How important is money when you're an adult?

Nothing is wrong with wanting to live modestly, but nothing is wrong with striving to be rich either. The wealthy are unfairly demonized in todays food stamp culture. I can understand hating the Koch brothers (0.01%) but why the 1-percenter self-made businessman?

Work hard at whatever you do or want to do, and manage your finances/investments wisely. I love the security of knowing that money isn't a problem for me anymore, and I have enough cash to throw at pricey things like travel and 21st-century gadgetry. Your kids will thank you too.

That's the thing, Flagpole. Right now I have no idea what I'm going to want when I'm older. Right now I think I'd be happy living in a small place somewhere close to the beach, but that could change really easily. I don't know how much money I'm going to need to sustain my future lifestyle.

A couple of posters have said that kids cost a lot of money, so the more the better. But I don't see myself having kids. Not anytime soon. It's just hard for me to convince myself to work my ass off for the next decade or so if the money I earn in return is more than I'll ever need to make myself happy. I don't want to miss out on fun in the meantime.

I didn't have kids until my late 40s. I used to be "rich" now I am just making enough to get by. But I know that the money I invested when I was young will be available to me when I really need it. That's why I encourage you to invest 5%, 10% what ever you can as flagpole suggested. But I disagree with his comment that

"money is just a tool to get what you want. If what you want doesn't take much money, then you don't need much money,

right?"

It's simplistic as you might be answering to the needs of others even if your own wants are negligible.

X-Runner wrote:

Are you saying you wish you inherited money?

Property, actually; however, money to BUY property would have been nice. Rentals provide lifetime income.

Submariner wrote:

A couple of posters have said that kids cost a lot of money, so the more the better. But I don't see myself having kids. Not anytime soon.

Yep: I never, Never, NEVER wanted children, or a wife -- or so I thought. Thought I would be the worst father; was definitely not the, uh, best of boyfriends.

Things change.

Wife? Family?

Best. Thing. Evah!

Yep: My income is, I dunno, maybe 10 times what it was when I started, yet I had higher cash flow as an overseas grunt than I do now (higher cash flow; less wealth, to be specific).

BTW: I am very lucky (and very grateful) that I get to do work that I like, hobbies that I like--with ppl (and children) that I like. And it would stink to have to worry about how to provide those things and for those ppl.

My 2¢, and worth every penny.

Bust your a$$ in college, school and when you are done with school and bust your a$$ again in the corporate world, then on your free time play hard. Life and money balance is all relative; I messed up in high school and therefore I busted my a$$ in college and graduate school and work.

I make give or take a bonus $200k a year not including my wife's money, but I live modest. I can up and leave this career and work at Denny's if I wanted to. The point of my story is continue to go to college, work hard but enjoy your life now as well because you could die in a year, money is important for you to eat/drink/travel and enjoy your life.

Just don't make money your life.

Some of the best things in life truly are free, I personally can't wait to run 14 miles today after work around The Charles River....

Submariner wrote:

That's the thing, Flagpole. Right now I have no idea what I'm going to want when I'm older. Right now I think I'd be happy living in a small place somewhere close to the beach, but that could change really easily. I don't know how much money I'm going to need to sustain my future lifestyle.

A couple of posters have said that kids cost a lot of money, so the more the better. But I don't see myself having kids. Not anytime soon. It's just hard for me to convince myself to work my ass off for the next decade or so if the money I earn in return is more than I'll ever need to make myself happy. I don't want to miss out on fun in the meantime.

Dude, this is all fine. Go get a job that you will enjoy and get a small place close to the beach. I don't want you to work your ass off, EVER! No need. Find a way to make as much money as you need to fund your "fun" lifestyle NOW. Don't deprive yourself of fun. If you never have kids, that will leave you with a TON of disposable income. Go make margaritas on the beach for a living, whatever. With all decisions come SOME consequences though. You may have to work until you are 65 or even older before Social Security is enough money for you to retire on. We're only on the planet so long, so why make it hell? I am dead serious about this, brother, do what you need to do to have the lifestyle you want. Some people live at the beach and work at Chipotle and plan to do that kind of thing forever. Some people have high-powered jobs and sock away nearly all they make and retire for good at age 38. Just depends on what you want.

Eurotrash wrote:

The thing about money for some people (me included) is that no matter how much you earn, you always want more.

Not necessarily. I'm one of the older here. I always valued time more than money. I got into a field that i enjoyed but that i knew had some flexibility. I took a job where i had a day off per week and scraped by in my 20s. But over the years, i lived beneath what i can afford. now, i have enough that when i have an offer to make more money on the side, i turn it down. I would rather have the free time.

I knew a guy who made 55k a year working 8 hours a day for only 3 days a week. Saved his money, lived modestly, and used all that free time to smoke weed and fish.

Money if very important. Money is the thing that gives you freedom to do the fun things in life. Why do you think you see so few construction workers, truck drivers, and maintenance men that run (or that do any working out).

The reason is, those guys are busing their @ss every day just to get by. Recreational free time is a luxury only afforded to those that are getting by well enough to afford it.

Once you get married (and especially if you have kids) you will WANT to provide for them. The better you can provide for them, the more pride you will take. Ex. Sure some people buy their kid's clothes at goodwill, but nobody wants to.

Money is most important in the adult relationship world. Almost any post-college woman who is smart and sexy won't take a second look at a guy who isn't making at least 6-7 figures or poised to make that much (e.g. med student). I'd argue it also matters what your career is. No woman wants to say "My husband is a plumber," even if he's a highly-paid plumber, as some plumbers are. Women are shallow.

Ole Timer wrote:

Location has a lot to do with it. I live in Indianapolis which isn't on anyone's list of places to live. Still, with a modest middle class income, one can live very well here AND save for comfortable retirement. I'm on track to retire at 55 and I already own a retirement house in Mexico. I've never made more than $85k a year, but cost of living is so low around here that that translates to a very nice life.

I live in Indianapolis, too, and I echo your sentiment. Living here can be dirt cheap. However, every time I visited another large city, I can't help but notice healthier populations, better city planning, and more livable neighborhoods.

Money is important because it can bring a great deal of stress and insecurity if you don't have enough. When you have enough, it gives you peace of mind and you can focus on other things.

I have seen firsthand how money troubles can affect a person's happiness. I'm sure most of us have.

OP:

It is a hell of a lot easier to not give a shit about money when you have a lot of money.

I remember my dad telling me that when I was younger. He was right.

Pound the Cake wrote:

OP:

It is a hell of a lot easier to not give a shit about money when you have a lot of money.

I remember my dad telling me that when I was younger. He was right.

Money is like air. It's not that big of a deal and you might not even think about it - when you have "enough" of it. But start running a little short and it's all you think about.

*"enough" is defined much differently, depending on the person.

I'd say your Dad is only partially right. I've found that many people that have a lot of money do give a shit about it - that's why they made sure not to waste so much of it that they spent it all. I'm am distinguishing between people who MAKE a lot of money and spend most all of it (they actually HAVE very little) versus those who actually HAVE a lot of money. The only way to HAVE a lot of money is by spending less than you made (or inherited). Too many people think they need to make a ton to have a ton - but usually that mindset results in making a ton & spending a ton as well.

Money dont talk...it SWARES!!!

wealth rules wrote:

Nothing is wrong with wanting to live modestly, but nothing is wrong with striving to be rich either. The wealthy are unfairly demonized in todays food stamp culture. I can understand hating the Koch brothers (0.01%) but why the 1-percenter self-made businessman?

Let's get a few things straight:

* Nobody hates the Koch brothers because they are wealthy. Warren Buffet is super-wealthy and everyone loves him.

* The Koch brothers are not self-made. They inherited most of their wealth after the four brothers fought each other over daddy's will.

* In general, people who rail against the 1-percent aren't attacking people. They are attacking our corrupt system that allows the super wealthy to have tremendous influence on our government and then pass on that influence to their children. Plutocracy is un-American.

The food stamp culture includes everyone. In my life, I have occasion to meet with both the wealthiest and poorest in our society. If I were to judge which group has a bigger sense of entitlement, I'd say it's the wealthy. I'm not sure it's their fault. They are just more used to having things handed to them and always getting their way. But overall, most of the people I meet, no matter their income, are loving, decent people.

Which leads me back to the topic at hand. It's much more important to think about what kind of person you will be rather than how much you will earn.

Love God.

Love People.

The rest will fall into place.

It would be nice if it weren't so important, but it really is.

Women want a guy with dollars, or at least the potential to make money to care for her and her children.

Short of health problems not much will cause you more stress than financial stress. It creeps into every nook and corner of your life. It will affect your marriage, relationships with friends, ability to travel, your entertainment, leisure (if any), your quality of life.

Submariner wrote:

I'm having a hard time justifying busting my ass for the next 3 to 7 years in order to have a few thousand more dollars per year when I'm middle-aged.

With no degree -- unless you work your tail off AND get super lucky AND are super smart when launching a startup, you're most likely going to make around $40k in your 20s.

With a degree -- let's say it's a good one like engineering or econ -- you're going to start around $60k and move up within 5-7 years to $100k. Even if you get an easier degree, you'll still make tens of thousands more immediately and the arch will only grow.

So while you look at it as a small difference in yearly salary, 1. you're wrong, and 2. the difference is tremendous when you factor in decades of work. It's the difference between being okay when medical disaster or job loss occurs and being totally f*cked.

You want highly rated holes, you better have money because that is all they're attracted to. If not you better Google some good stroking advice.