If it was to save up money and become a self-supporting businessman in the soonest possible time, I'd choose option two. But if it was to seek a balance between lifestyle and finance for a long period of time, i'd choose option one.
I agree with you 100%! Life really is too short, you have to enjoy it while you can, and leave the stress for someone else! My portfolio would be much larger now had I chosen to keep up with the Joneses, but I'd rather pick up my kids after school, and attend every function that they participate in, sleep in my bed every night, and eat dinner with my wife and kids. Mind you, I'm not saying you shouldn't provide for your family and try to establish some wealth, but would I am saying is don't associate wealth with happiness, because the two are not necessarily tied to one another. (P.S.) That 60k is pretty low though, especially if your the sole provider for your family. ....... ....... .......
If that $85k had the potential to turn into even more (say $100-$150k), and it was something i was at least somewhat passionate about and didn't hate my job, I would easily pick that and do that for 5 or 10 years. Basically, make $85-$100k and live like you're making $60k. If you're careful with your money and invest wisely, you can go take the laid back $60k job later on or pursue other interests and have a similar quality of life without having to worry about money (not to mention nice retirement savings). But if option 2 is something I would absolutely hate, then no. Life is too short for that.
As someone whos 19 also. I agree with this. Option 1 also states that your job is secure.. Plus, you can always apply somewhere else and make more money for doing the same as option 1.
#2 seems relevant here: http://www.businessinsider.com/5-things-people-regret-on-their-deathbed-2013-12
Why can't you pick option 2 and be happy? People that enjoy their careers/jobs often work longer hours than the 40 hr/wk average, but many of these people seem happy. Option 2 also has advancement in place where you can make 100k+ in the future. There are no jobs that are 60k guaranteed for the rest of your life. Even government employees get laid off. If you're just at a dead-end job with no advancement, what happens if you get fired or laid off? What can you put on your resume to tell future employers of your value to a firm? I worked 70 hours, at 2 jobs last year while applying to med school. I enjoyed working and just the daily grind. Even in med school, I still work a few shifts every month. Sometimes it's not all about living the "easy" life and having an easy job where you just sit there and bite your thumb, only to have a countdown of when you get off. For me, it's about life-long learning, treating patients, and possibly one day have an affect or influence on health care policy. I will continue to work 50-70 hours for the rest of my life, but I'm still enjoying every minute of it. I'm taking 24 hrs of med school classes, 3 hrs MBA class, 150 hr MBA internship, and research all THIS semester. I guess some people just love the grind.
I think some people just love their families more than they love work or education. I can't fault them for that - I don't have a family (again, I'm 19), but I understand their point-of-view.
I'm a workaholic and voluntarily work 7 days a week. But when I look back at the last 5-10 years my most memorable moments that I actually remember and cherish have been hanging out with specific people and friends. I don't really remember any particular awesome Saturdays or Sundays where I worked instead of having fun. I would still choose option 2, but I can see there is more to work. My personality is just work driven so I really can't help it. I get anxious and tense if I'm away from doing something productive for more than consecutive 2-3 hours at a given time.
You need to widen those salaries, some people get that kind of bump just moving to a new city, or a combination of getting promoted and sticking around for 5 years. I would take the second one. People get ranked in any group, and in the first "laid back" scenario it's by favoritism, demographics and genealogy. You gotta justify those reviews and RIFs somehow. At least something's quantified in the second one, which is a hedge against all the social bull****.
Kudos on the ambition but please make sure you have an exit and or downshift strategy. This doesn't look sustainable and you want to make sure to retain the most rewarding of these opportunities instead of having them all crash at the same time.
Laid Back doesn't mean lazy The biggest thing is . . . in America we equate success and happiness with monetary acheivements. Some find it baffling that some people are perfectly happy with they 25K job 25K life others need more . . . *shrug* Find your happy . . . .. that is what is most important Don't PLAN ON BEING HAPPY . . . . . Just be happy "Best laid plans of mice and men . . . " Rocket River sounding like an old man
Option 2 needs to be like base of $90k + bonus(up to 100% of salary, usually 50%) to be comparable. I make above option 1 money, no kids, contribute 6% 401k(employer matching), but I'd take option 2 because I never intend to have a family. I want to prosper, make high 6 figures at a minimum, travel the world, **** lots of beautiful women, eat good food, drive nice cars, and live in great lofts. Dead serious here.
Interesting thing about the OP's question is that some surveys have shown 75k to be the base (single) annual income for "happiness". Afterwards, the improvements in salary have marginal gains. At 60k, you might have more time to do stuff, but perhaps that doesn't outweigh the extra dough and accomplishment that "magical" 75k baseline provides. Keep in mind that number is ignorant of whether you're naturally a happy/optimistic/pessimistic/social/family person. It's just saying that's the baseline for one not to worry too deeply about money while having enough to enjoy it.
Yea but if you pick option 2 you don't have anytime to do all those things you are talking about... My dad is a good example of option 2, he has all the money he could dream of but he doesn't have a minute to spend any of it.
