Millennials Apparently Good With Money

TIME reports that a new survey shows that Millennials are good with their money—recognizing that they need to save and become better with their money.

One of the financial virtues of this group appears to be a slow and steady approach to building a nest egg. Roughly a third favor a long-term tried-and-true strategy, Northwestern Mutual found. Another third would like to take that approach but feel like they are too far behind to play it safe.

Millennials’ cautiousness may be a double-edged sword. Just 14% in the survey say they are pursuing a high-growth investment strategy even though such a strategy would promise superior long-term returns. This may be a case of playing it too safe. Millennials have 40 years to ride out any bumps. If their money is socked away in savings bonds and other ultra-conservative investments it won’t grow fast enough for them to retire even over a long period of time. Now is when they should embrace prudent, low-cost, diversified risk through stock index funds and similar investments.

What makes the Millennial generation so thoughtful about money?

Paying for Dinner

I recently stayed with two friends while visiting their city, and to thank them I told them that I wanted to take them out for dinner.

“No, no!” they said. “We’re just happy to host you while you’re visiting!”

I planned to pay for dinner anyway, and when we went out to dinner on our last night and the check arrived, I pulled out my card and insisted on paying—but my friends ended up handing their card to our waitress and told her to just split the bill.

This may seem like a silly question, but is there a nice way of insisting on picking up the check? — B.

Majoring in Economics and Making Money

From Jonah Sinick at Cognito Mentoring: Here is a chart of median earnings for liberal arts majors when starting out (second column) and during their mid-careers (third column).

Engineers in the “Power Class”

Good for them! But no comment on the “power class” thing.

Other People’s Offices

Via The Paris Review: Paul Barbera’s “Where They Create” provides photos of “studios and work spaces of artists and writers” and he recently photographed The Paris Review offices (example above).

I am the kind of person who likes looking at the interiors of other people’s apartments (usually via the Times real estate section), but looking at all these work spaces is fascinating as well.

The 35-hour Work Week

How much of a difference would it make for you if your workweek was cut to 35 hours?

$45 a Month for a Bottomless Cup of Coffee

The Wall Street Journal reports that a new “subscription-model coffee club” is currently in beta testing in NYC. Customers can pay $45 a month for unlimited drip or pour-over coffee, or $85 for unlimited espresso at select coffee shops in the city. One caveat is that customers can only use their membership card to buy one coffee every half hour (likely to prevent sharing the card with others).

Not everyone is into the idea:

Andrew Hetzel, a coffee industry specialist who is a Board Member of the Specialty Coffee Association of America, said he thinks the CUPS model can be popular with consumers but has concerns about the “bottomless cup” concept from the perspective of quality.

“My fear is that flat-rate pricing model will be a disincentive to the use of quality coffee and reduce overall consumption, making the app a poor value for consumers,” said Mr. Hetzel.

As a daily coffee drinker, $45 a month might actually be worth it, though it would really depend on which coffeehouses decide to participate…

Actually thinking about it some more, I probably wouldn’t do this—I’d feel too much pressure to get my money’s worth. What about you other coffee drinkers out there?

Where to Change Your Passwords

From Mashable, a very good list of websites for which you should probably change your passwords because of the Heartbleed encryption flaw.

Updates: Medical Bill Solved + Two Vacuums

From the reader dealing with a medical bill issue

Monday Check-in

And how were your weekends?

Your Open Thread

From WSJ: You too can own a Warhol or a Renoir—if you’re okay with postage-size art and napkins:

Small items—overlooked gems, dashed-off scribbles, even scraps artists may have assumed were headed for the garbage—are increasingly being auctioned off to an eager and growing audience.

In the last year, a Florida couple successfully bid on their first work of art—a postage-stamp sized sketch by Pierre-Auguste Renoir—for $6,250. At another auction, a signed napkin Andy Warhol covered with squiggly lines fetched $1,395. For less than $4,000 each, collectors nabbed a Pablo Picasso ceramic bowl emblazoned with a bullfighter and letters Henri Matisse adorned with fanciful doodles.

Photo: Allegra

Starving on Campus

College students are known for being broke, heavily in debt, and surviving off of instant ramen, but there is also an invisible population of students who have “food insecurity”—not having enough to eat on daily basis. These students are often hidden because they feel ashamed about their circumstances.