I don’t know. It depends on what you do with it. It would be fun going around the world funding worthwhile charities that are struggling and need assistence without them knowing who you were.
Yes, depending on how you acquired the “too much” money. Bill Perkins book “Die with Zero” comes to mind as I think about this question. He discusses how people often focus on accumulating more money and unfortunately in some cases neglect their health and time. For example, lets say you need $80,000 per year to live on in retirement. According to the 4% rule (or 3% if you want to be more conservative), you would need $2 million (or $2.6 million if following 3%). Lets say your 40 and want to retire at 60. Based on several retirement calculators you are on track to retire at 60 with $3 million, above your goal number. Then lets pretend your boss says he can promote you, but it will result in working more hours, however, you would get a 20% increase in pay. What would you do? A person that is mainly concerned with just accumulating more money would likely take the promotion, even though it would require more hours in the office. However, Bill would suggest rethinking that decision. Why? Because more hours in the office means less time you have to do other things (like time with family, hobbies, etc.) and likely less time to devote to keeping yourself healthy (e.g., if I am working more, I won’t have time to exercise or eat healthy). So, he would suggest maybe passing up that promotion and spending those extra hours that you would have in the office, doing things (experiences) at age 40 that you will likely not be able to do in retirement (e.g., water ski). So, yes, it is very possible to have too much money if it results in one neglecting their health and giving up time in one’s younger years (or just giving up one’s time period no matter your age). Keep in mind, there is so much more to this book, then this example. I just used this example as it related to the topic of whether it is possible to have too much money. I do encourage everyone to read the book as it will likely get you thinking about what accumulating more money may cost you in time and your health. It did for me.
Two books on this topic come to mind: Mike Piper’s More Than Enough: A Brief Guide to the Questions That Arise after Realizing That You Have More Than You Need and John Bogle’s Enough: True Measures of Money, Business, and Life. These books persuaded me that it is possible to have too much money and that accumulating money as an end in itself is an empty pursuit. Once you have more than enough, you have to figure out how best to deploy the excess for good ends. As Adam Grossman suggests, that’s not necessarily an easy thing to do.
I don’t know. It depends on what you do with it. It would be fun going around the world funding worthwhile charities that are struggling and need assistence without them knowing who you were.
Yes, depending on how you acquired the “too much” money. Bill Perkins book “Die with Zero” comes to mind as I think about this question. He discusses how people often focus on accumulating more money and unfortunately in some cases neglect their health and time. For example, lets say you need $80,000 per year to live on in retirement. According to the 4% rule (or 3% if you want to be more conservative), you would need $2 million (or $2.6 million if following 3%). Lets say your 40 and want to retire at 60. Based on several retirement calculators you are on track to retire at 60 with $3 million, above your goal number. Then lets pretend your boss says he can promote you, but it will result in working more hours, however, you would get a 20% increase in pay. What would you do? A person that is mainly concerned with just accumulating more money would likely take the promotion, even though it would require more hours in the office. However, Bill would suggest rethinking that decision. Why? Because more hours in the office means less time you have to do other things (like time with family, hobbies, etc.) and likely less time to devote to keeping yourself healthy (e.g., if I am working more, I won’t have time to exercise or eat healthy). So, he would suggest maybe passing up that promotion and spending those extra hours that you would have in the office, doing things (experiences) at age 40 that you will likely not be able to do in retirement (e.g., water ski). So, yes, it is very possible to have too much money if it results in one neglecting their health and giving up time in one’s younger years (or just giving up one’s time period no matter your age). Keep in mind, there is so much more to this book, then this example. I just used this example as it related to the topic of whether it is possible to have too much money. I do encourage everyone to read the book as it will likely get you thinking about what accumulating more money may cost you in time and your health. It did for me.
I have had too little. I prefer to deal with the challenges of too much.
If I have too much greed, there will never be too much money. If I know exactly how much I want, it’ll be too much money beyond that amount.