johnso29

It is clear that we will never totally agree. I don't believe money is an essential part of happiness. I didn't even when I lived off of $13,000 in college working three jobs and having the IRS breathing down my neck. I have seen many, many families with money who have been extremely unhappy. They had affairs, suicides, children runaway, etc. All have had plenty of money, but they weren't happy. Why? Money is a essential part of happiness, is it not? Look at the numerous stars over the years that have committed suicide. Why did they commit suicide? They had money, didn't they? I've also seen families that live off of food stamps and are very close and happy. How? Because it is possible to be happy without being wealthy.

sflpilot

True, money does not bring happiness. There are many factors that go into whether a person is happy or not. Having adequate money does however make your life much easier.

JoeyMeatballs

Very true, the sad thing is that most will spend their whole lives trying to get the bigger house, the nicer car blah blah only to find out that the house will never be big enough the car never nice enough etc................Its rather quite sad it seems to me that the "pursuit of happiness" is more about the never ending usually disappointing pursuit.........................as for me I want a small house in the middle of nowhere, a grass strip for my broken down ole J-3 a dog and my women (my women, though I love her o death, wants the cars, houses, etc............... )

DMEarc

Jeez...how many do you have?

rickair7777

Money is not required for happiness, but with the lack of defined-benefit pensions and the doubtful state of social security, money actually IS required for long term stress-free existence.

You don't need much money for cars, vacations, fun activities, food, etc.

You do need money for these things:

Housing: When you have kids that ghetto crashpad just won't cut it anymore. You will need $200-600K in most urban locations.

Kid's college: $100K/kid is safe number I guess. You could just plan on sending them to state school, but depending on their desired career a name-brand school might be better. Some kids can work and do school or get scholarships (probably everybody on this forum), but others may not have that drive.

Retirement: Assume you'll retire at 65 and live until age 95.

-Bad news: your retirement is no longer funded by your employer, it comes directly out of your paycheck and YOU have to plan for it and have the discipline to save.

-Good news: You, not the management con artists, have control of your retirement money.

- At age 65 you will be active, let's assume you (and the spouse) will need $80K/year to do fun stuff and buy presents for the grandkids. That's $40K/year for each of you. As you age you will need less money for activities, but more for medical expenses...lets assume that by age 95 you need $120K/year for a nursing home...average the two and you need $80K/year (in 2007 dollars) during retirement. 30 years x $80K = $2.4 Million !!!

-Let's be optimistic and factor in $20K/year social security...now you each need 60K/year or $1.8 Million each.

You can probably get to $2-3 Million if you max your 401K and Roth IRA starting at age 22...assuming the stock market suffers no permanent catastrophe (nuclear war, global warming, running out of petroleum, etc). If you start later, you'd better plan on being a wide-body captain or starting a side business or something...

SkyHigh

True, money can not buy happiness but poverty sure can afford misery.


Perhaps each society's richer people are also happier because happiness comes not from absolute wealth but from relative wealth--recall H.L. Mencken's

http://www.forbes.com/2006/02/11/tim...14harford.html

Another good article.

http://money.cnn.com/magazines/money...2225/index.htm

It takes a huge amount of money to be able to afford modern life. I am not talking new H2's or beach houses. If someone has a wife and children it takes a small fortune to be able to properly fund, retirements, college funds and to pay for the necessities like food, shelter and safe reliable transportation. In Seattle the price of the average middle class home hit 400K last fall.

Now take into consideration the total cost of a typical pilots training, education and experience building and most start out at least 150 to 200K in the hole. Some have $1100 in student loan payments to look forward to for the next decade or two.

Its true that money can not buy happiness but if one has dreams of enjoying a full and responsibly funded life then it is essential that a career choice be able to pay for at least a middle class lifestyle and to afford the price of its own training and education expenses. In most cases aviation falls short and promises to sink even further down on the ability to provide a real income.

SkyHigh

SkyHigh

Often it is the wives who are the driving force behind the acquisition of the more expensive things in life but those things tend to be the most worthwhile as well. Kids, home, family.

PS the home in the country isn't as cheap as they once were and in the west will become highly sought after when the baby boomers begin to retire in waves.

Tyro

Clear that regionals far underpay – but how does the gummint come up with this ranking? Note who ranks #2:

http://www.bls.gov/opub/cwc/tables/cm20051121ar01t1.htm