The Feminist Financial Handbook. Brynne Conroy
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the happiest part [the right side] are there regardless of income level,” explains Graham. “The least happy people are there [the left side] regardless of income. We know this income coefficient matters a lot more to those who are the least happy.”
That means that the less happy you are, the more likely you are to focus on money rather than creativity or learning. For most households today, income levels are variable, riding ups and downs rather than going perpetually up in a straight line. That means as your income varies, you’ll be more focused on the dollars and cents, how unfair life has been to you during the down times, and all the reasons life hasn’t worked out the way you hoped. Conversely, if you’re focused on creativity, learning, and purpose, those ups and downs in income levels are less likely to feel so nauseating. You’re more likely to have an optimistic outlook on life, and it will be easier to keep going as your life will have meaning beyond how much is in your bank account.
Graham has measured how big of an impact this optimism can have on life outcomes. Perhaps unsurprisingly, those who fall on the right side of the bell curve tend to do better for themselves in an array of different areas. Graham notes that this difference in orientation and attitude can be particularly pronounced for those who do not have a lot of money to start with.
“People with higher levels of this innate happiness do better in the job market,” says Graham. “They’re healthier. And they do better in the social arena. Innate happiness means more to people with less means. If you think about it, if you’re young and just starting out or lower down in the service sector, a good attitude is going to matter a lot to how you do in the labor market versus if you got a PhD in physics—even if you’re a curmudgeon, you’re probably going to get a good job [with such a PhD].
“In the health care arena, people who are more upbeat deal better with chronic illnesses. I mean, if you have terminal cancer, you have terminal cancer. But there are a lot of diseases and conditions that require some determination to either live with or overcome. Even with harder illnesses, to get through a hard course of treatment, that positive attitude on the margin matters—a lot.
“In the social arena, it’s pretty obvious. Do you want to hang out with someone who’s cheerful and happy, or do you want to hang out with curmudgeons?”
As someone who worries, works hard to head off potential bad outcomes because of those worries, and writes about money for a living, it may be safe to say I’m one of those curmudgeons—or at least closer to the left side of the curve than the right.
While we do not know for sure if we can change our innate happiness levels, having this information makes me feel more at peace. It helps me know that my tendencies towards resilience are to my advantage, and that if I were able to change my core attitude towards what’s coming up ahead—perhaps becoming more of an optimist than the realist I currently am—I might be able to see tangible results in my life.
That’s not to say it’s a guarantee. But to me, it lets me know that when I actively choose to be more optimistic, I’m upping my odds of success. I may not reach success in the way I had envisioned, and I may hit patches where my nature wins out over my will to be more positive. But perhaps I can at least improve my odds by purposefully correcting my perspective when I notice myself getting too bogged down by the inequity of this experience called life.
Take Action
•Stop trying to find happiness. Instead, look for purpose and meaning in your life.
•Make a list of things that give you purpose outside of earning an income.
•Make a list of the people who your work helps. This could be anyone from your coworkers to your children to society at large.
•What is something you’d like to learn more about? Make a conscious goal to learn more about it this week. Do the same the following week until indulging your curiosities has become a habit.
•Identify one way you’d like to participate in your democracy. You don’t have to run for office, and there are things you can do even on those occasions when there aren’t any marches. Find one that has meaning for you, and commit to following through with action.
But Poverty Sure Can Rain on Your Parade
One in three women lives in or on the brink of poverty.
We have now learned that money isn’t the key to happiness, but let’s not get too blasé about it. Because remember, if you’re living below that $105,000 annual income level, more money is going to improve your lot in life.
This is an especially important fact for women. According to The Shriver Report, one in three American women live in or on the brink of poverty. In this same report, we learn that two-thirds of minimum wage workers are women who often operate without sick days, and two-thirds of American women are the primary or co-breadwinners for their families. Twenty-five percent of native women live in poverty—more than any other racial group. These same women are increasingly becoming the breadwinners in their families as they attain higher education levels and pursue managerial positions at a higher rate. In Canada, 10 percent of women live in poverty, and 1.5 million women live on a low income.
This systemic problem is complex, and it is likely best addressed at the systemic level. However, if we’re going to fix this issue as a society, we have to recognize it exists and recognize the unfounded prejudices towards the poor in an individualistic society.
Nicole Lynn Perry, an activist in Seattle, Washington, has struggled greatly with poverty and has seen these prejudices firsthand. Her financial situation led her and her then-wife to make some risky financial decisions. Perry had just separated from the military and was having trouble finding work back in her hometown of Dallas, Texas, despite her best efforts. The only income she was bringing in was a little bit of money from the Post-9/11 GI Bill.
Without a steady income, banks wouldn’t lend the couple the money they needed to get by, so they turned to payday loans, which they took out under Perry’s name. They were never able to pay off these predatory loans. This is extremely common and should serve as a warning to all to stay away from these loans if at all humanly possible. The payday loans ultimately ended up being one of the biggest negative line items on her credit report.
It wasn’t just the payday loans, though. Perry and her ex were so desperate for money to get by that they used even more unconventional methods to get cash for the bills through their credit union.
“If you had a fraudulent charge on your card, you could claim it and they’d temporarily give you the money,” Perry explains. “If the claim was legit, you got to keep the money. If they found out your claim was a bad one and you had actually made the purchase, you’d have to pay the money back.”
Perry and her wife made somewhere between five and ten claims, knowing that the charges weren’t fraudulent. They needed the money to survive. But when the credit union came knocking, wanting their money back for the legitimate charges, Perry didn’t have it. She lost her account, and her credit took another hit.
Later, her poor credit history would prevent her from renting an apartment. A poor credit score can make it extremely difficult to get by in many areas. You might not be able to get an auto loan for that vehicle you desperately need in order to drive to work. You’re more likely to get turned down for a mortgage, and some employers will even refuse to hire you if your score is too low or your credit history is too spotty.
Perry knows she made mistakes. But she was also doing the best she could at the time with the extremely limited resources she had available to her.
“Just because we’re low- or middle-income doesn’t mean we’re trying to stay here,” she reminds us. “Some of it is what’s put upon us. Some of it is the actions of others. Some fall down there and stay down there