Ben Stein has had many careers in his life: movie star, eyedrops spokesman, presidential speechwriter, basketball star*, game-show host, and now economics columnist.
In his latest “How Not to Ruin Your Life” article, he writes about what he wishes he had known about personal finance while he was young:
I like to spend extravagantly. I am not sure why. My sister is extremely sensible about money, and so were my parents. Maybe my wild overspending is a reaction against my upbringing. Luckily, I have also been a wild over-earner.
However, I scare myself with my extravagance. I wish I had been more restrained — then I would not have to worry as much about the future. Yes, of course I have savings. Yes, I am a careful finder of bargains. Yes, naturally I am exaggerating the situation — but not by much.
I was dealt many hard blows by the tech crash of a decade ago and many cruel whacks by the crash of 2007-09 and the real estate correction. Many lies have been told to me by Wall Street and its minions. But the worst blows to my peace of mind have come from my own imprudence.
If you suffer from the same bad habits as Ben Stein and find yourself endlessly worried about money, you’re certainly not alone.
Studies have shown that feeling financially secure is as important in determining happiness as earning lots of money is. Taking steps to spend your money prudently is 100 percent in your control if you develop a budget and stick to it. Sometimes all you have to decide is whether you want a prosperous future more than you want that new pair of kicks.
* Not really, but this commercial with Shaq for Comcast is pretty cute:
