Bar Shampoo!

Our oceans are inundated with plastics. Our Earth is choking on trash. The time has come to make changes. It’s clear our government doesn’t value saving the planet for the next generation. So it’s up to us…collective individuals working together to make better decisions. If money drives this world, by choosing what we spend money on can make a difference. This year, I am focusing on reducing plastics. With every purchase, I ask myself “Is there a plastic free alternative?” While I know I can’t change my family’s practices all in one go, I can make steady progress!

I’m starting with shampoo bottles and soap. This will be easy to change! “Humans have made 8.3 billion tons of plastic” and “Around 60 percent of all the plastics we’ve ever made are on the planet somewhere.”(1) Have you thought about what it means to “throw away” something? Where does it go? Where is this “away” place our trash goes? “Once at sea, plastic breaks down into smaller pieces, but it still doesn’t really go “away”. Some sinks to the ocean floor, some washes up on beaches and some is eaten by fish and other animals, and makes its way back to us in our seafood. A plastic bottle can take hundreds of years to degrade, whereas a long-lasting coconut fiber degrades in just twenty years, an orange peel in six months and brown paper in only a few weeks.” (2)

WE HAVE TO MAKE A CHANGE!

Did you know you can purchase shampoo in bar soap form? No plastic bottle. No packaging. I found Lush by searching online for a company with values aligned with mine: limited plastic, sustainable ingredients, ethical buying practices, kind to animals. Their shampoo bars are packaged with all paper (ie, fully recyclable) and biodegradable materials. (note: I’m not affiliated with them at all, and this blog is not monetized). I got my first order of Lush bar shampoo in today. I ordered the Godiva shampoo bar and it smells wonderful! It came in a cardboard box packed with peanuts. At first I thought “Oh no! I don’t want peanut packaging!” Then, I noticed that the texture felt different so I plopped one in a cup of water. It dissolved immediately so apparently they are not plastic! One bar of soap can last for 3 bottles of shampoo.  I’m excited to make this change, and so far I love it!  

 For now, I plan to be an eco-warrior with my clean hair and bottle-less bathroom.  Nobody can do everything, but everyone can do something! I urge you all… to be mindful of what you buy.   Together we can change the world… by caring, learning, and making eco-friendly decisions. Let’s start now! I challenge you to pick 1 thing to reduce your plastic waste.

1. https://www.pbs.org/newshour/science/humans-made-8-3-billion-tons-plastic-go 
2. https://www.lushusa.com/story?cid=article_there-is-no-away

Future Changes to my Household Buying

• No plastic shopping bags
• Use a local dairy for milk in a reusable glass
• Glass deodorant or bar deodorant?
• toothpaste tabs?  
• Bamboo toothbrushes or at least recyclable heads for our Oral-B electric brush

My goal is to produce so little waste that we can cancel our garbage service.  Phase 2 will be researching what farming practices hurt the bees the most.  Then we'll try to make informed decisions about what produce to buy.   Make steady progress!

No one can do everything, but everyone can do something!

Peace and Love, y'all

2. Formulate a Debt Strategy

I’ve scoured the internet and books for a magic debt formula, and frankly…there’s not one.  I was able to categorize the advice into 2 main strategies:

A.      Strategy 1:  Pay as little as possible on debts through Income driven repayment (IDR) like IBR, PAYE, REPAYE.  You can go to the VIN foundation to plug your loan values in to see which results in the smallest cost.  This enables you to save more for retirement, and hopefully not just buy the latest and greatest phone. 

–       Pros: Save more money, might pay less on loans over lifetime, better lifestyle at the beginning of your career

–       Cons: gambling on forgiveness,  might have a huge tax bill at the end of forgiveness, might pay more on loans than a focused approach, live with the emotional burden of debt longer

–       ONLY a good choice if you can save money!  GREAT choice if you are planning a career of Public Service as you may qualify for public service loan forgiveness after 10 years of qualified work (if government keeps the PSLF program).

–       Tony Bartels is a proponent of strategy on the Vin Foundation

–       You can go on VIN and use the Student Debt Calculator (even if you are not a VIN member) to evaluate the cost of the different plans (IBR, PAYE, REPAYE)

•        https://www.vin.com/studentdebtcenter/

–       NOTE:  If this is your strategy, it makes more financial sense to invest extra money rather than throw it at loans.  If your income dramatically increases to the point it looks like you might actually pay off the loans, it may warrant re-evaluation of your debt strategy.  

2. Strategy 2:  Pay as much as possible on loans, save after you pay them off. 

–       Pros: get to “financial freedom” faster, can invest more of your income after debts are paid, if paid off with “gazelle intensity” may pay less interest over life of loan

–       Cons: delays saving for retirement, hard to make ends meet and have a family

–       Dave Ramsey promotes this via the “Debt Snowball,” a strategy that involves paying down the smallest debts first to get motivated.   As you pay off each debt, you apply the payments to the next loan.   He also recommends delaying saving for retirement until debts are paid.   (https://www.daveramsey.com/dave-ramsey-7-baby-steps)  The White Coat Investor  - Unless doing PSLF or loans with interest 1-3% (not your typical federal loans), goal is paying off student loans within 5 years.  “Live like a resident” for the first few years as an attending.

Consider when making a plan:

·        Does the thought of your loans growing every month for 20+ years cause you stress?

·        Are you able to trust that “forgiveness” will actually occur?  Or do you think our government will end IDR and forgiveness?

·        Are you disciplined enough to save for the tax burden at the end of the forgiveness?

·        Does the feeling of carrying debt make you crazy?

·        If paying off loans, will you still contribute to employer matched retirement plans (aka free money)?

·        If you commit to paying it off, and life throws you a BIG curveball, will you be able to switch payment plans later?  If you switch plans, it risks your interest capitalizing (ie, interest added to the principal to increase the future interest) and the payment countdown restarting to the new plan. 

·        IDR plans must be renewed yearly with the loan servicer.   If you lapse utilize forbearance the interest may compound!  If you have something unexpected (like job loss), consider having servicer recalculate your payment instead of applying for forbearance!  Your IDR payment could be 0 if your income is low enough!  Capitalization of loans depends on the individual type of payment plan you are on (IBR, PAYE, REPAE).  If you are considering one of these plans, it warrants further research to make sure you understand what you are getting into!

Consolidation

–       Combines several student/parent loans into one bigger loan.  “The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent.” (http://www.finaid.org/loans/consolidation.phtml)

–       Pros:  one payment to one lender.  If you don’t already qualify, this can provide access to repayment plans other than the standard 10 year.

–       Cons: your overall interest rate may be higher! For my vet school loans, consolidation was of no benefit as all my loans have the same servicer and same interest rate. 

15 things I learned from The Gifts of Imperfection by Brené Brown

I woke up this morning to bright, spring sunlight streaming through the living room windows.   The shrilling, repetitive call of a cardinal sang outside.  A pair of them seem to be making a next outside of our window near the front bird feeder.  Sleep eluded me last night.  When my 2 year old son woke up, crawled into bed, and snuggled in his usual spot between Chase and I; I waited until he fell asleep before wandering down the hall.  My thoughts centered on a quote in The Gifts of Imperfection by Brené Brown.

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly.”- Theodore Roosevelt 

What is my arena?  What is my purpose?  I long to dare greatly, but I find myself unable to decide on an arena to dive into.  What a conundrum:  to be a goal-getter devoid of career oriented goals.  But maybe that's ok.   Although I grapple with the truth of my self-value, the truth remains:  my role as a mother and a wife are important.  What could be more important than raising children who love God?  Children who will dare greatly? Children who love others?
 Brene Brown refers to midlife and any other periods of great change (such as marriage, becoming a parent, retiring, moving, recovery, working in a soul-sucking job) as “great unraveling journeys.”
“The unraveling is a time when you are challenged by the universe to let go of who you think you are supposed to be and to embrace who you are.” 


I am on one of these journeys now.

Here are things I learned from The Gifts of Imperfection

• I am enough.  My value is not found in what I do or what I left undone.
• We all have “shame gremlins” that whisper or shout “not enough.”  There is power in naming and recognizing them.  I have shame gremlins that tell me I’m not enough as a mom… my house isn’t cleaning enough…I’m not thin enough…not smart enough…not a good veterinarian..  Sometimes they whisper in terms of comparisons…I wish I could write like her, look like her, or be as smart as her…
• When you recognize a shame attack, reach out to a confidant, a loyal, empathetic friend.  I am blessed to have 3 such friends who love me and my battles with insecurity.
• Boundaries are not mean.  They are necessary and part of being compassionate.  Is it better to constantly yell at my children and give in to frustration?  Or is it better to mean what I say and enforce boundaries the first time? Is it better to berate and belittle employees in an effort to get them to perform better? Or to set clear expectations and consequences then stick with them?  “How would our lives be different if there were less anger and more accountability? What would our work and home lives look like if we blamed less but had more respect for boundaries?” 
•  Fitting in is counterproductive in seeking true belonging and connection.  I don’t have  to keep up with the Jones's.  My 30 year old, dilapidated couch is just fine… or maybe it does need to be replaced because I hate it… not because I need to keep up appearances!
•    We cannot avoid shame, but we can develop resilience to it: “the ability to recognize shame, to move through it constructively while maintaining worthiness and authenticity and to ultimately develop more courage, compassion, and connection.”
• Secrecy, silence, and judgment are fertilizers for shame.
•  I long for the authentic life.  That is, I want to let go of who I think I should be, and simply embrace who I am…Of who God created me to be.  Keep it real, y’all! 
• We need to believe in something bigger than ourselves (Brené defines this as spirituality).  I find this need in my faith in God. 
•   Numbing is a behavior we engage in to not think, be it drinking, gaming, binge tv, or surfing Facebook.  Numbing blocks us from growing and facing vulnerability.    Wholehearted are “mindful about numbing behaviors” and try “to lean into the discomfort of hard emotions”
• Fear of loss or scarcity can inhibit feelings of profound joy. “The dark does not destroy the light; it defines it.  It’s our fear of the dark that cast our joy into the shadows.”  It is enough to be home and present with my children. I will strive to spend less time worrying and more time playing with them!
• Comparison is the thief of joy.
• When someone asks me “What do you do?” I don’t have to be just one thing.  I am a mother, a wife, a Christian, a watercolorist, a veterinarian, an instructor, and so much more!  I’m not bound by 1 title.  And that’s OK. I refuse to be defined by a single career.
•    Play and rest have value! It’s healthy to sit down, drink my coffee, and watch the birds with no goals other to enjoy the moment.  Perhaps that’s even better for me than a perfectly clean house.  This fits in with the concept of Sabbath.  We were created to have rest. 
•  Wholeheartedness is a journey, and it’s ok to not know the destination.  I will trust in the journey. 

I highly recommend reading The Gifts of Imperfection for yourself.  Join me on this journey to wholeheartedness. 

Peace and love, y’all! 

A few basics on budgeting

If you have a significant other, budget together! You have to be on the same page for this to work.  I loved Dave Ramsey’s advice on this:  if one of you is the “nerd” and loves spreadsheets and budgets, make your budget and slide it across the table to your “free spirit.”  Then…SHUT UP.   Let them have some time to look it over and make adjustments. If you don’t have a significant other, it can help to have a trusted friend hold you accountable.  

If you’ve never made a budget before, here are some simple steps to get you started.

1. Start by examining last month’s expenses or track this month’s. 
2. Now get a piece of paper, spreadsheet, Mint, YNAB,  EveryDollar, or whatever…and write down your monthly take home pay.
3. List your expenses.  In addition to the usual stuff (mortgage/rent/electricity) think about upcoming bills (quarterly bills and etc).  Then tally up your more flexible expenses (food, gas, Netflix).  Subtract your expenses from your income.  Give every dollar a job! Remember your saving goals, debt goals, and etc.   If you're budget spends more than your income, it's time to reevaluate and make some cuts.  
4. Track your expenses to see how you are doing.  Re-evaluate as necessary.  Every month may be different!

Expect mastering a budge to take more than 1 or 2 months!  

If you have trouble “sticking to the budget.”  Cut up the credit cards and go cash only.  It’s hard to overspend when you only have cash on hand! 

Tips from my own budgeting:

• I like to write it down every month, then go over it with my husband.  I'm the nerd about budgeting!  I've tried spreadsheets, mint, and YNAB...but for whatever reason, I still like writing out my budget.
• We cut cable television, and I don't miss it. 
• We try to plan our meals and avoid fast food.  I like to cook as little as possible (as you might imagine from the title of this blog), so I cook a large quantity and freeze the excess
• Planning meals then utilizing curbside pick up keeps me out of the stores and helps prevent impulse shopping!
• Do you have a nervous shopping habit?  In the midst of stress and anxiety, I often found myself in Michael's...So addressing my feelings through therapy, exercise, walking in nature, playing, or whatever helps keep my stress spending down.  It may be worthwhile to examine your own emotions and identify what drives some of your spending habits.

What budgeting tips or software do you find useful? I'm always looking for more tips and tricks for my own life and for my students' lives.
 

Peace and love, y'all

Pearls of Personal Finance (for Veterinary Students)

 
“Don’t be follower; be a student. Make sure your actions are the product of your own conclusions.” - Jim Rohn

I've struggled mightily with my own personal finance.  I've made many mistakes...some I've discovered, and some I will probably find out later in life.  So I wanted to try to help those starting on their journeys through sharing what I've learned and the mistakes I've made.   This blog is my own personal opinion;  I want readers to do their own research, and make their own decisions! 

Habits and Values

 “Most people have it all wrong about wealth in America.  Wealth is not the same as income.  If you make a good income each year and spend it all, you are not getting wealthier.  You are just living high.  Wealth is what you accumulate, not what you spend…It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes.  Wealth is more often a result of a lifestyle of hard work, perseverance, planning and most of all, self-discipline.”  – Thomas J. Stanley, The Millionaire Next Door.

Building wealth and getting out of debt is more about your habits than your income.   Develop good habits of saving and living within your means.  Of course where you spend your money and what order to place your financial goals depends on what you value.  How does debt make you feel?  Can you live with debt or does it cause you great anxiety?  How important is owning vs. renting?  Can you be content with less than the Jones?   Should you investing in USA funds or global funds?  What about tithing and giving?  You should probably spend some time thinking about what is truly important to you because your values should be reflected in your financial plan.

A Basic Plan

I’ve been reading as fast as I can (with a book in one hand and toddler in the other) to learn about personal finances.    It started with taking Dave Ramsey’s Financial Peace through a local church, but I started to question some of his teachings.   So I read blogs and websites (Money Girl: Quick and Dirty Tips, You Need a Budget Podcast, Dave Ramsey, The Vin Foundation Student Debt Center).  Then moved on to books: The Millionaire Next Door, The White Coat Investor, and more soon).  Most financial gurus have quite a bit of similarity in their plans.  All of them involve good spending habits, consistent saving/investing, and having a plan for debt.   Here’s a basic plan adapted from Dave Ramsey’s Financial Peace and The White Coat Investor with a touch my own opinion.  This is not meant to be a be-all-end-all guide to your financial future, but a springboard to dive in.  Y’all are some of the smartest people I know, you can do this! 

The Plan Components

1. Save for an emergency.
2. Formulate a debt strategy
3. Protect your Assets
4. Save for retirement
5. Save for children’s college
6. Pay off your home
7. Give and live life!

The order you accomplish those items will depend on your values and goals, but I recommend doing the first 3 STAT.

Over the next few weeks, I plan on going through some of the basics I've learned on each component.  May it help someone out there! 

1. Emergency Fund

If you take Dave Ramsey’s Financial Peace University or read his Total Money Makeover,  his “Baby Step 1” is to rapidly save $1000 for a rainy day.  Sell some furniture. Sell so much, the kids worry they are next.   If you don’t have this much in the bank, do this NOW.   Commit to not spending more than you make.  If that means cutting up the credit cards, cut them up!  The last thing veterinarians need is consumer debt on top of student debt.   Although Dave Ramsey recommends saving $1000, paying down debt, then saving 3-6 months for a real emergency fund, I was far from comfortable only having $1000 in the bank for the time it takes me to pay down (or serve my time on IBR) my 6 digits of student loans.  For that reason, I’m not committing to his order. For my own stress level, I want an emergency fund fully funded first!

Where to put it?

–       Consider your habits and your feelings toward debt/risk.

–       Money Market/High Yield Savings– less volatile than mutual funds, but earns less.  Readily available through banks.  This is where Dave Ramsey recommends putting it.  This was too close for me.  It only took 1 tiny little transfer to get to it…

–       Mutual Funds – May not instantly be available, but might earn more…or it might lose all value!  If you need money instantly, do you have enough credit to cover it?  How do you feel about credit?  This is risky but has more potential for it to grow.

–       Roth IRA – Your contributions can be withdrawn without penalty.  Risk level depends on how it’s invested.   More on Roth IRAs later…

But Wait… How does one save money?

 “Some may say it is easy to save when you have a high income, but the savings and donations percentages I listed essentially remained the same regardless of whether we were making 45,000/yr as a resident or the much higher income that we now earn.  If you are not disciplined to save on a $45,000 income, it won’t be any easier on a six-figure income.” – The White Coat Investor

If you are living paycheck to paycheck, in order to start saving something must change.  If you keep doing the same thing and expect a different outcome, that’s insanity.  You really only have 2 options:

• Make more
•  Spend less

If your life is anything like mine, the thought of one more job exhausts me.   How could I possibly pick up another side-hustle? Another part-time job? I still have kids to raise.  However, I can always spend less.  The key is a BUDGET.  You need a budget.  Even if you make more, without a budget you will find that your expenses rise to consume that money.  You have to work for your money, so put your money to work too!

“A budget is telling your money where to go instead of wondering where it went.”  - Dave Ramsey

I'll blog about budgeting and post it in the next week or so.

Peace and Love, y'all!