Dr. Kathleen Connell, a professor at Haas Graduate Business School at University of California, Berkeley writes in The Christian Science Monitor that “many American families are forging a new frugal lifestyle, shopping in second-hand stores, using coupons, and sharing housing.”
She also addresses the need to “reboot” the American dream and offers seven rules for regaining your financial security:
1. Manage risk.
2. Secure your short-term financial stability.
3. Make time your ally.
4. Create a net worth profile.
5. Adopt an ‘unretirement’ mentality.
6. Establish priorities to protect your retirement.
7. Engage in a lifetime pursuit of financial knowledge.
She adds, “Don’t be a spectator in a volatile economy. It is essential to respond to life’s challenges with energy, focus, and knowledge.” I like that. Energy, focus and knowledge (EFK).