Money isn't Everything?

disagree 100% (btw, i do share those ambitions). but if you really think that everybody in the world shares your dreams of just having money, that's kind of sad.

xqtrack is right, you are 100% wrong on this. Making a lot of money requires 1.) taking on large risks as an entrepreneur and/or 2.) being willing to work very long hours on often boring work. Very few people are 1, including those from group 2. Many people would rather do something that they are passionate about than slog away like 2.

Sounds like somebody has been watching the Boiler Room clip with Ben Affleck.

It's all about tradeoffs. If your life is hell because your ambition is to do nothing but make money, then perhaps money isn't everything. Money certainly makes life better (or easier) to a certain degree.

Money cannot buy happiness? * My Disneyland trip cost my family $300. That was one of the happiest nights of my life * On HS grad night I found out that my dad (my parents are divorced) deposited a significant amount $$$. I was so happy and hyper, everyone though I was drunk/on drugs.

I could go on and on. Back in the days the strongest and fittest had the most power and influence. At some point in our history strength was substituted by money (there are exceptions like government). Social Darwinism...

P.S.: never ever judge people who are hungry for money. Some of them are/were from poor families and missed out on a lot of fun things.

If money is everything, what are the implications for the meaning or value of life? Remember, outside of the little world you seem to obsess over, there is an entire universe, and a rich history of evolution and societal advancement, that is supremely beyond such a trivial notion as "money is everything".

I like this quote by Edmund Stockdale:

"Money isn't everything - but it's a long way ahead of what comes next"

I don't completely agree with the premise, but I think it does have implications that hold some truth. It may not be everything... but it is something.

I see where you are going with the implications for the meaning of life... but that's a whole other issue, even whether or not there is one.

I would rather be rich and miserable than poor and miserable

Money is important but is there really a difference betwen 10 million and 12? Or 30 Mil vs. 40? Will you work for 20 years at a crappy job for that extra %?

"I think people are lying to themselves when they say 'making lots of money isnt important'" It is all about people's preferences and what they value important. Do you think Navy Seals care about money when they are saving their countrymen from pirates? Do you think before they fall asleep in their tent somewhere they are wishing they were a banker instead?

The point is, money is important but one should not sell his life or happiness for it. Remember: You only live once. Ask any senior citizen if he/she would give all their savings just to relive their 20's again. Do you think they would go back and grind money or do you think they will try to live their lives as happily as they can?

Too many people think that money and happiness are mutually exclusive. They are really not. Just do you what you enjoy and if you like it and are good at it, chances are you'll make a lot of money from it. My uncle is a consultant and works less than 30 hours a week and travels most of the time. He is a millionaire and gets to wake up everyday happy and refreshed and eager to go to work.

Money only matters if you have no imagination. I can point to countless people who were fulfilled without money, from Martin Luther King to Mother Theresa to committed schoolteachers to Vista volunteers - money is nice, but if you know what you want you can achieve it with or without money. Everything else is just an accessory.

I start my Front Office job (hedge fund) tomorrow. I worked super hard for it. But I'd give it up in a second for other things in life: family; relationship; health. Those things make me MUCH happier.

I know a guy worth $2Billion+ (works in showbiz). And as happy as you think he may be, he really isn't. Probably can't even get a good nights sleep because the only thing on his mind is $.

Don't get me wrong, being able to live comfortably is nice. But its only 1 piece of the puzzle.

dacarez:

As far as people being from poor families, while some might think it being a handicap, I think feeling a little of the hunger, the desperation, whether it was for a time or more of a constantly-present threat, is a tremendous asset for one's ambition. The kids who grew up constantly comfortable, never needing to strive, to try, quite simply can't have that same hunger and drive as someone who's felt the sting of not knowing whether they'd have a house/apt to come home to next week, or where the next meal is going to come from.

When you're in your twenties, money is pretty much all that matters. Being able to party, travel, and do all the things you can only do when you're young, is impossible without money. Living paycheck to paycheck really wears on you after a while. I know people way richer than me, that are way happier because money affords them luxuries and comforts I can't afford. They can go out 3-4 nights a week, meet new people, jet off on weekend trips and travel abroad 1-2 a year without breaking the bank, these are all things that I want to do. Of course, family changes everything.

OP, I pity you.

You know what the saddest part about your post is? One morning, you will wake up and you're 50 years old. Where has the time gone? You'll realize that there is indeed more to life than money. But by then, it'll be too late -- you're wrinkly, old and grey, with most of your life spent chasing after things with no resonating permanence.

Money isn't everything. Would you go see your mother in her death bed or work on your pitchbook presentation instead?

It all comes down to an individual's utility function.

What is the marginal utility of every dollar I earned versus the opportunity cost that I face by missing out on leisure?

What is the marginal utility of me being able to spend time with my wife/kids versus working and making an extra buck?

If the only activity that generated utility for me was making money then I would probably be a prostitute...

as a banking analyst you normally make very good money for two years & set yourself up for good exit opportunities.

but, during those two years, you usually cannot maintain a relationship, spend quality time with friends and family, and pursue hobbies that are enjoyable to you.

whether or not the sacrifice is worthwhile is a matter of personal opinion. i suppose the choice is clear to the OP. it may be a "push" for others.

Jack - I read your post and it seems to equate the ambition of getting rich with the idea that money is everything. I don't think they two are the same - while it's perfectly normal for people at the start of their careers to have lofty financial goals, that's not the same as saying those people think money is all that will make them happy. I am in my mid-twenties, own a home and two cars... I am doing the domestication thing. While money itself does not make me happy, it does enable me to live a type of entirely independent lifestyle that commands the respect of my peers. Respect makes me happy - so, indirectly, yes... money has made me happy... not that the $ is ever enough. Because the more $ you make, the more bills you have...!

Money... it's definitely not everything - I'd give it all up in a second if I were forced to choose between being happy and poor... or being rich and totally miserable. I am happy where I am - content, enjoying my job, and looking forward to my next raise & bonus. ;-)

This is a very interesting topic.. Like I said in another post, when you are poor and have not experienced the Italian made cars, private country clubs, mansions, and charted jets, you will be hungry for it.. The problem is, after one year of experiencing that crap, you will be over it and it will mean nothing to you. Trust me, it gets old really fast. This is why people who have made it "big" tell you that money isn't everything. At one point in your life, you will realize that it isn't worth ANYTHING actually if you don't have true loved ones there for you..

For example.. my aunt is 51 years old and has been through multiple divorces because of men who were "gold diggers." She still is a multi-millionaire, but lost a substantial portion of her wealth that my grandfather passed down to her. She is single, has no loved ones, no immediate family other than her brothers and sisters, and has a tumor. Do you know what she does all day? She works and then flys out to vegas for a few hours. She will be going into the operating room soon, with no one there but probably my mom and maybe a friend. She will not go under the knife with one last kiss from her husband or kids because she doesn't have any. She's really close to us so I can tell you that the richer you are, the more difficult life will be. You will never know the person you are dating is there for you or for your money.. I actually took a sociology class that did a research on lottery winners how a lot of them become drug addicts, lose all their lottery winnings within 10 years, or simply even murdered by family because of the money..

On that point, there might be something to be said between the different types of people that stumble into money (lottery, rich family, etc) and those who earn their own way. Most likely those who have paved the path for themselves (while luck can certainly play a role) may have more discipline based on their experiences.

The choice isn't between being a millionaire and being lower-class.

Very few people say you should take a job that pay $30k in NYC right out of college, you'd be miserable.

Most of us will be upper-middle class by default just due to our GPA's and Diplomas from top universities. The fact we're on this message board shows we are somewhat driven, so it snot like anybody here is going to drop out of school and work at mcdonalds.

The choice many of us will make is whether to just chill out upper-middle class stile making about 100k by the time we're in our early 30's, or if we want to push everything to the max and be making 300-400k with the chance to make millions around the corner.

There's tons of psychological papers on this, once you get to upper middle class, money doesn't make you happier.I.E. If you are living paycheck to paycheck, and cant vacation, you aren't going to be happy... But its probably not worth it to work an extra 10-20 hours a week just so you can afford to fly first class, whereas if you are upper-middle you fly couch bet get to go to the same destination.

here's a good, and hilarious article on money not buying happiness...

http://www.cracked.com/article_17061_5-things-you-think-will-make-you-h…

I definitely agree with dacarez about how being poor motivates certain people.

Being poor definitely motivates certain people, but what I'm trying to say is that once that poor person lifts himself out of that self perceived "poor status" and starts buying toys for himself, things will get boring really fast..

Money definitely makes people happy for a few minutes out of the day.. Like putting on that expensive suite, getting into your exotic car, watch people gawk at you exit your car and enter wherever you're going and that's about it. I'm not going to fall asleep smiling because I have a zillion dollars in my bank account. I'm going to fall asleep smiling because maybe a loved one took the liberty to surprise me out of the blue or perhaps a childhood friend invited me to go on a reunion with all the fraternity brothers.

Everyone wants something they can't have. People making 100k want to become millionaires. Millionaires want to become multi-millionaires and multi- millionaires want to become billionaires. Guess what people like bill gates and other billionaires want? They all want to find a way to live longer so they can cherish what they have and what they can do to help change the world. All I am saying is that once the poor and middle class people get what they want whether it be a yacht or a ferrari.. money at that point will NOT make you happy and the people on the forum who believe money will make you happy forever will be severely disappointed once they become rich.

People who believe money is everything tend not to have it or are "new money." I grew up in a lower-upper class neighborhood (let's say average net worth in the $5 million range). "Old money"--that is, people who have had money for years or who inherited it--tended to act like they had class. Their houses were nice, but not obscene; their cars were luxury, but in the $40-$50,000 range (today's dollars); their clothes were nice, but rarely--if ever--Armani or Versaci; their vacations were nice (and even frequent), but rarely sinful in expense; their gambling trips were few and far between; and, from what I understand, they actually participated in charity.

It was the "new money"--and people with large incomes and no net worth--who had basically no class--flashy cars, ridiculous mortgages, absurd electronics, frequent trips to casinos, absurd vacations, and little reputation for their charity.

Basically, the point of my post was to point out that people who have money and class aren't ruled by their money, and many of them could live without it. It's the classless (mostly the people under 40) who would commit suicide if they lost it all.

A fancy sports car wont make you happy. Having a billion in your bank account wont either.

Knowing you're the best person in the world at something that's important to you will. Knowing when you wake up every morning that you don't owe anything to anyone, that you could succeed at anything you could dream of, and are one of the few people in the world who is actually confident and proud of himself... that will make you happy. Looking at life and believing that anything is possible - and proving it - that will make you happy.

I agree with Subprimevictim and I'll use some economic terms to elaborate my view. After entetring the upper middle-class of Western society, which is basically wealthier than most people in the world will ever be, the marginal utility for each additional dollar becomes much smaller. On this we can all agree.

I believe the Human Development Index captures the 3 most measurable aspects of happiness best. One is health, measured by life expectancy. Two is educational attainment. Three, of course, is money--on a log scale so that each additional dollar has less marginal utility. When you compare all these things, it turns out that health and education are highly correlated with money. Countries that score low on the HDI are often crippled by poverty, civil war and disease.

When it comes to money, the only gaurantees are in T-bills but it certainly TENDS to avoid unhappiness at the very least. I think we can all agree on this point. Maybe avoiding unhappiness/misery is similar enough to buying some basic level of happiness.

From the words of the great Adam Smith, "In competitive labor markets, the sum of all compensating wage differentials tend to equality".

I.e. what one gains from a fat paycheck, he or she loses in the form of quality of life components, leisure, social impact, etc... In my opinion, it's all about trade-offs & personal preferences.

So I suppose you believe the same of Paris Hilton? Such class.

She's fourth generation wealth. I assumed by then you were somewhat old?

To the original poster, you're right to some degree, but sort of in a one-sided way.

Money IS important. Money can buy a lot of things that can satisfy your ego (nice cars, beautiful women, big houses, donations to causes which you believe in and which make you feel good about yourself for being such a swell person, etc.).

But money isn't everything either. It can't buy real love, it can't buy spiritual fulfillment from your life/work/relationships, it can't buy the avoidance of real pain (losing a loved one, heartbreak, etc) and lastly, it can't buy time. Rich old people have everything except one thing they crave for which YOU have -- your youth, and a blank canvas where large chunks of your life have yet to be written.

We all die. And the only way to really achieve some sort of immortality are the memories that others have of you. Your life, your time spent with these people, your interaction, your relationships, your personality, character, etc. live within those you have left behind. If the most important thing you've left behind is your wealth, then no one really cares whether you are alive or dead (because it's your assets, and not you, that matter to them).

Money is important to give you a comfortable or even a luxurious life. But whether you are living a meaningful life has nothing to do with money. And living a meaningful life that has a far greater impact on the loved ones you leave behind is what matters (being rich is a bonus).

Money is the dessert, not the main course. And if you treat money like the main course, you will get sick from the lack of nutrition and never truly be full.

In any case, like most things we all have to figure it out on our own - the hard way.

Yes, let's point to Paris Hilton and turn the rule into the exception. This isn't a science--"new money" sometimes acts with class and "old money" sometimes doesn't, but there is a strong correlation in behavior. Unfortunately, no research has been released about the level of class people exhibit when they have money, but I'd say virtually anyone who has been around people with money would agree with my observations. Again, if these observations bother people, then call your local Congressman and have "new money" added to the list of protected classes in the hate crime bill. I know we have a number of easily offended Democrats on this forum, so go cry to Barack Obama.

vtech...sounds like you're just bitter cuz the guy had more money than you. "in debt up to his hairline"....sure.

Wow, first of all, the "entrepreneur" doesn't exist--this guy is a generic guy meant to represent "new money" in the neighborhood I grew up in. I should have made this clear.

How could I only get into Virginia Tech? News flash--I wanted to go to Virginia Tech. The culture, the football, basketball and sports conference, the huge alumni network, nice people, close to home. Why the hell is that so hard to believe? James Madison University in Harrisonburg, VA has more rich people per square inch than Duke. I also think it's funny that people always tear down my school when they disagree with me--I guess that shows their insecurities. I'm totally secure making $80k per year in a nice suburb of Washington, DC at the age of 24 IN the industry and having a nice monetary gift from my parents. Cutting down my school isn't going to hurt me or my self-esteem.

I think it's hilarious that I've made an observation based on the 24 years I've lived in my neighborhood, and people are angry about it. Guys, look, I'm sorry that this is my observation. If you don't like it, that's too bad. What do you want me to do? Debate the merits of my observation? This is what I've observed and nothing you can say is going to make me re-consider what I've seen for 24 years because some schmuck on a message board told me I'm wrong.

BTW, trying to compare actions of collge students and adults is absurd. Poor college students act like asses and do a lot of flashy, classless things too. Why not compare 35-year-old new millionaires to their 15-year-old old money counterparts by your logic?

I believe you have to have adequate cash reserves. I watched the movie John Q the other day, and I thought to myself "I need to be able to come up with that kind of money(250k for his child's heart transplant)...just incase".
The rich are allowed certain luxuries, or rather can afford them, such as healthcare. These luxuries that I want the option of having..

I strive to be able to provide anything my family or I will ever NEED. I don't ever want my family to act like new money, nor do I want them to act like old money. I want them to act like good people. In my experiences, both are douches. New money lacks the polish that VirginiaTech was referring to, but old money, as Virginia Tech's post also indicates, have a tendency to have an elitist attitude.

A few other comments: If he wanted to go to Virginia Tech, who are you to say he has no standards? I did my undergraduate studies at a low tier state school and loved it. Why did I go there? I grew up in a low tier state and went tuition free, but I was nearby friends, family, had great sports, and a kick ass environment. Don't under-estimate the talent of non-target students. Just remember, the top kids at any university can, from an intellectual standpoint, make it at any university.

Yet another thread turned into target vs. non-target bickering. At least this time it lasted 2 pages.

I will admit that all of the responses to the main post have been quite interesting. Every person is entitled to their own opinion whether it's good or bad (because good or bad is subjective). Our experiences in life are what shape our outlook/perception on things such as money. In my experience, it's best to stick with something you love and are passionate about;you will reap the rewards (whether it's money, peace of mind, or happiness). After reading everyone's posts it's clear that we are all very critical, but it's good to be able to have a friendly debate on an issue such as money. The hard part is validity. There is no right or wrong answer to the the initial post....

AMT