Which Do You Choose – Money vs. Career Satisfaction

It’s an age-old question made all the more urgent by the recession. When you feel like you’re at a crossroads, which do you choose—money vs. career satisfaction?

The case for money: it is a survival tool

Most people would choose money over satisfaction, according to a recent Cornell study.

In the Cornell survey, more than 2,600 participants were asked to pick from various scenarios, including whether they would prefer a job that paid $80,000 per year, offered fair work hours, and allowed them to get 7.5 hours of sleep per night to a job that paid $140,000 per year, demanded grueling hours, and only left time to sleep 6 hours per night.

The $140,000 position won. Why? Respondents said their family members would be happier and they would personally feel more purpose-driven, gain a sense of control, and enjoy a higher status in society.

When this study was posted on MedicalXpress.com, a medical news service, it received several comments on the first day.

“Money represents a survival tool,” wrote the first poster. “Survival has always been above the ideals of happiness.”

In defense of career satisfaction: satisfaction leads to success

Programmer, writer, and investor Paul Graham sees career satisfaction as more important than money. Judging by his accomplishments, this view has brought him success.

In the course of his unconventional career path, Graham created the first web-based application, spurred the design of new spam filters, and founded an organization that funds start-ups. He has a B.A. from Cornell, a Ph.D. in computer science from Harvard, and has studied painting at prestigious art schools.

“To do something well, you have to like it” he wrote. “The test of whether people love what they do is whether they’d do it even if they weren’t paid for it—even if they had to work at another job to make a living.”

According to Graham, people have to set aside prestige and pick the type of work they enjoy enough to excel in. Graham warns that finding career satisfaction and happiness is very tough, but if you can discover what you enjoy doing, you are more likely to succeed.

Don’t back yourself into a corner: desperate people make bad choices

At different points in your life, money and career satisfaction may swap places on your wish list. Unless you are in a desperate situation where you have to come up with money or go bankrupt, you can usually adjust your priorities as you go along.

However, you will lose this option if you pile on too much debt. As illustrated on one of CreditDonkey’s recent infographics, Americans are knee-deep in credit card debt.  If your spending habits leave you knee-debt in debt, a job that provides little satisfaction but good pay might feel like your only lifeline.

To start with, be sure you are making smart, safe decisions with your credit card. Don’t carry a balance on your credit card for more 6 months or it could snowball out of control. Read the terms for your credit card and take notes to make sure you understand how the fees and interest charges work. Do not take a cash advance unless you absolutely have to.

Debt in general should be used as a tool, not a safety net. As the saying goes, money is only important when you don’t have it. As long as you have a little bit of padding, you can afford to focus more on career satisfaction than money, if you so choose.

Finally, be sure you do not fall into the trap of thinking of money and career satisfaction as opposite goals. You should, of course, aim for both money and career satisfaction.

As you work toward that end, spend carefully and keep debt manageable. That way, you can make adjustments as you go along instead of being forced to pick the money.

One day, when you have retired, maybe someone will come to you for advice, asking which do you choose—money vs career satisfaction still being the 2 options. If you have had a successful career, perhaps you will say “both.”