I agree with Steven Marshall and with your father. (I am a US citizen but living elsewhere.) Living on about half your income, on fairly plausible assumptions about the present and future performance of the economy, gives you good prospects of being able to retire nice and early. At which point, of course, you don’t have to retire—you may enjoy your work too much, or feel obliged to give a lot of money to charities, or have the urge to get rich rather than merely comfortable—but knowing that your employer no longer has the ability to dump you into poverty is a big deal. Even before that point, you have much more ability to (e.g.) choose a job you’ll enjoy, take longer about finding a new job after an old one ends, etc.
I have the impression (based on insufficient evidence, and I’ll listen gladly if others tell me I’m wrong) that this sort of advice is particularly needed in the US, where there is a strong culture of credit-based conspicuous consumption.
knowing that your employer no longer has the ability to dump you into poverty is a big deal.
This is the crux of the matter: being free to do what you want with your life, and feeling safe and secure at the office. This will allow you such luxuries as freely speaking your mind, refusing unethical orders, privileging actual professional accomplishment over the appearance thereof, not feeling threatened by the success of your peers and being able to help and collaborate with them freely, and so on.
Yes. Though, psychologically, many people may in fact have trouble refusing orders, not feeling threatened by more visibly successful peers, etc., even if they’re secure enough financially that they’re in no real danger of poverty.
I agree with Steven Marshall and with your father. (I am a US citizen but living elsewhere.) Living on about half your income, on fairly plausible assumptions about the present and future performance of the economy, gives you good prospects of being able to retire nice and early. At which point, of course, you don’t have to retire—you may enjoy your work too much, or feel obliged to give a lot of money to charities, or have the urge to get rich rather than merely comfortable—but knowing that your employer no longer has the ability to dump you into poverty is a big deal. Even before that point, you have much more ability to (e.g.) choose a job you’ll enjoy, take longer about finding a new job after an old one ends, etc.
I have the impression (based on insufficient evidence, and I’ll listen gladly if others tell me I’m wrong) that this sort of advice is particularly needed in the US, where there is a strong culture of credit-based conspicuous consumption.
This is the crux of the matter: being free to do what you want with your life, and feeling safe and secure at the office. This will allow you such luxuries as freely speaking your mind, refusing unethical orders, privileging actual professional accomplishment over the appearance thereof, not feeling threatened by the success of your peers and being able to help and collaborate with them freely, and so on.
Yes. Though, psychologically, many people may in fact have trouble refusing orders, not feeling threatened by more visibly successful peers, etc., even if they’re secure enough financially that they’re in no real danger of poverty.