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Having too much money is only a problem if forced to get rid of it for tax saving reasons such as donating it to philanthropy that doesn’t show results but just provides cover for protecting your wealth.
Yes, but there’s no easy solution. Having a lot of money can lead to financial conflict within families. It can lead to fraud and theft. It can lead to a phone that never stops ringing with requests from charities as well as from others asking for loans and handouts.
When my brother was in grade school, a friend, whose family had a university named after them in the 1700s, said to him: “You’re lucky your family hasn’t been ruined by money.” At the time, it seemed like an insult. But over time, I’ve come to see the truth in this. Again, there’s no easy solution, but those who envy the super-wealthy should be grateful that there’s a whole category of problems they never have to deal with.
You’re very perceptive, Adam. I’ve said for years that winning the lottery might not be a good thing.
Here’s a thought experiment. Imagine someone offers to give you as much money as you want to live comfortably for the rest of your life. There are four other contenders for this gift. The one with the lowest number wins.
What is your number?
The short answer is yet. Some people end up working too long because they do not have a handle on how much their retirement lifestyle will cost them so they always feel the need for a little more. If you don’t know your numbers you can end up wasting some some retirement years – time you can never get back. How sad is that?
The question of having too much money reminds me of Benjamin Franklin’s lesson of having paid too much money for a whistle. The danger isn’t so much having too much money but the mistakes many of us create in how we spend money, paying too much for our own whistles.
I suppose so if you let money control you. In other words, money can become an obsession that paralyzes you or makes you greedy or any other behavioral issue that money exacerbates. One way to handle that type of problem is to donate whatever constitutes more than “enough.” Create a charitable trust that benefits the causes that you support, and those behavioral issues of paralysis, greed etc. will fade away. The negative emotion is replaced by positive, fulfilling emotions… it’s a better way to live in my opinion.