Hayes’s Favorites
Kristine Hayes | Jan 26, 2023
MY SIMPLE BUT successful financial life is the result of four lessons I learned through the school of hard knocks.
Lesson No. 1, learned as a child growing up on a farm: Chores are not optional and are never accompanied by cash bribes. Lesson No. 2, learned as a college student: Spend all your time studying, working jobs and sleeping, and you can earn a degree without taking out a loan. Lesson No. 3, learned as a member of the workforce: Generous benefit packages may be more valuable than a higher salary. Lesson No. 4, learned as I strove to retire early: Work for 30 years, save as much as you can and always live within your means.
As you’ll see, those four lessons run through my 10 favorite articles that I’ve written for HumbleDollar.
- From Half to Whole (Jan. 31, 2017). A midlife divorce forced me to reevaluate my financial future. Learning about personal finance and investment strategies became a necessity.
- My Younger Self (March 6, 2018). Thinking about the financial advice I would give to my 18-year-old self was a fun exercise. It made me realize how quickly life has passed me by.
- Six Years Later (May 3, 2019). After I got divorced in 2013, I calculated my net worth. In 2019, I wrote this article to update how my net worth, as well as my mix of assets, had changed.
- My Five Mistakes (May 2, 2018). Reflecting on some of the financial mistakes I’ve made was thought-provoking. I realized I needed a balanced approach to being frugal, while still allowing myself to spend money on things I love.
- Not What I Planned (Jan. 30, 2021). Setting up spreadsheets, to track my progress toward my financial goals, has become a habit of mine. But no amount of planning can accurately predict all of life’s changes.
- Talk About Hot (March 23, 2022). Financial success is rooted in deliberate actions. But sometimes luck—and timing—play a major role. I was fortunate to be able to sell my house at the peak of one of history’s hottest housing markets.
- Farewell Paycheck (July 27, 2022). This article celebrated the realization of a long-term goal of mine—retiring at age 55.
- Didn’t Last Long (July 5, 2022). Just a few weeks after achieving a seven-figure net worth, my status as a millionaire was already in jeopardy. Stock market declines meant watching my nest egg melt away faster than I anticipated.
- Hitting the Brakes (Oct. 25, 2022). I’d been dreaming of owning a dog-training facility for nearly three decades. As the opportunity to pursue that dream was about to become reality, I got cold feet.
- Not Like the Others (Dec. 16, 2022). Reading articles penned by HumbleDollar contributors made me realize some of the ways my financial life differs from that of the site’s other authors. This piece focused on some of those differences, and allowed me to speculate about why my own writing appeals to HumbleDollar’s readers.
This is the third installment in a series devoted to the favorite articles and blog posts penned by HumbleDollar’s most prolific writers. The earlier installments were from Dennis Friedman and Mike Zaccardi.
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I love your work and am glad to see your top-10 list, which I’ll look forward to reading through.
But it’s not as easy to put yourself through a four-year degree as it was when I was a student, or I assume, when you were (you’re a few years younger than I am). When I went to undergrad (at the same university where I am now a professor), tuition was $192 per quarter. As for room and board, I lived on $200/month, which covered my share of the rent for an apartment (with three roommates), utilities, and groceries. I rode my bike or the university bus system and did not have a car. My grandfather’s trust paid those expenses and I worked in the summers to earn extra spending money. But I could have put myself through at that price tag if I’d had to.
Same university, same town, but 40 years later, and it now costs at least $30K/ year for tuition, room and board, books, etc. It would be pretty hard to earn that as a college student working part-time and in the summers. Also, my observation as a professor, which is backed by some research, is that it’s good for a college student to work part-time, say 10-15 hours per week, so that they have some stake in earning their education. But when they get to 20+ hours, it slows down their ability to pass their classes and earn their degrees, not to mention the wear-and-tear and stress that causes. I remember one young man of my acquaintance whose old-school parents insisted that he work at least 30 hours a week and take 15 units every semester. He became exhausted and overwhelmed and ended up flunking out of college, and at age 28 is still trying to finish his degree going part-time while working full-time.
This is not a defense of student loans—just an observation that not every student can realistically work their way through without help, whether that be from parents or financial aid.
Thanks for your kind words. I hope you enjoy reading through my list of articles.
I agree that putting oneself through college these days isn’t as easy as it was 35 years ago. Your experience with college sounds very similar to mine. I paid $75 rent for a single bedroom in a home that was owned by my best friend’s parents. I ate a lot of Top Ramen. I relied on my 10-speed bicycle to get me to classes. I didn’t own a car, nor would I have been able to afford one.
There are, of course, still ways to get an affordable college education if one desires it. I attended a community college for my first three years of college. I lived at home during that time. Taking classes at the community college was especially valuable for me as it allowed me to figure out what career path I wanted. I started out as a journalism major and finished as a biology major.
A student who attends a community college and then transitions to a state school (in the state where they have residency) can likely still get a very affordable education. Combine that with getting a few scholarships and working a few hours a week and I think a loan-free degree still might be possible.
From what I can tell (and what I saw working at a college for over two decades), most students aren’t that interested in staying at home once they graduate from high school. Perhaps there’s some irony there. By leaving home and taking out thousands of dollars in loans, they’re often forced to return home after graduating from college because they can’t afford to be out on their own.
Yes, there are definitely ways to make a four-year degree more affordable. Our younger daughter went to community college and lived at home for a couple of years before transferring to a relatively affordable four-year state school.
Not every student has the same level of family support and/or opportunities for scholarships. It’s just tougher these days. I certainly don’t think students should go to private schools they can’t afford and rack up debt they’ll be paying off until they retire or die. But I do think people in our generation don’t always understand how crazy expensive it’s gotten.
Thank you for sharing your financial journey and wisdom. I enjoy reading your articles.
You’re welcome. Thanks for reading my articles and leaving a comment!
I’m a huge fan of the school of hard knocks. Thanks for sharing all your experience and wisdom, Kristine.
I’m happy to share my experiences. The school of hard knocks has served me well. I’ve had to work for everything I own and I’m proud of it.
Kristine, I always look forward to your articles. Your perspective is so valuable in that, without the benefit of a huge salary or inherited money, you’ve used discipline, organization, and self-education to achieve your goals—and even retire early. Well done…and well written!
Thanks for the kind words Andrew. Discipline and organization are definitely two of my personality traits–sometimes to a fault 🙂
Always enjoy your writing Kristine … And glad to report that my grandpup has finally mastered potty training!
Thank you–I’ve always enjoyed writing. And congratulations on the potty-trained grandpuppy. It makes owning a dog so much more enjoyable once they’ve mastered that skill!
I like your articles because they are about personal life experiences that most of the readers can relate to. If there is a negative point you’re trying to express, I take that as what you learned from it and not the way things have to be.
There is always a positive message in your articles.
Thanks for your kind words. It’s been my hope that HD readers can relate to at least a few of my life experiences.
Always enjoy your writing Kristine. And I had missed Hitting the Brakes so glad to get another chance at it.
Thanks Michael. Writing has always been one of my favorite activities. I’m glad I can share my stories with HumbleDollar readers.
Kristine, I have greatly enjoyed following your financial progress through your HD articles. I love to see honest, hardworking people win and I hope you keeping winning.
Thanks Edmund. It’s been fun to document, and share, my financial journey with HD readers over the past six years.
Kristine, thanks for all your terrific contributions to HD. I always enjoy your perspective, and fine writing. I look forward to many more of your articles.
Thanks Rick. I always enjoy your pieces as well.