This is the age-old question.  Do you have to love what you do to make money?  Several bloggers weighed in on this issue in the Shifting Careers column at NYTimes.com, writing that it depends on the circumstances.  For instance, Problogger and Grammergirl both question this premise, noting that you can be passionate about something that won’t necessarily translate into a successful business.  J.D. of Getrichslowly also doubts this notion, pointing out that he knows many people who are passionate and poor as well as miserable people who make a ton of money.

I think this premise is a bit more complicated than just “you have to like what you do to make money.”  As a recovering lawyer, I have seen a lot of lawyers make six-figure incomes, but are more miserable than a drowning rat.  But then I also see a lot of entrepreneurs who make a lot of money and absolutely love what they do.  Even Warren Buffet, the richest man on this planet, says that he skips to work everyday and would do what he does now even if he weren’t being paid for it.  So what is the distinction?  Here are my two cents.

• Misery loves company:  It’s a lot easier to be miserable at a job - you show up, your boss overloads you with work, you go home miserable, BUT at the end of the day, you still get a paycheck for your troubles.  After awhile, you show signs of zombie-ism (is that a word?) at work.
• Like a marathon, you crave the pain:  In contrast, if you’re an entrepreneur, you have to create your own workplace - whether it be going door to door hawking electronic encyclopedias or selling organic pizza to corporate clients.  The difference between this and a high-paying job is that there is no guarantee that you will ever get paid any significant sum for your troubles.  When you become an entrepreneur, you get a crash course in Murphy’s law, like a dearth of capital, maxed out credit cards, negative cash flow, lazy employees, skyrocketing health insurance costs, and slow-paying customers.   Given all this, it’s pretty obvious why you need to like some aspect of the work - otherwise, why put up with all of the headaches?  If you like the fundamental business - e.g., brewing tea, teaching yoga, making wine - you’re more likely to put up with all the other stuff to keep at it.

Of course, there are those entrepreneurs who don’t necessarily like their work, but have started the business because they find that it is the only way to make a decent living.  Some of them do become quite wealthy.  However, they eventually become burned out after decades of grueling hours in labor intensive businesses like restaurants or convenience stores. 

So what’s the bottom line here?  If you are content working for the man, make sure it is something that you can tolerate or even like once in a while.  Life is really too short for a job that you end up working at 80 hours a week but keel over before you’ve even had an opportunity to enjoy the fruits of your labor.  If you want to become an entrepreneur, try to pick a field that you are passionate about, with the caveat that it will not be all rosy all the time.  But remember the payoff - you are building something for yourself, for the present and the future.

As you may have guessed, this blog is named “financial gal” because it is written by a woman.  Notwithstanding the name, the financial issues I blog about are not gender-specific.  However, I found one article in the March 2008 edition of Entrepreneur magazine, ”Women: the Alpha Advantage,” to be particularly interesting.  Aliza Sherman, who penned the article, writes about the advice of Christopher Flett, the author of What Men Don’t Tell Women About Business: Opening Up the Heavily Guarded Alpha Male Playbook.   Flett says that women need to do the following in the workplace:

• Stop trying to fit in with the guys’ team.  The only team in business, according to Flett, is profitability. 
• Stop speaking negatively of others at work.
• Stop giving up power to alpha males colleagues and clients.

Flett points out that women inadvertently cede power by including everybody in the decision-making process and making concessions to reach consensus.  Sherman also quotes Maria Bailey, a marketing entrepreneur, who says that women become too emotional about business and often take things personally.  By contrast, men get to the point and do not internalize issues. 

Being more “alpha” in the workplace can help you claim more opportunities, work in a more focused manner, and appear more credible to colleagues.  This advice is especially valuable in the hair-raising world of entrepreneurship.  Where decisions may make or break a business, Bailey observes that women often view their own companies as their “babies” and are not prepared with an exit strategy when things go south.  Having tangled with business colleagues at work and as an entrepreneur, I can appreciate this advice.  Next time I am confronted with a difficult work situation, I will consult my alter “alpha” ego. 

Today’s Wall Street Journal profiled some excerpts from the wsj.com/lawblog, written by Peter Lattman, including a January 16, 2008 story about a law school graduate who regrets her decision to attend law school.  Kirsten Wolf, a 32 year old Boston University Law School grad who incurred over $100,000 in law school debt, says that she is on a one-woman mission to talk others out of going to law school.  Wolf, who has found her dream job as an office manager for a literary agency, says that she initially decided to go to law school to satisfy her intellectual interests and so she “wouldn’t be poor.”  However, she quickly realized that the lucrative law firm jobs went to only a few students at the top of the class, and with average grades, she could only hope for a miracle.  So Wolf finished law school, incurring massive debt, and ultimately landing a non-legal job that pays significantly less than a large law firm associate salary.   Although Wolf loves her current position, as she describes it, she will be paying off law school debt until five years before “social security kicks in.” 

Wolf admits that she did acquire some legal skills in law school, but laments that it was not worth $100,000 of debt.  This topic hits close to home because I am also a law school grad and I understand Wolf’s frustration with the choice to attend law school.  Although I, fortunately, did not incur the kind of debt that Wolf did, I also faced serious doubts about whether my career decision was the right one.  Having learned through my own experience and through talking to other dissatisfied attorneys, I think that aspiring law school attendees must think long and hard before committing to three years of law school and potential school debt the size of a home mortgage.  Although Wolf’s primary grip seems to be that she incurred enormous debt without a payoff in the form of a lucrative job after law school, I question whether Wolf would have been satisfied with her career choice even had she gotten a law firm position with a six-figure starting salary.  A relative of mine who attended also attended BU law school did get a law firm position with a starting salary of $160,000 plus bonus.  However, she was completely miserable, working the hourly equivalent of two full time jobs and performing such non-glamorous tasks like sitting in a windowless room going through stacks of discovery documents.  As soon as her husband secured a high-paying position, she promptly quit the law firm and went to work for a non-profit.  I’ve also had colleagues who have stayed at law firms, even though they were very unhappy, because of the “golden handcuffs.”  Not only were they paying off school debt, they also spent money to buy large homes, expensive cars, and designer clothes as a form of therapy to make themselves feel that the endless billable hours were worth it.  I know this because I have been there myself.  I still have some clothes hanging in the closet with tags on them from when I worked at a firm that frequently required nights and weekend work.

According to a February 1, 2006, National Law Journal article, “As Salaries Rise, So Does the Debt,” by Leigh Jones, law school tuition is increasing at a far faster pace than law firm salaries, meaning that today’s law school grads grapple with proportionally higher debt levels than past law school grads.  With 80 percent of law school grads obtaining financial aid, and average loan debt for private schools at $77,000 and public school at $49,000, the decision to attend law school is one of the most significant financial decisions in your life.

So, before you decide to attend law school, do the following:

• Work at a law firm, as a temp, secretary, paralegal, to get a feel about what it is like to be a private lawyer
• Talk to lawyers in private practice, public service, and government about their experiences
• Decide what kind of law you want to practice.  If you are just going to law school, because you don’t have any idea what to do next, DON’T.
• Decide how frugally you can live and how much savings you can accumulate before entering law school, to minimize debt
• Talk to graduates of the law school you are thinking of attending, to see how satisfied they are with the experience.  If you run into a lot of disgruntled graduates who are unhappy with the job placement and the value of their juris doctorate degree, it might be a good idea to look at other schools

I’m not discouraging anyone from attending law school, just advising them to DO THE HOMEWORK.  Choosing law school means a lot of money and may influence your career path for the rest of your life.  It’s worth taking the time to crunch the numbers and decide whether you really want to make this commitment.  One final note:  law practice is the furthest thing from L.A. Law and Ally McBeal. 

Today’s Wall Street Journal, Personal Journal, has an interesting article entitled “Want to Be CEO?  You Have to Dress the Part,” by Christina Binkley.  As Binkley explains, smart dressing in job interviews and at the office can be a real minefield, given the wide range of differing corporate cultures.  A pinstriped suit, white collared shirt, and dark tie may not work well in a company with a casual culture, like Google.  Likewise, donning your favorite pair of jeans and sneakers may be frowned upon in a traditional law firm.  For job interviews, Binkley recommends calling the hiring manager’s assistant or the recruiter to ask about the appropriate look before showing up for an interview.   

 For women, Binkley cites the following looks as no-nos:

• Tight shirts
• Low necklines
• Dangling earrings
• I would add short miniskirt, halter top, and fishnet stockings to the list (Believe it or not, I’ve seen all three at my workplace).

For men, it’s:

• untucked or wrinkled shirts
• digital sports watches
• drooping socks
• I would add here BELT (To avoid other co-workers getting an eyefull more than they bargained for).

Other advice in the article by Business-etiquette consultant Anne Marie Sabath include:

• A maximum of three accessories for men, like a watch or wedding ring
• ironed shirts at all times
• This is a classic: dress for the position you are seeking, not the one you are currently in.

Some people might think merit should trump appearance.  But the bottom line is that appearance does matter, not only in an office setting or job interview, but also in self-employment situations.  You command more respect and you gain more credibility if you are appropriately dressed.  My husband used to wear sneakers, shorts in the summer, and untucked shirts at his workplace, which has a casual dress code.  However, when he was promoted to a management position at his high-tech company, he immediately began wear slacks, tucked-in shirts, and real shoes (i.e., no sneakers).  Not only does he look and feel more professional, he feels that he commands more authority by dressing the part.  Personally, I would have liked him to dress that way before he got the promotion, but better late than never.

 My office has a corporate casual culture, but many of the women do wear suits to work.  Although I used to never wear suits unless we were meeting with outside parties, I realize that the suit does convey a sense of power and authority.  I also find that it is easier to put on a suit, instead of trying to match a regular blouse and slacks.  It’s actually kind of like a uniform, which I don’t mind.  When you’re just trying to get out of the house in the morning, one less thing to worry about is a good thing.