Chris Farrell

From the personal finance correspondent for public radio's Marketplace Money, a new plan for a new economic reality—the philosophy and practice of living frugally. As a once-in-a-lifetime downturn deepens, our go-go economy has become an uh-oh economy. But as trusted finance reporter Chris Farrell explains, there's a silver lining to this cloud: It is accelerating a trend already under way in America toward what he calls the New Frugality—a fresh way of thinking about how, what, and why we consume. In today's economy, a "sustainable" lifestyle isn't just one that's good for the planet—it's one that is based around core values and one that sustains your bank balance as well. In this friendly, approachable book, Farrell explains both the theory and the practice of living frugally. Frugality, he reminds us, does not mean old-fashioned penny-pinching. It means spending your money on quality rather than quantity—buying the best you can afford but the least you need. Drawing on his expertise as a financial reporter and his years of conversations with his public radio listeners, he provides down-to-earth, practical advice for every aspect of your financial life, including: • how to always maintain a "margin of safety" in your spending • the frugal home: renting vs. owning • the two best ways to save for college • wise debt vs. foolish debt • why giving your money away can be "newly frugal" The New Frugality amounts to a paradigm shift in the way we spend and save. The good news is, a frugal lifestyle is one of less waste, lower environmental impact, greater peace of mind, and, over the long run, deeper satisfaction.

How to Consume Less, Save More, and Live Better

The New Frugality

Purpose and a Paycheck tells the compelling story of how a growing movement of older entrepreneurs and part-time workers are creating a stronger and more vibrant economy. Whether you’re a corporate executive, business owner, policymaker, or moving into the later season of your career, the stakes for America’s aging population are high. People 65 and older will account for 20 percent of the population in 2030, up from 13 percent in 2000. Many prognosticators blame the aging population for the stagnating economy, citing that as more and more people retire, they will stop working as relatively fewer working people have to support growing numbers of dependent elderly. Purpose and a Paycheck debunks this line of thought by showing how a growing movement of elderly entrepreneurs and part time workers are creating conditions for a stronger and more vibrant economy. Growing numbers of Americans are no longer retiring in the traditional sense. The numbers are striking and largely unappreciated. The labor force participation rate of men 60 years and over has risen nearly one-third from a low of 26 percent in 1996 to 35 percent in 2014. The comparable rate for women is from 15 percent to 25 percent. Even more impressive, 25.5 percent of new business ventures in 2016 were started by the 55-to-64-year-old age group, up from 14.8 percent in 1996. People in their 50s and 60s are launching new businesses at nearly twice the rate of people in their 20s. America’s aging society and workforce is redefining work for all generations and is among the most significant long-term forces shaping the U.S. economy and society, alongside globalization, automation and climate change. Instead of an economic deadweight, America’s aging population holds the promise of getting back the economy mojo. Reframing aging will result in faster rates of economic growth and higher living standards for all of us in addition to a more fulfilling and financially secure second half of life for our aging population.

Finding Meaning, Money, and Happiness in the Second Half of Life

Purpose and a Paycheck

The budget battles of recent years have amplified the warnings of demographic doomsayers who predicted that a wave of baby boomers would bleed America dry, bankrupting Social Security and Medicare as they faded into an impoverished old age. On the contrary, argues award-winning journalist Chris Farrell, we are instead on the verge of a broad, positive transformation of our economy and society. The old idea of "retirement"--a word that means withdrawal, describing a time when people gave up productive employment and shrank their activities--was a short-lived historical anomaly. Humans have always found meaning and motivation in work and community, Farrell notes, and the boomer generation, poised to live longer in better health than any before, is already discovering unretirement--extending their working lives with new careers, entrepreneurial ventures, and volunteer service. Their experience, wisdom--and importantly, their continued earnings--will enrich the American workplace, treasury, and our whole society in the decades to come. Unretirement not only explains this seismic change, now in its early stages, it provides key insights and practical advice for boomers about to navigate this exciting, but unsettled, new frontier, drawing on Chris Farrell's decades of covering personal finance and economics for Bloomsberg Businessweek and Marketplace Money. This will be an indispensable guide to the landscape of unretirement from one of America's most trusted experts.

Chris Farrell

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