Friday, October 29, 2010

Nationally respected economist to speak

By Lauren Rothering
Editor in Chief

Economist Chris Farrell, author of “The New Frugality: How to Consume Less, Save More and Live Better,” will speak at 4 p.m. on Nov. 11 at Saint Mary’s University’s Page Theatre. His speech is free and open to the public.

Farrell will discuss highlights from his book, including personal finances and the greater economic atmosphere.

Farrell is currently the economics editor for “Marketplace Money,” American Public Media’s nationally syndicated public radio personal finance program, and a correspondent for two other American Public Media Programs. He is also a contributing economics editor for Business Week magazine.

In his book, Farrell discusses the concept of “the new frugality” in light of the current financial crises.

“How we treat and manage our money is changing,” said Farrell. “People are spending less on ‘things,’ and more on experiences.”

According to Farrell, being frugal is very different than being cheap. A life of frugality is about more than just saving money; it involves living mindfully and sustainably.

“Being cheap is not sustainable,” said Farrell. “If you think about what is good personal finance, it is about developing habits. You want to think about the environmental impact of your spending, the quality that you’re buying, the ethical…You’re going to end up being frugal, and it becomes a habit, as opposed to just being cheap.”

According to Farrell, the idea of living frugally and sustainably is particularily important for young college graduates. One of the best habits current college students and new graduates can implement, said Farrell, is saving.

Farrell emphasizes that saving is not a self-inflicted denial, as many young people may view it.
“Saving money now allows you to pursue opportunities later in life,” said Farrell.

Most of all, Farrell hopes his speech at SMU will be less of a “lecture” and more of a discussion, where audience members can not only get general ideas of how to approach their financial future, but also ask specific questions of Farrell.

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