Slick’s flat, Tuesday 17th April 20:21
Evening sports fans,
Today was my first day back at work after a wonderful holiday in Dubai with my parents. I had an awesome time, which made going back in today even harder than it usually is (and it’s usually pretty hard. Giggity.) But, I got up at half 7 anyway and went to work because I need the money.
Or do I? This brings me neatly to my point. I’d like to say something about money, and it’s acquisition. I’ve touched on this briefly before, but I think it bears further analysis. Why do people feel a need to acquire more and more money? Do they think it will make them happy? Will it make them happy? I know we like to say trite things like “money can’t buy happiness”, but is it really possible to be happy without some base level of material wealth?
I will start, as usual, by looking at myself. I am very handsome. Good, mirror check complete. To return to the subject at hand however, I have to say that greed for material wealth and possessions is one of the few vices which is not on my extensive list of character flaws- my material needs are few. Generally I am content to be housed and fed, with a little left over for visiting friends and drinking. My phone is super old and not worth anything, and I deliberately buy very cheap watches- only partially because I know I will lose them. I tend not to buy designer clothing, although I am fond of suits. I rarely buy music or video games that aren’t severely discounted. I do take expensive holidays, but only because I like to travel long distances for extended periods of time- when i arrive at my destination I am generally happy traveling on a shoe-string, sleeping in dorms and eating street vendor food.
I have a job- I work 9 to 5- but I have no compunctions about taking the odd day off to, for example, go and visit some friends or go on holiday for two weeks, because for me the free time is worth more than the lost wages. And therein lies the rub- at what point does someone say “OK, I have enough money now, I will stop earning”? For me it’s quite early, but some people never seem satisfied, and are always working towards the next promotion so they can buy the latest thing and that will somehow make them happy.
Just to be clear, I don’t think there’s anything wrong with liking money and wanting to acquire it- I know most people are much less lazy than me, and that, for example, it requires an awful lot of capital to raise a family. If you are working hard to get more money to pay for your children’s education or whatever, I totally get it (incidentally this is one of many reasons I’m not sold on the idea of having children. I’m much to selfish and lazy to put in the work required to provide for them). My issue is more with people who seem to want money for money’s sake, multi-billionaires who still somehow spend there lives in offices, working to make more money. At what point does one stop? I also understand, to some extent, the desire to earn money for material comfort- people who like the prestige of wearing Gucci clothes and messing around on Ipads- again, i don’t share their idea of fun (for me, no handbag should be worth more than say, £100 and yet I know there exist handbags which cost 20 times that at least), but I get that for some people there is comfort and value to be had in material stuff. I assume it makes one feel secure?
And this, I think, is the crux of the issue. I probably sound very glib about my own natural lack of avarice, but the truth is that I can only really adopt this attitude because I am extensively supported by my parents, who are quite well off. I could probably lead my present lifestyle on about £600 a month- but many of my expenses are taken care of, and always have been. In fact, i think that in some strange way, a comfortable, privileged upbringing is precisely what engenders disdain for material wealth. I don’t feel the need to bust a gut earning more and more money because I’ve always had money and as such it doesn’t hold any fascination for me. I think the opposite is true, too- just think how many self made millionaires, like Sir Alan Sugar, started out with comparatively little. I believe it is the absence of material wealth which drives such people to keep achieving, keep earning- as if to say “once I had nothing, so now that I can, I will have everything”
In the end, I think both types of people are necessary for a well functioning society, at least in a capitalist economy. We need some people to be always working at earning more and more money to drive the economy- even if I don’t personally understand their motivations- just as we need some people who are relatively free from monetary concerns; the thinkers and dream-weavers. In Plato’s Republic, he described a similar system, with a merchant class, a soldier class (don’t worry about them for now) and a higher caste of philosopher kings, who would live comfortable, but communally and without personal wealth. Doesn’t sound so bad to me; perhaps a vow of poverty should be a requirement for government.
Vote Slick for Philosopher-King 2012
Toodles,
Slick
Slick111's Blog 
Been a while since I commented on one of these, but it stirred old knowledge in my brain… There is an economic concept that maps time worked against wage per hour, and it actually curves back on itself. It all depends on how much someone values their free time. (I really wish I could remember the term, or indeed find it on Google)
I personally don’t get paid overtime so I’m unlikely to stay late (short of a serious emergency… which I can actually help out with, but my role is more “Damage Control” these days.) And I do think that a large amount of your view comes from having a lot of expenses paid.
At the moment I am looking to move into my own flat and be self sufficient and just looking at the cost shows that they quickly pile up. But that depends on your standard of living and proximity to work, my travel expenses are a large chunk of my salary gone before I really hits my bank account.
Anyhey, I hope life holds you well,
G
[P.S. get a full time job with paid holiday, the only thing more awesome that sleeping in for a week is knowing your getting paid for it]
I was just about to yell BUT YOU ARE SUPPORTED BY YOUR PARENTS! But you mentioned that already. Maybe you will find your attitude changes when you are completely financially independent…there is a sort of drive to see how far you can push this, or at least this is what I found. I live just within my means and spend over £1000 a month on rent, car, food, socialising etc. but could easily spend more if I had more outgoings (e.g. family). And you might find that you become more keen to have a family in about 10 years’ time 🙂
Good blog, interesting discussion.
Personally, I’ve always equated money with freedom. When someone’s struggling to pay the bills and feed themself then they’re really a slave to their creditors. Conversely, someone who’s made millions and never needs to work again has a huge amount of freedom. Money might not buy happiness, but it does buy freedom and security which certainly help wellbeing.
I think the reason why few people say “OK, I have enough money now, I will stop earning” is because noone really gets rich without actually enjoying their job. Typically it’s the product of years of hard work and competition with others, and people who like it come out on top as they’re more willing to put in the extra mile. (You also seem to work on the implicit assumption that everyone hates their job! But for some it’s their whole social life and sense of contribution to the world – surely understandable if you imagine yourself a decade into a 9-5 career).
I’ve read a few stories about investment bankers quitting with their wealth (perhaps telling about the industry) but they seem to often start companies, which raises the question of what would you actually do with your time if you quit work with your earnings?
Aside from job satisfaction, I’m not sure rich people actually continue to earn to buy fast cars and handbags either – I suspect it’s more for the phenomenally expensive things in this country like buying a house in a prefered location, or as you say, education for children. I heard that the big market for sports cars tends to be those who are born into wealth. Self-made millionaires often have cheap and fuel efficient cars, and saving money like that is precisely why they are richer.
I agree with you that growing up in a middle class, affluent family makes one somewhat unconcerned with wealth, and the points you make in that whole paragraph are right on the money (what a pun). Once you’re fully independent, if you can’t afford to sustain the same quality of life you’ve been enjoying as a student it might sting a bit.
I totally understand enjoying your job, and that’s what a lot of the comments are saying- but surely, even if you are completely satisfied with your job, you;d rather be doing… well, whatever you want, all the time? I understand professional satisfaction, but unless you’re a rock star or maybe an actor or a writer, does anyone really want to put in 37+ hours a week if they, for example, win the lottery? Maybe they do, but I don’t see it happening; my suspicion is that the best, most satisfying job in the world could still be improved by a reduction in hours- although I can well imagine people wanting to keep their hand in a little. I;m just not one of them i suppose…
Well, I agree with you, and I’m not one of them either, but I’m aware that I could become one in many year’s time. But still the question is, what would you want to do all the time instead? Most likely all your friends would still be stuck at work all the time, and I guess you’d see the world a bit more as you have already, but if you became rich at say, 37, how would you fill the decades pre-retirement age in a satisfying way?
I see it as being like that bit in The Shawshank Redemption when the old guy and later Red get let out on parole. Of course they all wanted to be free, but once out, there was nothing for them; all their life and meaning for the last decade had been in prison, with their friends and the respect people had for them. So there we go, prison as a metaphor for employment…
I can see most of your points, but I also think there are people actually do want and need to achieve as part of their ‘values’ and ‘ needs’. I am a case in point, I have worked to generate income to have a nice lifestyle and really enjoy being able to do what I/ we do, but I have also had self pride that for much of my career, I was ‘the boss’ and generated respect from peers and colleagues for my achievements , so apart from the financial reward that brought, that for me was a big driver to get the next better/bigger job because I often think, I did ok for a not so bright boy with crap O levels and 1 A level from a family who had literally not much. That probably bears out your point about hungry working class kids which i totally agree with.
You know, i actually had you in mind when I wrote that part!