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Dana Miranda is a financial educator, journalist, and creator of the Healthy Rich newsletter, where she writes about money for misfits. She has contributed to Forbes, Business Insider, The New York Times, CNBC, and The Motley Fool, among many other outlets. Whats the big idea? The personal finance industry has been teaching ineffective wealth habits for decades. The dominant advice is that budgeting is of absolute importance, but emerging research is dismantling this approach to money management. A life of prosperity does not emerge from restrictive rules and a scarcity mindsetit starts with intuition and generosity. Below, Dana shares five key insights from her new book, You Dont Need a Budget: Stop Worrying about Debt, Spend without Shame, and Manage Money with Ease. Listen to the audio versionread by Dana herselfin the Next Big Idea App. 1. Budgeting doesnt work Basically, every piece of financial advicewhether youre trying to pay off debt, save for a big purchase, or start investingstarts with make a budget. This sounds a lot like what we see in healthcare, where every piece of health and wellness advice goes back to losing weight. In both cases, were defaulting to restriction. Decades of research in the medical field shows that weight loss doesnt always yield the health outcomes people want. Dieting doesnt work well for weight loss or health improvement. So, I wondered what the research would say about budgeting. The most surprising thing I found was how little research exists about the effectiveness of budgeting. Almost no one is asking whether the practice effectively improves a financial situation. However, I did find a few researchers trying to determine the effectiveness of budgeting. The truth about budgeting contradicts everything the personal finance industry has been teaching. A 2018 study at the University of Minnesota found that budgets are unsustainable and dont reduce spending. Through one experiment, they found participants got less enjoyment out of spending when they tracked their budgets closely, and this effect was stronger for people with less money. That lower enjoyment meant people were less likely to continue budgeting in the future. Researchers wrote, Tracking a budget may reduce the enjoyment associated with spending by increasing pain of paying through a tightened link between costs and benefits. In another experiment, the same researchers found budgeting encourages a splurge-and-restrict cycle exactly like the binge-and-restrict cycles we see with diets. People may use perceived progress as an excuse to take a break and may splurge a little, the authors wrote, giving budgeters little net benefit. Another report from the Financial Consumer Agency of Canada in 2019 shows how ineffective admonitions to make a budget can be, and that budgeting doesnt improve well-being. The agency led a pilot to encourage people to make a budget, and they followed up 18 months later. Despite the programs sole purpose being to get people to start budgeting, only about one-third of participants who left with the program with the intention of making a budget followed through and developed a budgeting habit. Then, the study asked budgeters whether the habit helped reduce their financial stress. Just 8% of budgeters said budgeting reduced financial stress. 2. Budget culture is like diet culture for your money Our cultural relationship with money is based on a set of rules meant to help us get rich, like paying off debt, investing, starting a side hustle, and making a budget. Financial advice and education tend to boil down to three tactics: Restrict how you use money, whether by spending less, saving more, or buying different things. Shame yourself for financial moves, including spending, accumulating debt, and lack of investment or savings. Greedily hoard wealth by avoiding taxes, accumulating property, and opposing social safety nets. I call this approach budget culture: a set of values that, like diet culture, is based on restriction, shame, and greed. The practice of budgeting is the centerpiece of budget culture. But budget culture is much more than making a budget. You dont have to engage in budgeting to be engulfed in the beliefs around it. These beliefs pervade most conversations about money. In the same way diet culture has us constantly critiquing our bodies and seeking the perfect regimen, our culture of money has us convinced we can find the perfect way to manage money if we work hard enough. Despite several systemic barriers, if your finances dont look like you want them to, budget culture convinces you its because youre not doing something right. The personal finance industry has contrived a fantasy world where its possible for regular people to overcome tremendous financial obstacles with just a few simple steps and make real progress toward being rich. Budget culture upholds that fantasy as an achievable ideal and the basis for understanding money. Even as individuals continue to fail to realize the fantasy, our approach to money feeds off the never-ending pursuit of that ideal. 3. Debt isnt a moral failing If youre not keeping a budget, how do you avoid spending money you dont have? This is the top question I get when I tell people they dont need a budget. A belief that you cant trust yourself not to overspend drives many people to start budgeting. The only way to spend money you dont have is to use credit or loans and take on debt. I argue thats not something you have to avoid. Debt is one of many available resources, like earned income, community resources, or assets. Using debt is a way to expand your resources to live your life when you cant or dont want to expand your income or other resources. Choosing when and how to use debt and how to deal with it are financial decisions, not moral or ethical ones. We use shame in budget culture to keep people from accessing debt, which only serves to perpetuate unequal access to the lifestyle those resources could buy. Carrying debt doesnt make you a bad or irresponsible person. Choosing when and how to use debt and how to deal with it are financial decisions, not moral or ethical ones. Carrying debt also wont destroy your life the way budget culture makes you believe. You can understand how debt products like credit cards and loans work and know the consequences tied to various ways you might deal with them. Having that knowledge lets you decide how to deal with debt in a way that supports your goals. 4. Money is meant to be spent Budget culture trains you to believe spending is bad and that youre a failure for giving in to it. But spending money is often the right choice because its necessary for nourishment, connection, and fostering joy. Letting go of shame from spending is vital to overcoming budget culturebut so is letting go of self-satisfaction from restricting. Succeeding at restriction might make you feel like budgeting works for you, but its just the flip side of shaming yourself for spending. Letting go of the perceived control a budget ives you might feel scary because budget culture has taught you not to trust yourself around money. Once youve rejected the premise of budgeting, you must learn to trust yourself to spend money without destroying your life. Trusting yourself to use money without fear is what I call conscious spending. Setting restrictive limits on how to use money for things you love and value is impractical. My goal with money management isnt to create new restrictions or give you another difficult chore to manage. A budget-free approach is about being able to say yes more often when youre wondering whether to spend money. Budget cultures lionizing of restriction has probably messed with your ability to know how you truly want to use money. Trying to reject budgeting without a way to trust yourself could throw you right back into a cycle of splurging and restricting. To avoid that cycle, it is important to learn conscious spending practices that rely on trusting your gut. Practicing conscious spending is about yielding to your innate wisdom to guide your money moves, instead of looking at an outside set of rules to determine what you should do. Just about any mindfulness practice that speaks to you will hone your self-awareness toward conscious spending. Some strategies you can try include: Create checkpoints that encourage you to reflect on spending decisions before making them, like a reminder note in your wallet. Use a spending diary to temporarily note how youre spending money and what it adds to your life. Imagine your ideal day and how you can use money to support it. Notice your hormone cycles and how they impact your decision-making. Do somatic exercises to learn to listen to your body. Practice meditation or prayer to become more mindful. 5. What you own isnt truly yours Advice about money tends to focus on how to get more and give away less. Budget culture treats money as the end goal, so advice is focused on having money in the end. That misses the point of using money to live a life. It also ignores the fact that if youre tapping into your intuition and understanding your place in a community of humans, generosity with money is a must. Unfortunately, in our culture, thinking about giving money away can raise feelings of fear and scarcity. Budget culture messaging amplifies and reinforces those feelings through budgeting habits and an individualistic mindset. Budget culture makes generosity feel foolish. A scarcity mindset makes you see lack and competition instead of abundance. Our cultural approach to money trains us to believe we never have what we need and theres not enough to go around. Our cultures focus on individual responsibility makes it hard to be generous and easy to ignore someone elses needs. You can begin to break down that belief by first understanding that nothing is truly yours to begin with. The difference between seeing scarcity in the world and seeing abundance is understanding that whatever you own isnt truly yours; its just in your care for now. Money is a tool to shape the world around you. When you hold it in your hands, you are responsible for contributing to that world in a life-giving way. Dont fear scarcity when you give money away or use it to benefit someone else. Their gain isnt your loss because there was never a difference between your money and their money in the first place. Look for opportunities to give money away, including through direct gifts, charities, and taxes. We can embrace joy, abundance, and generosity in our relationship with money by letting go of the scarcity mindset budget culture has instilled in us. This article originally appeared in Next Big Idea Club magazine and is reprinted with permission.
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E-Commerce
If youre under 40, ageism probably hasnt crossed your mind muchyet. And thats okay. When I was in my 20s and 30s, I wasnt thinking about it, either. But theres something about entering that sixth decade that makes ageism glaringly real. And unfortunately, it’s not just someone elses problem; its everyones problem. I recently turned 50, and this topic has become so personal that I realize we need to talk about it more. And more importantly, we need to act on it. A recent study revealed that when recruiting potential employees, 56% of employers said the age where someone was too old to hire depended on the person. But of those who provided a specific age, the median too old age was 58. Frankly, I think thats generous. Based on what Ive heard from my network, the age when someone is considered too old is closer to 49. And a 2024 survey by Resume Now found that 90% of workers over 40 have experienced ageism at work. Yes, 90%! The thing about ageism is that people dont really notice it until it happens to them. Its like asking a 25-year-old, Whats your retirement plan? Theyre not thinking about a 401(k); theyre thinking about paying rent or hitting happy hour with friends. When I was 25, I wasnt worrying about whether the 50-year-old in the office had encountered ageism. Its just not on your radaruntil it is. Work-life balance gets trickier with age By the time you hit your 40s or 50s, life is really busy. Some of us are raising kids or putting them through college. Others are caring for aging parents. And all that happens when many of us are at the height of our careers, juggling more responsibilities than ever. And suddenly, your experience and senioritythe things youve worked so hard to buildcan make you a target. When companies start talking about cost-cutting, guess whos most at risk? Older, highly paid employees. Its a short-term cost saving that causes long-term problems. Experienced workers are pushed out and forced to take lower-level jobs, making them senior outcasts in the market. Its demoralizing, and its a waste of talent. Why multigenerational teams are the answer So, what can we do about it? One solution is developing and supporting multigenerational teams. Why? Because diverse teamsincluding age diversityare better for businesses. They bring a mix of perspectives, skills and life experiences that cant be replicated in a single age group. Its a beautiful balance: the energy and fresh ideas of younger workers paired with the wisdom and resilience of older ones. Ive seen it work firsthand. Recently, I was on an industry panel with people in their 30s, 40s, and 50s. The insights we shared were incredible because everyones perspective was unique. The audience loved it. And the insights we provided apply to the different age groups most brands want to reach. Why wouldnt companies want to replicate that dynamic internally? Cross-mentorship is one of the best ways to make this happen at work. The stats back it up: 86% of CEOs say mentors were key to their success. Imagine how powerful it could be to create opportunities for mentorship across generations within your workplace. Everyone wins. We need to talk about age without shame or fear Weve been conditioned to hide our ageyes, especially us women. Im not talking about Botox (Im all for it, by the way). Im talking about the reluctance to admit our age at workand beyondout of fear well be seen as less capable or relevant. But hiding doesnt solve anything. In fact, it perpetuates the problem. When I was on that panel, I proudly introduced myself as representing the 50-plus crowd. I did it because we need to normalize talking about our age and proving that it doesnt define our abilities. Were still valuable, relevant and eager to contribute. The more we embrace this openly, the more we can challenge ageist assumptions. One thing Ive learned is that ageism cuts both ways. Its not just about the more visible aspect of it affecting older employees. When I became editor-in-chief of an internet startup at 24, people underestimated me because I was too young. If I were to apply to a similar position at my current age, Id probably be labeled as too old. So lets make a real commitment to stop judging peoples capabilities based on their age. If a 25-year-old applies for a VP role and has the chops, why not give them a chance? And if a 55-year-old wants to pivot into a new role, why not support that too? Everyone deserves the opportunity to grow. Maybe its not a midlife crisismaybe its just burnout Another key piece of the puzzle is addressing burnout. Lets be real: A lot of what weve traditionally called midlife crises is probably just exhaustion. Burnout can happen at any age, but by the time youve spent decades working 60-hour weeks while raising a family (or any other serious responsibility), youre bound to feel drained. Then you start yearning or pursuing life changes that make you feel rejuvenated or like youre getting a fresh start. Flexibility can make a huge difference here. And Im not just talking about short-term flexibility, like allowing your team to work from home certain days. I mean comprehensive flexibility over time. For example, sometimes, all it takes is tweaking someones role to better align with their strengths and needs. Personally, I used to love doing sales from start to finish. Now? Not so much. What I love involves a lot of collaboration. My strengths and needs have evolved, and thats a great thing. Now I want younger colleagues in the room with me, bringing fresh energy and ideas to the table. Its not about doing less; its about doing things differently to stay productive and efficient. Unfortunately, companies that prioritize short-term cost-cutting over long-term strategy are missing out on the incredible value that experienced workers bring. If youre a leader, my advice to you is this: Build multigenerational teams, encourage open dialogue about age, and create opportunities for cross-mentorship. Start thinking about how to make your workplace more inclusive of all ages. And if youre older, dont be afraid to show your ageown it, and use it to inspire others.
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E-Commerce
Business thrives on data. We know that data drives strategy, innovation, and decision making, yet many businesses fail to unlock its full potential. While budgets are allocated and data is gathered and analyzed, a common issue arises: A lot of data remains underleveraged in the long term. When it comes to climate data, this gap is more of a chasm. Despite the growing urgency around sustainability, environmental data is often not being effectively harnessed, particularly in brand communication, since companies want to avoid the pitfalls of greenwashing. This gap is a missed opportunity for businesses across all industries. Youve probably seen countless claims around eco-friendliness, green, and net zero, but the reality behind these terms is often far more complex than the slogans suggest. Too often, the actual data behind these claims is oversimplified or ignored, leaving consumers without the insights they need to make informed decisions. Read on to effectively translate climate data into authentic, actionable marketing messaging, from a tech founder who built a company grounded in science-based climate data and its real-world applications. Enhance granularity and accuracy There is a reason why tech companies emphasize the importance of detailed and accurate data. For data to be both credible and actionable, it must first achieve a high degree of precisiona solid foundation that allows businesses to make confident decisions. For example, my company Vaayu provides software that enables retail brands and businesses to track their global impact. The technology generates granular, precise data on key areas such as carbon emissions, water usage, and waste through an automated calculation process. This level of detail helps partners identify specific areas where they can make targeted reductions in their footprint and, crucially, communicate to shoppers about it, driving more meaningful sustainability outcomes. By leveraging the most robust data available, businesses gain insights that can be translated into transparent, credible marketing messages that resonate with consumers. Build climate data understanding In business, data empowers everyone involved. To effectively translate climate data into consumer-facing messaging, its essential to get as many eyes and ears on the data as possible. By involving diverse perspectives throughout the process, the data can be refined into something that is easy to understand while preserving its nuance and detail. In fact, as a lifelong advocate for carbon literacy, Ive found that the most impactful way to drive real change is by involving team members that hail not only from science but across communication, climate strategy, and more. By fostering a shared understanding of data, teams can better collaborate, translate insights into meaningful actions, and communicate transparently with consumers, ultimately building credibility and trust. Let the data tell the story Once brands gain clarity on what they can and cannot say, data becomes the perfect storyteller, offering not just accurate conclusions but also persuasive ones. In many cases, this alignment is what drives the most compelling success stories. Take the recent work of Vestiaire Collective, a global online marketplace specializing in buying and selling pre-owned luxury fashion and accessories. Through its collaboration with Vaayu, Vestiaire Collective harnessed the cost-per-wear metric to highlight the economic and environmental benefits of preloved fashion. The data that fueled this campaign came from an extensive consumer survey, drawing insights from over 13,000 respondents globally. To obtain the cost-per-wear metric, we analyzed data from 250,000 transactions, cross-verified and scaled with literature values. We found that preloved luxury items purchased on Vestiaire Collective were 33% more affordable long term than brand new fast fashion, contrary to what most consumers would believe. This unique survey sets the stage for a future where consumers reconsider their fashion investments, with findings indicating that 70% prioritized items with a good resale value, also signaling a shift in consumer behavior. “By leveraging Vaayu’s carbon tracking technology, we have shown that preloved fashion offers both economic and environmental benefits, says Dounia Wone, chief impact officer of Vestiaire Collective. Together, we can transform consumption habits and create a more sustainable world.” Trustworthy, accurate data is essential for translating complex climate insights into compelling marketing. Vestiaire Collectives campaign demonstrates that reliable data drives impactful storytelling, highlighting both environmental and financial benefits. The future we need to build isnt just about ticking boxesits about driving a real shift in behavior and practices, aligning profit with purpose. When brands use their data strategically, it has the potential to ignite consumer trust and spark meaningful change. So, as businesses fully embrace climate data, they are not simply participants in the sustainability conversation; theyre leading it. Namrata Sandhu is cofounder and CEO of Vaayu.
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E-Commerce
When news broke that the United Healthcare CEO was shot in broad daylight early last month, outrage erupted online. But it wasnt aimed at the assassin. Instead, it was directed at the broken U.S. healthcare system he represented. But, it turns out, for those who expressed negative sentiment about insurance companies online, the government was watching. A document obtained by the transparency nonprofit Property of the People via the New York State Intelligence Center, and reported by journalist Ken Klippenstein on his Substack, warned against users online wanting to counter corporate greed. Marked LAW ENFORCEMENT USE ONLY, this type of document is typically inaccessible to the public, and is only in the public domain thanks to the transparency efforts of Property of the People. The warning signs come as a sea of social media posts indicate that shooting suspect Luigi Mangione might be viewed as a ‘martyr’ who could inspire extremists to action, the document reads. There is a concern with potential copy-cat attacks, increased online threats of violence, and potential for hoax or doxing incidents directed at high-profile corporate employees or public leaders. The report cited examples including a viral online poll asking, Who is the most hated CEO in America? and the Wanted posters that briefly appeared around Manhattan, displaying the names and salaries of several health insurance executives. (In response, panicked executives scrambled to scrub their personal information from the internet and hired additional security.) The document also mentioned the wave of positive posts on social media about Mangione. One X user described his perp walk as the Hardest pic of 2024. Another replied to the NYPD News X account, Did you guys . . . make him hotter? According to Klippenstein, the document is part of a larger wave of threat reports circulated among law enforcement by intelligence hubs established after 9/11 to combat terrorism, known as fusion hubs. Mangione is currently facing 11 state criminal counts in New York, including first-degree murder and murder as a crime of terrorism. If you were one of those who liked his mug shot or a related meme, be wary. Oh, so everyone? one reader commented under Klippensteins post. That narrows it down.
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E-Commerce
Ashley Abramson first came across Sophie Cress in a cold pitch to her work email. Cress was asking to be an expert source for any stories Abramson was working on as a freelance reporter. Ive got over 8 years of experience and qualifications in Psychology and Couples & Family Therapy, and I’m enthusiastic about exploring potential collaborations, especially in the areas of love, relationships, or LGBTQIA+ topics, Cress wrote. She provided a list of links to articles where shed supposedly been featured as an expert. Her email address, linked to a website reviewing sex toys, caught Abramsons attention. Then, when Abramson insisted that she could only conduct interviews over phone or video call, Cress ghosted. In a recent investigation for Allure, Abramson dug deeper into Cress’ background and alleged qualifications. Turns out, she doesnt actually exist, and was created by the Latvia-based owner of sex toy review site Sexual Alpha to boost traffic and improve the site’s search rankings. Dainis Graveris, the owner of Sexual Alpha, did not respond to Abramson’s requests for comment but Abramson decided to investigate further. She started by searching for evidence of a “Sophie Cress” or similar names licensed in North Carolina or holding the degrees and certifications Cress claimed. She found none. Abramson also discovered that Cress headshot was a stock image, and the woman pictured was not called Sophie Cress. Most journalists contacted by Cress simply took her at face value, allowing her operators to dupe outlets from the Metro to the Daily Mail. As Abramson writes, of course, anyone could always claim to be anyone and AI programs make it easy to generate a chunk of text that seems, at least at first skim, like it was written by an expert in any field you can think of. This is a classic case of what is commonly known as internet slop: scammy, AI-generated content thats becoming increasingly widespread online and beyond. Some studies have even found that people rated AI-generated content more favorably than that created by humans (or at least cant tell the difference). This rising tide of slop only serves to clog the internet, which is already drowning in misinformation, further. While this is unlikely to be some sort of election-altering Russian disinformation campaign, Abramson concludes, I wouldnt say its a sign of a particularly bright future.
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E-Commerce