Time to laugh it up?

Published in Kankakee Daily Journal May 27,2020

© Dr. Don Daake

I continue to struggle on what to write during these trying times. I could go in many directions, but whether good, bad, or indifferent, I have had quite enough of the Covid-19 news.  We all need to continue to exercise due care, of course, but we need a break sometimes. So I want to go back to a time-tested topic that we can all relate to, I hope. Its time for some smiling and laughing at work and home.  As I mentioned a few weeks back, when we were kids and sick (real, imagined, or faked) after watching two or three I Love Lucy programs; The Match Game with smart-alecky Gene Rayburn; The Price Is Right with Bob Barker (Bill Cullen if you are really a seasoned citizen), but you eventually turned to some reading.  Many of you grew up with the Reader’s Digest.  It featured various funny stories such as All in a Day’s Work, Humor in Uniform, and my favorite, Laugher is the Best Medicine.

Humor and laughter have a considerable scientific basis for not only making us feel better but strengthening our immune systems.  Some of the best humor comes in the form of our personal stories, a play on words, and funny circumstances.

According to an article by Mayo Clinic staff, “Whether you’re guffawing at a sitcom on TV or quietly giggling at a newspaper cartoon, laughing does you good. Laughter is a great form of stress relief, and that’s no joke.” They go on to say that short term beneficial effects include: stimulating various organs; activating and relieving stress responses; and soothing tension. Long term effects include: Improving your immune system, relieving pain, increasing personal satisfaction, and improving your mood. Like most things in life, there are some important rules about humor. Let me review three.

Telling true funny stories about yourself or at your own expense, in the appropriate environment is not only engaging to others but makes you seem more approachable.  On the other hand, telling stories at someone’s else expense is potentially not only in bad taste but can be a career-limiting practice.  OK, let me illustrate both of these with personal stories.

Over the last several years, I have attended or hosted conferences where noted business commentators and leaders have spoken. Whenever possible, I like to go up and meet the speakers afterward. I have had the opportunity to meet Os Guinness, Steve Forbes, Art Laffer, and a few others (one which will remain anonymous because the story involves him.  After dinner, I approached the table of this well-known business commentator and greeted him.  The problem was a small piece of lettuce remained in my mouth. Upon saying hello, the lettuce was launched right on to his lapel, I was just praying he did not notice and that before he approached the lecture for the keynote speech, it would fall off.  Almost every day, Monday through Friday when I see him on the news, I think about the incident, Up to this point, I have never told anyone, even my wife.  Hopefully you are laughing at me, and maybe I should permanently wear a mask after eating salads!

The other embarrassing and funny event happened to me a few years ago when I was meeting with students and talking about interviewing, dressing appropriately, and making a good impression. As I recall, there were several business people on a panel. As far as my attire, unbeknown to me, I was wearing one dark blue sock and one black sock. I never noticed it, and I hope no one else did either. But a friend on the panel mentioned it to me several years later and got a good laugh.  But it was at my expense. Frankly, while not met that way, it was a bit hurtful to my pride.  I won’t identify him, but you know who you are! And just like Candid Camera used to say somewhere, sometime when you least expect. “I’m a-goin’ get ya!” Just kidding. Well maybe.  While this was rather harmless, we have all seemed bosses embarrassing employees and employees embarrassing coworkers with a good laugh at their expense.  You’ll soon forget it, but they may never forget or forgive you.

Secondly, be careful of your language and respect your audience.  I was never a fan of George Carlin and his seven dirty words you can never say on television.  (Of course, by now they are unfortunately too widely accepted). The same is true for comedians who use vulgarity and inappropriate topics. While they may seem funny, they tear the culture down.  An amusing person does not have to do this. As Zig Ziglar, the noted sales consultant, reminds us. No one has ever gotten hired because they had the reputation of turning the air blue with their language, or because they could tell an off-colored story.  And never, ever apologize for being a “Prud.”  Funny jokes and stories bring cheer, light, and happiness. The other kind can corrode the spirit.

Thirdly,  this really applies to me and maybe to some of you.  Being a good joke teller is a talent, a gift, and a discipline. My trouble is I too often start cracking up before I can deliver the punch line. And my stock of jokes is way too limited.  Some people we know always seem to have a good one on hand. The fact is you can learn to be a better story/joke teller. You might ask, is this really a “skill” I want to spend time on? The answer is a resounding yes. We all know people who light up the room by their humor. While some people are naturals, and light up the room when they walk in, the rest of us can work on it. I recommend Adam Christing’s short article “5 Secrets for Telling Better Stories and Jokes”  https://adamchristing.com/blog/how-to-tell-a-good-joke-story/

 

One final caution, don’t be a joker to such an extent that you never take anything seriously and give the impression you must always be the center of attention. While laughter may be the best medicine –overprescribing yourself will make others sick!

Don Daake, MBA, Ph.D. is Professor Emeritus at Olivet Nazarene University. He can be contacted through the Daily Journal at editors@daily-journal.com or directly at ddaake@olivet.edu

 

 

Should we save our money or spend it? The answer may surprise you!

© by Don Daake 2020

To be published in the Kankakee Daily Journal May 13, 2020

Should we save our money or spend it?

If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed. –Edmund Burke

Rich people stay rich by living like they’re broke. Broke people stay broke by living like they’re rich. –Unknown origin

Photo by Pixabay on Pexels.com

The first reaction for most of us to the above question is, of course, we should save more. The last two months have been kinder to those who have been wise enough or disciplined to save in prosperous times.  But even before the current calamity, a survey by Bankrate showed that “just 40 percent of Americans are able to cover an unexpected $1,000 expense, such as an emergency room visit or car repair.”

Unless you were born wealthy, most of us have had times in our lives where we were only a few dollars from broke.  I hate to admit it, but some forty years ago, I had two bank accounts and would sometimes write a check on one bank and deposit it in another knowing that replenishment was on the way. It was called playing the float. (In those days, checks were physically flown from one Federal Reserve Bank to another and then delivered to your bank.) Whether illegal or just risky, I hope the statute of limitations has me covered. Of course, banks wised up.

The current stark reality is that many people have very little margin. Fortunately, the recent emergency actions by the Federal government have kept us from dropping into a 1930’s style depression.  But we cannot continue the way we have been going.

So why would I even raise the issue of spending? Surprisingly, some of us need to consider spending more in this time of crisis if we are able.  Why? I’m not advocating going into debt, but for those who have a secure pension, savings, and perhaps Social Security, spending your $1200 stimulus check and other funds may be doing the country and yourself a favor. Across the years, the Kankakee Daily Journal has carried stories about the “multiplier effect.
Unfortunately, in the past, some uninformed advocates in the community made the wild and absurd claim that for every dollar spent, there was a $7 impact.  Essentially that is like having a  perpetual motion machine or an alchemist creating gold from lead. But depending on the industry or business, the multiplier ranges from about 1.25- 2.0. But it cuts both ways. For those who can afford to spend, not spending a dollar can cause a contraction of the local economy by even more. That is one reason that there is so much pressure to reopen the economy.  While it is true that the Federal government can keep printing money and giving it out, this is not free money. The already colossal debt of approximately $21 trillion, before the crisis, is going to spiral upward.

In economics, there is a rather curious concept called the “Paradox of Thrift.” Suppose you have a good, high-paying job, and you are determined to save, save, save. On a personal level, you become wealthier.  But if the whole society decides to do the same, the economy will contract severely, and you are likely to lose your job. Then what happens?  You have to use up all your savings just to survive.

Again I’m a strong advocate of using your money wisely. At this point in time, there have been some great deals on automobiles, gasoline, and other large ticket items. But until you have achieved a rainy day fund, it is never wise to “spend to save.” I know there are lots of people in the area who are suffering financially. I’m not suggesting showing off with your purchases, but frankly, it can help save jobs.

Let me suggest six thoughts about who should spend and what they should spend it on.

First, do not raid your 401 (k) if at all possible. If anything, “spend” more of your money on yourself by paying into your retirement accounts. No one knows what the market will be like in the short term, but across the last few weeks (from a long term perspective), stocks have been on sale. In some cases, by as much as 40% or more.

Second, if there are things that you really need and you can afford them, buy them now, helping out our merchants in the area and getting a fabulous rate of financing. For example, some of the car companies are offering 0% financing for several years.  Now might also be an excellent time to start Christmas shopping. If possible, spread your money around to both small local stores as well as the national chains.

 

Third, if you don’t need the extra money considering giving it away to needy friends or family. I know many of you already do this, and you become a lifesaver for them.

Fourth, consider investing in your house through home improvement projects. At our house, we have been doing some major remodeling, and I can tell you home improvement stores are bursting at the seams with customers. The merchants have maximized safety by requiring masks and social distancing.  A great way to use debt is to set up and use a home equity line, which now costs in the range of 4-5% as compared to 15-27% on credit cards.

Fifth, be generous in your giving to your church, non-profits and other charitable causes. Many of them spend the vast majority of their budgets on payroll and at local merchants. Whether by mail or online giving, don’t forget them.

Finally, support our restaurants. Drive-thrus are busy these days. But many fine restaurants will deliver to you, or you can get curbside delivery.  The other day we ordered the meatloaf dinner from Brickstone, which we went and picked up.  Were they ever generous with the portions!  I got three meals out of that order.  We need to keep our restaurants going because the day is coming that we’ll once again be able to enjoy in-person meals.

The bottom line: be wise with your money, but if you can afford it, don’t hoard it. Help others and be generous. Spending what you can is not a show-offing or being prideful, but instead will help bring us back to economic health.

Don Daake, MBA, Ph.D. is Professor Emeritus at Olivet Nazarene University. He can be contacted through the Daily Journal at editors@daily-journal.com or directly at ddaake@olivet.edu