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Wondering what is most important in the long run based on what others want in their life. Work hard and make lots of money/more hours more schooling or have a modest living 60-80k and more time for yourself? Older folks who are more seasoned and more life experiences, would love to hear from you folks the most. In the end was it worth it? We have docs who spend 8 years of their life studying medicine and make big bucks or someone else who has a more modest living?
Right now in my early 30s, I would prefer a job in which I can work a lot more hours for more pay. I wouldn't mind working 80 hours per week including some weekend hours if that means doubling my current pay
Wondering what is most important in the long run based on what others want in their life. Work hard and make lots of money/more hours more schooling or have a modest living 60-80k and more time for yourself? Older folks who are more seasoned and more life experiences, would love to hear from you folks the most. In the end was it worth it? We have docs who spend 8 years of their life studying medicine and make big bucks or someone else who has a more modest living?
I'm now retired at 67. I worked for a large electronics company both as an engineer and an engineering manager at the first two levels of management. At my previous company, engineers made about $110K, second level managers about twice that amount.
Was it worth it?
If I had to do it again, I would have avoided going into management. The stress of being responsible for so many things that you cannot control wasn't worth it.
As for the extra money, It didn't much matter. It just put me into a higher tax bracket and when my kids went to college and I filled out the FAFSA form, all my net extra income fell to the bottom line, "expected family contribution". So for me, the extra net income was zero.
Furthermore, that second level job made me a target during the economic collapse in high tech after the dot com bubble popped in 2001. I was out the door. Nobody wanted to hire an ex manager in his late 50s.
After having my savings consumed by escalating medical insurance premiums, I was able to return to an engineering position at 61. Although my company asked me to return to management, I refused. I had a 5 year stretch as an engineer and I loved it. It was zero stress. I was responsible for only me.
So my advice is that just chasing money is not worth it. Once you make enough to pay your bills, more money does not make life better if it requires you to tolerate undue stress.
...Once you make enough to pay your bills, more money does not make life better if it requires you to tolerate undue stress.
Yep - pretty much this.
background: I've spent my entire career (starting in 1989) as an Engineer at various DoD labs.
I remember putting in lots of overtime during the first 12 or so years of my career, and was glad for the extra $ at the time.
In hindsight, I'd rather have had a more enjoyable life than a few extra thousand $s.
Yes, my net worth is probably a bit more now than it would have been otherwise, but it's not like I notice - once you get far enough along in your career, you can expect your account balances to fluctuate by tens of thousands dollars at a time, just from changes in the market.
So my advice to a younger person - don't slack off at work, but don't become a work-a-holic either. Enjoy life - see new things, experience some adventures, etc. (just be sure to save some of your paycheck as well)
Prime working years you want to be making the money. Later in life you can slow down and enjoy things.
My parents retired thus year after cashing out all of their investments over the decades. They still have two income streams though.....social and beef farming.
This is likely something you will need to evaluate throughout your career.
Things that caused me stress and anxiety 25 years ago are no longer cause for concern to me now. I know how to address the common problems and experience has given me perspective.
As an example, making a $30,000 decision would take me hours of time as I considered the pros and cons, I would be anxious as to whether I made the correct decision or not, and I would revisit the results for months. If it was not a perfect decision, I would worry about the consequences. That is a lot of stress.
Today I make much larger decisions with regularity and don't experience the same stress at all
The benefits of being a high wage earner are the material comforts of life. Fewer worries about whether you can pay the electric bill during peak season and nice vacations. If you want these things, a bit of stress and anxiety comes with that.
It is a balance though. Referring to your other thread, I certainly wouldn't want to start life with $400k+ in debt, then have to learn my career in the real world once out of school AND learn how to run a business, all at the same time.
Well, everyone has to find their own way and walk their own path. What works for one, may not work for another. We retired at 56 and me at 58. We also worked really hard to do it. We spent a lot of vacations and days off working on income properties vs working overtime on our jobs. At least we were together and working at our own pace. We also enjoy projects and still do. We both had very high stress jobs and our projects were a way to detox. We considered our properties our part time job. Like any job, there are times when the work is relentless, and other times where it's just easy money. The first thing you have to do is figure out exactly what you want. We just wanted enough money to take care of us in our old age. Then you have to figure out how you're going to get it. That required a lot of hard work and sacrifice in our younger years. That doesn't mean we didn't have some fabulous vacations and some fun along the way. We did, but I drove a piece of crap car for almost ten years in favor of being totally debt free about 8 years into our marriage. That included owning two houses. We've always lived by the philosophy of wanting what you need and not needing what you want. That also included living below our means. Actually, still do.
I have a friend in Santa Monica who chose the time-for-himself route. He has a rent-controlled apartment. His parents gave him various things which he sold. He used an inheritance to live on. He has managed to not have a job for as long as I've known him.
This seemed to be working out pretty well for him until a couple of years ago. That's when he woke up and realized he had put aside absolutely nothing for retirement. And of course he was living in a place he didn't own.
I like working hard, I like making money, so that's what I do. Not at all worried about money for retirement. It's all in place.
We've done lots of traveling over the last 25 years, so I don't feel like I've missed much. I love the ocean and the fresh pure sea air. I think I'm going to need another dose of that soon.
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