Consumers Find Ways to Spend Less and Find Happiness – NYTimes.com
Our Comment by J. David Lewis – This is a fantastic article, which brings home many of the way we can say There is more to money than money.® The beginning example may seem a bit “out there,” but it sets the stage for an extraordinary discussion of the connections between happiness and money. I am fascinated with this kind of thing. It may finally shed some light on why my wife enjoys shopping for hours without actually buying more than a couple of small items. I think I will be more tolerant in the future.But Will It Make You Happy? New York Times By STEPHANIE ROSENBLOOM Published: August 7, 2010
“We’re moving from a conspicuous consumption — which is ‘buy without regard’ — to a calculated consumption,” says Marshal Cohen, an analyst at the NPD Group, the retailing research and consulting firm.
Amid weak job and housing markets, consumers are saving more and spending less than they have in decades, and industry professionals expect that trend to continue. Consumers saved 6.4 percent of their after-tax income in June, according to a new government report. Before the recession, the rate was 1 to 2 percent for many years. In June, consumer spending and personal incomes were essentially flat compared with May, suggesting that the American economy, as dependent as it is on shoppers opening their wallets and purses, isn’t likely to rebound anytime soon.
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J. David Lewis founded Resource Advisory Services in 1985. National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986. He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family. Contact him using firstname.lastname@example.org.