You might enjoy reading the book, The Psychology of Money by Morgan Housel if you enjoy my weekly musings.
In Chapter 3 Housel tells the story of Rajat Gupta who was born in India and orphaned as a teenager. To say he was poor would be like saying Warren Buffet is comfortable.
By the time he was in his mid 40’s, he was the CEO of the world’s largest and most prestigious consulting firm. He partnered with Bill Gates in philanthropic work and was reportedly worth over $100 million.
After he became a board member of Goldman Sachs he used insider trading information to make about $17 million as a side hustle starting in 2008.
Although wealthy by anyone’s standards one Goldman board member said Gupta wanted to be a billionaire, not just a centra-millionaire.
If you were worth $100 million and earned just 5% on that money, you could receive $600 per hour, 24 hours per day. Would that be enough for you?
Gupta risked what he did have to acquire what he didn’t have, and didn’t need! He did not have a grasp on how much is enough.
He was not working to create something better for someone else. He was working just to create more money for himself.
When the SEC caught up with him, he was convicted of insider trading and went to prison. All that he created was gone, including his reputation.
While I’m not a centra-millionaire, I do recognize what I have is enough. If my wife and I earned 5% on our net worth we would generate $54,000 per month.
We do not need that much to support our standard of living. This is what allows me to donate 100% of my book, coaching, and program profits to charity.
Have you considered what would be enough for you? What is that number?
To Your Prosperity,