Why do YOU need money?

Discussion in 'Business, Careers & Education' started by MetroStyles, Nov 27, 2010.

  1. Davidko19

    Davidko19 Senior member

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    Tangible: Going out (drinks, vacation, weed, etc.), clothes, basic living necessities (food, housing, etc)
    Intangible: None? I mean I'm a really selfish guy and do things purely for my own reasons. I don't care about keeping up with the Joneses, prestige of salary, etc. I guess financial security but the probability of me attaining it is so low that I'm not concerned.


    x2


    you my bruddah
     
  2. Big T

    Big T Senior member

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    to make more money
     
  3. JhwkMac

    JhwkMac Senior member

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    it smells like success
     
  4. Rambo

    Rambo Senior member

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    Money = flexibility. Simple. Those with money have more options than those without.
     
  5. MetroStyles

    MetroStyles Senior member

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    Money = flexibility. Simple. Those with money have more options than those without.

    This is too simplistic a view. Your implied utility function is monotonic and univariate, meaning that the more money you have the more flexibility you have, and that this is always better than a little less money and a little less flexibility.

    In other words, where are variables such as "free time" and "stress levels", as well as the concept of diminishing returns?
     
  6. MasterOfReality

    MasterOfReality Senior member

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    At the moment, I'd say work is about 70% for money and 30% for enjoyment but as each year passes and my mortage gets smaller, the enjoyment factor goes up.

    I like what I do, but I wouldn't do it for any less than what I get now - my neck is on the block everytime I sign off on a mining design.

    My main need for money is to finish off what left of my mortgage, keep a healthy chunk on the side in case something nasty goes wrong with the house or the health of myself or fiance (I'm 31 but you never know what could happen), and basically build up financial security. I don't really want to work until I'm 67, retire, and then keel over a few years later.

    So in summary, I'm aiming to earn as much as possible now (within my industry) to make it easier later on.
     
  7. Rambo

    Rambo Senior member

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    This is too simplistic a view. Your implied utility function is monotonic and univariate, meaning that the more money you have the more flexibility you have, and that this is always better than a little less money and a little less flexibility. In other words, where are variables such as "free time" and "stress levels", as well as the concept of diminishing returns?
    Of course, I was being a bit simplistic in my definition, but I still believe it holds. I never said "better". I said "more". Whether or not having the increased flexibility is worth a decrease in "free time" and/or "stress levels" is entirely a personal decision. Those with money are not as much of a slave to the things that poor people are (living paycheck to paycheck, the inability to pay bills, having to work 3 jobs and still take care of children, etc.). Although, it could be easily said that once one has money, and begins to live like "The Joneses", then they are in fact even worse off than those without money. The need to keep up appearances is a difficult one.
     
  8. CouttsClient

    CouttsClient Senior member

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    Tangible: I can do what I want, where I want (for the most part), and when I want. I take the entire month of December off, and I take about 4 one week trips throughout the year. I financially take care of my mother and she's free to live the way she wants and I plan to continue this for the rest of her life. I can fund my business ideas and projects. I live in a beautiful place, I drink good liquor, eat great food...things of that nature.

    Intangible: I think growing up relatively poor made making money extremely important for me. Even though I'm not materialistic (I don't really buy much) I think about money ALL of the time. I wake up thinking about it and I generally go to bed thinking about how a deal is going to go, how to increase profitability, etc.

    For me it's about having the ability to live the way I want. I promised myself at a very young age that I would go out in the world and make more money that I would ever need. I haven't hit that number as of yet because there is always an idea that needs funding. When I sleep...I sleep well.
     
  9. Piobaire

    Piobaire Not left of center?

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    Money = flexibility. Simple. Those with money have more options than those without.

    MS has pointed out this is too simple. In fact, I often feel quite constricted and constrained to keep my cash flow going. I think people of varying SES's have different choices, maybe not more and certainly not always better.
     
  10. Night Owl

    Night Owl Senior member

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    hehe the question was why do you need money and typical sf fashion the answers have been.. heres why i have lots of money [​IMG]
     
  11. Rambo

    Rambo Senior member

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    MS has pointed out this is too simple. In fact, I often feel quite constricted and constrained to keep my cash flow going. I think people of varying SES's have different choices, maybe not more and certainly not always better.
    Of course, I was being a bit simplistic in my definition, but I still believe it holds. I never said "better". I said "more". Whether or not having the increased flexibility is worth a decrease in "free time" and/or "stress levels" is entirely a personal decision. Those with money are not as much of a slave to the things that poor people are (living paycheck to paycheck, the inability to pay bills, having to work 3 jobs and still take care of children, etc.). Although, it could be easily said that once one has money, and begins to live like "The Joneses", then they are in fact even worse off than those without money. The need to keep up appearances is a difficult one.
    ^^ Once again, I never said it was "better". Just having more options is often enough.
     
  12. L.R.

    L.R. Senior member

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    I could survive on very little money. Enough to eat out now and then, enough to travel occasionally. That's it. However, I want to be able to support my family, and let them do what they want. As other put it, it's just reassurance. If something were to happen, I'd have that back up fund to deal with it. The peace of mind money grants is an amazing thing.
     
  13. Ben85

    Ben85 Senior member

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    I NEED money to survive, food, house and so on. I WANT money for cars, women, nice clothes, and general fun in my life.
     
  14. RSS

    RSS Senior member

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    Money means everything in New York City.
    Or is it the impression money creates?
     
  15. Piobaire

    Piobaire Not left of center?

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    ^^

    Once again, I never said it was "better". Just having more options is often enough.


    You misunderstand. It's not always about "keeping up appearances," which seems to be a default meme of so many.

    Think, for instance, about the job pyramid. What are there vastly more of, positions that pay 40-60k, require some basic skill sets but are by and large fungible with a little training vs positions that pay 200k+ and require both a broad skillset of managment as well as/or specialized knowledge bases? Bring this down to front line positions in service industries. Although current economic times are tighter, think about a few years ago when we had full employment.

    Now, if you are a line person, they just get pissed off or drunk and have bad attendance and change jobs just about whenever they feel like it (except for current times in depressed areas). Middle people can usually find new jobs that pay the same quite easily and often move for various, rather inconsequential reasons. Now, what do you think the availability of the top end jobs are in any given metro area? Do you think people at the top can just jump ship when something ruffles their feathers and they can find another similar job just down the street? That they can party all night and just blow off work? Come in all hung over, looking like shit?

    That is just one example that has nothing to do with "keeping up appearances" but demonstrates the constraints as one rises.
     

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