I suspect this sort of thinking, which places tremendous pressure on youth, is one of the reasons young people are consistently more unhappy than older people. (1)
I don't spend as much time on work as I did when I was younger, but I get a lot more done. I have also learned a few things about how to motivate myself (eg, delayed gratification)
If you're trying to live a good life, your best bet is probably not to focus entirely on making a lot of money, but to find what makes you happy. As a physician, you get to meet old people. Now that I know some old investment bankers, I don't envy the ones who focused on making tons of money. They can't climb the stairs to their ocean view bedrooms, they can't fit into their British sports cars and they never have time to drive them. Managing the paperwork of their assets becomes their full time job.
My dad is a 68-year-old engineer, he seems happy, and making more than ever as a consultant. The fact that he likes restoring hot rods works well when the money guys find out and they can exchange pictures of Shelbys.
Best advice for growing old: buy a one-story house. You can get to your bedroom and your kitchen.
(1) http://www.nytimes.com/2010/06/01/health/research/01happy.ht...