It's Enough 

Money wasn't his goal. It was power and influence. That's why he never had enough.

"Social comparison is the enemy of joy." Amen, sister! It can be instructive, but it all too often morphs into a competition. Set your own goals. Why would anyone want to spend their life striving for someone else's?

Amen!

To some extent there is a similar phenomena when deciding when to retire - when have you saved or accomplished enough ? When young and first hired at my dream job I chose my retirement target date based on their standard retirement date . It was age and years of service based ; early retirement would have been at 51.3 and full retirement at 56.3 so I chose 56 as my target and if I had saved sufficiently then maybe at 51. We saved aggressively and indeed I could have retired at 51. But I wanted to be positive that I had enough, so stayed a little past 56 as a major project I supported was at a good exit point then plus I had trained a replacement so I could leave knowing I didn't leave my colleagues in a bind. Even though I had planned that date for ~34 years, it was still somewhat difficult to leave. I was at peak earnings and also knowledge in my area with lots of respect and responsibilities. I could get another promotion in just a year or two, but chose to retire. After that there were several offers to consult for big money which also were tempting. But I had also watched several colleagues pass away over the years working more years than needed and the question then became if my remaining time to live was more valuable than money ? We had many things we wanted to do in retirement and already could afford it, so money wasn't a driver. Would I really be happier spending some of my last few years just to leave the kids an even larger inheritance ? That made it easier to just say no and fully retire. My wife and adult children just drove back from a funeral yesterday and had about 5 hours to talk. The big subject was the lottery, as it was announced there had been a single winner of over $1 billion and the ticket had been sold within 50 miles of where we stayed. We didn't buy a ticket, but all talked about what we would do if we had won. Most of the plans were focused on moving and remaining anonymous from would be thieves and kidnappers. Then how to not lose friends. Next topic was what to spend it on - again, most things would attract attention and risk. We decided it would be best to buy condo's in our favorite places around the world and just fly first class to them a few times a year. We would probably have a management company rent them out when not there so when we appeared locals would assume we were just normal rental tourists/not wealthy. Big expenses came down to cars, but again probably not too exotic to not draw attention - maybe a $ 100-150,000 vehicle at most but not something truly rare that doesn't already exist in the area. That conversation led us to the realization that we could essentially do almost all of the things we would do if we had won that billion dollars now. We can afford those cars. We already visit several of these condos, and have on a few occasions flown first class. Now we don't have the downside of huge wealth that makes you a target and forces you to leave your current location and friends out of concern for your safety. Our kids would be able to stop working now, but that is about it except for the huge sums we would live to charity. That made us appreciate the decisions and years of planning that got us here where we can enjoy anything we want while living a normal life with lots of good friends. All in all, that exercise showed us that we already have enough.

I read a quote in a book many years ago, “The most successful person in the world is somebody that nobody has ever heard of. They have led a life full of joy, have what they need and people who love them and they are content.” That is a wonderful concept in a world that has gone money and status mad.

This may be the best of all of your videos, Erin. Between climbing the corporate ladder as well as keeping up with the Joneses, there has been a trend for people to want more and more and more. Knowing when to say Enough is key. The dark side of greed is that someone may sacrifice their health in the pursuit of more. I've known people who have suffered with such maladies as strokes, heart attacks, and even death as a result of work stress. My goal is not necessarily to retire on top of the world but rather to retire reasonably healthy, with "enough", and to leave it all behind me while I'm alive.

In my twenties, I read a book that led me to avoid debt, save and invest, and be somewhat of a minimalist: "Your Money Or Your life" by Vicki Robin and the late Joe Dominguez. Still one of my favorite books ever. To decide what is enough is one of the key concepts of the book.

The "why" behind your financial goals is everything. I know for me its all about having more time to do the things I love and having the ability to help others.

Best ever …. I really hope people heard what you had to say …excellent… importance … Keep smiling and sharing your heart and beautiful mind….

I’m glad you’ve taken the time to present this message. I’ve explained to my own kids that I never pursued “wealth” to be a bigger consumer. Building “wealth” for me was only about having more choices. And the most important choice is deciding when it’s enough.

Well said, thank you

How timely! The gospel reading at our church yesterday was the parable of the farmer who had so much grain he needed to built a bigger barn. He was so focused on getting more and more that he lost sight on living life.

I hit my goal and retired at 52. Money is not everything. That was 6+ years ago and I am glad I did what I did.

Well said young lady. You are clearly on the right path. I love the "I have enough" concept but it sure is difficult 😕 when you see so many others on social media showing off what I don't possess.

Very wise advice. Of course the opposite is true. You don't want to be a pauper liviing off of others. Balance is key

Makes me wonder why our elected officials aren’t held in the same standards. It’s not insider trading when they do it.

Bravo!

Thank you, i needed this video and perspective!

Time and health are our most important resources. "he can never get this years back" TRUTH!!!

This is a great video, Erin. I just saw you mention it in today's video. I'm glad I watched it. Great perspective and an amazing cautionary tale from Rajat Gupta.

Greed is the scourge of the earth, as exemplified by the people you showcased. The only person you ever need to impress is yourself. The pointless pursuit of money is the path of an empty life. My personal financial independence range is 1.5 - 2 million. It's a range because the future is full of unknowns, but I am sure that somewhere in that range is enough for me. I'll figure out the exact number as I close in on it and continue the journey of determining exactly what I want my retirement to look like.

I love that you put out this video. I have in the last 7 years really started to pay attention to the markets and my retirement funds. A lot of people have said that I am cheap, or that I am greedy. This cannot be farther from the truth. The truth is I take a active role in my portfolio's and retirement funds because it represents more time for retirement to spend with those I love. I am not at the computer all day watching the markets, and know that the time with the kids and wife will never come back. Time is the most important thing we have and what we choose to do with it. I often say you can make more money but you cannot ever make more time. Do I care about my magic number of course but at what cost are you willing to pay? That is the real question.

And 'enough' can be living on $30,000/yr in retirement, with no debt, surrounded by children and grandchildren. It doesn't even take a million to be content with what you have.

Preach it!! Great video Erin.

"The world is not enough, but it's such a perfect place to start." -Shirley Manson

Excellent perspective video. I'm from a family which didn't have much, financially. I remember as a kid being told I could not have an "advance" on my 25c allowance because we "didn't know where our next meal was coming from" (may or not have been absolutely true). But, it did set a goal and priorities for me. My financial goal/priority became to have enough to know I had food, shelter, and a couple of other necessities. Done that! I'm now comfortably retired with more than I "need". Yet, when you mention competition, other things come to mind, like baseball, football, racing, etc. that so many of us love as spectators. But, it's tough business on the "inside". A lot of folks treat money as a sport, which is often a short-term win, yet long-term loss - you know, risk stuff. ;)

Thanks Erin, when I checked the numbers and found I had enough to retire I did. Best move I ever made. Enough is enough and other priorities come into play. My next goal is grandchildren.....I don't seem to have as much control over that goal as I did my finances....maybe someday.

You nailed it! While I watch our retirement funds, there are moments when it’s time spend to enjoy present time.We are blessed and enjoying retirement only because we planned for what we have.

Very well presented video on a very important subject. Great reminder in this age of conspicuous consumption and comparison. So glad I found your channel.

I have watched many of your videos. This one was the best

My financial goal in the next 10 or so years is to have a paid for Home and not have to look at the prices on Restuarant Menus. 🤞 then i'll release the gas pedal and see where my next goal post is. "There is nothing Noble in being Superior to your fellow man. True Nobility is being superior to your former self."

Another Great Video... My wife and I had that very same conversation. What is my goal vs our goals and when enogh is enough.... It was good to come to an agreement.

Wow this was a great video! You have amazing principles and morals as well Erin. Your gift would be beneficial to society if you had children.

Love your videos, Keep them coming.

Great video. It reminds me of the "Never Enough" chapter of The Psychology of Money by Morgan Housel.

100%. The hardest part is realizing that although there is always more what you've already accomplished is so much further than you dreamed in the beginning. Realizing that you've already done most of the heavy lifting and can perhaps now start to take your foot off the gas a little and breath is key. Letting the next threshold go for a bit and enjoying the place you are at is, I'm convinced, a huge part of finding happiness. In other words, when you've won the game, stop playing. -Just my 2 cents. Great video Erin.

Thanks for sharing Erin. You are so right! There is a bible verse that says the same thing and has haunted me from time to time: He that loveth silver shall not be satisfied with silver; nor he that loveth abundance, with increase: this also is vanity. Ecclesiastes 5:10

Thanks Erin. Great reminder and perspective. Appreciate your videos

Great Video as usual...Count what you have, instead of what you don't have.

Excellent message Erin. Very well said. 👌🏼

Truer than you know, Erin! I worked,saved,scrimped,sacrificed and invested for 46 years and saved more than enough for retirement. Away from the family too much of the time. Now that I’m retired and living in an inexpensive part of the country with no debt and a paid off house, I can live off Social Security, alone! Of course, the investment companies will never tell you to not invest so much! Enjoy the journey, not just the destination!

The old number back in the 80s 90s was 1 Million plus a paid-off home, then in 2000, I said I will need 2 Million, now that I have doubled that I feel good heading into a Dec. 31st retirement. Just slowly did it, never any crazy risky moves. Thanks as always for great content Erin.

Loved this video. Thank you for sharing your thoughts and putting things into perspective.

Man I've been thinking on this topic a lot lately. So hard to "let off the throttle" when the future is so uncertain!

John Bogle has a great book called Enough. Highly recommend.

Erin, you are so wise beyond your years... Love your videos and keep up the good work!

You are Here .

great video and words of wisdom. luv it and keep it coming Erin!

Good video about balance in life Erin! As you become older in life time becomes even more important than money! There is a saying that can’t take a U haul with you to Heaven!

Greed is a very bad thing. When you become rich your lifestyle really doesn’t change that much with extra money.

Best video of yours yet keep it up. “Comparison is the theft of joy” so true in all aspects of life and this is one of my favorite sayings it is on my wall. Seems you and I are a lot alike snowball is a great book makes me feel bad for warren though… the more I have the more I realize what I value. Like you, if someone offered me another 20k and I then had to work Friday’s I would say no way see ya. Have you read bend not break. It is a fantastic book.

I'm a newer subscriber and I am really enjoying ypur videos. I am on my financial journey and for me enough is when I am able to have debts paid off and can bless others. For example a goal if mine is to one day be able to help a family or multiple families who are struggling and be able to pay off some of their past due bills but do it anonymously

I certainly have had that dilemma before retiring. I rode my bike for 2 days contemplating and took the best decision at the time, to retire and that "enough is enough ". I have never looked back.. since.

Reputation isn’t the most important thing, the state of your soul is. I have enough and am retired. I give to charities, family and others who need help. Love and charity improve the state of your soul.

Briliant video. Outstanding message. I was working as a Finance manager at a publicly traded company during the Great Recession and we went through rounds and rounds of layoffs. Lists of names of people let go. And then late in the year the stock awards came out and I saw how happy the Directors were with their stock grants. Tens of thousands, maybe hundreds of thousands with some luck. It was disheartening.

Hi Erin, I enjoyed this video. It is amazing how some people, who already have millions put themselves in a position to lie, be fraudulent and commit felonies to try and become wealthier. You are soo correct when you say your time is worth more than money. Life is so short. And you can’t take anything with you when your gone. So definitely enjoy your life as much as you can. Looking forward to your next video! Have a blessed day 😊

Knowing what is enough begins with the decision to separate self-worth from net worth. Once done, we can make an assessment of our financial needs in working life and in retirement based on what we define as giving comfort, safety and opportunity to ourselves and family, rather than using money to address some gap or flaw in our psyches. There is not enough money in the world to make us whole and perfect, as we see in the Rajat Gupta example. Money certainly can help our mental and moral health -- poverty being very stressful. But in the end, wealth does not fundamentally change who we are, but rather magnifies our good and bad qualities. A shallow or selfish or bad person with a winning lottery ticket is still shallow, selfish or bad.

I just go out to restaurants a bit more now that our expenses are covered by our passive income. The kids like the experience as well. We'll probably do a lot of traveling with all the kids as well. But still want to push to the next milestone, and move to a better location.

Thank you for this, Erin! This has always been something I’ve struggled with: I’m the second oldest, and I always wanted to be as good as my older brother. Whatever he did, I wanted to do faster or louder or better! But really, it’s a terrible strategy for lifelong happiness. I need to remember to do things to help myself, not to catch up with anyone else.

great. The only thing I wish you had cited was John Bogle saying the same thing; He kept saying, "he has nough" when asked why he never cared to do active fund managing.

I have my asset allocation limits set and I stand by them. I set limits on what I invest in too. Works great for me.

Erin, I am new to your channel and really enjoy your insight and financial knowledge. I must admit I don't always agree with you but you hit a home run on this one. I really feel financial literacy is missing in this country. If your parents don't teach you about money and values, you want get it in our public school system. So keep up the good work. Take Care

I loved this video. I come from a family where both of my parents worked 2 jobs for most of my life to get us through. My Parents are not together, but on good terms. I learned that there are more important things than money, when my dad was offered 5X Overtime to work on a Holiday. He had already promised my mom that he was going to be available for dinner, and didn't want to break his promise. She would have understood had he skipped that dinner ( 5X OT is A LOT of money) ... But he felt that his promise to my mom was more important. This is a lesson I will never forget.

The problem is you still have to take risk even if you hit your goal just to keep up with inflation. If you’re 40, hit your goal of 2 million and decide “no more risk” put it all in bonds you’re going to be in serious trouble. Risk can’t be eliminated. At best reduced but even that is difficult

I have enough to retire on 4% and be comfortable yet I am seeking to reach enough to live on 3%.

Good video Erin. Always easy to get caught in comparison with others. A quote from Gary Vee that I really like is it is completely okay to be grateful and appreciate all that you have, but nothing wrong with pushing the bar and keeping trying to improve yourself along the way. While I will continue to try to push myself more and provide a healthy financial future for myself and my family I will make sure it is all done within legal limits lol.

I have a good income, however compared to Sayta Nadela, the CEO of Microsoft, I would be considered wretchedly poor. However, I have had the good fortune, so far, of both of my sons being alive and healthy. Mr Nadella had to say goodbye to one of his sons several months ago. I don't know what he would have to say about it, but I would think he would agree that the life of a family member would be much more valuable than a large salary or stock options. You are right, comparing others is always a recipe for disappointment.

New friend

I’m always reminded of the beautiful quote from Forrest Gump: “Mama always said there’s only so much fortune a man needs and the rest is just for showing off.”

If you own at least one share of Berkshire Hathaway B stock (BRK-B), you can attend the annual shareholders’ meeting. Buffett and Munger used to walk around the company exhibits on Friday, but I couldn’t go this year. On Saturday, they answer questions for hours, and on Sunday there’s a charity 5K race (with Buffett & Munger children & grandchildren participating). If you’re a Buffett fan, it’s quite an event. By the way, this is one of your best videos.

I'm growing my construction company so that I will have 2-3 crews and I will make about a doctor's salary. When I roughly have enough to retire, I'm just gonna hire a college student and enjoy building decks in the summer until I don't feel like I want to anymore. I love construction and want to enjoy actually using tools when I'm older instead of just running the business. The college student will be for the heavy lifting lol

Hey Erin. If you like to read. You should purchase a copy of “controlled demolition of the American empire” by JEFF BERWICK. Excellent book, well written and full of TRUTH and facts.

Where am I? I am happy, have enough to last to the end of my days, and I really do not need more. How much you have does not make you rich. If you want a true goal that can deliver joy make it ‘How well can I live my life…’

I'm always hearing about having millions in retirement. What is the percentage of retirees that hit $1 million in savings? I know a few but that's it. I'll never hit the $1 million mark. Does that mean I can't ever retire?

People have a hard time differentiating between, earnings, rich and wealth. Wealth begins within yourself, your everyday life and relationships. If you be a good steward of the money you have, more will flow to you, as you have aligned yourself with the abundance and wealth vibrational energy. Also guys and gals, please , if you have the means to do so. Buy some physical gold and silver!! It will be your saviour in the next 8 years. The price has been suppressed, by the ability and sale of paper gold and silver through ETFs. A billionaire lady recently from Texas bought $50 million worth of physical gold and silver. And she stated that it was even hard for her to remove her money from the bank!! And she stated she knows what’s going on and just wanted to share with everyone. I have personally knew this for a few years. But shows you how quickly things are progressing.

I really enjoy your channel and even though my wife and I are already retired, we've used virtually all the concepts you cover in your videos. Now, here's another idea regarding how much to safely withdraw from your portfolio to make sure your money lasts. Simply adjust how much you can withdraw each year by taking the required minimum distribution factor on IRAs the IRS uses. For example, this year my RMD is 25.5 years. I add 10 years to that for my wife, who is 10 years younger. So, I take our total portfolio, divide it in half and then divide my half by 25.5 and my wife's half by 35.5. Add the two results together and that is how much we can withdraw from our portfolio that year. I simply repeat the process each year using the new IRS factor for that year. Yes, the withdrawal amount can go up and down each year but it's a simple guide to letting us know how much we can safely spend each year in retirement. What do you think of this approach?

Very wise. I've wanted a sports car, a porch 911 for a very long time. Perhaps I can afford it but my savings will definitely take a dent, especially during this economy. Then, would that be enough. There is someone with a Ferrari, a Lamborghini, and someone who has a Bugatti. I decided to not enter that game, knowing that I don't even enjoy driving fast.

I'm reviewing a paper right now (will soon be published in Science) but the finding: Americans find money more motivating than anyone else on earth. This means that for managers in the U.S., paying people a higher salary will correlate with employee motivation. It's less likely for this to be true anywhere else in the world. Prediction based on this observation: The "made-it number" for Americans will likely be higher for Americans in cost-adjusted U.S. dollars than anywhere else on earth.

This is why I surround myself with losers. Just kidding. As soon as my advisor said I had enough to retire now, I said, yep that's enough.

An old Chinese saying, from Lao Tzu: "He who knows that enough is enough will always have enough." Occasionally you may find this inside a fortune cookie (which I did once).

The enjoyment of building a nest egg is good, but don't let it take away the enjoyment of other things. If u don't enjoy anything else? Well, ok.

Erin: It's called .... Me, saying it with Erin: insider trading. WAIT!!! You have a dog? And you're not sharing your dog with us, the faceless interwebs? I want doggo moments. Don't make me start a movement.

Gupta spent those two years inside a "country club" prison. It was merely an inconvenience.

I agree with you Erin - I would find it very hard to spend $11K per day. I am pretty conservative, I live a simple lifestyle. If I ever found myself very wealthy, I would give most of it away to causes I support.

If his gain was $17MM and cost was $5MM in penalties + 2 years in prison, then he got paid $12MM or $6MM/year to live in prison.

Yet had he had that information and been in Congress nothing would have happened to him.

Your insight here is great. One of the things I dislike most about the perpetual rat race that is capitalism, is it leads people to believe they never have enough. Corporate CEOs are probably the worst offenders. Some of them make hundreds of millions a year, and yet they're always looking for more ways to squeeze their customers and increase their profit margins by a couple extra percentage points. In corporate America, it's not enough to make a lot of money. You have to make all the money in the world. Then next quarter, you have to make more. It's completely unsustainable and is honestly quite damaging to society. Oh well, all we can do is try to maintain our own personal work/life balances. Although that's easier said than done!

Be your own person,forget about the pressures of what everyone else in society does.Small house,used car,investing monthly and forget about it,and put any "found"money down on your mortgage.Shake the banks,there not your friend.Oh,and shake off that spendy spouse early in life,they'll sink you.Find the money miser who cautious,but not cheap.

I don't understand why buying into stock first on good news is illegal. Everyone buys into stock on good news but if your the first it's insider lol I get if it's government doing it but sounds to me he made a good call.

600k and I’m out

The new goal is to be the world's first trillionaire.

Counterpoint - Greed and a desire to be more accomplished than the other guy is the primary reason why we are all sitting comfortably in air conditioned buildings, sitting on padded chairs, using the internet. Instead of crouching on a rock, in a cave, knocking two rocks to start a fire. So by all means, identify your why. But don't denigrate others who have a drive larger than ours.

You forgot Nancy pelosi.

The problem was, his last name was Gupta and not Pelosi.

Gupta was greedy

I think you made an error in your thinking. You make it seem like Gupta risked it all to commit a one time $1,000,000 crime. My guess is he committed a lot of fraud for a lot of money, he only got caught that one time. He knew that insider trading was against the law, he just got lazy or slipped up that one time and got caught.

Would never watch Indian. Thumbs down to this video

@Erin Talks Money I like your videos, however sometimes your is too much politically correct which i despise. numbers don't lie. If person is a low income well that is his position in society until he change it.