Spring/Summer Valedictorians: Changing the world a cap and gown at a time

With the end of the spring/summer terms comes another inspiring graduating class of Cougars.

The College of Family, Home, and Social Sciences boasts some of the best and brightest of the more than 30,000 students who walk across campus each year. This graduation, we celebrate the almost 400 FHSS graduates and their studies, efforts and experiences that are helping families, individuals and communities thrive. From Orem, Utah, to Tokyo, Japan, our graduates act as forces for good across the county and world.

Check out these adventurous, ambitious, and world-changing valedictorians:

Alexander Baxter PictureAlexander Baxter, a psychology major, loves studying monkeys. As a sophomore, Alexander started working in Dr. Dee Higley’s nonhuman primate research lab. In conjunction with Dr. Daniel Kay, he studied mother-infant attachment and infant sleep development. Alexander went on a summer internship to the California National Primate Research Center at the University of California, Davis. While there, he collected data for his own project of studying prenatal testosterone exposure. He loved the experience so much that he spent the rest of his time at BYU in Dr. Higley’s lab, and went on the internship two more times to collect data. Alexander presented his research with Dr. Higley at four professional conferences, six undergraduate research conferences, and published two first-authored research papers in peer-reviewed journals. In addition to studying attachment and social relationships in monkeys, Alexander also studied similar topics regarding humans, under the mentorship of Dr. Julianne Holt-Lunstad. Through the connections he made on his internship, Alexander was accepted into the biological psychology PhD program at UC Davis, and will continue doing research at the Primate Center. He is grateful for Elizabeth Wood, his lab manager and friend, and for Dr. Higley, his mentor. He will always remember Dr. Higley’s most important lesson: the people you work with are more important than the data they help you collect.

Berklee Baum PictureBerklee Annell Baum is a teaching social science major with minors in both history and teaching English as a second language. She grew up in Orem, Utah, and served a mission in Los Angeles, California. Berklee has always had a passion for learning about history and culture. During her education at BYU, she participated in a social work internship in Italy and was able to do historical research in Germany, Poland, and Austria. She was a member of Phi Alpha Theta History Honors Society, which gave her

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The Family That Prays Together . . . Feels Connected, Unified, Bonded with Less Relational Tension

In a recently-published study in the Journal of Family Psychology, BYU researchers explored how family prayer influences family relationships, finding a connection between prayer and a number of benefits for families.

The 198 Christian, Jewish and Muslim families in the study lived in 17 different states and represented eight religious/ethnic faith communities. Family members were asked questions such as “Does your relationship with God influence your family relationships?,” “How does your family overcome major stresses and problems?” and “How do you share your faith with your children?”

None of the questions actually included the word prayer, but while coding the interviews, the researchers found 96 percent of the families referenced prayer in their responses, with 3,868 references in their interviews in total. The references were sorted into various categories.

“Many families loved to pray together, and it was the most important practice in their daily lives,” said Joe Chelladurai, BYU PhD student in the School of Family Life and lead author of the study. “As a family ritual, it was more than just putting up with the experience and getting through it. Family prayer provided sacred time and space to connect with God and with each other. It was a time of togetherness and interaction and a space to express love and concern for each other.”

Some of the themes from participants’ responses, listed in the results of the study included:

  • Family prayer as a means for continuing family religious traditions
  • Family prayer involves issues and concerns of individuals and the family
  • Family prayer provides feelings of connectedness, unity and bonding
  • Family prayer helps reduce relational tensions

Continuing family regligious traditions

In the interviews, parents indicated their eagerness to instill meaning and a sense of ritual to prayer. It was important to them to pass this on to their children. Children reported that they learned to pray through their parents’ examples. It was evident that a flow of religious direction and communication was occurring during this time. Family prayer was a practice, but also a means to transmit faith.

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New SFL director Dr. Hawkins: Strengthening families by strengthening students

Recently appointed School of Family Life Director Dr. Allen Hawkins will miss teaching and researching, but he is excited for the opportunity to serve and bless the lives of SFL students and faculty.

“For 30 years I’ve been focused on my own research and career, so I’m looking forward to helping others more than focusing on myself.”

A personal focus on the family

While Hawkins began his career studying organizational behavior, he soon found a love for the field of family life.

“At first, I was drawn to the study of children and fathers and the importance of fathers in children’s lives and the importance of children in fathers’ and men’s lives. That’s what drew me in. But the number of questions, problems and issues in this field are so big, so many, so important, and so dynamic, it wasn’t hard to get me hooked really fast.”

Since then, Hawkins has studied many aspects of families and the relationships and marriages that form them. His dedication and focus on the family is marked by his extensive research and service activity (he currently serves as the co-chair of the Utah Marriage Council).

A set vision

The appointment to school director comes with a lot of changes. As Hawkins takes on a more administrative role in the school, he’ll have the opportunity to focus more specifically on the school’s faculty and students.

“I feel a pretty keen responsibility,” shares Hawkins. “I think the School of Family Life plays such an important role in students’ lives, and I think we can be a unique contributor to BYU and its mission, as well as the church’s mission.”

Moving forward, Hawkins is grateful for the decisions and set vision that Dean Barley established during his time as director.

“I’m deeply appreciative that he was able to tackle and resolve difficult issues. And now we’re just moving forward. I think we’re going to maintain a lot of the good direction that Dean has set,” says Hawkins. “I’m also looking forward to others’ input on how we can keep moving forward and improving to meet the changing dynamics of (faculty and students) and public scholarship.”

As for Hawkins’ larger vision for the school, he shares that “the vision is already set—to bless students’ lives so that they can be a light on the hill in terms of their own family lives and so that they can…help to strengthen families wherever they go. That vision continues, but we’ve also got new challenges and new students to be aware of.”

“We do really good work here, and we’re doing work in an area where the need for quality research and scholarship is so needed yet is receiving much less attention. Particularly around marriage, I think we make a really great contribution to the field and to society as well.”

Good luck, Dr. Hawkins as you embark on the next journey in your career and service at BYU!

FHSS Faculty Recognized by the BYU Faculty Women’s Association

The BYU Faculty Women’s Association, which seeks to improve the quality of professional life for faculty women at BYU, honored five women last week for their contributions to BYU. Two of these outstanding women are from our college!

Mentoring Award
Angela B. Bradford
Family Life

Dr. Bradford has chaired over 10 doctoral and master’s students, and has served on around 25 dissertation and thesis committees. Dr. Bradford supervises students on two projects she is co-leading related to family therapy clinical process research and physiology.

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Citizenship Award
Mikaela J. Dufur
Sociology

Dr. Dufur’s work in the College of Family, Home, and Social Science has had a significant impact on changes made within the department. She shapes the experience of women on campus through various leadership assignments, including serving on the University Athletic Advisory Council. Most recently, she spoke about the importance of mentoring and holding open doors for people.

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Other BYU Faculty Women’s Association award winners were Gaye L. Ray, Nursing; Bonnie Anderson, Information Systems; and Jill Larsen, English.

Congratulations, Dr. Bradford and Dr. Dufur!

FHSS Valedictorians: Setting the Curve

BYU is famous for many things: Cosmo the Cougar, being ranked the number 1 “Stone Cold Sober” school 20 years running, and our awesome chocolate milk. Our amazing graduates however, trump all. The graduating class this year is one of the school’s biggest, which the majority of the females being returned missionaries.  From undergraduate research in Thailand to managing a neuroscience lab, FHSS boasts some of the most accomplished graduates. Check out our incredible valedictorians:

Boone Robins Christianson, of Provo, had no idea what anthropology was when he declared it as a major his freshman year. He wants to thank his parents Marlin and LaDonn for supporting him even though they were equally confused about what he could do with the degree. Throughout his time at BYU, Boone has spent the majority of his studies researching African agricultural development, including conducting research in Malawi and Namibia. In addition, he speaks Otjiherero, a rare language spoken by small groups of people from those countries. Despite his successes in anthropology, Boone has decided to pursue a master’s degree in Marriage and Family Therapy, and will begin his pursuit of this degree at Auburn University in Alabama this upcoming fall. Boone has enjoyed being involved in intermural sports, the Diction Club, and being an active participant in his LDS campus wards. He loves spending long hours playing Boggle and eating cereal.

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John Frederick Bonney, an economics major, is the son of Philip and Georgia Bonney. He grew up in the US, Senegal, and Italy, and served a mission in the Netherlands. John has thoroughly enjoyed working with faculty at BYU, performing research in areas including behavioral, educational, and familial economics and teaching other students about applied econometric research. He is grateful to the economics faculty for their stellar instruction and would specifically like to thank Drs. Lars Lefgren, Joe Price, and James Cardon for allowing him to enhance his learning through research and teaching assistantships. While attending BYU, John has also completed four internships during which he designed market research and forecasted models currently in use by multiple Fortune 500 companies. Within the community, John has enjoyed serving through educational organizations like Alpha and Project Read. John is happily married to Amanda Bonney, who is graduating with a Master of Accountancy. After graduating, John will continue his passion for economic research as a pre-doctoral fellow at the University of Chicago.

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Grayson Morgan, a geography major with a geospatial science and technology emphasis, is the second child born to Daniel and Michelle Morgan and grew up in Beaufort, South Carolina. Geography has surrounded him his whole life, but it wasn’t until his freshman year that he realized that it was exactly what he wanted to do. During his short time at BYU, Grayson has come to thoroughly enjoy his encounters with the various Geography Department Professors, secretaries, TAs, and fellow students. Certainly, much of his learning could not have taken place without their generous help and overwhelming kindness. His family means the world to him and he would like to thank his wife, parents, siblings, and extended family for their support. Grayson loves serving others, BYU sports, playing with his two-month-old daughter, and learning new things. He is excited to continue learning this fall as he begins a master’s degree and eventual PhD program in Global Information Systems/Remote Sensing at the University of South Carolina.

Morgan

Kaytlin Fay Anne Nalder, a history teaching major, grew up in Alberta, Canada. She is the sixth of seven children born to Byron and Deanne Nalder. Her love for history began in high school, but it wasn’t until she came to BYU that she considered majoring in it. While at BYU, Kaytlin was able to work as both a teaching and research assistant for Dr. Underwood, a job which was one of the highlights of her undergraduate experience. She was also the recipient of two history paper awards including the De Lamar and Mary Jensen Student Paper Award in European History and the Carol Cornwall Madsen Student Paper Award in Women’s History. Kaytlin enjoys skiing, reading, cooking, crocheting, and spending time with family and friends. She would like to thank all of the wonderful mentors and professors she was privileged to work with during her time at BYU, as well as her family and friends for their support and encouragement.

Nalder Picture

Marissa Skinner, a family life major with an emphasis in Human Development, is the daughter of Terry and Lottie Anderson. Although she grew up in Salt Lake City, she is a Cougar fan through and through. She discovered her passion for human development simply by taking a general class and has been hooked ever since. During her time at BYU, she served as a council member for Y-Serve, served a mission in the Philippines, and worked closely with many professors to conduct research projects regarding the topics of gender-socialization and moral development. Marissa also conducted two research projects that she presented at conferences on campus. She is so excited to implement what she has learned in her program and hopes she can make a difference because of it. She would like to thank her husband, family, and faculty members for pushing her out of her comfort zone and helping her reach her goals.

Marissa Skinner

Reed Lynn Rasband, a political science major, is the son of Kevin Rasband and Heather Watts and is the oldest of eight children. He grew up raising sheep in Brigham City, Utah and served a mission in Rancagua, Chile. As an undergraduate, he was able to carry out research for his Honors thesis in Thailand, additional research in the United Kingdom, and an internship with a refugee camp on the Thai-Burma border. He worked for four years as a teaching and research assistant in the Political Science department. He has also served as the President of the BYU Political Affairs Society, as Editor-in-Chief for the undergraduate journal Sigma, and as a volunteer with two organizations serving the Utah County Latino community. This fall, he will begin work on a Ph.D. in political science, focusing on ethnic and migration politics in the hopes of finding ways to improve intergroup relations around the globe. He is incredibly grateful for the continuing support his family provides him, as well as for the excellent mentorship he has received from BYU faculty.

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Charlotte Esplin, a psychology major with a clinical emphasis, grew up in Basildon, Essex, UK. After serving a mission in the Utah St. George Temple Visitors’ Center, Charlotte came to BYU. The first to attend a university in her family, Charlotte has embraced academics and all that a university life has had to offer.  While at BYU, Charlotte has worked as a teaching assistant for multiple psychology classes, and has performed quantitative research into how personality variables affect marital outcomes with Dr. Scott Braithwaite. This research has resulted in various articles,

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2018 Hinckley Lecture: Fostering Belonging, Inclusion, and Friendships for People with Disabilities

New Year’s resolutions often focus on strengthening and improving our lives. They might include strengthening your cooking skills or your muscles, but how about strengthening your home and family?

In the name of Marjorie Pay Hinckley, the late wife of Gordon B. Hinckley, and in honor of her commitment to strengthening home and family, the College of Family, Home, and Social Sciences will hold its fourteenth annual Marjorie Pay Hinckley lecture on February 8th, 2018. The topic for this year’s lecture is Fostering Belonging: Inclusion, MarjorieHinckleyFriendship, and People with  Disabilities” presented by Dr. Erik Carter of Vanderbilt University. In the past years, distinguished scholars have come to BYU to address pertinent issues such as family instability and complexity, social media, and social aggression, and factors that put children and the American future at risk.  

This year’s topic: Inclusions, friendships, and people with disabilities

Disabilities have always been a present aspect of individuals and society but have only recently received the attention and focus they need and deserve. Whether they be mental, physical, or learning disabilities, these impairments often present challenges to individuals and families who deserve the opportunities to succeed.

In his own experience and research Dr. Carter has found that educational, community and religious organizations all play powerful roles in providing opportunities that  help people with disabilities find valued roles, employment, and relationships with their local community members and peers. These relationships themselves go on to unify and strengthen the community as a whole.

During his lecture, Carter will focus on ten aspects of belonging and how attitudes and actions toward people with disabilities can create more meaningful and lasting inclusion in the community.

BYU research and experience

BYU professors have collaborated among themselves and with other scholars to form groups that research and educate on disabilities. One of these groups is Autism Connect which helps families and individuals with autism better understand the disorder and available resources through research. In addition, BYU also puts on the annual Autism Translational Research Workshop to educate on and share best practices in autism.

While research is fundamental to this field, the next step is making sure that people with disabilities and those associated with these individuals are able to receive the access and support for opportunities such as education, jobs, community, and peer relationships. In a recent article by BYU Psychology and Neuroscience professor Mikle South and Associate Clinical Professor Jonathan Cox, BYU’s own environment for supporting individuals with disabilities and autism was observed and critiqued. In order to succeed in post-secondary education, individuals with disabilities may need transitionary programs, “safe spaces” with minimal sensory stimulation where they can take tests, and have support groups or student mentors.

community

A Community of Inclusion

Success in education and in the community is something that everyone should have the opportunity to achieve. Just like no one should be excluded from receiving an education or job, no one should feel excluded in their community. It is detrimental that we look to establish friendships and relationships with people who need our support.

Learn how to foster belonging within your community through inclusion and friendship with people with disabilities by attending the fourteenth annual Marjorie Pay Hinckley Lecture on February 8th, 2018 at 7:30 p.m. at the Hinckley Assembly Hall. Admission is free and the event is open to the public. Individuals from the BYU community, families, community leaders, and educators will greatly benefit from Dr. Carter’s presentation.

Talking About Pornography: an Upcoming Event

Pornography can be a painful topic to talk about, but not talking about it can hurt you and your loved ones even more.

“In religious cultures, sex is kind of a taboo topic, which means we tend not to talk about it very much,” shared BYU School of Family Life Professor Brian Willoughby in a Universe article earlier this year. But just because religious individuals do not talk about pornography as often does not mean that they are free from its reach.

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In a study that he co-authored with graduate students Nathan Leonhardt and Bonnie Young-Petersen this past spring, Willoughby found that religious individuals are more likely to experience unhappiness and depression from their pornography use and are more likely to see themselves as addicted to pornography “regardless of how often they use the material.” These individuals will in turn experience greater relationship anxiety, feelings of powerlessness and more anxiety about talking about their pornography use with others, leading to dissatisfaction and damage in relationships.

With pornography becoming more accessible and pornography use becoming more prominent, it is important that parents and spouses know the truth about pornography and how it effects their families.

To That End…An Event on January 10th

families at risk
Courtesy of BYU Continuing Education

Keep your family safe from pornography’s negative influences by learning how to discuss it with your loved ones and learning strategies on how to deal with pornography at the Families at Risk lecture, Understanding the Modern Threat of Pornography: Myths and Reality, given by Professor Brian Willoughby. The lecture will take place on January 10, 2018 at the BYU Conference Center. “We need to be able to have a more open dialogue on this issue,” said Professor Willoughby. He encourages everyone to take an active role in learning about the harms of pornography and how to keep their families safe.

brian_willoughbyProfessor Brian J. Willoughby is an associate professor in the BYU School of Family Life and is considered an expert in couple and marital relationships, sexuality, and emerging adult development. Professor Willoughby has published over 50 peer-reviewed articles and book chapters on these topics, currently serves on the editorial board for four journals, and was elected as a full member of the International Academy of Sex Research. In addition to teaching several classes at BYU, Professor Willoughby often appears on media and news outlets to share his research and expertise. Professor Willoughby has been married to his wife Cassi for 15 years and together they have four children.

 

 

The Connection Between Religion and Families: A New Book

A recent publication from professors in the College of Family, Home, and Social Sciences provides answers to the questions of how religion affects marriage, ways parents should talk to their children about their religious beliefs, and whether practicing a faith — whether it’s Christianity, Judaism, Islam, or yet another belief system — strengthen families. in their 2017 book, Religion & Families: An Introduction, BYU School of Family Life professors Loren D. Marks and David C. Dollahite write about how religion strengthens faithful familiesThe two researchers wrote the book for emerging adults, in the hopes that it could help them navigate important decisions as they transition into marriage and parenting.

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How Does Religion Strengthen Families?

Relying on existing research and their own American Families of Faith project, Dr. Marks and Dr. Dollahite teach relationship-building, faith-promoting lessons to their readers. The American Families of Faith project draws rich data from lengthy in-home interviews of 200 religious families living all across the United States. The diverse sample includes Christian, Jewish, and Muslim families, as well as immigrants and ethnic minorities, so Religion & Families provides a broad look at the connections between religion and family.

Perhaps the most useful way to study the nexus of religion and family is to explore three dimensions identified by the authors:

  • Religious beliefs
  • Religious practices
  • Religious community.

“Family members who consciously consider and discuss how their religious beliefs, practices, and community can work together for the good of their marriage and family relationships are likely to discover ways to increase harmony between these dimensions,” Marks and Dollahite write. Dollahite, when interviewed about the book, said: “We all ‘live into’ our answers to life’s biggest questions in patience and faith. As we face the realities and challenges of marriage and family life, the confident idealism of youth evolves into a mature and realistic optimism…. We hope that the kinds of information provided about the healthiest way to live one’s faith in marriage and family life in Religion and Families can help young adults be more likely to make that transition more smoothly.”

“There will always be one more unanswered question related to our faith that we do not currently have the answer to,” Marks added. “That question is not a reason to abandon the ship of faith. It is motivation to get to know the captain better. Part of my testimony is that God is a lot smarter than I am.” In other words, we can all build our lives, our marriages, and our families on faith, patience, and trust.

When Husbands and Wives Share Beliefs And Commitment

The American Families of Faith project, a national long-running research project led by Marks and Dollahite, allowed them to connect their three dimensions of religion (beliefs, practices, and community) to marriages, father-child relationships, and mother-child relationships. The findings suggest that husbands and wives enjoy greater marital satisfaction when they share beliefs and are similarly committed to those beliefs. What’s more, spouses can strengthen their marriages by participating together in meaningful rituals, including service attendance and holiday traditions.

As far as children are concerned, Dr. Marks and Dr. Dollahite’s research indicates that parents and children have more positive emotional experiences when they engage in “youth-centered conversations.” In these conversations, parents listen while kids do most of the talking and ask for understanding. The conversation is open, the parent helps the child connect religion to his or her life, and the parent-child relationship becomes richer and deeper.

Dr. Marks explained that visiting those families’ homes and observed those relationships, he learned how he could be a better partner and parent. Regarding their examples, he says: “We hope that we can convey enough of the exemplary power of these faithful families to young adults that a fire and hope will be kindled that they can do likewise. Gratefully, through their interviews, these families also tell us how they did it — and this may be the book’s most important contribution.”

Family-Centered Priorities Cut Across and Supersede

Elder L. Tom Perry, who attended a 2014 marriage and family colloquium at the Vatican, reported that all major religions value family life. He said: “It was remarkable for me to see how marriage and family-centered priorities cut across and superseded any political, economic, or religious differences. When it comes to love of spouse and hopes, worries, and dreams for children, we are all the same.” Dr. Marks and Dr. Dollahite share a similar message in their book. In each chapter, they remind their readers that practicing a religion can lead to healthier marriages and happier family life.

 

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Religion & Families: An Introduction is available for purchase on Amazon, Google Play, Target.com, and Walmart.com.

Screen Violence and Youth Behavior: New Questions

In today’s world, many parents, educators, and policymakers are asking whether video games are good or bad for children and adolescents. Indeed, it’s a topic experts have studied and talked about here on more than one occasion, agreeing, for the most part, that violent video games and media are linked to aggressive and violent behaviors in their players. But according to a new article co-written by School of Family Life professor Sarah Coyne, the question most educators and policy makers are asking—are video games good or bad for children and adolescents?—is much too simplistic. They suggest a different, more “nutrition-based” approach.

What Research Says So Far About Violent Video Games and Their Effects

Dr. Coyne and her co-authors analyzed existing meta-analyses concerning video game aggression and violence. “A large body of evidence reveals that violent media can increase aggression,” she says, citing a census study done by Common Sense Media. “Indeed, the effects of screen violence on increased aggressive behavior have been reviewed and affirmed by numerous major scientific organizations, [and] a comprehensive meta-analysis found that exposure to violent video games increases aggressive thoughts, angry feelings, physiologic arousal, hostile appraisals, and aggressive behavior and decreases prosocial behavior (eg, helping others) and empathy. These effects occur for male and female subjects of all ages studied, in both Western and Eastern countries.12

That being said, Dr. Coyne and her co-authors also noted that that are many potential cognitive and social benefits of video game play, and that well-designed video games can be great teachers, since they help players develop sensory processing and cognitive skills. Not all video games are violent, and of course, no risk factor taken alone can cause a child to behave aggressively.

More research is needed to truly explore the negative–and positive–effects of video games on those who play them, they say: large-scale studies of at least 50 000 participants that take into account all known major risk and resilience factors for the development of aggressive and violent behavior tendencies. The study should follow the same large sample of children from an early age through early adulthood, they recommend. They also recommend a similar large-scale, multi-site, multi-year study to further develop and test media exposure interventions to determine what works best, for policy makers and consumers to implement.

A Better Way to Think of Media Exposure?

The authors suggested thinking of media exposure as a diet. It’s important to consume media in moderation, and consumers should make sure to take in more helpful than harmful content. And, the consumer’s age has to be taken into account. In the absence of those large-scale studies, but with the evidence that has been gathered so far, they and other researchers suggest that parents can most effectively help their children and adolescents consume a healthy “diet” of video games and media by actively monitoring their use, and engaging in and conversing about media with their children, rather than strictly restricting media use. Families can also monitor media exposure by implementing simple rules and setting limits to screen time.

 

How to Invest as a College Student

Many college students dream of becoming multimillionaires who split their time between philanthropic efforts and exotic travel. But the trouble is that we’re not always adept at making or saving money. Few of us will end up as multimillionaires, but learning how to make smart investments will help us live comfortably and provide for our families’ needs. In fact, according to School of Family Life professor Jeff Hill, any student can invest, no matter what how tight a budget he or she keeps.

Investing Tips for Students

Take Advantage of Compound Interest

Professor Hill is an expert on saving and budgeting money. In fact, one of his undergraduate courses — SFL 260, Family Finance — teaches BYU students those important skills, and Dr. Hill even co-authored the textbook that the students use (Fundamentals of Family Finance: Living Joyfully within your Means). In a June 2015 BYU devotional, Dr. Hill told a story about four hypothetical students, who each had $10,000 and who each planned on retiring 50 years down the line.

 

Get rich slowly - Jeff Hill

The first student put his money in a strongbox, meaning he would still have $10,000 in 50 years. The second student put her money in a savings account, where compound interest would double its value every 25 years. She’d have $40,000 at the end of the 50-year period. The third student put his money in a government bond mutual fund, where it would double every 15 years to become almost $100,000 in a 50-year span. The fourth student put her money in a broad diversified stock market fund, where it would double every seven and a half years. In 50 years, the student would have more than $1,000,000.

“That is the miracle of compound interest,” Dr. Hill said. “When you consistently invest like the fourth student, you have the peace of mind that comes from knowing you will be able to retire in the future and that if an emergency happens now, you have a reserve.”

Start Now

Dr. Hill said that any student can invest, no matter what how tight a budget he or she keeps. Some mutual funds even cater to small investors who can only afford to put a little bit of money into the stock market. “I invite my students, and I invite you, to begin to invest now,” he concluded.

 

Take a Little Risk, and Diversify

To Dr. Hill’s tips, Economics professor Scott Condie, who has published papers describing the effects of ambiguity aversion (the preference of known risk over unknown risk) on investment. It’s common among many investors, driving them to have less diversified portfolios and to participate in the market less often. “Ambiguity averse investors will almost surely have their wealth converge to zero if there is a rational expected utility maximizing investor in the market,” Dr. Condie wrote. In other words, investors who remain sufficiently ambiguity averse will not survive.

So make sure that you have a diversified portfolio, that you participate actively in the stock market, and that you don’t entirely avoid risk. After all, what’s life without a little risk?

How do you save, budget, and spend your own money?

Take a minute to think about your own finances. If you’ve got any questions about personal finance or investing, let us know in the comments, and we’ll get a research-based response to you!