How much money is enough?

Money: A little bit more please…

Money: How much is too much…”just a little bit more money

Many of us say that money cannot buy happiness. But lack of it also brings misery, frustration, and dejection. Like they say, with money we can buy books but not knowledge, buy medicine but not health, and buy sleeping pills but not sleep. We cannot buy everything with money, but we cannot survive without it.

Money is just a piece of paper that we cannot eat or drink, but can we hold on to life without it? Yet money is the most powerful thing in this world. Can you deny it? No-one can…In today’s materialistic world money has become a yardstick of success. I ask you: who do you consider a successful human being?. The people who have more money power are deemed to be successful in society. In a way it’s true. Possession of goods and money to buy more goods are usually considered as the ultimate goal of life.

More clothes, more shoes, latest smartphones, laptops, tablets, largest screen TVs in the market, the list is never-ending. On larger scale luxury cars, new big homes with the latest facilities, and frequent world tours…our dreams are limitless. To fulfil all these dreams, we need more money. So how much money is enough? In my opinion, it can never be enough because of our ever-growing needs and desires. Even having more money cannot ensure happiness and joy in life. There are so many ultra-rich people who have no time and intension of spending money and still, they are not happy. We know many millionaires and billionaires who have even committed suicide.

So, the question is still there: how much money is too much.

One of my friends asked me:  “how much money should I have to retire comfortably in India”. I think it depends on individual needs and circumstances. As per recent studies by Standard Chartered, the Wealth Expectancy Report 2019, the average wealth expectancy in India with enough disposable income to save and invest is Rs3.6 crore or Rs1.3 crore for emerging affluent, Rs 2.6 crore for the affluent and Rs 6.9 crore for high net-worth individuals(HNIs)

But this is just a study. There are many billionaires who have earned amass of wealth and still they yearn to earn more.

I would like to give an example: John Davison Rockefeller Sr was an American business magnate and philanthropist. He is widely considered the wealthiest Americans of all times and the richest person in modern history (8th July 1839 to 23 March 1937). At the peak of his fortune, he was asked in an interview: “How much money is enough money”. And his answer was… “Just a little bit more”. At that time, he had a personal net worth equivalent to one per cent of the total U.S economy. Over 90 percent of the U.S oil and gas industry was owned by him. Today’s successful billionaires like Bill Gates and Warren Buffet are nothing compared to him. And yet he wanted “just a little bit more money”.

Of course, money is important for survival and all of us want to earn enough of it to meet our daily living expenses plus some more to enjoy the things we like to spend on. But it should not be the only goal of life.

Peace begins within us. Try to be content with your life, but not too early. It should come with experience and progress. Don’t let money define you. Let money serve you. Don’t be the servant of your money. Financial independence is what we need. If you have enough money and savings for meeting the necessities of life – food, shelter, education, healthcare, and retirement – then you would be considered safe to lead a joyful life.

But you must be smart enough to invest in safe and high yielding saving instruments. Considering the market conditions and inflation, if an investment-portfolio is not taken care of properly, it can be risky.

Money can make us happy but if we think spiritually, helping less privileged people and removing the miseries of mankind can give us more peace and happiness than anything else in this whole world !!

None of the blogs or opinions expressed within is meant as advice to you or anybody else on any matter, including but not limited to, personal finance, health, or other matters of life. If you need advice, speak to a professional!

Published by Anita Vij

A caring mother of 2. A loving wife. An aspiring individual who wishes to share her life-long learnings with the rest of the world.

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