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'13 money lies you should stop telling yourself by age 30'

Discussion in 'Anything goes' started by Dick Whitman, Jan 10, 2013.

  1. 93Devil

    93Devil Well-Known Member

    This
     
  2. doctorquant

    doctorquant Well-Known Member

    The thing I think a lot of younger people don't realize is that, as the years go by, your job becomes less and less a source of happiness and more and more simply a job. There are some jobs that might make you more unhappy than others, but your happiness begins to come primarily from the non-job hours of your life. I work with several folks who are well past the standard retirement age, and they keep working because: 1) they don't really mind the work; 2) they make good money doing the work; and 3) that money enables them to have a lot of fun doing other things. But the reason they haven't retired isn't because they enjoy the work.
     
  3. doctorquant, everyone knows being a professor is an easy job.

    http://finance.yahoo.com/news/least-stressful-jobs-for-2013-162058604.html
     
  4. Dick Whitman

    Dick Whitman Well-Known Member

    As I'm sure yours is, my job is a big part of my identity. But so is being a father. So is being a husband. And a friend. And being a baseball fan. And reading a lot. And watching a lot of movies.

    It comes down to balance. And, yes, income is part of that balance. Notice that the woman in the story didn't take a 70 or an 80 percent paycut. She took, if I recall, a 30 percent paycut. Probably fairly do-able from an i-banking salary.
     
  5. doctorquant

    doctorquant Well-Known Member

    LOL ... there's a lot of truth to that, especially that bit about the most stressful part being having to deal with other professors. But they do ignore that whole "get a PhD" and "publish or perish" bit. That's a pretty stressful 10 to 12 years (or more).
     
  6. trifectarich

    trifectarich Well-Known Member

    Thanks for the good advice, all . . . and for adding to my list of things to question, research and double-check.
     
  7. Riptide

    Riptide Well-Known Member

    According to personal finance expert Kimberly Palmer, someone who begins investing at age 25 will only have to save $4,830 annually to reach $1 million by age 65 ...

    Yeah, kid, it's so easy.
    Just save $5,000 a year from your $26K salary.

    (Watch out for those furloughs!)
     
  8. Dick Whitman

    Dick Whitman Well-Known Member

    Perhaps, then, it might behoove smart people to find jobs that pay more than $26K a year, no?
     
  9. Riptide

    Riptide Well-Known Member

    You're brushing your hair in the mirror while you type, aren't you?
     
  10. trifectarich

    trifectarich Well-Known Member

    I see your point about money and it's a valid one. I've probably made this point elsewhere on other threads, but when I see people who can't stand what they do for a living and hate the very idea of how they have to spend eight hours every day, I believe those people are just as miserable the rest of the day away from work, too. I'm one of the fortunate ones; I don't have to use all my fingers and toes to count the number of days in my career where I've dreaded getting out of bed in the morning because "I have to go to work." For the most part, I've been playing for the last 35 years. But, of course, there were times when I chased the larger pile of dollars.
     
  11. BTExpress

    BTExpress Well-Known Member

    While a linear savings of $4,830/year may be difficult for those in their 20s, if you start at, say, $2,000/year and increase it with every pay increase through your working life it should be doable.

    And remember, if your company offers any kind of 401(k) match that match is included in the totals. If they offer a 25% match, for example, you only need to save $3,600, and the company will chip in $1,200.

    When I left Tribune, they were offering 4 percent match on top of 6 and above. Thus, if you saved 6%, 10% went into the 401(k). If you saved 10%, 14% went in.
     
  12. LongTimeListener

    LongTimeListener Well-Known Member

    Yeah, I think you noted on Page 1 that that's also in the article.

    I've run out of sympathy for the "we don't make enough money to do this" argument. By now everybody knows the job conditions going in. Stay in it and you're accepting a life of never being able to save for anything.
     
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