Posted on by Rugged Troubador

Money Or Time?

A friend told me about a study done showing that most Americans have next to nothing in their savings accounts.

The actual statistic: 69% have less than $1,000 and 34% have no savings at all.

In other words, if your savings account has more than a grand in it, you fall into the unbelievably small 21%.

This got me wondering, is this really all about unwise financial decisions? Or could it have something to do with the actual ability to save? Having worked my share of odd jobs myself (TV salesman, cashier, waiter, dishwasher), I know something about how challenging it can be, having certain levels of income, to actually save money.

Saving money is not just the act of putting money into a savings account. As far as I’ve seen, there is really one major factor: Time.

Though I can’t cite statistics, I know that car payments, rent, mortgage payments, food, fuel, utilities, and insurance of all kinds, are facts. Never mind any expenses that do not fall into insurance, or recreational expenses of any kind. In order to account for all of these things, it seems safe to conclude that every American below a certain income level must devote a fair amount of Time to, well, Working. (And unless you’re very lucky, your job is not perfectly aligned with your creative or Artistic talents or Vision.)

Ironically, some of the very activities needed to save money (cooking at home, minimizing travel, designing and keeping to a budget) can be hard-pressed to fit into Time that’s already spent Working.

Maybe these far-out numbers reflect a deeper problem than poor spending habits.

Source: Yahoo!: “Here’s how much Americans at every age have in their savings accounts” by Kathleen Elkins

Posted on by Rugged Troubador

Should You Quit Your Job?

In Cal Newport’s So Good They Can’t Ignore You: Why Skills Trump Passion in the Quest For Work You Love, he provides an algorithm to be used in order to find out whether you should quit your job. I’m quoting from memory:

There are three criteria:

  1. You really hate the people you work with.
  2. You feel that the job is not helping people or doing anything good for the world.
  3. There is no room for innovation.

The first criterion is more or less black and white – you either do or you don’t hate the people you work with. The second two are far more subjective. Who’s to say if the world is being made a better place? And as far as innovation goes, are we talking within the confines of the job itself, or innovation outside of the workplace as well?

Most people aren’t interested in the second two criteria. They’re most likely already good at their job, or they don’t have any other source of income on which to fall back. But for those of us who are, it might benefit us to contemplate them if we’re not entirely certain that our current jobs will hold much promise in the long run.