I think the tax issue is a compelling one, however, it can never hurt to put in more hours at work. Also, figuring out a budget that works for you (and learning how to stick to it) is always recommended. Even if your making a million dollars a year.

@Todd Shultz: Yes, earning more is certainly important. I see earning as more important to long-run stability and saving as more to short-run, but perhaps that's generalizing too much. I also agree that even millionaires have to plan out their spending.

@Steve: You raise a very good point. It is important for workers to be highly motivated for the economy. But people ultimately respond to incentives--many of my friends are getting burnt out by an American system of labor that highly favors owners instead of workers.

My labor economics professor stressed time and again that America is a weird country. It's one of the only places where rich people increase their hours of work relative to leisure. I'm not sure that can go on indefinitely.

And please don't take my comment literally :) I was writing for effect and image. I, and my readers, are very hard workers and top-notch "A" students. But I suspect we'd rather get an "A-" for half the effort of working for an "A+." Maybe that scares you too about the future, but I am fine with that.

I see your point. The way you put it, I will have to grow up more to really judge the truth. Time will tell.

I can't answer you directly, but I will offer one more thought to the mix.

I don't agree A- workers are slackers. I advocate hard work, but I call for more efficient consumption, which is the use of the work (that's the "A-" part).

I think America as a society works hard but wastefully. In fact, I suggest that working more and more is leading us to wasteful activities. That work ethic is not improving our lives.

I know this first hand. When I worked late nights and weekends, I took a cab instead of a bus. I had food delivered by cars instead of strolling to nearby shops or cooking myself. I printed hundred page documents, read them, and tossed them. This was standard practice among all employees.

All these wasteful activities are cases where costs were reimbursable and made life marginally easier.

That those things were more expensive had nothing to do with quality of life.

Jared Diamond wrote about American consumption New York Times recently:

"Much American consumption is wasteful and contributes little or nothing to quality of life. For example, per capita oil consumption in Western Europe is about half of ours, yet Western Europe’s standard of living is higher by any reasonable criterion, including life expectancy, health, infant mortality, access to medical care, financial security after retirement, vacation time, quality of public schools and support for the arts. Ask yourself whether Americans’ wasteful use of gasoline contributes positively to any of those measures."

http://www.nytimes.com/2008/01/02/opinion/02diamond.html?pagewanted=2