Today, Elinor Ostrom became the first woman to win a Nobel Prize in economics.

Ostrom said it was an honor to be the first woman to win a Nobel Prize in economics — and promised that she won’t be the last. She said people discouraged her from seeking a Ph.D. when she applied for graduate school but she loved studying economics.

Cheers to that!  And speaking of educated women, a Swedish study found that men with educated wives had a lower risk of dying. Talk about a modern-day dowry.  Women can bring home the bacon, AND help their partners live longer?  Sure beats the old herd of sheep or pair of cows.

From Reuters (via Jezebel):

Bachelors take note: If you want to enjoy a long life, marry a highly educated woman. In a study (in the Journal of Epidemiology and Community Health), researchers found that a woman’s education was a stronger factor in her husband’s risk of dying over the next decade or so than the man’s own level of education…men living with a woman without any high school education were 1.25 times more likely to die than men living with a college graduate.

Ladies, feel free to tell your significant other “you’re welcome.”  And don’t forget to thank yourself, while you’re at it. 

After months of networking, scouring job boards, and exploring every avenue that could possibly lead me to a nonprofit job, I was exasperated and convinced that the job I wanted was not going to show up in a timely fashion.

So I took a break.

And in taking that break, clearing my head, allowing myself to really think about what I wanted, it came to me.

I already had financial stability in my private sector job, so if the big thing missing in my life was the passion for my job, then I could find that. There was no need to search for financial stability AND passion all in one new job, in the middle of an economic downturn.  Baby steps, right?  Plus, it’s a lot easier to market myself to prospective employers when my experience comes with a pricetag that’s pretty close to free.

I now work for a nonprofit!  Woohoo!    I also didn’t have to take a hit on my salary or benefits.

The secret? It’s all a matter of perspective.  That’s it.  My nonprofit gig is my job now, and I’m still keeping my old position as a means of financing what I really want to do in life.  I don’t consider it my real job, however.

What more could I want?  Retaining financial security and getting to do work you believe in is the ultimate combo, and I got really lucky.  You don’t have to tell me that twice.  Some people work their whole lives without getting to that place, and I fully appreciate that I’m able to do it now, in the prime of my life, when I can dedicate my energy to a cause that can result in lasting change.

This lifestyle is not without compromise, though. The combined schedule makes my work hours something between “insomniac” and “insane”… which has been severely cutting into my blogging time, btw.  Would I change it?  Not at all.

The key to making it work for me is balance.  While I am not 100% in love with my old finance position, I do appreciate it for all the things it allows me to do.  I get to work on time, continue to be efficient, and take on new roles that allow me to expand my skill set.  In turn, that paycheck allows me to fulfill my passion by working with a group of incredibly smart, driven individuals who are striving to make the world a better place.

What else have I learned from this?  That the sky’s the limit.  If you figure out what you want and go for it, sometimes solutions present themselves in the oddest ways.  Just be open to exploring other avenues, and reevaluating your approach.  Redefining your wants in a more precise manner can eliminate all but the necessities and help focus your planning so you don’t get as frustrated spinning your wheels.

You know, I started this post several dozen times, but somehow none of my previous attempts seemed post-worthy.  I think I was trying to make sense of it all, to wrap it up neatly and package it with a bow.  But life doesn’t work like that– especially mine!– and I’m much more comfortable with this.

That’s all I got… for now.

Happily following my bliss,

RTW

Ennui: A gripping listlessness or melancholia caused by boredom; depression.

I like the word ennui.  It’s just so…  Gatsby.  While I’m exercising my melodramatic license in using it to describe my last few months (and extended blogging hiatus), it’s not something new to me.  Or, for that matter, to those who’ve known me for the last quarter-century or so.

Let me contextualize this discussion by saying that I fully understand how fortunate I am to have my health, a job, and a fantastic family and group of friends.  By no means am I depressed about my life, I was just exceedingly bored with work.

In some circles, I might be labeled Type A– which is both spot on and dead wrong.  I don’t mind working hard, especially for a cause I’m passionate about, but I really hate dedicating time and energy to inefficient processes that get nowhere.  And I also resent working when I don’t learn anything.  At that point, my lazy Type B side takes over and I’m more than happy to sit around and smell the roses.

Let me tell you, if there is something to be gleaned from a situation, I will try to find it, but despite my best efforts to keep my mind engaged at work, I couldn’t extract any lessons more enlightening than, “This is a great example of how to run a firm into the ground.”  Frustration and a desperate need for change are great motivators, however, and thus my plan to abolish ennui was born, with no more defined goal than to get myself un-bored and into a situation that I could sink my teeth into and be passionate about.

A younger self  might have decided to  take time off to soul-search and travel, but evaluating that option in this economic environment quickly convinced me that there was something I could do to kick this bout of boredom in the @ss without putting myself at unnecessary financial risk.

The logical answer?  Look for another job. Much easier said than done, especially when looking for an upgrade.  Interesting how that turned out…  I’ll share in an upcoming post.

Hola readers–

Sorry I’ve been absent for so long.   A long string of complicated client deals at work, plus some interesting job opportunities (that I didn’t end up taking– more later), new extracurriculars, and the jam-packed summer wedding circuit have made it really difficult for me to sit down and blog about everything in a timely fashion.

Thanks to those of you who still stop by, and welcome to the new peeps!  I appreciate the comments and will be slowly getting back up to speed in the blogosphere as life sorts itself out.   I’ve got lots to share and also to catch up on…

In the meantime,  a pic of Angora Lakes near South Lake Tahoe…  we were up here a couple weekends ago and loved the gorgeous scenery and great swimming.  I highly recommend it if you’re in the area!

xoxo,

RTW

This post is part of a miniseries on my quarterlife (re)invention process.  I left off discussing my strategy of beginning at the end, and the next few posts will provide more detail on the various goals I’m working towards.  If you’re evaluating your life in a similar manner, maybe some of this will strike a chord… and if you’ve got things figured out, please feel free to chime in with advice!  Without further ado:

My first goal is to be rich.

Not rich in the sense of Warren Buffett/Donald Trump– although that would be nice– but rich in the context of my own life.  Frankly I consider it “being comfortable” rather than “being rich,”  but I also realize that I am already incredibly wealthy in comparison to individuals in developing nations, and I might as well recognize that the ideals I strive for encompass far more than the basic necessities.  Why is this the first goal I’ve chosen?  It’s not more important than health or happiness, but the metrics are much easier to track.  Also, all three are intertwined, and I have to start somewhere.

Lack of money can create stress, force uncomfortable decisions, and generally introduce quite a bit of uncertainty into life.  While more money does not necessarily make you happier beyond a certain point, having enough money for the basics may allow you to escape some stressors and generally lead a more fulfilling life.

Early on (say about 8th grade?), I realized that in order to feel secure, I needed to achieve a level of earning power that would not limit my options– to learn, to travel, to make a positive impact in my community.  That’s a vague goal, to be sure, but it’s one that works for me personally.  Money is only as good as what you spend it on, and although it’s backwards in a way, I’ll start with a focus on the spending part and follow up with dollar estimates in a later post.

Money and Family

Today, many families are forced to choose between an education for their children, or nursing care for aging parents. As early as high school, my female peers started talking about  marrying rich, instead of marrying for love.  Maybe I was more idealistic than most at that age, but hearing such sentiments just rubbed me the wrong way.   I’ve also witnessed firsthand the devastation of families when the primary wage-earner has a catastrophic accident, and can no longer work– in the worst cases, social services gets involved, children are placed in foster care, and both parents spiral into depression.  (I’m not referring to my own family, thank goodness, but to patients I’d cared for throughout my clinical years.)

I’m not afraid to admit that I’m scared of having to make such a decision.  I don’t believe that Social Security or Medicare will actually provide any benefit to my parents’ generation, let alone my own.  And you know what?  I may be overly cautious, but confronting that fear and taking steps to prevent it go a long way toward my psychological security.

I felt that I would be ready for a family only when I could provide for all of us on my salary alone.  Maybe this is more of a masculine perspective, but that begs the question, why should it be? The females of most species tend to be the nurturing, caring ones, seeing to the needs of family members.  Why, in a money-based economy, should that responsibility not extend to financial nurturing and caring?

Money and Love

For all my pragmatism, I’m also an unabashed romantic.  Even before I wanted to settle down in a serious relationship, I kept thinking, “What if my perfect man is an penniless artist/writer/musician?”  If push came to shove, and I had to make a choice between an amazing partner who couldn’t support himself, and someone ok who was more responsible, I’m not really sure I could find an effective compromise.  My financial goals were designed to avoid that crossroads, and luckily I found the perfect partner who is creative AND responsible.  He also happens to be financially savvy and either one of us could support a family on our salary alone.

Now that I’ve achieved a level of earnings that allow me to save significantly for retirement as well as healthcare costs, I feel a lot more comfortable.  Current goals include continuing to save towards retirement while increasing my nest egg for a down payment, and educational costs for our future children.

Money and Career

If I won the lottery tomorrow, I know exactly what I’d do with the money– I’d quit my current job but definitely wouldn’t stop working.  My work/life balance is quite enjoyable, and my personality is well-suited by having projects to keep my mind engaged.

While my job is currently a way for me to learn valuable transferable skills while furthering my financial goals, I want to get to a point where I can do good AND do well.  The golden handcuffs are ok for now, but by starting up my new social venture in parallel, I hope to transition sooner rather than later– ideally in the next several years.

Rich isn’t a number, it’s a state of mind.  I’m quite happy with my current situation, but as my environment changes, I must continue to adjust in order to maintain that level of contentment and security. Maybe you can’t buy happiness, but you can definitely earn it.

What does “rich” mean to you?

Image sources: 1, 2, 3

The weather’s warming up and all sorts of veggies and fruits are in season…  I love the beginning of summer!  City Girl’s cucumber watermelon cooler and Smitten Kitchen’s asparagus/goat cheese/lemon pasta got me jonesing for those hot summer nights that haven’t quite reached the West Coast yet…  you know, the ones where you lie around basking in doing nothing.

Speaking of doing nothing, it’s pretty easy to achieve in the kitchen when you’ve got a bunch of produce and can just throw things together.  I always have salmon (flash-frozen wild alaskan from Costco) on hand because it’s tasty, easy, and good!  Since I was resisting the lure of Whole Foods one weekend morning, this was our brunch:  pan-grilled salmon with wasabi (canola) mayo, avocado, and tomatoes on a toasted English muffin.  I popped some potato wedges with herbs and parm in the oven before prepping the fish, and voila– lazy Sunday brunch!   It’s pretty healthy too, what with all those omega-3s and monounsaturated fats…  enough that a small grating of cheddar didn’t hurt.

At first I was debating about putting this up since it’s not really a recipe, per se, but I was drawn to the colors and the sheer simplicity.  Honestly, during the height of summer I probably could subsist on caprese salad, fruit, and grilled veggies alone; the less stovetop cooking, the better!  Mmmm, heirloom tomatoes and sweet corn…

What’s your favorite “taste of summer” food?

This story really makes a chill run down my spine.  In case you hadn’t heard, a woman named Colleen Hauser has disappeared with her teenage son Daniel, who has Hodgkins lymphoma—because she doesn’t believe chemotherapy is the best treatment for her son.  Apparently, she testified that “she had been trying to ‘starve’ Daniel’s cancer with supplements, an organic and sugar-free diet and high-alkaline water.”

While I was trained in Western medicine, I believe there is absolutely a place for complementary (or “alternative”) therapies, especially for disease states in which the mechanism of action remains unclear.  However, Hodgkins does not fall into that category.

Seriously, if we could cure cancer by following a diet and drinking high-alkaline water, don’t you think we would’ve stopped spending millions of dollars on cancer research by now?

Well, we can cure some types of cancers.  Although the word “lymphoma” sounds serious, and it is, if caught early AND TREATED, survival rates are fairly decent—on the order of 90%.  If not treated appropriately, survival is, expectedly, very poor.

It’s not as if this treatment is experimental, or a last-ditch alternative in this case—chemo has the potential to cure the kid.

It saddens me to think that a mother’s religious beliefs may factor into the matter of her child’s life or death.  I realize that faith is a helpful tool in many situations, but if you’re going to use that argument, whatever happened to the basic tenet of “God helps those who help themselves”?  Relying solely on mineral water and faith seems like a pretty poor effort to me.  Thinking about it gets me all worked up so I’m trying to be polite here… but all I can hope for at this point is that this woman will turn herself in so a treatment plan for Daniel can be discussed and put in motion.  Sigh.  The alternative of death by withholding of care is a pretty horrible option.

Is anyone else similarly shocked/upset/disappointed?

Image source: AP Photo/The Star Tribune, Kyndell Harkness

Update: Read about the happy resolution here!  Thanks, Kristan!

Leggero: quite an apt description for this subtle and sophisticated wine.

Now, I’m a girl who likes her sweets, but sometimes moscatos are too syrupy even for me.  The Ravenswood Leggero is effervescent and light, great as a palate cleanser and versatile enough to be paired with any number of desserts or cheese plates.  What’s truly amazing is how the fruit lingers on the palate– I adore the finish.  It’s absolutely memorable but not cloying or overpowering, a tough balance to find.

More fun with moscato:
Freeze and shave down into a sinfully sophisticated sorbet
Pour over fruit for a dessert
Substitute for mimosas during a lazy brunch

Apparently, this bottle will even keep for 2-3 weeks in the fridge after opening.  I laughed because there’s no way it’d last that long for us, but good to know anyways.

Only available at the Ravenswood tasting room, it’s well worth a stop if  you’re anywhere in the vicinity.

Do you have a favorite dessert wine?

- Physical dial and hang up buttons

Have you checked out touchscreen phones besides the iPhone?

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Girls (and Guys) Just Wanna Have G1s

Berkshire Hathaway’s recent annual meeting provided a great opportunity for Warren Buffett to reiterate some of the same advice he’s been providing for the last several decades.  Given the current economic climate, it seems that people are more willing to listen, but even then the news is cautionary at best.

That bad, huh?

Buffett’s strategy is to keep it simple.  He goes for companies with great fundamentals, and invests for the long term.  Granted, Buffett did acquire preferred shares of Goldman Sachs and GE, but at terms the rest of us can only dream about– 10% dividends are pretty attractive.

What about his perspective on riskier ventures?  “A line from a country song expresses our feeling about new ventures, turnarounds, or auction-like sales: ‘When the phone don’t ring, you’ll know it’s me.’”

It’s not as if he thinks he’s exempt– predictions for the growth of BRK aren’t rosy.  According to Dealbook, “Mr. Buffett said that he envisioned growth that was a couple of points or so above the Standard & Poor’s 500 index. He acknowledged that the much faster growth of the firm’s early days wasn’t likely to return.”  (For reference, book value per share has historically grown at over 20% annually.)

We could all take a cue…  the market’s unlikely to rebound as quickly as the media predicts– and even then, growth prospects are significantly diminished.  This is not to say one shouldn’t invest, but if you don’t understand what you’re investing in, maybe you should think harder about parting with your hard-earned cash.

If the Oracle of Omaha can state his six acquisition criteria in plain language that any layperson could understand, it’s worth forcing your financial advisor (if you even use one) to explain your investments similarly.  Better yet, fire them and do your own diligence.  If Buffett admits that he won’t invest without understanding the technology, do you really think it makes sense for others to do so?

*ACQUISITION CRITERIA*

We are eager to hear from principals or their representatives about
businesses that meet all of the following criteria:

(1) Large purchases (at least $75 million of pretax earnings unless the
business will fit into one of our existing units),

(2) Demonstrated consistent earning power (future projections are of no
interest to us, nor are “turnaround” situations),

(3) Businesses earning good returns on equity while employing little or no
debt,

(4) Management in place (we can’t supply it),

(5) Simple businesses (if there’s lots of technology, we won’t understand
it),

(6) An offering price (we don’t want to waste our time or that of the seller
by talking, even preliminarily, about a transaction when price is unknown).

And to sum it up?

“Success in investing doesn’t correlate with I.Q. once you’re above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.” (BusinessWeek interview, June 25 1999)

Still true a decade later…  they don’t call him the Oracle for nothing.

What’s your favorite piece of investment advice?