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Baylor Consumerism Expert Shares Five Tips to Make the Most of Your Stimulus Check

May 26, 2021

4 min

James Roberts, Ph.D.

With President Joe Biden’s $1.9 trillion American Rescue Plan Act, citizens nationwide received a second round of stimulus checks in the form of $1,400 per person and an additional $1,400 per dependent.


The Rescue Plan also brought increased child tax credits and unemployment benefits.


James Roberts, Ph.D., The Ben H. Williams Professor of Marketing in the Hankamer School of Business, is an internationally recognized expert on consumerism and the author of “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can't Buy.” He said the latest round of stimulus funds offer consumers bright opportunities, but he also cautioned against pitfalls in uncertain times.


Roberts said that people should first consider building up their emergency savings funds – a step, he said, more Americans seem to be taking during this time of pandemic and economic fluctuation .


“Over the last 20 years or so, Americans have not saved much. However, in the first nine months of the pandemic, the U.S. savings rate increased by a whopping 100 percent. By some estimates we are at a national savings rate that hovers around 20 percent – which is incredible,” Roberts said.


Roberts shared a few tips on how to get the best value for your stimulus check and prepare for times ahead:


1. Enhance your savings.


Save a portion of your stimulus check for the inevitable rainy days ahead. Start with $1,000 to your short-term emergency fund. If possible, every family should have a $2,500 emergency fund. This provides peace of mind and avoids having to borrow from friends or family, or even worse, max out your credit cards or take out a “payday” loan, which I strongly advised against.


2. Invest in experiences.


Given that a lot of Americans have significantly increased their savings and lowered their credit card debt, I say people should splurge a little on something for themselves or their families with the remaining $400. Remember, experiences bring more lasting happiness than buying stuff. Good mental health is critical to our well-being.


3. Start early.


Don’t forget that the $1,400 stimulus check is only a small part of the money that may come your way. The child tax credits are a great opportunity to save for your children’s college. The earlier you start saving, the better. This is the beauty of compounding interest.


4. Save while unemployed


I suggest any extra boost you might get in your unemployment check be saved for the days ahead. Don’t let money burn a hole in your pocket.


5. Plan ahead.


Every family’s goal should be to set aside six months in living expenses so if you do lose your job, it doesn’t put you and your family into an immediate financial death spiral.


ABOUT DR. JAMES ROBERTS


James Roberts, Ph.D., is The Ben H. Williams Professor of Marketing in Baylor University’s Hankamer School of Business. He is a nationally recognized expert on consumer behavior and has been quoted extensively in the media and has appeared on the CBS Early Show, ABC World News Tonight, ABC Good Morning America, NBC The Today Show, Yahoo.com’s “The Daily Ticker,” and has been quoted and/or featured in The New York Times, The Wall Street Journal, National Public Radio, USA TODAY, TIME, FOX News, The Doctors on CBS, US News & World Report, Cosmopolitan, Glamour, and many other media.


His books include “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can't Buy” and “Too Much of a Good Thing: Are You Addicted to your Smartphone?”


ABOUT BAYLOR UNIVERSITY


Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 19,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions.


ABOUT HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY


At Baylor University’s Hankamer School of Business, top-ranked programs combine rigorous classroom learning, hands-on experience in the real world, a solid foundation in Christian values and a global outlook. Making up approximately 25 percent of the University’s total enrollment, undergraduate students choose from 16 major areas of study. Graduate students choose from full-time, executive or online MBA or other specialized master’s programs, and Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The Business School also has campuses located in Austin and Dallas, Texas. Visit baylor.edu/business.

Connect with:
James Roberts, Ph.D.

James Roberts, Ph.D.

Director, Centre for Nonprofit Leadership and Service, Professor - Marketing

Expert on consumer behavior, human-computer interaction, compulsive buying, and effects of consumerism & technology on individual happiness.

Consumer PsychologyConsumer BehaviorMarketingConsumer CultureMaterialism

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5 min

It Has to Matter Who Wins: Futurecasting the MLB All-Star Game

Globe Life Field in Arlington, home of the 2023 World Series champion Texas Rangers, will play host to the 94th edition of the Major League Baseball All-Star Game on July 16, marking the second time in franchise history the Rangers will host the Midsummer Classic. MLB’s All-Star game – which matches up the best players from the American League and National League as selected by fans, managers and players – is considered one of best all-star contests among professional sports, said Kirk Wakefield, Ph.D., executive director of the Curb Center for Sales Strategy in Sports and Entertainment (S3E) program at Baylor University’s Hankamer School of Business. However, the game faces continued headwinds, Wakefield said, ranging from lagging viewership to fan voting to a game that is more an exhibition than a meaningful game. Wakefield Weighs In: Five Thoughts on MLB's All-Star Game Is the MLB All-Star game the best All-Star contest of all major leagues? Wakefield: Yes, it’s the only one where players seem to try their best. The NBA and NFL – who have practically given up – have declining viewership since 2011. Unfortunately, MLB All-Star game is on the same downhill skid. (According to Statista, viewership has declined from 22 million in 1993 to seven million in 2023.) The reason why is it doesn’t really matter who wins. If the players don’t care who wins, neither will fans. Further, fans aren’t particularly a fan of only one league so that it really matters if one league has bragging rights. That was less the case years ago before interleague play. How could viewership improve in any of the All-Star games? Wakefield: It has to matter who wins. MLB tried this with home field advantage for the World Series. They gave that up. The current approach in baseball is truly an exhibition because every player gets to play, so it’s like three players at every position playing three innings. That’s not how a manager would play it if trying to win. And it’s not like it used to be when the starters (who were more likely to be the best at their positions) played longer. One suggestion I’ve heard is to make the payoff big enough for the winners so that the players gave it their best. Get a sponsor to put up the money so the winners each make seven figures and could be the players and managers will play more like a team trying to win. Does Monday’s prelude, the hugely popular Homerun Derby, enhance Tuesday’s game? Wakefield: The Homerun Derby is popular because fans do follow individual players. It matters more who wins. That said, the HR derby’s viewership has still lagged. Bottom line: Fans are loyal to teams more than to leagues or individual players. Fan voting… Need we say more? Wakefield: Major market teams with huge fan bases will dominate, but what about the Kansas City Royals, who at one point in the season were on pace for the biggest year-over-year improvement in wins and losses? Given the way fan voting has become essentially a promotion game to get more fans to vote more often, it’s hardly representative of anything other than largest markets with the best promoters. The good news is that the MLB All-Star game will be quite the occasion in Arlington, Texas, with a bevy of game-related activities and events July 13-16. Wakefield: Arlington is an optimal location central to the U.S. with plenty of space to blow out the occasion. It’s like the Texas State Fair came to baseball, where all the rides and attractions are baseball-happy. ABOUT KIRK WAKEFIELD, PH.D. Kirk Wakefield, Ph.D., is The Edwin W. Streetman Professor of Retail Marketing at Baylor University, where he is the Executive Director of the Curb Center for Sales Strategy in Sports and Entertainment (S3E) program in the Hankamer School of Business at Baylor University. The author of Team Sports Marketing and founder of Wakefield Research Partners, Wakefield has conducted fan research on partnerships, pricing, promotions, sportscape, service, and anything else that explains why fans do what they do in nearly every venue in sports, including the NBA, NFL, MLB, MLS, NHL and NASCAR. His scholarly works appear in a breadth of journals: Journal of Marketing, Journal of Consumer Research, Journal of the Academy of Marketing Science, Journal of Service Research, Journal of Retailing, Journal of Advertising, Journal of Advertising Research and Journal of Sport Management, among others. Wakefield is a regular contributor to Sports Money on Forbes.com. ABOUT THE CURB CENTER FOR SALES STRATEGY IN SPORTS AND ENTERTAINMENT (S3E) The Center for Sales Strategy in Sports and Entertainment (S3E) at Baylor University is the only program in the U.S. focused on generating revenue for sports. S3E graduates have career opportunities in sales, digital marketing or business analytics for major league teams, university athletics, corporations and agencies. Baylor is the only university combining learning with practice in partnership with the Athletics Department to prepare graduates for careers in the business of sports. The S3E program is unique in vision, values, mission and culture to transform the business of sports and entertainment. Consistent with the Christian mission and purpose of Baylor University, we prepare passionate servant leaders to positively influence lives in places people go to play or watch others play. ABOUT THE HANKAMER SCHOOL OF BUSINESS Baylor University’s Hankamer School of Business strives to further God’s kingdom through the realm of business, using God-given gifts and academic talents to do so. Faculty and students conduct purposeful research and participate in experiential learning opportunities, all while operating in a Christ-centered mission. Undergraduate students can choose from 13 major areas of study. Graduate students can earn their MBA on their terms, either through the full-time, online or a Dallas-based executive program. The Business School also offers three Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The School’s top-ranked programs make up approximately 25% of the University’s total enrollment. Visit the Hankamer School of Business website for more information. ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked Research 1 institution. The University provides a vibrant campus community for more than 20,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 100 countries to study a broad range of degrees among its 12 nationally recognized academic divisions.

4 min

Sleep Better, Live Better: Improving Sleep Quality Can Lead to Less Stress and Improved Cognition

Research has demonstrated that increased stress and all-night study sessions can lead to lower cognitive functioning and test scores, adding even more pressure on college students. Baylor sleep expert Michael K. Scullin, Ph.D., director of Baylor University’s Sleep Neuroscience and Cognition Laboratory and associate professor of psychology and neuroscience, studies how cognitive and behavioral processes are affected by sleep. “Sleep deprivation makes life worse. And it makes the person not getting enough sleep worse at life,” Scullin said. “However, if we focus on improving our sleep, life will get better, and we will get better at life.” Poor sleep is particularly common when students are studying for exams or working on major projects for classes. The combination of staying up late, cramming for tests, increased stress and bright light exposure late at night can lead to variable sleep durations and higher stress levels. “We know that as you accumulate sleep debt, whether it's from a single all-nighter or from weeks of variable sleep durations, it can exacerbate any pre-existing vulnerability a person may have to stress,” Scullin said. “For instance, if someone has a predisposition to panic attack disorder, sleep deprivation can increase panic attacks by about 40%. This applies to virtually any clinical or subclinical condition, whether it’s stress-related or not – sleep deprivation makes it worse.” Scullin added that even with a slight sleep deficit, any sort of negative event, such as a bad grade on a test, will feel much worse than it would for someone who is well-rested. “It becomes a cycle, and the individual begins to focus on what is worse instead of calming down at night and getting ready to fall asleep,” Scullin said. So how can a student – or any individual – break this cycle? It all starts with developing healthy sleep habits, which reduce stress and improve academic performance. Scullin suggests students try three Challenges to improve their sleep, mood and stress regulation. 1. Illuminate! Challenge One class activity that Scullin has used with students for years is called the Illuminate! Challenge, which focuses on students adding more natural sunlight to their lives in the morning hours. “About 90% of students do not know that we need natural sunlight daily in the morning to tell our internal biological clock when to start ticking. When our biological clock knows it's time to start ticking, it will make us feel more alert, which helps improve our mood,” Scullin said. Specifically, he suggests: Spending 20 minutes daily outdoors in natural daylight during the morning hours. Be intentional with this time as something aside from walking to class or other daily routines. Take the time when you would normally be inside studying or eating breakfast to go outside instead. “Almost every one of my students who has taken this challenge has said their mood and alertness improved,” Scullin said. 2. Deluminator Challenge The Deluminator Challenge eliminates light in your bedroom for a night of better sleep. Scullin said this challenge works by: Turning off all the lights and counting the number of artificial lights that exist in your environment. How many of your plugs have lights? How much light is coming in through your curtains? Cover up every light source (except fire alarms and other safety devices), including any light coming through windows. Blackout curtains are a good investment, or even using blankets to cover windows will help reduce light at night. It’s easy to adopt this challenge as it is sustainable once it is set. You will find that you can fall asleep easier and enjoy sleeping later in the morning because of the darker environment. “What normally happens is students see their devices are emitting unnatural light, and it is not nearly as dark as it should be,” Scullin said. “A lot of students in my classes report that this is their favorite challenge because it led to the biggest impact on sleep quality.” 3. Anti-Rumination Challenge Lying in bed thinking about everything you need to do the next day can increase stress levels and interrupt sleep. In a recent study, Scullin found that taking five minutes to write a “to-do” list at bedtime helped student participants fall asleep about 10 minutes faster than others who used that time to chronicle completed activities: Take five minutes to write down a to-do list of everything that needs to be done the next day. The to-do list offloads stress, gives you a good action plan for the next day and helps you feel accomplished as you check off the goals. When people get more sleep – even just one more hour of sleep per night – “they literally become happier,” Scullin said. That extra hour of sleep can improve social relationships, emotional reactions and cognitive functioning. With improved cognitive functioning comes improved academic performance. “Adding more sleep to your life makes life better, and it's going to make you better at life. It's going to resolve some of the stress, and you're going to better handle events that are inherently stressful. You're going to enjoy life while you're also taking classes. And you know what? Your grades are probably going to improve.”

9 min

Baylor Expert: Don't Lose Focus on Spiritual and Mental Well-being

Baylor Social Work professor shares tips and resources during stressful half-way mark of semester  Holly Oxhandler, Ph.D., LMSW., associate dean for research and faculty development and associate professor in the Diana R. Garland School of Social Work.  October marks the halfway point to the fall semester and can carry all the excitement, stress and anxiety of another academic term winding to a close. The month also typically marks one of the busiest times of the year for university counseling centers across the nation. With unique challenges in 2020 related to COVID-19, the University has acknowledged those hardships for all in the Baylor Family by taking the initiative to focus on mental health throughout October. Baylor University’s Holly Oxhandler, Ph.D., LMSW, associate dean for research and faculty development and associate professor in the Diana R. Garland School of Social Work, is an expert on mental health, primarily anxiety and depression, as well as religion and spirituality in clinical practice. In this Q&A, she shares tips and resources to students, faculty and staff who are facing all of the typical challenges of another mid-term while also navigating a global health crisis. Q: The 2020 fall semester provided challenges and obstacles never seen before in higher education. Why has COVID-19 been a uniquely stressful influence on the mental and spiritual well-being of students, faculty and staff? There are a number of reasons COVID-19 has been a uniquely stressful influence on the mental and spiritual well-being of those in higher education. First, there are the unanticipated layers and learning curves of new considerations and adjustments to course delivery, safety protocols, dining, campus activities and communication, to name a few, on top of the typical adjustments and emotions we all navigate at the beginning of each fall semester. Second, those in higher education entered fall 2020 without the “typical” summer that’s needed to reset, make adjustments and plan for the upcoming year’s activities. For example, many administrators, faculty and staff spent the summer not only planning for the usual upcoming academic year but also reconfiguring classes to be hybrid or online or simultaneously include both in-person and online students, in addition to modifying student activities and faculty research project timelines and plans. For degree programs that include internships, like social work, there have also been additional layers of consideration in order to comply with our professional accreditation standards. Third, we recognize that many students, their family members, as well as Baylor faculty and staff members’ loved ones, have been affected by the economic impact of COVID-19, adding a layer of financial stress. Fourth, many within the Baylor community – staff, faculty and students – have needed to juggle childcare and homeschooling their children as they continue to engage in their own work and/or educational expectations. Finally, the fear of contracting COVID-19, especially among the most vulnerable and high-risk populations, has been constantly present. Not only are we adjusting to this academic year with new ways of being and new protocols that keep us and one another safe, we’re also facing unexpected waves of fear and layers of grief for the missed events, opportunities and connections we had hoped to experience. As resilient as our community is, I think it’s important to remember we cannot “operate as usual” because things aren’t usual. Instead, we must allow ourselves and one another the time, margin, flexibility and grace needed to sit with and move through the rising emotions, grief, stress, loneliness, fear and uncertainty as they come. We cannot skip or bypass these emotions, but instead, must move through them, often with the support of loved ones and/or a trained mental health care provider. Q: Mental and spiritual health are challenging during even a typical semester experience. What are some of the effects and reactions you’ve witnessed to these circumstances among students, faculty and staff compared to a non-COVID-19 semester? As human beings navigating a global pandemic to the best of our ability, our mental and spiritual health have all been impacted to some degree this semester as we have individually and collectively faced a number of unexpected difficulties. I have also seen a beautiful response to the reality of this collective struggle in my interactions with Baylor faculty, staff and students that includes deep empathy for one another and an increase in valuing authenticity as we engage in the high-quality, meaningful work we each do. It has been a gift to witness Baylor community members holding space for colleagues’ and students’ vulnerability as we admit this is hard for various reasons and recognize that we cannot just push our way through this season. When we admit this isn’t easy and that we are all juggling so much to the best of our ability through thick layers of uncertainty, it gives those around us permission to admit their experiences, too. In fact, I think when we create space for that shared vulnerability and empathy in our interactions with others, we can better assess the current situation, remain present to one another and discern what steps are needed to move forward together, particularly because we’re not carrying an additional layer of effort pretending that everything is fine. That said, the Garland School of Social Work conducted a couple of well-being surveys since this summer to internally check in on how our faculty and staff are coping with this season and identify the biggest stressors they’re facing and sources of support. Our faculty and staff have also been continually checking in on our students through this season. Not only do we see many noting the same stressors that we’re all facing these days, normalizing how difficult this is for each of us, but the act of nonjudgmentally holding that space for ourselves and one another has been a tangible step of offering the care we know is uniquely woven into the Baylor experience. Q: How can individuals within the campus community tend to their spiritual health to close out the semester? I would invite readers to take a moment to pause and identify a few spiritual practices that uniquely support them well, even if that means thinking back to less stressful seasons. The key to note here is that these are practices which require regular engagement, similar to if we were to practice a new instrument or sport. Spiritual practices can vary based on our faith tradition and may include praying; meditating; centering prayer; reading our religious text; walking a labyrinth; journaling; practicing gratitude; listening to a sermon or faith-based podcast; praying over and contemplating scripture; engaging in creativity; practicing daily examen; or listening to spiritual music. Some practices may involve other individuals that can be done safely, including seeking spiritual direction, participating in a Bible or faith-based book study with others or engaging in worship (even virtually!). These practices can offer a sense of groundedness and a reminder that God is with us, including through this season. As we continue to navigate this season of uncertainty, it is critical that we intentionally weave in spiritual practices that offer rhythms, routines and a grounded faith that can support us well through the waves of difficulty. Especially on campus, I would encourage Baylor community members to follow along with Spiritual Life’s resources and events, or check out Better Together BU, a partnership supported by both Spiritual Life and Multicultural Affairs. Q: How can individuals within the campus community tend to their mental health to close out the semester? Tending to our mental health in this last stretch of the semester will be so important as we move into the stress of finals, the complex emotions tied to the holidays, grief with upcoming celebrations looking different this year (including how we celebrate holidays, who we celebrate with and the reality of many having lost loved ones to COVID-19) and the reality of seasonal affective disorder on the horizon. In fact, in a typical year, about 5% of U.S. adults have seasonal affective disorder (SAD), with another 10-20% having mild forms of it. In light of all of the added transition, uncertainty, complexity of caregiving and homeschooling while working/studying at home, layers of loneliness and grief, I do hope our Baylor students, staff and faculty will actively prioritize taking good care of their mental health and supporting others’ mental health care, too. One way I highlight this with my social work students is by recommending creating a self-care plan that pays attention to our physical health, mental health, social support and spiritual health. If we can identify some strategies to holistically care for ourselves well and be mindful of potential barriers to navigate, we may have more resilience and practices to draw from to cope with challenges and stressors that arise. Finally, although NAMI highlights that 1 in 5 of us are currently facing a mental health struggle, some studies have shown that over 80% of us will meet criteria for a mental illness by young adulthood or middle-age. Therefore, I highly recommend that anyone who is noticing any changes in their mood, diet, sleep habits, behaviors or overall well-being immediately reach out for help. Students are encouraged to reach out to Baylor’s Counseling Center, CARE team or the BARC. Faculty and staff also have resources available through Baylor’s employee assistance program. Other resources for finding a mental health provider include HelpPRO, Psychology Today, Low Cost Help or these additional resources. For those who are deeply struggling, please reach out to the Suicide Prevention Lifeline at 1-800-273-8255 or text ‘HOME’ to 741-741 for the Crisis Text Line. As part of my faith and my social work values, I believe that each of us are worth caring for ourselves, including caring for our mental health alongside our spiritual and physical health. Q: What successes or bright spots have you seen within your campus experience that offer encouragement to how the Baylor Family has handled the crisis throughout the semester? I am regularly amazed by the Baylor students, faculty and staff, the ways we have navigated the crisis together this semester, and I am especially grateful for President Livingstone’s and Provost Brickhouse’s leadership since March. This semester, some bright spots have included Dr. Deborah Birx’s reflections on Baylor’s efforts to keep everyone safe from COVID-19, the Fall Faculty meeting and Dr. Peter Hotez’s appreciation of how Baylor leaders have kept the Baylor and Waco community safe and following along when Baylor students take over Baylor’s Instagram account (like Brandon Nottingham’s takeover on World Mental Health Day!). As the Garland School of Social Work’s associate dean for research and faculty development, I have also loved learning about the ways so many Baylor faculty are offering their unique research expertise and wisdom to serve others through this difficult time, such as Dr. Emily Smith’s “Friendly Neighbor Epidemiologist” Facebook page to explain COVID-19 information. I’ve also been reminded of what a gift it is to be a part of the Garland School of Social Work (GSSW) and this community of faculty, staff and students. The resilience, creativity, love for serving others, dedication to the social work profession and care for our students is so apparent within the GSSW. I have especially seen how my faculty and staff colleagues have adapted courses and assignments, creatively considered students’ needs and juggled their research responsibilities while extending grace to themselves and one another as we navigate this season together as a school to the best of our ability. Similarly, seeing our students’ resilience, flexibility, support of one another, commitment to the profession and heart for the clients and communities they serve is truly inspiring. Finally, Dean Jon Singletary’s servant-leader heart for the GSSW and the ways he has supported our school through so much transition over the last five years has been a gift. One example of this includes the two hours of weekly well-being time he extends for all GSSW staff and faculty to use in support of our spiritual and mental health care. Q: What gives you hope for the spring semester and beyond as students continue through their academic endeavors? Truthfully, our students’ presence and their enthusiasm over the fields of study they are dedicating their lives to gives me hope. As a professor, there is nothing like watching a student become fully alive in the work they are passionate about and feel as though they were made to do. Our students’ willingness to fully participate in the transformational education that Baylor offers, especially in this difficult season of COVID-19, is an honor to witness as a professor and certainly gives me hope. Further, seeing the ways our students are empathically caring for their neighbor by following Baylor’s safety guidelines, growing in their faith, checking in on one another, understanding faculty and staff are doing their very best and continuing to demonstrate their determination to learn and grow is an inspiration. My hope and prayer for our students as well as our staff and faculty colleagues as we move through the remainder of the fall semester and into the spring is that they rest as they need to and prioritize taking good care of their mental and spiritual health. I also pray that we recognize as a community that by caring for our spiritual and mental health, by taking this season one day at a time, by trusting we are doing our best and by reaching out for help when needed, we give others permission to do the same.

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