (I was brought to heavy tears by her description of the Rwandan genocide. You should have seen me in Hotel Rwanda, a complete, bawling mess).
Dedicating her life to marrying financial know-how with a charitable spirit, readers begin to understand how positive change is possible from even the bleakest socio-political and socio-economic beginnings.
And as it relates to this blog, as it relates to me, me, me, I cherished her story because it reminded this New Yorker how so many across the world survive, subsist and flourish with so little. How on an income of a dollar or less a day, determined workers were able to make personal and social change with just a bit of entrepreneurial spirit. While ‘entrepreneurial spirit’ still reminds me of the Silicon Valley heyday, I realize that it is little more than the desire to do something in a better way when an avenue to do so doesn’t immediately present itself.
I live in a city that is at its core a testament to the entrepreneurial spirit (BTW: currently reading Island at the Center of the World) though I can easily forget the determination and ingenuity of the Dutch, English, Irish, Italian, Chinese, Jews, Poles and every other punchline-ready immigrant group who came here to make a better life when I walk on my fashionable street and agonize how I’m going to make my corporate salary stretch to include every haute meal I have in my social calendar.
Thankfully I haven’t fully succumbed to consumerism but the desire for More and Better can be as thick as the humidity, even among those with oh so much. (cough…Wall Street meltdown… cough…)
As much as I would like to justify an Indian getaway, a trip around the world isn’t required to view the world differently. From Novogratz’s experience even here in New York, it goes to show that we can recalibrate our perceived level of Need if we begin by viewing the city through the eyes of those with very little, as opposed to very much. And for those who care to help, the gap between the haves and have nots might diminish all the more quickly if we start by opening our eyes without fear of opening our hearts.
Stay tuned for your next assignment....
So while the rest of you are lounging by the water in St. John, the Cape or your kiddie pool, here are a couple summer reading suggestions for you….
1. The Blue Sweater by Jacqueline Novogratz
Perhaps a little heady for the summer months but this amateur economist likes it that way.
In the 1980s Novogratz set out as a young, idealistic girl with a head for figures to Africa where she worked within local communities and with prestigious organizations to develop some of the earliest microfinance programs. Her very plain spoken yet compelling tale spans decades and continents, having worked in Rwanda, Kenya, India and Pakistan, lending a personal perspective of some of the most dire events in modern history. (I was brought to heavy tears by her description of the Rwandan genocide. You should have seen me in Hotel Rwanda, a complete, bawling mess).
Dedicating her life to marrying financial know-how with a charitable spirit, readers begin to understand how positive change is possible from even the bleakest socio-political and socio-economic beginnings.
And as it relates to this blog, as it relates to me, me, me, I cherished her story because it reminded this New Yorker how so many across the world survive, subsist and flourish with so little. How on an income of a dollar or less a day, determined workers were able to make personal and social change with just a bit of entrepreneurial spirit. While ‘entrepreneurial spirit’ still reminds me of the Silicon Valley heyday, I realize that it is little more than the desire to do something in a better way when an avenue to do so doesn’t immediately present itself.
I live in a city that is at its core a testament to the entrepreneurial spirit (BTW: currently reading Island at the Center of the World) though I can easily forget the determination and ingenuity of the Dutch, English, Irish, Italian, Chinese, Jews, Poles and every other punchline-ready immigrant group who came here to make a better life when I walk on my fashionable street and agonize how I’m going to make my corporate salary stretch to include every haute meal I have in my social calendar.
Thankfully I haven’t fully succumbed to consumerism but the desire for More and Better can be as thick as the humidity, even among those with oh so much. (cough…Wall Street meltdown… cough…)
As much as I would like to justify an Indian getaway, a trip around the world isn’t required to view the world differently. From Novogratz’s experience even here in New York, it goes to show that we can recalibrate our perceived level of Need if we begin by viewing the city through the eyes of those with very little, as opposed to very much. And for those who care to help, the gap between the haves and have nots might diminish all the more quickly if we start by opening our eyes without fear of opening our hearts.
Stay tuned for your next assignment....
Wednesday, June 10, 2009
I lost my budget virginity in Paris
In May I did something for only the 2nd time, go to Paris.
And for the very first time, I budgeted for travel
(sacré bleu!)
Yes, yes, our little girl is growing up…
Turns out it’s quite simple, really.
Here’s how it goes:
1. Have money.
You can’t imagine how many times I’ve skipped this step. I have the distinct memory of being twenty-four, unemployed and traipsing to summer weddings and weekend jaunts, all involving air travel and hotel stays. It was the economic sage Mike Cunningham (my father) who aptly, if not strictly, advised- STOP TRAVELING, MARY.
Hhhmmmmm, that hadn’t occurred to me.
Interesting concept, but lack of funds wasn’t a convincing argument. “ …But why, Dad? I can pay for it, I have a credit card.”
Oh, my youth.
*For the record I don’t regret any of the travel.
Ok, back to being a fiscally responsible traveler…
2. Decide how much you will spend while on the trip. Realistically. This, boys and girls, is called creating a "budget." Even busing down on a weekend trip to Delaware I can manage to grossly under estimate this. Simply because I don’t want to think about the amount I spend in an average weekend, much less on a weekend getaway.
3. Prepare yourself- Convert that amount into local currency before you travel.
When faced with a foreign ATM, I tend favor my internal conversion table which is reminiscent of the outdated Franc/Dollar exchange. Turns out the Foreign Exchange market thinks differently. There are just certain things that I would rather forget and the Dollar’s weakness to the Euro is one of them.
4. Withdraw that amount. Withdraw slightly less than that amount.
And try this- JUST spend that cash. Oh la la.
I mean really, unless you find an amazing gem at a gallery or boutique that you absolutely must have, chances are you’re better off by sticking to a budget.
Speaking of conversion rates, the mirrors seem to change as well when you return stateside. "How did I not notice this muffin top when I was in the boutique? Damn you, post-lunch wine buzz!"
With budget guidelines in mind, it doesn’t mean I wasn’t swayed by the allure of French boutiques. And why should I not?! This is Paris after all and I am a female. It’s a woman’s given right to indulge when in the City of Light: in beef tartare, in Bandol, in truffles and in shopping. (Definitely not the world’s worst To Do list).
But remember ladies- France’s premiere exports don’t become less expensive just because you buy them local. Honestly, if local produce isn’t less expensive at the farmer’s market, you can bet that Louis Vuitton and Chanel aren’t either. So no, I’ll pass on the ultra chic global brands in favor of seeking out those truly unique fashions that maintain international flair amid the globalization of fashion that has brought Sweden's H&Ms, Spain’s Zaras and Britain's Top Shops to hometowns around the world.
There was one little dress that was just simply Oh la la and for which I would have jilted this budget-thing but alas, I couldn’t negotiate the correct undergarments. Note: brassieres and satin don’t always go together. And yet no bra and satin is, um, precarious, to say the least.
So our little girl left a budgetary woman even though she did want to give it up just a bit.
And for the very first time, I budgeted for travel
(sacré bleu!)
Yes, yes, our little girl is growing up…
Turns out it’s quite simple, really.
Here’s how it goes:
1. Have money.
You can’t imagine how many times I’ve skipped this step. I have the distinct memory of being twenty-four, unemployed and traipsing to summer weddings and weekend jaunts, all involving air travel and hotel stays. It was the economic sage Mike Cunningham (my father) who aptly, if not strictly, advised- STOP TRAVELING, MARY.
Hhhmmmmm, that hadn’t occurred to me.
Interesting concept, but lack of funds wasn’t a convincing argument. “ …But why, Dad? I can pay for it, I have a credit card.”
Oh, my youth.
*For the record I don’t regret any of the travel.
Ok, back to being a fiscally responsible traveler…
2. Decide how much you will spend while on the trip. Realistically. This, boys and girls, is called creating a "budget." Even busing down on a weekend trip to Delaware I can manage to grossly under estimate this. Simply because I don’t want to think about the amount I spend in an average weekend, much less on a weekend getaway.
3. Prepare yourself- Convert that amount into local currency before you travel.
When faced with a foreign ATM, I tend favor my internal conversion table which is reminiscent of the outdated Franc/Dollar exchange. Turns out the Foreign Exchange market thinks differently. There are just certain things that I would rather forget and the Dollar’s weakness to the Euro is one of them.
4. Withdraw that amount. Withdraw slightly less than that amount.
And try this- JUST spend that cash. Oh la la.
I mean really, unless you find an amazing gem at a gallery or boutique that you absolutely must have, chances are you’re better off by sticking to a budget.
Speaking of conversion rates, the mirrors seem to change as well when you return stateside. "How did I not notice this muffin top when I was in the boutique? Damn you, post-lunch wine buzz!"
With budget guidelines in mind, it doesn’t mean I wasn’t swayed by the allure of French boutiques. And why should I not?! This is Paris after all and I am a female. It’s a woman’s given right to indulge when in the City of Light: in beef tartare, in Bandol, in truffles and in shopping. (Definitely not the world’s worst To Do list).
But remember ladies- France’s premiere exports don’t become less expensive just because you buy them local. Honestly, if local produce isn’t less expensive at the farmer’s market, you can bet that Louis Vuitton and Chanel aren’t either. So no, I’ll pass on the ultra chic global brands in favor of seeking out those truly unique fashions that maintain international flair amid the globalization of fashion that has brought Sweden's H&Ms, Spain’s Zaras and Britain's Top Shops to hometowns around the world.
There was one little dress that was just simply Oh la la and for which I would have jilted this budget-thing but alas, I couldn’t negotiate the correct undergarments. Note: brassieres and satin don’t always go together. And yet no bra and satin is, um, precarious, to say the least.
So our little girl left a budgetary woman even though she did want to give it up just a bit.
Thursday, June 4, 2009
And by Passe I Mean...
Passe as in pixie haircuts, cosmopolitans, cropped tiny tees and the light blue/chocolate brown color palette. All simply fabulous for a moment in time or for those who can really pull it off, but not meant for mass consumption.
Monday, May 25, 2009
Tuesday, May 5, 2009
Ups and Downs
My research* indicates the following as the eight stages of the emotional roller coaster known as PFU (Personal Financial Upheaval):
*Yes, "research" is my fancy term for talking with unemployed friends and seeing 401Ks offer themselves up as sacrificial lambs
1. Panic!
#@^&^^!, What will I do?!
2. Bargaining.
If I could just get that job back or my 401K share prices to inflate, I’d never complain of my company, of my salary, again. Ever.
3. Fear.
How will I sustain my lifestyle and livelihood?
4. Brief Depression.
I have no idea how to sustain my lifestyle and there is nothing lively in my hood.
5. Reflective Melancholy. Yearning for the good old days.
I remember when I could buy a round of drinks. Now I can’t buy a round of toilet paper.
6. Reassessment of Goals, Hopes and Dreams.
What was I really working for?
7. Creative Brainstorming. New paths to Goals, Hopes and Dreams.
What will really make me happy?
8. Realization.
That perhaps the old means weren’t really getting us to the ultimate end.
*Yes, "research" is my fancy term for talking with unemployed friends and seeing 401Ks offer themselves up as sacrificial lambs
1. Panic!
#@^&^^!, What will I do?!
2. Bargaining.
If I could just get that job back or my 401K share prices to inflate, I’d never complain of my company, of my salary, again. Ever.
3. Fear.
How will I sustain my lifestyle and livelihood?
4. Brief Depression.
I have no idea how to sustain my lifestyle and there is nothing lively in my hood.
5. Reflective Melancholy. Yearning for the good old days.
I remember when I could buy a round of drinks. Now I can’t buy a round of toilet paper.
6. Reassessment of Goals, Hopes and Dreams.
What was I really working for?
7. Creative Brainstorming. New paths to Goals, Hopes and Dreams.
What will really make me happy?
8. Realization.
That perhaps the old means weren’t really getting us to the ultimate end.
Monday, May 4, 2009
Ant Farm
Just over a week ago, we New Yorkers welcomed eighty-degree weather after a very long, cold winter.
As both green, leafy shoots and mini-shirt hemlines move upward, other movement was on the rise as well.
Gazing on the brick wall of my patio (clearly procrastinaing), I saw movement everywhere.
Ants, ants, ants- out and about- using the mortar between bricks as their thoroughfare, just as congested as the cabs on the city street beyond this wall.
Like the weekend sunbathers of Central Park, these leeeetle workers were savoring the warmth as well.
Well, sorta.
Ants don’t really ‘savor.’ Ants work. The benefit of warmth for an ant is the ability to hunt and gather far and wide, finally freed from their protective, tunneled colonies. And in true ant form, the little ones on my wall are are doing what they always do, working industriously to prepare for the hard times, even though the good times have just begun.
It’s safe to assume that unlike most of those New York sunbathers (and most Americans in general), these ants fared a little better during this past winter of our discontent.
Darn if those ants know how to plan ahead.
Thinking back to the fable of The Ant and the Grasshopper, the ant ultimately (spoilder alert!) shakes one of his wee six legs at the foolish violin-wielding grasshopper who chose to frolic all summer rather than plan ahead. Sir Ant promptly turns Mr. GH out to, well, die.
It’s less cut and dried in the children’s version, but we might as well be honest with our kids: save up or you will die. …In the cold. …With only your violin.
(In this new age of financial distress, “Save or Die” has a fresh, honest ring to it…I dare any of the financial companies to use that as a new slogan. Time to rebrand, guys!)
How many of us have become complacent in relying on the crutch of a credit card or a bonus to come to the rescue for basic needs (tuition, rent, groceries)? How many are seeing mounting expenses and decreasing income? How many financial firms came to the government with arms outstretched, palms up for bailout money after their frolic ended badly?
In the post-October 2008 world of, well, May 2009, the ant is more of a sage than a curmudgeon. His laser-focused dedication to view a Fourth of July potato chip crumb as a mid January nosh is likely hard to achieve for us mere humans, but I hope that the fable will enjoy a renaissance with consumers young and old, inspiring some to again pinch pennies, inching them to the safer end of the the Ant – Grasshopper Spectruum of Financial (In)Competence.
My financial genetic makeup leaves me in the middle of the spectruum (because my dad is on one end, my mother on the other).
I can't seem to keep the blinders of the ant on permanently- my eyes and wallet wonder from time to time- but thankfully I’ve instituted saving techniques that hide money away, allowing for a little budgetary capriousnes without fear that I’ll end up with only a violin.
As both green, leafy shoots and mini-shirt hemlines move upward, other movement was on the rise as well.
Gazing on the brick wall of my patio (clearly procrastinaing), I saw movement everywhere.
Ants, ants, ants- out and about- using the mortar between bricks as their thoroughfare, just as congested as the cabs on the city street beyond this wall.
Like the weekend sunbathers of Central Park, these leeeetle workers were savoring the warmth as well.
Well, sorta.
Ants don’t really ‘savor.’ Ants work. The benefit of warmth for an ant is the ability to hunt and gather far and wide, finally freed from their protective, tunneled colonies. And in true ant form, the little ones on my wall are are doing what they always do, working industriously to prepare for the hard times, even though the good times have just begun.
It’s safe to assume that unlike most of those New York sunbathers (and most Americans in general), these ants fared a little better during this past winter of our discontent.
Darn if those ants know how to plan ahead.
Thinking back to the fable of The Ant and the Grasshopper, the ant ultimately (spoilder alert!) shakes one of his wee six legs at the foolish violin-wielding grasshopper who chose to frolic all summer rather than plan ahead. Sir Ant promptly turns Mr. GH out to, well, die.
It’s less cut and dried in the children’s version, but we might as well be honest with our kids: save up or you will die. …In the cold. …With only your violin.
(In this new age of financial distress, “Save or Die” has a fresh, honest ring to it…I dare any of the financial companies to use that as a new slogan. Time to rebrand, guys!)
How many of us have become complacent in relying on the crutch of a credit card or a bonus to come to the rescue for basic needs (tuition, rent, groceries)? How many are seeing mounting expenses and decreasing income? How many financial firms came to the government with arms outstretched, palms up for bailout money after their frolic ended badly?
In the post-October 2008 world of, well, May 2009, the ant is more of a sage than a curmudgeon. His laser-focused dedication to view a Fourth of July potato chip crumb as a mid January nosh is likely hard to achieve for us mere humans, but I hope that the fable will enjoy a renaissance with consumers young and old, inspiring some to again pinch pennies, inching them to the safer end of the the Ant – Grasshopper Spectruum of Financial (In)Competence.
My financial genetic makeup leaves me in the middle of the spectruum (because my dad is on one end, my mother on the other).
I can't seem to keep the blinders of the ant on permanently- my eyes and wallet wonder from time to time- but thankfully I’ve instituted saving techniques that hide money away, allowing for a little budgetary capriousnes without fear that I’ll end up with only a violin.
Subscribe to:
Posts (Atom)