Comments on: Should You Feel Guilty About Earning Less Money Than You Can?

By: Carnival of Personal Finance #211: Burn Notice Edition

Carnival of Personal Finance #211: Burn Notice Edition — Tue, 30 Jun 2009 12:03:45 +0000

[...] Wealth Pilgrim writes about career planning with Should You Feel Guilty About Earning Less Money Than You Can? [...]

By: Barb

Barb — Tue, 09 Jun 2009 15:17:08 +0000

A huge “NO” – you should not feel guilty! Easier said than done, I know.

As to your child, who can really say that $40,000 a year in tuition buys you a better education than $10,000 a year? A college education is what the individual makes of it, regardless of the institution.

My family made the decision 4 months ago to trade 2 incomes for one. We’re still comfortable, but we were never extravagant in the first place, and our home life has improved dramatically. That’s worth more than the extra money ever was.

By: Neal

Neal — Tue, 09 Jun 2009 05:58:59 +0000

My Journey,

You are right on both counts. I raise this issue as an emotional issue and of course, you’ve reminded me that the solution is really not to be found on the emotional side but on the logical side.

Still the issue of earning more vs enjoying more exists….

Anne,

You have hit the nail on the head. Exactly…..what is the cost. If everything is ok now, is it right to rock the boat?

In your case, I’d look at why he went after the MBA in the first place. That might help give you some direction.

I agree that this is an interesting question….I don’t know if there is any answer to it but I think the conversation is important.

Thanks,

Neal

By: Anne

Anne — Tue, 09 Jun 2009 01:13:57 +0000

I think this is such an interesting question, and one that we are dealing with in my family. My husband is an RN, working in an operating room. He makes enough money to provide everything we need, including savings and things like nice vacations. He is also home from work by 3:30 everyday!! The dilemma: In December he received an MBA, potentially significantly increasing his income opportunity. However, so far we have decided to wait because we are not sure that we would appreciate the lifestyle change that would come with a new job. Sure he might be able to double his income (literally), but at what cost? Especially when we have a nice lifestyle now!

By: My Journey

My Journey — Mon, 08 Jun 2009 20:07:41 +0000

Another thought I just had so I figured I’d share – if you had sent daughter #1, to NYU at $50K/yr, you are either doing 1 of 2 things:
1) Inhibiting the choices of the rest of your children either cause the cash isn’t there OR you wouldn’t be able to cosign anymore loans

2) Without her active knowledge, setting her up to dig out of a pretty deep whole with student loans of $200K+ interest.

By: Neal

Neal — Mon, 08 Jun 2009 19:38:30 +0000

Thanks. I really appreciate your comments – as always. I tried hard NOT to beat myself up….I don’t think I am.

I tried to ask, maybe not too well….how to balance the responsibilities we have to ourselves vs our family.

You do make an excellent point….no matter what I do, we may not have had the resources to make NYU an easy decision.

Thanks.

By: My Journey

My Journey — Mon, 08 Jun 2009 19:14:54 +0000

Disclaimer: I am young…27 turning 28 in November.

As you are well aware, I have a blog too, and like you I make next to nothing on it. I have enough sponsors on the site as to make sure I am not losing money, but I/we are not the big guys. If the blog interfered with my family’s lifestyle it would end.

Notwithstanding, even if you worked an extra hour each night on marketing it is unlikely NYU would have happened anyway…so no reason to beat yourself up!

Do what you are doing! You are happy and do well financially, there are VERY few people out there who can afford to send their kids to NYU at 50K a year.