Chris Farrell and "The New Frugality"

Tulsa, Oklahoma – On this edition of our show, we speak with Chris Farrell, who's a contributing editor for Business Week magazine as well as a personal finance expert and economics editor for public radio's Marketplace Money program. Farrell has a new book out; it's called "The New Frugality: How to Consume Less, Save More, and Live Better." He was a guest last week of the Tulsa Committee on Foreign Relations --- and he's our guest today on StudioTulsa. As Farrell tells our host Rich Fisher, in this current post-recession era, the very notion of "frugality" might well be changing. While the term was formerly associated with, for the most part, "being cheap" (as Farrell notes), it now carries connotations of "green living" and "sustainability." As one critic, writing in Publishers Weekly, has noted of Farrell's new book: "Personal finance is more than just money, [as Farrell] points out; it's about deciding how to live a good life, figuring out what you really cherish and value, then putting your money behind those goals and beliefs --- and how living environmentally conscious is a natural outgrowth (and happy consequence) of living within your means. [Farrell's book] examines the evolution of consumer debt and moves on to offer concrete advice on dealing with risk and debt, putting savings aside for investing, college, retirement, charitable giving --- and realizing if and when you 'have enough.' With an emphasis on changing the way we live to make the most of what we have and promoting moderation, Farrell provides a solid and encouraging high-level overview of individual financial health."