This is a question which comes up frequently as we talk to friends and as we see the level of greed among politicians and bureaucrats and business men.Also of late Bill Gates and Warren Buffet who have given away a substantial portion of their wealth have been going round the globe asking people to follow their example.
Over the last century there have been numerous examples of wealthy families Rockefellers, Fords, Andrew Carnegie, Tatas, Birlas who have all endowed charities with substantial sums for the good of the community.
Recently I was chatting with two of my oldest friends from Hong Kong and that got me thinking .Both are around my age plus or minus a few years They have been very successful .
One was an entrepreneur who started a business and sold it off a few years ago. His wife has ventured off successfully on her own business. Together with a friend he started another business in a totally unrelated field. That is doing very well. While talking I suggested another add on alternative to what he was doing. His reaction was " Yes I know and my clients would love me to do that. I could easily double my revenue, but frankly I have enough on my plate to keep me busy. I do not want the hassle"
The other friend a bachelor, is a successful professional who dabbles on the side by investing in ventures which attracts his interest rather than from a pure financial investment point of view.. He is a partner in a business which has a high profile in Hong Kong catering to the rising aspirations and prosperity of Hong Kong's middle and upper class. They have over the last few years moved into China. I suggested that they look at India, as it was on the same growth pattern and would be a good market. The response was similar . " I am in this to keep busy and to enjoy what I am doing . I really do not want to be bothered ".
Perhaps the best story I have read and which very nicely summarizes the difference of opinions about how much is enough, is an often quoted anecdote about Joseph Heller - the author of Catch 22.
During a commencement address at Houston's Rice University in 1988, Kurt Vonnegut ( Slaughter House Five) recounted a conversation he had with his good friend Joseph Heller.
Joseph Heller and he were at a party given by a billionaire on Shelter Island. Kurt said, "Joe, how does it make you feel to know that our host only yesterday may have made more money than your novel 'Catch-22' has earned in its entire history?" Joe said, "I've got something he can never have."What on earth could that be, Joe?" His response was "The knowledge that I've got enough."
Do we all know when we have enough ? Unfortunately in most cases we do not.
RIP - Joseph Heller - the man who knew he had enough.
Over the last century there have been numerous examples of wealthy families Rockefellers, Fords, Andrew Carnegie, Tatas, Birlas who have all endowed charities with substantial sums for the good of the community.
However my favorite is Charles Feeney one of the two founders of Duty Free Shoppers. Both the partners are total opposites. I remember from my days in Hong Kong reading about his co-founder, Robert Miller's lavish parties at his house on the peak with guests flown in from around the world. He had big fat weddings for his daughters all married into European royalty or other similarly wealthy families.
Charles " Chuck" Feeney, at one time among the top 50 richest men has been giving away all his wealth through his Atlantic Philanthropies. The total amount is believe to be around $9-$10 billion Unlike Bill Gates he has done so quietly. He does not fly around in private jets. He travels by subway and lives extremely modestly. I am sure there are numerous other examples such as this - the royal family of Travancore who gave their wealth to the temple.
Charles " Chuck" Feeney, at one time among the top 50 richest men has been giving away all his wealth through his Atlantic Philanthropies. The total amount is believe to be around $9-$10 billion Unlike Bill Gates he has done so quietly. He does not fly around in private jets. He travels by subway and lives extremely modestly. I am sure there are numerous other examples such as this - the royal family of Travancore who gave their wealth to the temple.
However on a lower level over the years I have had this conversation with my friends and colleagues during my life as a banker and now as a wannabe entrepreneur. Is one million enough or is it five million,or more ? At that time we referred to it as FY money - enough to be able to walk out of a job where you were not happy . For us the yard stick was to be able to ensure that our children had a good education, no debt and to be able to maintain the life style we were used to plus have a nest egg for emergencies.
That was then. However when we meet now we dance around without mentioning a specific number. The reality is that once you have covered the basics mentioned above then everything beyond that is to leave behind an inheritance for your children unless you totally change your life style.
Recently I was chatting with two of my oldest friends from Hong Kong and that got me thinking .Both are around my age plus or minus a few years They have been very successful .
One was an entrepreneur who started a business and sold it off a few years ago. His wife has ventured off successfully on her own business. Together with a friend he started another business in a totally unrelated field. That is doing very well. While talking I suggested another add on alternative to what he was doing. His reaction was " Yes I know and my clients would love me to do that. I could easily double my revenue, but frankly I have enough on my plate to keep me busy. I do not want the hassle"
The other friend a bachelor, is a successful professional who dabbles on the side by investing in ventures which attracts his interest rather than from a pure financial investment point of view.. He is a partner in a business which has a high profile in Hong Kong catering to the rising aspirations and prosperity of Hong Kong's middle and upper class. They have over the last few years moved into China. I suggested that they look at India, as it was on the same growth pattern and would be a good market. The response was similar . " I am in this to keep busy and to enjoy what I am doing . I really do not want to be bothered ".
Perhaps the best story I have read and which very nicely summarizes the difference of opinions about how much is enough, is an often quoted anecdote about Joseph Heller - the author of Catch 22.
During a commencement address at Houston's Rice University in 1988, Kurt Vonnegut ( Slaughter House Five) recounted a conversation he had with his good friend Joseph Heller.
Joseph Heller and he were at a party given by a billionaire on Shelter Island. Kurt said, "Joe, how does it make you feel to know that our host only yesterday may have made more money than your novel 'Catch-22' has earned in its entire history?" Joe said, "I've got something he can never have."What on earth could that be, Joe?" His response was "The knowledge that I've got enough."
Do we all know when we have enough ? Unfortunately in most cases we do not.
RIP - Joseph Heller - the man who knew he had enough.
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