Good topic..

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Now my thoughts on this as well my personal experience.
My profile :
Total software exp : 4 years.Technology : IBM Mainframes.
Profile : Maintainaince/Enhancement.Minimal support work.
I will break my post into two so that it does not become boring.

I assume that people with MBA working in software firms are getting better work profile and hence this analysis is not intended for them.
Fact : software jobs in our country are the most comfortable and high paying jobs which do not require you to be a 'rocket scientist' of the first grade.
People doing 'core' jobs are lured into the software jobs as they amount of pay is finally the most important thing that most of us think we get from the job.Just have a look at the number of people getting hired in the top 7 IT ciompanies from other fields.
Practically speaking how many of us have the guts to leave our software jobs and take up a job in the industry of our choice.
Unfortunately most of the software firms are located in big cities apart from some cities like Bhubaneshwar.
Look at the amount of rates increase in property, vehicles or even in multiplexes in these cities.
Its becoming difficult by the day to get a decent home in a decent locality if you are not working in good firm with a good amount of salary.
Daily living expenses are getting up everyday.
Also, people who are waiting to tie the nuptial knot: what is the most important thing the parents look for in a person??
How much has he earned...how many times he has been onsite..how much property he owns..how much blah blah blah..

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I have been to US and believe me the approach to work of those guys is very different than that of ours.8 hours and that is it.
Besides they have a good set of activity which keeps them busy for the rest of the day.
Reaching office at 6 a.m. and leaving by 3 p.m. gives them ample amount of time to do what they really enjoy.
I am not saying that every Indian comoany gives it's employees that kind of a chance but again it highlights the mindset of the people at the top who never bothered to think on those lines.
We have a great hunger to get the best job, get the best pay package, get the best girl as your wife, get the best boss and get the best company to work with.
Not possible guys.Only one in a 10,000 would have that kind of luck.
Its better to look what you really want in life and then decide what you will do to reach a place where you will be satisfied with life as a whole and not simply with the work you do.
I say again treat your work as a part of your life and not the main crux.
Enjoy time with your family and firends.That would make life bit more easier on your soul.
More follows..