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My next door neighbor is a 30 year old engineer who is better off than most 50 year old guys I know. Does he love his life and job? I don't know. But he is well suited to it and does very well financially.
As for the idea of becoming a wealthy surgeon or big time Wall Streeter, that is about as likely for most as becoming a rock star or sports hero.
Focusing on wealth building is not likely to lead to happiness. But, being financially secure does allow you to apply your energy to what is important in life. Get a good education towards a career path you will find rewarding. Have fun and in 20 years if you invest regularly and wisely you will be in great shape.
I am 50 years old and work in the engineering field (degree in psychology!). I am 100% debt free, own a very nice home and drive a GT500. I plan to retire at 57. Nuff said?
Forget about doing what will make you this most money and simply follow your passions. The money will follow.
No offense but this is IMO very bad advice. Money does not magically "follow" no matter what you do. One needs to look at not just what various professions pay but the job prospects, esp in this day and age, and weigh the importance of job satisfaction vs the importance of not just how much you'd likely make, but your odds of employment. And again there is no "the" answer, it varies with each person.
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People that seek out professions soley for what the paycheck will be usually do not end up being fulfilled/satisfied/happy.
This varies a lot too. Job satisfaction is but one way to gain happiness. Enough money to live comfortably, have heath care, etc are another.
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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.
Yep!
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Originally Posted by mysticaltyger
The magic income that makes people happy is about $40,000 per year.
Dang! Here I am making only $39,500. No wonder I'm miserable! So close to happiness and yet...
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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).
Frankly these so-called "researchers" are idiots. I love how they draw a line at 40, to say nothing of similarly brilliant blanket statements like "High social status does NOT make people happy." Some it does, some it doesn't. What absurd oversimplifications.
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!
This first assumes you hate it ALL the time, which I suspect is pretty rare. My job satisfaction has generally been low, but it wasn't so bad all the time, at times even enjoyable.
Also I loved the paycheck and bennies, where if I'd gotten a job I "loved" (which likely at times I would hate too) that didn't pay much at all w/no bennies....or couldn't even find a job in that profession....how happy would I be? Not very.
This first assumes you hate it ALL the time, which I suspect is pretty rare. My job satisfaction has generally been low, but it wasn't so bad all the time, at times even enjoyable.
Also I loved the paycheck and bennies, where if I'd gotten a job I "loved" (which likely at times I would hate too) that didn't pay much at all w/no bennies....or couldn't even find a job in that profession....how happy would I be? Not very.
Your right it does assume you hate your job! I wasn't saying all 9 to 5 jobs are bad, but I was saying all 9 to 5 jobs to earn a paycheck when you hate every second of it are bad! =)
I'd say a good balance would be a job you enjoy that brings enough money to make you happy.
For example, I might enjoy eating cookies, but it would be stupid for me to become a professional cookie eater (although how cool would that be?!?! lol) as I wouldn't make any money and would have to live in a box down on main street.
Its really a balance, between work and personal life. You want enough money to have a good personal life, but you also don't won't to spend your time working on something you hate to earn that money.
Most of the "show off" people are in professionals like real estate or sales. They likely spend all the money they make.
My parents are like that. They are in real estate, and it sure seems (unless they're blowing smoke up my derriere) that the more money they make the more they invest in properties. It seems all of their money is invested in properties, from which the generated revenue is used to finance their mortgages, car payments, and the car payments, credit card payments and educations of their prized children. Classical materialism. Yuck.
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?
Your post seems honest.
here is my take.
Do what YOU want to do. Who cares what people think. As for flashing, thats a very dangerous lifestyle. Its better for people to think you have less than more. Become your own boss, or please your superiors at your gig and everything will be fine. Money = Power = Time Wasted/Time Gained.....I wish I knew this in my 20s now I am spending time in my 30s to fix what i broke in my 20s.
My next door neighbor is a 30 year old engineer who is better off than most 50 year old guys I know. Does he love his life and job? I don't know. But he is well suited to it and does very well financially.
As for the idea of becoming a wealthy surgeon or big time Wall Streeter, that is about as likely for most as becoming a rock star or sports hero.
Focusing on wealth building is not likely to lead to happiness. But, being financially secure does allow you to apply your energy to what is important in life. Get a good education towards a career path you will find rewarding. Have fun and in 20 years if you invest regularly and wisely you will be in great shape.
I am 50 years old and work in the engineering field (degree in psychology!). I am 100% debt free, own a very nice home and drive a GT500. I plan to retire at 57. Nuff said?
Frankly these so-called "researchers" are idiots. I love how they draw a line at 40, to say nothing of similarly brilliant blanket statements like "High social status does NOT make people happy." Some it does, some it doesn't. What absurd oversimplifications.
Frankly, I get tired of so many people thinking any and all general rules of thumb apply to everyone but themselves. None of us are as unique as we want to believe.
My next door neighbor is a 30 year old engineer who is better off than most 50 year old guys I know. Does he love his life and job? I don't know. But he is well suited to it and does very well financially.
As for the idea of becoming a wealthy surgeon or big time Wall Streeter, that is about as likely for most as becoming a rock star or sports hero.
Focusing on wealth building is not likely to lead to happiness. But, being financially secure does allow you to apply your energy to what is important in life. Get a good education towards a career path you will find rewarding. Have fun and in 20 years if you invest regularly and wisely you will be in great shape.
I am 50 years old and work in the engineering field (degree in psychology!). I am 100% debt free, own a very nice home and drive a GT500. I plan to retire at 57. Nuff said?
Engineers tend to be good at both saving and investing.
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Any advice or words of wisdom?
