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| Sunday, December 17, 2006 |
| Money Makeover: A principled portfolio |
Today's Boston Globe has a new installment of its ongoing Money Makeover series. A principled portfolio profiles Somerville resident Susan Loucks. Loucks, who is paid $48,000 as a program manager for a Boston nonprofit organization, lives on $15,000 a year. The Wellesley College graduate and practicing Quaker, 35, doesn't own a car, gets by without a home computer, and spends about $200 a year on clothing. "I shop at Goodwill." It is impressive that she is living on $1,250 a month in this city. Not having a car and owning her condo must help (I assume she has a very small mortgage or owns the condo outright).Labels: Money Stories |
| posted by Boston Gal @ 9:18 AM *
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| 5 Comments: |
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i love this! did you catch the part about her "considerable family trust" ? she's a trust baby! maybe mommy and daddy bought her the condo for christmas last year.
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Hi Anonymous,
Yes, I did see the trust fund reference. When I read that bit my reaction was "Ah, that is why she was able to go to such a good school and still able to work in a non-profit". Who knows if she could have afforded to live her convictions in Boston if she had been saddled with student loan debt. However, I do admire her for living within her means and by her convictions. Having the big safety net of a trust fund must give one an amazing sense of security.
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One would presume that if she did get her folks to help to buy her condo, it'd be bigger than 320-sq ft. I live in 500 and it's not that large. I think if she is really a good saver, should could have easily saved some money after college to buy a dinky little place like that. I would say, having seen Madame X's old studio photos, that 320 sq ft means a lot of intentional living to keep it all organized.
I'm with Boston Gal, having student debt will change what you can afford to do after work, but not all non-profits are poor and struggling. Trade associations in the DC are are considered non-profits, but they have money to burn on lobbyists and good employee perks. Somtimes the pay is pretty good, and $48K isn't peanuts if you manage it right. After all, she is an extremely frugal spender.
I think the financial advisor should have told her that if she takes care of her trust, she could have more money to give to charitable contributions.
I found the clothing budget remark a little odd. You can easily get a great winter coat at a thrift store. Shoes are something else. I think that's a little icky. I wouldn't buy those thrift.
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thank you SO much for posting this link. i have all my 401k & roth contributions in only socially responsible funds (by choice). i have heard of some of those (funds mentioned in the article) already, but others i hadn't. if you notice any more articles like this i hope you share them as well.
i am a regular reader of your blog. wicked! thanks again!
~ ib
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I, too, spend about $200 or less on clothing a year. I buy my $80 shoes at shoe stores. And most regular clothes at goodwill/garage sales or extreme discount at the outlet store. If I didn't need brand new shoes due to a foot condition, I would spend less than $50 a year. And you can go to an expensive college and come out with little or no loans. Mine cost about $13000 in tuition alone (1990). I had scholarships, grants, and workstudy, and had only a few thousand in loans in the end.
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i love this! did you catch the part about her "considerable family trust" ? she's a trust baby! maybe mommy and daddy bought her the condo for christmas last year.