Tuesday
The fine art of saving
Lighting designer Sean Dolan and fundraiser Shelly Hawk manage their money the old fashioned way
At first glance, Sean Dolan, 40, and Shelly Hawk, 38, don't seem like the kind of people who would worry about their net worth
He's an artist; she's an idealist. But when it comes to finances, the Princeton, N.J., couple couldn't be more practical.
"My job is like painting in three dimensions," said Sean, a freelance lighting designer who helps corporate production companies turn sales meetings and product launches into major theatrical events.
Shelly, meanwhile, works 25 hours a week as a fundraiser for a nonprofit environmental group.
"People are a little surprised that I'm as organized as I am," said Sean, who downloads the couple's accounts to his Quicken software every day. Last year, his accountant even offered to lower his annual fee because he was embarrassed by how much of the work Sean was doing himself.
Though she teases Sean about his obsession with Quicken, Shelly and her husband share a common philosophy when it comes to money. They don't buy anything unless there's money in the bank to pay for it. They prefer to spend more for quality even if it means waiting to buy. They shop locally whenever possible, and they discuss buying anything that costs more than $100.
When the opportunity comes up, they try to instill these values in their six-year-old son, Elliott. "I'll give him $5 to spend at Target," said Shelly. "It takes him an hour and a half to find something in his budget."
By keeping close tabs on their spending, saving 20 percent of their income and making gradual improvements to their house, the couple has built a net worth of about $550,000 without having to give up much in the way of lifestyle.
Moreover, they've done this with an income that is modest for their area. Depending on business in a given year, Sean earns between $75,000 and $100,000. Shelly's nonprofit job pays just $15,000, though it provides the family with health insurance.
Other than a $140,000 loan for their "Brady Bunch" style home and a zero-interest $5,600 loan on their Ford Focus station wagon, the couple has no debt.
"Neither of us has wealthy parents who are going to leave us a nest egg," said Sean, who jokes that "self preservation" is their primary motivation for saving.
At first glance, Sean Dolan, 40, and Shelly Hawk, 38, don't seem like the kind of people who would worry about their net worth
He's an artist; she's an idealist. But when it comes to finances, the Princeton, N.J., couple couldn't be more practical.
"My job is like painting in three dimensions," said Sean, a freelance lighting designer who helps corporate production companies turn sales meetings and product launches into major theatrical events.
Shelly, meanwhile, works 25 hours a week as a fundraiser for a nonprofit environmental group.
"People are a little surprised that I'm as organized as I am," said Sean, who downloads the couple's accounts to his Quicken software every day. Last year, his accountant even offered to lower his annual fee because he was embarrassed by how much of the work Sean was doing himself.
Though she teases Sean about his obsession with Quicken, Shelly and her husband share a common philosophy when it comes to money. They don't buy anything unless there's money in the bank to pay for it. They prefer to spend more for quality even if it means waiting to buy. They shop locally whenever possible, and they discuss buying anything that costs more than $100.
When the opportunity comes up, they try to instill these values in their six-year-old son, Elliott. "I'll give him $5 to spend at Target," said Shelly. "It takes him an hour and a half to find something in his budget."
By keeping close tabs on their spending, saving 20 percent of their income and making gradual improvements to their house, the couple has built a net worth of about $550,000 without having to give up much in the way of lifestyle.
Moreover, they've done this with an income that is modest for their area. Depending on business in a given year, Sean earns between $75,000 and $100,000. Shelly's nonprofit job pays just $15,000, though it provides the family with health insurance.
Other than a $140,000 loan for their "Brady Bunch" style home and a zero-interest $5,600 loan on their Ford Focus station wagon, the couple has no debt.
"Neither of us has wealthy parents who are going to leave us a nest egg," said Sean, who jokes that "self preservation" is their primary motivation for saving.
