Two choices, time or money

[Sylvanfan]

Originally posted by the_only_turek_fan@Oct 8 2004, 02:43 PM
At this point in my life, I would take option #2.
I am looking to build a financial foundation, and this is one way to get it.

Plus it would keep me busy, which is always a good thing.

I have a lifestyle that would suit 40K, but a little more money is not a bad thing.

That was me 5 years ago. I felt like I had lot's of time on my hands, and not enough money to spend during that time. I still find that right now I could use the extra money but that's mostly due to the fact that my wife is in college and not making any money. It also helps that she's pretty busy with school and all so even if I'm around we can't spend the extra time together unless I want to learn a bunch of Pharmaceutical drug names. Once she is in the work force and making some money than I'll really have to think hard on this one. If I spend extra time at work I find that I usually end up having to spend the money on something special for my wife to make up for me not being home. If I only work 8 hours everyday she seems to be much happier with me around and doesn't ask if we can buy things we don't need. I also find I can use the extra time to do things like cook good meals, and do home improvements myself, whereas if I'm working lot's I end up spending money on hiring out extra work, or eating out.

[Flames Draft Watcher]

I'd take #1. I like my spare time and am willing to sacrifice a bit of money to ensure I always have it.

[the_only_turek_fan]

Originally posted by Sylvanfan@Oct 8 2004, 10:11 AM

That was me 5 years ago. I felt like I had lot's of time on my hands, and not enough money to spend during that time. I still find that right now I could use the extra money but that's mostly due to the fact that my wife is in college and not making any money. It also helps that she's pretty busy with school and all so even if I'm around we can't spend the extra time together unless I want to learn a bunch of Pharmaceutical drug names. Once she is in the work force and making some money than I'll really have to think hard on this one. If I spend extra time at work I find that I usually end up having to spend the money on something special for my wife to make up for me not being home. If I only work 8 hours everyday she seems to be much happier with me around and doesn't ask if we can buy things we don't need. I also find I can use the extra time to do things like cook good meals, and do home improvements myself, whereas if I'm working lot's I end up spending money on hiring out extra work, or eating out.

Yeah it must be different when you are not single.

We are in totally different places right now.

I am single, and my hobbies include Mp3s, Movies, Running and Hockey. Mp3s are free, and there is no hockey so my expenses are very minimal. Plus I still mouch off my parents, as I live at home.

Right now I am looking at Mutual Funds, RRSP's and other stuff like that. Right now my goal other than graduating is becoming RICH!

[8 Ball]

Personally, I would go for the money! As a contractor, 60+ hours a week for me is nothing. Although I can take off time whenever I need.

[peter12]

At my tender age of 19 I was forced to make this decision last year. I had 2 jobs lined up one with a contractor about 30 hours a week paying about $15 000 a year.

One with a business downtown along the lines of 50 hour weeks and $25 000 in pay. I took the second option but I wish I hadn't. I had no life as a 19 year old for about 7 months. It was all work work work.

[RedHot25]

Definately #1 for me. 40-50,000 bucks, 3 weeks holidays....that's great!!

The only thing that would make me consider #2 is if I ABSOLUTELY LOVED the job. Not even to the degree that people are talking about on here. I mean crazy in love with it.

However, this is coming from a social worker/human services worker in which $30,000 is a GREAT salary. I mean really, I can get a car (if I wanted, although I prefer not too in actuality if I could avoid it), have a place to live and still have a pretty good social life.

I guess I'm one of those people that (within reason), I'll take a bit less money if I am happy.

However, that's not the case now - $14.83/hr, for 37.5 hrs a week in a job that requires me to have a car (eats up any money left over), a HORRIBLE boss (never around, cannot make a decision for the life of her) and well a pretty boring job overall.

So bring on #1!

[Sylvanfan]

Originally posted by 8 Ball@Oct 8 2004, 05:32 PM
Personally, I would go for the money! As a contractor, 60+ hours a week for me is nothing. Although I can take off time whenever I need.

By that statement I gather that you work independently and you have the choice to accept or decline work as you see fit? If my guess is correct than you do have some control of how you decide to balance time and money, whereas if you desire you can go balls out for 8 months and than spend the next 4 off if that was your choice.

[8 Ball]

Originally posted by Sylvanfan+Oct 8 2004, 12:13 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Sylvanfan @ Oct 8 2004, 12:13 PM)</td></tr><tr><td id='QUOTE'><!--QuoteBegin-8 Ball@Oct 8 2004, 05:32 PM
Personally, I would go for the money! As a contractor, 60+ hours a week for me is nothing. Although I can take off time whenever I need.

By that statement I gather that you work independently and you have the choice to accept or decline work as you see fit? If my guess is correct than you do have some control of how you decide to balance time and money, whereas if you desire you can go balls out for 8 months and than spend the next 4 off if that was your choice.[/b][/quote]
Yes I do own my own business. However I could not take off four months in a row as my business would fail. I do have the option to accept or decline work, but I hate to turn down work.
I have always thought that I would like to spend more time now (while I am still relatively young) earning money, so I will have the choice to slow down later.

[Sylvanfan]

Originally posted by 8 Ball+Oct 8 2004, 08:53 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (8 Ball @ Oct 8 2004, 08:53 PM)</td></tr><tr><td id='QUOTE'>

By that statement I gather that you work independently and you have the choice to accept or decline work as you see fit? If my guess is correct than you do have some control of how you decide to balance time and money, whereas if you desire you can go balls out for 8 months and than spend the next 4 off if that was your choice.

Yes I do own my own business. However I could not take off four months in a row as my business would fail. I do have the option to accept or decline work, but I hate to turn down work.
I have always thought that I would like to spend more time now (while I am still relatively young) earning money, so I will have the choice to slow down later. [/b][/quote]
The flaw I see in your theory (and please don't take it the wrong way) is that at this point in life you still have your health and the ability to enjoy life (or so I assume). While it's quite likely that you'll have it in the future it is not 100% guaranteed. I too had (to a certain extent still have) the notion that I'm still young and can exert some extra effort working to make few extra dollars in order to aid in making for an easier life financially as I begin to age. Still I will decline money or extra work in order to give myself a day off more often than I used to. I understand the concept of not wanting to turn down work as that used to exactly how I was.

[8 Ball]

I can see where you are coming from. I myself have thought about it at great length.
The reason I feel the way I do is that when I decide to retire, I would like to retire without the constant money worries many retired people have today.
The cost of retirement by the time I'm in my fifty's is going to be unreal. If I can make money now by working (generating cash), and a few smart investments hopefully I won't have to work until I die, maybe I can even retire a little early.
It is simply a matter of personal choice, I don't blame anyone for not agreeing with me.

[Sylvanfan]

Originally posted by 8 Ball@Oct 8 2004, 10:32 PM
It is simply a matter of personal choice, I don't blame anyone for not agreeing with me.

Exactly, there are no wrong answers to a questin like this because everyone is different, and everyone experiences some form of change throughout his/her working life. I will say that I never much realized how important time for yourself to do what you want is until just recently. I've been observing a lot of different people and how they handle their worklives and it looks like the ones who have best control of their personal time seem to be happiest. A co-worker of mine who's been laid off for 3 months now was offered the chance to come back to work, but with the condition that he do a specified job in a predetermined time frame and take the responsibiliy. He declined the offer saying he was getting enough on EI that he could come back and work on his own terms when that type of job was available. This guy used to work on the Pipelines and made quite a bit of money. Eventually the lifestyle got to him so he decided to get out, and take the time to enjoy himself rather than work himself to death. So after 5 years of job number 2 he decided he'd really be happier with job 1.

I don't work for myself, so that pretty much eliminates any chance of me getting rich from my current job (sadly it's not with an Oil company either). By accepting less money, and freeing up some more time for myself it would allow me to pursue other interests where I might be able to develop sometype of bussiness for myself to help me generate enough money to make up the difference, or just be able to do things that I want to do. I really wanted to go to Kamloops and visit my folks for Thanksgiving this weekend. Problem is that I'm forced to get a whole lot of work done so that the customer can start working on this building on Monday. Seeing as I'm more of the job number two guy I have to give up my weekend. I just hope that I don't regret not using the weekend to go visit my parents someday. Chances are that I will.

[Muta]

As a student thats about to graduate within the next year, I'd probably choose choice 2, for sole fact that I can get my feet wet and put in my due time in order to establish myself in my field.

I've decided I'm going to pursue a career in sports marketing / management since it's what I've always been interested in, and I'm willing to live off mac and cheese and sleeping on the floor of a crummy apartment if thats what it takes to eventually get to where I want to be. Unlike most other students, I'm not really concerned about the amount of money I can make; rather, that I do work I know I'm going to enjoy and not want to leave after 5:00 everyday. And I'll make initial sacrifices necessary if I have to to get there.

I believe that prudent saving and smart investing at a young age, along with effective short-term and long-term financial planning and budgeting, is the key to attaining future financial safety...say, when I arrive in my late 40's or whatever. Making large amounts of money is great, but good saving / investing habits is better, no matter what salary you make. This is hammered into my head everyday from the management faculty and, of course, the 'rents.

But alas, I'm gonna take the year after I graduate off to go travel / work for a year in New Zealand and Australia while I still have the youth and independence to do so!

[ricosuave]

i quit a job where i was making almost 1/4 more per year in salary, to go to a job where the hours were almost 1/2 less - i have way more time to spend with friends, family, personal growth, fixing the house, etc. etc. sure i miss the cash a little, but you learn to get by just fine.

most of my friends and family thought i was nuts, and i wasnt sure myself, i also had big bills to pay.

here it is 5 years later, and i'm way happier, more stable and relaxed, healthier than i have ever been. plus i have more time to do stuff and see everyone.

i dont regret it one bit.

rico

[The Fonz]

Super old bump!

I stumbled upon this thread while looking for something else. Anyway, Sylvan, which did you choose?

[Daradon]

For the examples you provided I'd pick the 1st.

I would be willing to give up more time, but they would have to pay more than what you are suggesting. Also, I'd be willing to give up my time for almost nothing, if I was building something of my own out of it. IE, starting my own business.

You are right, your time is very valuable, make sure if you're putting in extra, it's going to pay off down the road or your doing it for a very concrete important purpose other than just making a little bit more money)

[The Fonz]

Originally Posted by Daradon

For the examples you provided I'd pick the 1st.

I would be willing to give up more time, but they would have to pay more than what you are suggesting. Also, I'd be willing to give up my time for almost nothing, if I was building something of my own out of it. IE, starting my own business.

You are right, your time is very valuable, make sure if you're putting in extra, it's going to pay off down the road or your doing it for a very concrete important purpose other than just making a little bit more money)

Haha, not that your opinion isn't valuable, but I'm guessing you didn't check the date of the thread. It's 4 years old... I don't think Sylvan would take thaaat long to make up his mind.

[Traditional_Ale]

If you like the higher paying gig then do it.

If not then be there for your kids.

[Daradon]

Originally Posted by The Fonz

Haha, not that your opinion isn't valuable, but I'm guessing you didn't check the date of the thread. It's 4 years old... I don't think Sylvan would take thaaat long to make up his mind.

Haha, well, when I say 'you' I often mean it in a more general sense. Yes to Sylvan, but in representing a generic situation as an example.

But you are right, I did miss that. Hey' it's still good advice!