5 ms·

If I made, say, $1 million/year, I think I'd be happier -- for the simple reason that I could afford to only work one day per week (or a few months per year, or

by neilc 16y ago

If I made, say, $1 million/year, I think I'd be happier -- for the simple reason that I could afford to only work one day per week (or a few months per year, or work for 5 years and then semi-retire, etc.). That would mean a lot more freedom to choose how to spend my time, to travel, and so on. (Of course, I'd probably end up doing something similar to "work" during a lot of my spare time, but there's an amazing difference between extrinsic and intrinsic rewards for an activity.) I've often thought that applying this on a smaller scale would be interesting -- for example, trading $140k/year for $110k/year plus an extra six weeks of paid vacation time.

ghshephard 16y ago
Or, Trading $140k/year for $110K/year and _taking_ two weeks of vacation. I'm astonished at how few people in Silicon Valley companies take more than a week off per year. I think it's unhealthy, and, ironically, likely reduces their effectiveness overall. But, as one who took a day off, and came back to 192 email, at least 10-15 of which really needed me to pay attention - I don't understand how to leave the work place gracefully. It's almost like I have to hire my replacement, and transition all my responsibilities to them prior to taking any time off. I couldn't agree more with the author of the story - once the basics like shelter, housing, food, water and Medical Care are taken care of, spending quality time with friends and family really is the key to happiness.
- lambdajack 16y ago
  Until you consider the safety net you need if things go to hell in a handbasket. Is that $60K living at or below your means? Does it consider enough to sock away so you don't have to eat cat food in retirement or cover your real expenses if your job is pulled out from under you?
BobbyH 16y ago
neilc, I personally agree with your intuition, but Daniel Kahneman's point seems to be that, on average, you would be as happy making $60k as you would be making $1 million a year. This concurs with a lot of other research that suggests that human beings are terrible at estimating what makes them happy. I enjoyed this book on that exact topic: http://www.amazon.com/Stumbling-Happiness-Daniel-Gilbert/dp/1400077427/ http://www.amazon.com/Stumbling-Happiness-Daniel-Gilbert/dp/...
- neilc 16y ago
  Sure; my point is that people are perhaps misspending their income anyway. That is, the guy making $1 million per year could just as easily decide to earn $200,000/year and have a lot more freedom. (In any case, $60k/year is meaningless without some reference to cost of living. $60k/year is an ample relative salary in the Dakotas, but much less so in San Francisco.)

by neilc 16y ago

ghshephard 16y ago

Or, Trading $140k/year for $110K/year and _taking_ two weeks of vacation. I'm astonished at how few people in Silicon Valley companies take more than a week off per year. I think it's unhealthy, and, ironically, likely reduces their effectiveness overall. But, as one who took a day off, and came back to 192 email, at least 10-15 of which really needed me to pay attention - I don't understand how to leave the work place gracefully. It's almost like I have to hire my replacement, and transition all my responsibilities to them prior to taking any time off. I couldn't agree more with the author of the story - once the basics like shelter, housing, food, water and Medical Care are taken care of, spending quality time with friends and family really is the key to happiness.

lambdajack 16y ago
Until you consider the safety net you need if things go to hell in a handbasket. Is that $60K living at or below your means? Does it consider enough to sock away so you don't have to eat cat food in retirement or cover your real expenses if your job is pulled out from under you?

BobbyH 16y ago

neilc, I personally agree with your intuition, but Daniel Kahneman's point seems to be that, on average, you would be as happy making $60k as you would be making $1 million a year. This concurs with a lot of other research that suggests that human beings are terrible at estimating what makes them happy. I enjoyed this book on that exact topic: http://www.amazon.com/Stumbling-Happiness-Daniel-Gilbert/dp/1400077427/ http://www.amazon.com/Stumbling-Happiness-Daniel-Gilbert/dp/...

neilc 16y ago
Sure; my point is that people are perhaps misspending their income anyway. That is, the guy making $1 million per year could just as easily decide to earn $200,000/year and have a lot more freedom. (In any case, $60k/year is meaningless without some reference to cost of living. $60k/year is an ample relative salary in the Dakotas, but much less so in San Francisco.)