Features
$35K vs $350K: How Much Money Is Enough?
We spoke to two women at opposite ends of the income spectrum about why their salary suits them.
"Family and friends are more important to me than money"
Courtney Payne, 27, earns $35,000 as a Red Cross project officer
I took a big pay cut when I switched from being a freelance events manager, working on amazing events like the Melbourne 2006 Commonwealth Games, to working for the Red Cross – but I've never regretted it.
Money just isn't a huge priority for me. I place more emphasis on having a good work–life balance. I don't earn much, but my hours are reasonable, which means I have more time to spend with my family and friends. Plus, when I am out with mates, I'm not worried about work. Besides, I really love my job, which involves working with young people in the community.
I'm obviously not in it for the money – or the moral superiority – but because it feels real and right. Of course, there are disadvantages: I can't afford holidays or dinners out, and I take public transport instead of taxis. However, what worries me the most is I'm not saving very much. I know that my friends will start buying houses soon and that's when I’ll start to notice the difference in our incomes.
Eventually, I may have to revaluate my career. But earning a huge salary is never going to be a priority. In my experience, spending tends to expand to fit the income you have. If I had more money I don't think my life would be that different – maybe I'd go out for dinner more often and be able to afford designer clothes and more lavish holidays. But, essentially, I'd be living the same life with a few extra trimmings; I'd still spend time with the same people, do the same things, but in a different income bracket. To me, family, friends, community and good health are the most important things in life, and it's sad that people like me, who work in the community or health sectors, earn so little. Sometimes, I think society has its priorities backwards.
"My salary gives me more security and flexibility"
Clare Porta, 33, earns $350,000 as a financial consultant
Money isn't the most important thing in my life, but it is important. I'm not as dollar-driven as lots of other people in the finance industry, but I do think financial security is essential. And, to be honest, earning a large salary means I have a higher standard of living, which I enjoy. At 33, I own my own two-bedroom apartment in Sydney's CBD, and one day I'd like to have an even nicer townhouse or house. I also have plenty of savings and my income means I can indulge in my greatest weakness: designer clothes!
My first job was as a stockbroking analyst and I worked until at least 7pm every night, and was regularly in the office at midnight. Even now, I work at least one day every weekend, and usually in the evenings. I've even had to cancel holidays that I've paid for when it's been too busy. Working such long hours also means it's difficult to keep in touch with old friends. I certainly never decided to study finance at university because of the generous salary. I was more interested in being challenged, which is why I started my own consultancy business.
I'm on a FINSIA* subcommittee and volunteer on two not-for-profit community organisation committees: goodcompany, which matches professionals to volunteering opportunities and Adult Survivors of Child Abuse. Some day, I'd love to take six months off work to volunteer full-time. Alternatively, I'd love to be more actively involved in philanthropy at some stage.
*Financial Services Institute of Australasia.
Courtney Payne, 27, earns $35,000 as a Red Cross project officer
I took a big pay cut when I switched from being a freelance events manager, working on amazing events like the Melbourne 2006 Commonwealth Games, to working for the Red Cross – but I've never regretted it.
Money just isn't a huge priority for me. I place more emphasis on having a good work–life balance. I don't earn much, but my hours are reasonable, which means I have more time to spend with my family and friends. Plus, when I am out with mates, I'm not worried about work. Besides, I really love my job, which involves working with young people in the community.
I'm obviously not in it for the money – or the moral superiority – but because it feels real and right. Of course, there are disadvantages: I can't afford holidays or dinners out, and I take public transport instead of taxis. However, what worries me the most is I'm not saving very much. I know that my friends will start buying houses soon and that's when I’ll start to notice the difference in our incomes.
Eventually, I may have to revaluate my career. But earning a huge salary is never going to be a priority. In my experience, spending tends to expand to fit the income you have. If I had more money I don't think my life would be that different – maybe I'd go out for dinner more often and be able to afford designer clothes and more lavish holidays. But, essentially, I'd be living the same life with a few extra trimmings; I'd still spend time with the same people, do the same things, but in a different income bracket. To me, family, friends, community and good health are the most important things in life, and it's sad that people like me, who work in the community or health sectors, earn so little. Sometimes, I think society has its priorities backwards.
Clare Porta, 33, earns $350,000 as a financial consultant
Money isn't the most important thing in my life, but it is important. I'm not as dollar-driven as lots of other people in the finance industry, but I do think financial security is essential. And, to be honest, earning a large salary means I have a higher standard of living, which I enjoy. At 33, I own my own two-bedroom apartment in Sydney's CBD, and one day I'd like to have an even nicer townhouse or house. I also have plenty of savings and my income means I can indulge in my greatest weakness: designer clothes!
My first job was as a stockbroking analyst and I worked until at least 7pm every night, and was regularly in the office at midnight. Even now, I work at least one day every weekend, and usually in the evenings. I've even had to cancel holidays that I've paid for when it's been too busy. Working such long hours also means it's difficult to keep in touch with old friends. I certainly never decided to study finance at university because of the generous salary. I was more interested in being challenged, which is why I started my own consultancy business.
I'm on a FINSIA* subcommittee and volunteer on two not-for-profit community organisation committees: goodcompany, which matches professionals to volunteering opportunities and Adult Survivors of Child Abuse. Some day, I'd love to take six months off work to volunteer full-time. Alternatively, I'd love to be more actively involved in philanthropy at some stage.
| HOW YOU VOTED: According to marie claire's online poll, 30 per cent of readers are completely happy with their current salary, while more than two-thirds would be happier on $50–$100k more. |
*Financial Services Institute of Australasia.
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