Category Archives: Life lessons

The Little Law School(s) That Could

Once upon a time there was a young financial aid counselor at a small private college in western New York state.  She wanted desperately to move from small town life to a big city.  So she went on a job interview and before very long she was a financial aid advisor at an independent unranked law school in Chicago.  She loved Chicago and loved working with law students.  She discovered she had a true passion for helping students understand how to repay student loans.  But after several years she also discovered that she really missed her family in Pennsylvania.  Then one day she was flipping through the Chronicle of Higher Education, and she discovered an ad for a financial aid director at a small law school in south central Pennsylvania that had recently been acquired by Giant University.  So she went on another job interview, and before she knew it she was moving closer to her family to work at the little Pennsylvania law school.

When the maturing financial aid director started at the little law school, the scars there were still fresh from the recent merger with Giant University.  It was hard for the little law school to accept that they had just gone from “strong and independent” to “We Are.”  A financial aid colleague from Giant University’s big campus told her, “A good thing about Giant University is that we’re really, really big.  A bad thing about Giant University is that we’re really, really big.”  And as she found her footing in her new role, she recalled those words of wisdom many times.

As she progressed into the sixth month in her new job, the financial aid director discovered that she really enjoyed working with all the advantages of Giant University, while still having all of the advantages of the small law school.  She was very happy and decided to stay for a very long time.  So she bought a house.  The next month the entire staff and faculty was called into a meeting with the University President and Provost.  The President announced that they planned to pick up the little law school and relocate it to the big campus of Giant University.

Everyone (other than the President and Provost) was very dismayed at the thought of moving the little law school.  The alumni loudly shouted their anger.  The faculty and staff were upset because they didn’t want to leave their little town.  It was clear that Giant University wanted to have a law school on their campus, but the little law school was not going to go quietly.  So many people were so angry as many scenarios were tossed around.  Perhaps Giant University should sell the little law school to the little college down the street.  Perhaps the little law school should close altogether.  There was much uncertainty and everyone was scared.  Then two powerful alumni came up with a wonderful plan.  They would keep the little law school open while also adding a second location on the big campus of Giant University.  The two law schools would operate as one, offering students their choice of location.  The students would be able to choose classes from either location, either commuting or attending remotely.  The faculty and staff were split between the two locations, serving the needs of all the students.

The unified two-location law school continued to grow stronger as the years went by.  The financial aid director decided to relocate to the big campus location so she could better meet the needs of the larger student population, while still visiting at the little law school location on a regular basis.  Everything seemed to be going well.  But eventually it became clear that the faculty at the Giant University big campus could not get along with the faculty at the original little law school location.  They fought and fought about how the school should be run and what their academic focus should be.  Everybody did what they could to make the angry faculty agree, but it was too late.  Their differences were irreconcilable.  The decision was made that the two locations would separate into two separately accredited schools.

Over the next years the financial aid director and the rest of the staff worked very hard to painstakingly untangle the two locations into two separate law schools.  Once it was all figured out, the accrediting body decided that all was ok and the two law schools could move forward, and everything was fine again.  The two separate law schools continued to grow stronger as they moved forward.  The big campus law school embraced the interdisciplinary study opportunities readily available to them.  The little law school embraced making their students ready to practice law, taking advantage of their location near the state capital.  Both law schools were happy and growing and rising up the annual ranks assembled by the fancy magazine.

Everything seemed to be going so well.  Except money was tight.  Then one day the financial aid director received an email that the faculty and staff of the big campus law school were to report to an urgent meeting with the University President and the Provost.  The financial aid director remembered how things did not immediately go well the last time she had been called to a meeting with the President and Provost.  This time was not different.  The meeting turned a bit unruly after the President announced that the two separate law schools were to be reunited into one….and that the primary law school would be the little law school from which she had relocated so many years ago.  The faculty and staff were very scared because there was suddenly much uncertainty about how long they would be able to keep their jobs.  The students were very angry because they felt that their school was being yanked out from under them.  The Dean of the big campus law school was very frustrated because things were handled quite poorly by the leadership of the Giant University.  The now well-seasoned financial aid director was sad because she had been planning to retire from the big campus law school in 5 to 7 years, but no longer had certainty that her job (which she loved very much) would still exist when she became eligible to retire.

Life is uncertain.  Change is constant.  The financial aid director learned that over and over again during her many years of working for the law schools of the Giant University.  And the more frequently she dealt with changes, the more comfortable and nimble she became in dealing with change.  The law school(s) evolved through many transitions during her time with the Giant University.  And each time the law school(s), the faculty, the staff, and the students all came out just fine on the other side.  The law schools grew stronger as they evolved.  The staff grew wiser.  The students graduated into alumni who benefitted from the increasingly good reputations of the law schools.  And new students continued to come to reap the benefits of the innovating law schools.

The moral to this story is that change is hard.  Especially when it is unexpected.  But change is also good.  It makes us resilient.  It makes us grow.  It makes us adaptable.  It allows us to learn from our past mistakes.  The law school at the big campus of Giant University has just learned that a big change is imminent.  It won’t be easy.  But it can be good.

 

 

Giving Thanks

This week most of the United States takes a pause to celebrate the things we are thankful for.  And while I’m definitely grateful for turkey and pie, there are so many more things that make me grateful for what I have.  I’d like to make it my tradition to recount my blessings each year.

My family is just as dysfunctional as anyone’s.  My sister and I don’t see eye to eye politically.  My brother and sister don’t particularly like my husband.  My parents don’t manage well when things are different in any way from how it’s always been done.  In short….it’s a bit chaotic.  But we’re all going to be together on Thursday.  I know my parents don’t have many holidays left, so it’s important that we all gather together when we are able.  We’ll fight a little.  We’ll talk about how my brother hates pie.  And we’ll put our own brand of fun in the dysfunction.  I’m grateful that we’ll be together.

My house is small.  It needs a good cleaning as well as quite a few repairs.  But it’s cozy and meets my needs perfectly.  When I’m there with my husband and our cats, I know that I’m truly home.

My cars are old.  They’re far from perfect.  My 14 year old Prius is in the shop right now.  I’m hoping to get another year or so out of it, but today’s diagnosis will help me make that decision. My Subaru is 10 years old and required some work to pass inspection this year, but it’s always ready to tackle snow or mud or a camping trip to anywhere.

I’ve never jetted off to Europe or taken a cruise.  But this year I had the chance to spend some time camping with my husband.  We enjoyed the beauty of the Midwest and of the Appalachian mountains by way of Subaru and tiny camper, and I’m so grateful that we were able to do that.

I’ve had the same job for almost 20 years.  It’s not always perfect.  I haven’t advanced my career in a very long time.  But that is by choice. I love what I do.  I can’t imagine doing anything else for a living.  How many people get to spend their entire career helping people to achieve their dreams?

A wise friend once told me that there are two ways to be rich.  One is to have everything you want.  The other is to want what it is you have.  And this week as we celebrate the things we are thankful for, I feel very rich indeed.

Online Banking Safety

The Internet can be terrifying.  It’s often frightening how your information travels so quickly.  For example, last week I traveled to Ohio.  And ever since I’ve been receiving emails full of political ads for the Ohio Senate race.  How does that even happen?  I wasn’t receiving Ohio political ads before my trip, but now I am.  How do they know?!?!?!

But the one area where I generally don’t fear my information being snagged up by the wrong party is with my banking information.  Which probably sounds strange to many.  For years I’ve been trying to convince my Dad to do his income tax online, but he just doesn’t see it as safe.  I can’t convince him otherwise. But I’ve been doing my taxes and all of my banking online for many years.  The reality is that banks use high level encryption in addition to multifactor authentication.  When I’m logging into a bank account, it’s nearly as difficult as logging into LionPath (but not near as difficult as Department of Education systems).  If it is that hard for me to get in, with all the proper info at hand, how hard would it be for an outsider?  And if worse comes to worst, my money is protected by the FDIC.

You do have to be careful with the Internet though.  When doing banking online, you should always make sure you are working through a website that starts with HTTPS rather than just HTTP.  That S stands for secure, and that is important.  Make sure you change your passwords now and then.  Use passwords that are complicated (easy for you to remember, but hard for others to guess).  And always watch out for phishing emails and texts.  If you get an email that looks like it came from your bank, don’t just click on the link in the email.  Log into the bank website on your own, just to be safe.  If it’s a real message, you’ll find it on the bank’s website.  And set up alerts with your bank.  If I have a large or unusual transaction my bank sends me a text message about it.  They let me confirm that it was me, or send the red flag that my account has been compromised.  It’s a good idea to review your financial accounts online every few days.  That way if something is weird, you’ll see it and be able to notify the bank right away, without waiting for the next monthly statement.

The Internet can be a scary place.  But I’m pretty confident that it is safe to bank online.  Your mileage may vary.  This is definitely a personal decision.  But it’s one that I feel ok about.

 

Investing in Yourself

The stock market is all over the news lately as it continues its roller coaster ride through 2022.  It almost makes a person think twice about investing.  Luckily there is more than one way to invest.  The Cambridge Dictionary defines investment as “the act of putting money, effort, time, etc. into something to make a profit or get an advantage.”  That can mean sinking money into stocks and bonds.  But it can also mean a number of other things.

Last week I took a vacation.  I spent a week camping my way up and down the Appalachian Mountains, with a three night stop in Tennessee to listen to bluegrass music.  For me that was an investment in myself.  When I left home I was burned out and emotionally exhausted.  When I returned to work I was refreshed and rejuvenated.  Putting that time and money into some time away yielded me the advantage of restoring my mind to a better place, which ultimately makes me better at my job and many other things in my life.

Most of my readers are full-time law students.  Pursuing a degree is definitely an investment in yourself.  Earning a law degree requires an investment of three years of your life as well as a good deal of money.  It’s not a small investment.  But the idea behind investing is that what you get in return is of greater value than what you put in.  In exchange for three years, a bunch of money, and no small amount of stress, the return is a degree which can provide you with a rewarding and often lucrative career.

Another way to invest in yourself is to take good care of your physical health.  Get some exercise.  Eat some vegetables.  Go to the doctor on occasion.  Brush your teeth.  All of these things require some effort.  But the yield is a body better equipped to last you for a very long time.  I admit that I struggle with this one (the exercise part specifically), but I know this is something that will be worthwhile and a good investment for the long run.

Ongoing education is another way to invest in yourself.  This can take many forms.  Learning a new language.  Going to hear a speaker.  Attending a conference.  Using YouTube to learn a new MS Excel trick. Using YouTube to learn how to do a home repair.  Pursuing another degree later in life.  Doing continuing education to maintain a certification.  Reading a book that will teach you a useful skill.  Watching a documentary on PBS.  The important thing is to never stop learning.  Invest in yourself by investing in your brain.

The stock market is indeed scary right now.  But it’s never the wrong time to invest in yourself.  You are a thing of value.  If you add more time and effort to that, you become a thing of even greater value.  Every investment is a risk.  But an investment in yourself is always worthwhile.

 

I Have To versus I Get To

This weekend one theme kept recurring in my thoughts:  You have to balance the “I have to” with the “I get to.”  If life is all about things that you HAVE to do, you will always be miserable.  So you have to find the joy in everything.  There must be at least SOMEthing that is joyful in everything, right?

This weekend I had to go visit my parents to help them with some yard work and meal preparation.  I had to do the chores for them, but I got to spend some time visiting with my parents (which I know is a luxury that I won’t have forever).  I had to spend almost four hours in my car traveling up and back to the house I grew up in, but I got to listen to a lot of my favorite music and see some beautiful foliage while I was driving.

Mondays are always the hardest day of the week.  I had to come to work after two days away.  But I get to talk with students.  I get to write the Moneywise Tip.  I get to help people.  I get to see the co-workers who have become my friends.  I get to raid the candy dishes housed in the Admissions suite.  I have a lot of “I get tos” that come with my job, and I know that makes me fortunate.  Everyone should choose a career that provides them with “I get to” opportunities.

I have to pay some bills today.  I got paid on Friday and I have some bills that are due at the end of this week.  It’s hard to find the “I get to” in paying bills, but it is in there.  I get to head into the month not having to worry about something outstanding that will come due when I’m not paying attention.  I get to watch the balance due decrease on my mortgage and my car loan.  I get to know that my utilities will stay on and my Netflix will keep running.

When my Subaru didn’t fare well at inspection this year, the bill hurt.  I had to pay it.  But I get to continue driving the car I love, knowing that it is not going to fail me at an inconvenient time.  My refrigerator (that came with my house and I have no idea how old it is) is likely not going to last more than another year.  I’ve noticed some wear on the seal, and that is the kiss of death for a fridge.  I will hate when I have to buy a major appliance.  But I will love when I get to pick out a fridge that meets my needs and makes me happy.

There is a lot of “I have to” involved in law school.  You have to read a case, go to class, go to a meeting, work on a resume, and so on and so on.  But think about the “I get tos” that go along with those things.  They won’t be the same for everyone.  Some people will love sitting in class but hate doing the readings.  For others it will be the reverse.  But it’s important to find your joy where you can.  Think about your “I get tos.”  It makes it a lot easier to manage the “I have tos.”

Wants and Needs: Choose Wisely

It’s been a long time since I’ve brought out this old standard saying, but it bears repeating.  If you live like a lawyer while you are a student, you will live like a student when you are a lawyer.  It’s a classic saying that law school financial aid administrators have been using for as long as I can remember to try to encourage students not to borrow too much money.  But I’ve seen a friend of mine (let’s call her Jane) who has never even thought about law school dig herself into a financial hole in a very similar way.

I have been watching Jane make financial mistakes for years, despite my efforts to stop her.  She is so focused on the life that she wishes for that she shops for it.  She buys high end camping gear for trips she doesn’t take.  She buys furniture for a house she doesn’t have.  She buys clothes that are perfect for events she doesn’t go to.  And spending that money for the life she longs for puts that life even more out of reach because she doesn’t have the money to get there.

One of the big challenges in life is knowing how to define your “wants” and your “needs.”  And it’s ok to treat yourself to some wants, as long as it doesn’t interfere with the ability to meet your needs.  I need to eat.  I do not need to eat steak or lobster.  Special treat foods are nice every once in a while, but I know that my budget won’t allow for that on a regular basis.  Plus I think it makes the special things less special if you indulge in them too often.  I need shelter, but I don’t need a giant house for just me and my husband and our trio of crazy cats.  We have a small house that needs work, and that covers our needs just fine.  I need transportation to work.  I could take the bus.  But I indulge one of my wants by driving a car.  It’s a 10 year old Subaru.  It’s not the car of my dreams.  But it does fill my transportation needs (as well as some transportation wants!) just fine.  I don’t have everything I want.  But I do have everything I need, so I don’t fear that I won’t be able to meet the next month’s bills.

Jane doesn’t have the security of knowing she’ll be able to cover the bills when they come due.  She’s been prioritizing her wants over her needs.  And that gets in the way of her getting to where she wants to be.  It’s ok to treat yourself to some wants.  As long as it doesn’t get in the way of meeting your needs.

Don’t let the live you want get in the way of the life you currently have.  Don’t be a Jane.

 

What is Normal Anyway?

Buckle up!  It’s going to be a bumpy ride!

January 2020:  Everything is normal. Let’s have a great spring semester!

March 2020:  The world is ending.  Everybody go home and stay there.

August 2020:  Let’s proceed cautiously.  Stay home if that’s best for you, come to school cautiously if that’s best for you.

January 2021:  Vaccine exists!!!  Use all your best Ticketmaster skills to get an appointment.

May 2021:  Things are starting to look normal again!

July 2021:  Delta variant is now dominant.  Nothing is normal.

August 2021:  Mask up and accept the new normal.

January 2022:  Omicron variant is dominant.  Nothing will ever be normal again.

The last two years have been a whirlwind of change throughout the world.  I only vaguely remember a life where I would go to work without a mask, go out to dinner in a restaurant every week, and go to crowded concerts without a care in the world.  I believe that used to be my normal.  But the reality is that “normal” is always a changing thing. It always has been and it always will be.

Just as the pandemic has us adjusting to a new definition of normal every few months, your financial life will have you adjusting to a new definition of normal every several years.  Financial priorities will shift as you move through the many phases of life.  As a young child, the focus is usually saving allowance and birthday money for that special toy.  As a teenager, the goal may be a car or a smartphone, and you may take on a part-time job to attain that goal.  As a college student financial goals may include books, rent, groceries, and a spring break trip with friends.  As a law student, books, rent and groceries are still priority, but a bar prep class also becomes an important goal.  In early career you will be looking at student loan repayment, starting your retirement savings, and purchasing a home and/or automobile.  Then marriage and children become common goals. And eventually you become more and more focused on what is now my financial priority, a comfortable retirement.

Life isn’t static.  Everything changes.  The pandemic has taught us that on no uncertain terms.  Let that lesson guide you through the financial roller coaster that lies ahead of you.  The definition of what is “normal” is going to continue evolving throughout your life.  It’s going to be a bumpy ride.  So just hang on tight and enjoy it.

 

Relocation: Do Your Research First

I’ve been spending some time away from State College taking care of my parents in north central Pennsylvania.  And I’m amazed at how the cost of things can vary so widely from place to place.  The price of a gallon of gas is the same here as in State College, but just about everything else seems to be cheaper.  Housing.  Groceries.  Cable TV.  It’s all a lot less expensive here.  I noticed a similar reverse sticker-price shock when I relocated from Chicago to Pennsylvania almost 19 years ago.  Regional cost of living is something that you always have to take into consideration when making career decisions.

Relocation is something you will consider from time to time through your life.  You follow your education.  You follow your career.  You follow your spouse.  You follow your dreams. And it’s a good idea to do your research before you decide rather than jumping in blind.  There are a lot of tools available to help you do that.  One of my favorites is a great relocation cost of living calculator from PayScale.  If you want to focus on just housing, you can easily do that at Zillow or Realtor.com.  You can use this study to see how taxes compare from state to state.

Everybody knows that it’s more expensive to live in New York City than in State College, Pennsylvania.  But there are a lot of different ways to think about that.  Don’t go into a big move blindly only to realize you really can’t afford to be where you’ve already moved to.  Do your research and arrive prepared.

Being Rich

This week most of the United States takes a pause to celebrate the things we are thankful for.  And while I’m definitely grateful for turkey and pie, there are so many more things that make me grateful for what I have.

My family is just as dysfunctional as anyone’s.  My sister and I don’t see eye to eye politically.  My brother and sister don’t particularly like my husband.  My parents don’t manage well when things are different in any way from how it’s always been done.  In short….it’s a bit chaotic.  But we’re all going to be together on Thursday.  It’s been a couple of years since we’ve all gathered over a Thanksgiving turkey, and I’m really looking forward to how we will put our own kind of fun into the family dysfunction.  I’m very grateful that after a couple of years apart, we actually will be able to gather together safely.

My house is small.  It needs a good cleaning as well as quite a few repairs.  But it’s cozy and meets my needs perfectly.  When I’m there with my husband and our cats, I know that I’m truly home.

My cars are old.  They’re far from perfect.  But they do the jobs they are intended for without fail.  My Prius has 184,000 miles on it, but it still regularly gets 40 miles to the gallon or more.  My Subaru is closing in on its 10th birthday, but it’s always ready to tackle snow or mud or a camping trip to anywhere.

I’ve had the same job for almost 19 years.  It’s not always perfect.  I haven’t advanced my career in a very long time.  But that is by choice. I love what I do.  I can’t imagine doing anything else for a living.  How many people get to spend their entire career helping people to achieve their dreams?

A wise friend once told me that there are two ways to be rich.  One is to have everything you want.  The other is to want what it is you have.  And this week as we celebrate the things we are thankful for, I feel very rich indeed.

Think about what you have.  Think about how you love what you have.  And have a wonderful Thanksgiving.  Enjoy feeling rich.

 

Life Happens. Roll With It.

I feel like I’ve been playing life by ear a lot lately.  Sometimes things just don’t go according to plan and you just have to roll with it and do the best you can.  I’ve been away from the office quite a lot lately helping my elderly parents manage a medical situation.  Because of that I’ve found myself working from my parents’ living room at weird hours and using all the technologies that I learned during the peak of the pandemic.  I’m just rolling with it and making life happen.  I did a Zoom presentation for prospective students last week and experienced some technical difficulty that stopped me from being able to share my PowerPoint slides.  And I just went with it to make it a less visual and more verbal presentation.  I credit my experience in community theater with making me able to think on my feet and continue on as if everything is normal.  It’s a good skill for everyone to have.

But there is one area of life where I never want to play it by ear.  That’s with managing my money.  It’s always best to have a plan when it comes to money.  Know how much is coming in.  Know how much is going out.  Know what you are spending it on.  Build a spending plan.  Build a savings plan.  Build an emergency fund.  Save toward specific goals.  Have a plan for paying down debt.  Know what dates your bills are due so they can always be paid on time.  Know what credit card to use at what store to earn the best rewards.  It feels like I have a million plans that are all tied to my money!

Does all of this planning mean I’m never caught off-guard?  Nope.  Everybody experiences money surprises.  The unexpected car repair.  The computer replacement that comes ahead of schedule.  The January heating bill.  Even the skyrocketing prices of gasoline and groceries.  Life is full of money surprises.  The key to being able to handle them is to have a contingency plan for money surprises.  For some that means an emergency fund.  For others that means leaning on a credit card.  For some it means calling the Bank of Mom and Dad.  Some may need to increase a student loan.  Some folks may need to sell some belongings to raise funds.  It may be some combination of these and other things.  The important thing is to know what your contingency plan is….before you need it.

Life happens.  Sometimes you have to roll with it.  Do you know what your money contingency plan is?  If not, it’s time to think about it.