Work for Love or Work for Money?

It is an age old question that doesn't have a right or wrong answer. Both sides can make a very good case for their point of view. To me, it's all about choosing trade offs between two different options. I have worked for love and worked for money. Here's the main trade off I've experienced:

Working for love. When I work for love, it feels like I am doing paid volunteer work. The key elements are: 1) Work hours accommodate my schedule; 2) People are great colleagues; 3) Work is compatible with my interests and strengths; and 4) Management is grateful that I am an employee. Basically, it's about as fun as work can get.

However, I only earn about 5 to 10% of what I was paid in my "work-for-money" job. Since money is not a main reason for working, I can resign from any job that stops being "fun."

Working for money. The biggest benefit is the compensation, including salary, bonus, insurance, and vacation. This job enabled us to save about 20% of salary, have no debt except for a mortgage, and retire in our forties.

Working for money required a lot of commitment, often involving 60+ hours a week, business travel and being accessible 24/7 when needed. For me, working for money took up most of my time, and seemed to be a significant portion of my life.

As I wrote earlier, there is no right or wrong choice. Since retiring, I get much more enjoyment from working for love, but my work-for-love options pay much less. Therefore, I am glad that I worked for money at a younger age, when I had the capacity and commitment for the effort required in a work-for-money job.

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This is not financial or career advice. Please consult a professional advisor.

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