How important is money when you're an adult?

It's important to have a roof over your head and plenty of food and clothing. Being in debt is a problem. Earning less than someone else is not.

The thing about money for some people (me included) is that no matter how much you earn, you always want more. It is similar to running in that respect - some people are never truly satisfied with their achievements and always want to go faster.

As you get older you want to live in a nice house in a good area, treat your wife and other beautiful women with gifts and fine food & wine, go on vacations etc. Then if you have kids you want to be able to provide well for them too. All this takes more and more money.

That's not to say money is everything. Some people are happy to live modest lifestyles. I guess it just depends what you want from life.

There are no 40 and 50 somethings here. We\'re all either acne-faced subterranean dwellers or entitled college students riding on our parents\' wallets and coattails.

So, basically, your guess is as good as mine!

Money is important as you want it to be.

You make a good value comparison - having free time to be able to enjoy yourself when you're in your twenties.

You only get one shot at being young. Make the most of it.

Once you are in full time working mode, you will be doing it for the rest of your life or at least until you are old have less energy than now.

You can always make money.

You can never make time.

50.

Very important to take care of the family -- and that's expensive. Were I single, I'd likely live in some hovel, drive a great car (like, *really* great, like a'73 Aston Martin or Ferrari GT4) and eat nightly at the local tavern--or grocery store buffet.

House, camps, classes, clubs, charity... it adds up.

Not bragging per se, pointing out that NONE of these activities--nor the means to pursue them--would have been of interest to me without family. Indeed, as a young man, I pursued many VERY "less profitable" paths (hoo-ah!).

Also, beginning to think about trust funds and legacy: these take money. *I* am a wage slave in order that my children can be... whatever. It has always annoyed me that my ancestors never saved a dime.

Submariner wrote:

I was just reading the thread about how adults making less than $60K should be embarrassed by their careers. It got me thinking about my own choices.

I'm in college right now, and 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. Is it that important to have more money? More than having free time to be able to enjoy yourself when you're in your twenties? It would be great if some 40 and 50 somethings could weigh in on this. It's actually been on my mind for some time, but I've never asked anyone.

There's a few things to point out here:

-You don't need to bust your ass for the next 3 to 7 years. There's no magic formula specific to those years that makes the rest of your life better. (aside from getting your degree maybe, but I never got mine and I'm doing pretty well)

-"a few thousand dollars more" - I'm not sure what you're looking at, but getting your sh!t in order will pay a magnitude more than a few thousand dollars in most fields. It's the difference between being a level 2 helpdesk guy (still have friends from way back still doing this...mind boggling) and being a Sr. UNIX admin that specializes and get's paid very well because of it. The pay difference is huge.

-"a few thousand dollars more" part 2 - Once you get a house, family, a car , bills, and find your hobbies in life, you have to pay for them. The biggest thing is to make enough to be comfortable enough so you're not thinking about bills during your long run. Worrying about bills sucks, period, no matter how much you make. Rich people make poor budget decisions also.

-'embarrassed' is ridiculous. Look, some people are in fields that don't make a lot of money and love what they do. If that works, dear god, do it. Always work with what you love and enjoy. Don't sacrifice that for money. You can live on less money and be happy.

Money is great, but you can live on less. Happiness is key and it just matters what makes YOU happy deep down. Now go lace 'em up.

X-Runner wrote:

Money is important as you want it to be.

This is the best answer. Some people devote their lives to money and material things. Others are content to live comfortably and not much more.

Personally, as a single guy, so long as I can live comfortably and save for a secure retirement, while having time for running.and othet hobbies, I'm content. Work to support your life, don't live to support your work.

the answer you seek wrote:

Personally, as a single guy...

Key. Phrase.

Work to support your [w]ife...

You'll see. And if you're lucky, you'll be grateful.

W/o my wife, I'd not only be poor (and bored), I'd be dead.

ivygradgrad wrote:

the answer you seek wrote:

Personally, as a single guy...

Key. Phrase.

Work to support your [w]ife...

You'll see. And if you're lucky, you'll be grateful.

W/o my wife, I'd not only be poor (and bored), I'd be dead.

I know it's the key phrase, that's why I included it. :) I seriously doubt I 'll ever be married. The thought of being responsible (financially and otherwise) terrifies me.

ivygradgrad wrote:

50.

Very important to take care of the family -- and that's expensive. Were I single, I'd likely live in some hovel, drive a great car (like, *really* great, like a'73 Aston Martin or Ferrari GT4) and eat nightly at the local tavern--or grocery store buffet.

House, camps, classes, clubs, charity... it adds up.

Not bragging per se, pointing out that NONE of these activities--nor the means to pursue them--would have been of interest to me without family. Indeed, as a young man, I pursued many VERY "less profitable" paths (hoo-ah!).

Also, beginning to think about trust funds and legacy: these take money. *I* am a wage slave in order that my children can be... whatever. It has always annoyed me that my ancestors never saved a dime.

Ivygradgrad speaks the truth. Once you have kids, the importance of money grows as they grow. I've averaged over $150K per year of gross income since the age of 30 in order to provide for my wife and kids and have enough socked away to pay for their college education. My earnings history, although it has left us comfortable, has by no means made me wealthy.

Money may not be able to buy happiness for everybody, but not having it can sure make you miserable. Don't believe the YOLO bullsh*t mantra - if you want to have kids, get a good job.

yes kids cost money as does old age. It's not worth it to take a job that makes you miserable for an extra few thousands bucks. If possible invest as much as possible. I make a hell of a lot less than many of my friends but investing wisely has allayed some of the fears I have concerning money.

ivygradgrad wrote:

Also, beginning to think about trust funds and legacy: these take money. *I* am a wage slave in order that my children can be... whatever. It has always annoyed me that my ancestors never saved a dime.

Are you saying you wish you inherited money?

Your income depends on what SKILLS you have, not what degree.

Money is extremely important, but still less important than being in the right field for you. I would much rather have a lower paying job that is a good fit for me than a higher paying job that I hate.

As adults, most people tend to spend more as they make more. So you go out to eat at more expensive restaurants, buy more expensive cars etc. To some people, that status is important, to others it isn't.

If you are going to have a family and a wife, keep in mind that financial struggles are a huge cause of divorce. Having a bit more money MAY alleviate this. However, if you are single and never really have a lot of money to develop a big standard of living, you won't miss not having money as long as you like what you do for a living.

realistically...... wrote:

It's important to have a roof over your head and plenty of food and clothing. Being in debt is a problem. Earning less than someone else is not.

This ^

Money isn't important, but if you don't have enough of it, you will suffer.

There will always be someone who makes more than you do, so don't get caught up in the hedonic treadmill of life.

College is absolutely worth it if you pick a field that will be in high demand for the long term. Not only will you earn more money, but your life will be enriched. You will make better life choices. Who you surround yourself is who you become, and you will be surrounded with more intelligent people than you would otherwise be around.

It also opens the door for a lot of opportunities you aren't even thinking about yet.

Most 40 and 50 somethings had a relatively inexpensive college education compared to what Americans pay now. Plus, a much smaller percentage of people went to college 30 years ago. So their perspective is skewed, to them a college degree was a golden ticket.

College is totally worth it, if you make it worth it. A lot of people coast through and expect great opportunities to simply fall on their laps.

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.

ivygradgrad wrote:

50.

Very important to take care of the family -- and that's expensive. Were I single, I'd likely live in some hovel, drive a great car (like, *really* great, like a'73 Aston Martin or Ferrari GT4) and eat nightly at the local tavern--or grocery store buffet.

House, camps, classes, clubs, charity... it adds up.

Not bragging per se, pointing out that NONE of these activities--nor the means to pursue them--would have been of interest to me without family. Indeed, as a young man, I pursued many VERY "less profitable" paths (hoo-ah!).

Also, beginning to think about trust funds and legacy: these take money. *I* am a wage slave in order that my children can be... whatever. It has always annoyed me that my ancestors never saved a dime.

Yep, this is it. When I was in grad school, my measly fellowship and my wife's public school teaching job were enough that we couldn't spend the money. Now, with two teenagers and 2.5x the income, I'm just scraping by.

Submariner wrote:

I was just reading the thread about how adults making less than $60K should be embarrassed by their careers. It got me thinking about my own choices.

I'm in college right now, and 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. Is it that important to have more money? More than having free time to be able to enjoy yourself when you're in your twenties? It would be great if some 40 and 50 somethings could weigh in on this. It's actually been on my mind for some time, but I've never asked anyone.

Being able to enjoy your life should be the PRIMARY goal. I know a guy who retired at 59.5 years old, lives in a house that he bought for with cash for less than $100,000, and he loves his simple life. He even had a period of time in his 30s when he had enough money to live on so he didn't work for 7 years. I don't know many people who are as happy as he is.

Regarding to being embarrassed by your career, you don't have to answer to anyone but yourself. Some people would kill themselves if they had to work in a cubicle. Some people LOVE that. Take a job that gives you the LIFESTYLE you enjoy. If that lifestyle includes not taking your work home with you and having free time and it pays you enough to do the things you like to do, then you're golden, brother.

If you end up not making much money, I suggest you still invest 5% minimum into retirement. If you can get it to 10%, that's even better, but 5% is better than nothing. Then work until 65 and take Social Security (assuming you are an American) and live somewhere cheap on your modest savings and Social Security. Lots of people do 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?