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I think parents should encourage their kids to learn what they're inclined towards, what they're good at, what they care about in terms of their values and activities, and to help them focus on making a living, regardless of the previous interests. This doesn't mean "Talk them into law school" or any such. I mean that the kids should incorporate the need to make a decent living into their plans.
I knew a well-educated (judge and teacher) couple growing up. Their oldest son really loved literature. They talked some about how it would be fine if he, say, became a plumber or got some kind of skill or trade with making a decent living in mind, especially as he hoped to be a husband and father, and to read all the time outside of making a living, talk books, maybe write, but to be able to make a living for the other things in life.
I think he got a PhD and is teaching at UPenn. That is something that probably someone couldn't get these days.
I was always impressed with the parents' values- to be able to make a living somehow, and to follow passions also. Congratulations, Noah!
The sooner you stop worrying about what other people think, the better off you will be in life. People thinking you are rich has some major drawbacks too, believe me. The end goal of all that we do is happiness. If the little things make you happy, you are a lot better off than someone driving around in a porche, thinking "If I could just get a Ferrari, then I will be happy." There will always be something more expensive than the one you have, and IMHO it is a set up for an unhappy life where you are never satisfied with what you have. I believe if you do what you love to do, the money will follow, and even if it doesn't, you are 1000 times better off than a "rich" person who spends most of their time doing something they hate.
Forget about doing what will make you this most money and simply follow your passions. The money will follow. People that seek out professions soley for what the paycheck will be usually do not end up being fulfilled/satisfied/happy.
Also, the truly wealthy (especially old money folk) tend to be very frugal in general. The people driving around in Ferraris and Lambourghinis (sp?) and wearing haute couture directly from the runway every season are usually burning through their cash faster than they can earn it.
Then why is it that so many youngsters (like me) aim for a career that will get them the maximum amount of money rather than something that makes one passionate (and has production/knowledge value), like science/engineering?
Most of the friends I know aim to be surgeons, investment bankers, or lawyers. When asked who wants to be a scientist, or even engineer, there is a look of disgust on their faces.
Maybe it is just at this period in our lives that young adults tend to value more what they can "show off" to others than adults do. Thus, of course having flashy cars, big house, and luxurious lifestyle seems worth way more striving than perhaps, than some career they find more meaningful.
What are your thoughts about money and the enjoyability of life... this is from a male perspective, so it seems that the issue of status really does play a role. Sometimes I wish I were born a woman, since they say that (most) women tend to pick careers based on personal meaningfulness and don't really care as much (and aren't judged as much, obviously) by how much they can bank from their jobs.
I know it is right to pursue a job that one finds more meaningful, but unfortunately it seems that the issue of status (as a male) brings me down to reality... being a scientist sure isn't considered a "sexy", enviable, or high-status career (in terms of wealth). I know there are some out there, but I doubt that many women would choose a scientist over a banker, doctor, or lawyer. I also know the thing about sour grapes and was hoping that wouldn't happen to me one day either. So confused Any advice or words of wisdom?
The magic income that makes people happy is about $40,000 per year. Once you start making more than that, it doesn't add much to your happiness. Once you get beyond 40K, your happiness will have to come from things other than money and the things money can buy. (Relationships and spirituality are the two big things that come to mind). So find a career you enjoy (or at least one you don't hate) where you can reasonably expect to make $40,000 per year or more and then don't worry about what other people are doing. That 40K number is confirmed in the research by psychologists and behavioral economists. High social status does NOT make people happy (also confirmed by happiness researchers).
I think it depends on how you define "rich". If you mean "glittering rich" with net worth of $10 million or more, you're right. You usually have to own a business for that (and even then, it's very tough). But lots of people, even people on average to somewhat above average incomes, can accumulate $1 million if they save diligently, starting in their 20s, and invest in good stock mutual funds. $1 million isn't a luxury lifestyle if you want the money to last, but it's a lot more than most people have.
The magic income that makes people happy is about $40,000 per year. Once you start making more than that, it doesn't add much to your happiness. Once you get beyond 40K, your happiness will have to come from things other than money and the things money can buy. (Relationships and spirituality are the two big things that come to mind). So find a career you enjoy (or at least one you don't hate) where you can reasonably expect to make $40,000 per year or more and then don't worry about what other people are doing. That 40K number is confirmed in the research by psychologists and behavioral economists. High social status does NOT make people happy (also confirmed by happiness researchers).
Most people dream that when they are rich they can finally do whatever they want...
But there is an old saying: "When choosing your work, choose something you love, then you will never work a day in your life..."
Look at it this way... If you were to choose a job you hated to make lots of money (and we assumed it was a typical 9 - 5 job), then:
8 hours a day * 5 days a week = 40 hours a week
4.5 weeks a month (approx) * 40 = 180 hours a month
12 months a year * 180 = 2160 hours a year
Work from 21 to 65 (44 years) * 2160 hours a year = 95,040 hours in your lifetime doing something you hate!
Most people don't like to do something they hate for more than 5 minutes! And the above isn't even including overtime (like a doctor would be almost guaranteed to have to put in).
Disclosure: I'm an engineer and am 24, I make about 2x what my friend who went into finance makes... But he might catch up as I hear their salaries increase quicker than ours.
Most people dream that when they are rich they can finally do whatever they want...
But there is an old saying: "When choosing your work, choose something you love, then you will never work a day in your life..."
Look at it this way... If you were to choose a job you hated to make lots of money (and we assumed it was a typical 9 - 5 job), then:
8 hours a day * 5 days a week = 40 hours a week
4.5 weeks a month (approx) * 40 = 180 hours a month
12 months a year * 180 = 2160 hours a year
Work from 21 to 65 (44 years) * 2160 hours a year = 95,040 hours in your lifetime doing something you hate!
Most people don't like to do something they hate for more than 5 minutes! And the above isn't even including overtime (like a doctor would be almost guaranteed to have to put in).
Disclosure: I'm an engineer and am 24, I make about 2x what my friend who went into finance makes... But he might catch up as I hear their salaries increase quicker than ours.
Most jobs that provide lots of money aren't 9-5 jobs. I imagine that after a certain threshold ($5MM, $10MM), the person could retire early to pursue what he really wants. In the truly high paying jobs, this could be before age 35, not the 65 that you stated. And yes, finance salaries increase much more so than in engineering. For the coveted positions, total compensation should double every 2-3 years or so.
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Any advice or words of wisdom?
