I may try that calculation out of curiosity, but as for this:
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imagine how much money you'd have if you spent those hours working an extra job or starting a business instead of leveling a "toon."
Yes money is nice, and yes there are some things I could do with more money, but I'd rather be happy than rich and I don't think the money I'd earn from a second job would be enough to buy me things I'd get more pleasure from than the time I've spent playing wow (if that makes sense). Things I want money for at the moment would be going on holiday (which is mainly not happening due to my friends not having any money and they don't even play wow, I could afford to go on holiday by myself I'm just not interested in that at the moment) and a deposit for a house (which I don't really feel old enough to be worrying about at the moment and am saving up for slowly). The one thing at the moment that I really want to have money to do (and will be actively saving towards) is paying a couple of months subs on my 3 dormant wow accounts so that I can get back to multi-boxing, because I enjoy it.
Yes, I could spend the time I spend playing wow doing more productive things, but I'm just not motivated to do that. If/when I find something I want to do with my life or I decide that I really want more money than I currently earn I will do that instead of playing wow.
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it was a huge, unproductive waste of time
This might be part of the difference in our attitudes. I'm not expecting to get anything out of wow other than a pleasant way to pass the time.
"The time you enjoy wasting is not wasted time." (Bertrand Russell)