THE DANGERS OF NOT HAVING ENOUGH.
It remained obvious for even a critical element of our society including many of the wealthiest and most powerful among us that, there seems to be no limit today on what we should call enough.
Well, let me start by leaving us with an example of the dangers of not having enough, and the lessons we can learn from that.
Rajat Gupta who was born in Kolkata became an orphan at a teenage age.
As nature could be doing her own thing, by his mid-40s he became the CEO of McKinsey, the world’s most prestigious consulting firm.
In 2008,—– Goldman Sachs company saw the wrath of the financial crisis, and that was when Warren Buffett came up with the plan to invest $5 billion into this bank to help see to its survival.
As a board member of Goldman Sachs, Gupta had access to this information before the public. And you can testify, that such a piece of information is very lucrative.
With this information comes the value that Buffett’s backing will surely send Goldman’s stock soaring. A few seconds after learning about the deal, Gupta called the hedge fund manager, Raj Rajaratnam.
Who immediately bought 175,000 shares of Goldman Sachs. And latter the Buffete-Goldman deal was announced to the public. Unexpectedly, Goldman stock surged and Rajaratnam made a quick $1 million.
While Gupta made $17 million in profits.
This we could call the easy money. So for prosecutors, this will become an easier case.
Therefore, Gupta and Rajaratnam both went to prison for insider trading, and their careers and reputations were all irrevocably ruined forever.
So if we are to say something here, our question could be, why should someone like Gupta who is worth hundreds of millions of dollars be so desperate for more money that they risked everything even in pursuit of more?
Remember, a crime committed by someone living on the edge of survival is one different thing.
That is why a Nigerian scammer when asked by the New York Times about how he feels about his activities of scamming people.
He told the Americans that he feels guilty for hurting others, but poverty does make him feel less pain when succeded in his scam deals.
But in this case today, what Gupta did was quite different, because he already had everything (money) in life.
Before this, he had unimaginable wealth as CEO of McKinsey, prestige, power, and freedom.
And funny enough he threw all these away because he wanted more. This means Gupta and his partner had no sense of ENOUGH.
Warren Buffett went ahead to describe this character and I quote him:
“To make money they didn’t have and didn’t need, they risked what they did have and did need.
And that’s foolish. It is just plain foolish. If you risk something that is important to you for something that is unimportant to you, it just does not make any sense.
There is no reason to risk what you have and need for what you don’t have and don’t need.”
This is one of those things that is as obvious as we may overlook it. I know that few of us will ever have $100 million as Gupta and his friend did.
And I bet you, a measurable percentage of people reading this lesson will, at some point in their life obtain a sum of money sufficient enough to cover every reasonable thing they need and want in life.
Assuming you are one of them, now let me leave you with a few things to remember:
1). Always try to get the financial goalpost to stop moving:=>
It is always dangerous when the taste of having more — more money, more power, more prestige increases your ambition faster than your satisfaction.
Remember, life is not any fun without a sense of ENOUGH. Happiness is when you have the results and forget the expectations.
2). Avoid the temptation of social comparison:=>
Has anybody ever told you that the ceiling of social comparison is so high that virtually no one will ever hit it?
This means that this battle can never be won, and the only way to win this battle is to accept that you might have enough, even when it’s less than those around you.
3). Have in mind that ENOUGH is not too little:=>
To many people of the world today, the idea of having enough might look like conservatism, leaving opportunity and potential on the table to lay waste.
And I do not agree with them on such terms. “ENOUGH” is alerting your mind that the opposite which is an INSATIABLE appetite for more will eventually push you to the greater point of regret.
4). Finally, risking some things is not worth it no matter the potential:=>
When Rajat Gupta was finally released from prison, below was his statement and I quote:
“Don’t get too attached to anything, especially your reputation. What does it matter?
Finally, this thing unjustly destroyed my reputation.”
To keep your reputation you have to know when it’s time to stop taking risks that might harm you.
That is knowing when you have ENOUGH. I have some good news for you, and this good news is that the most powerful tool for building enough is very simple, and does not require taking risks that could damage your reputations.
And this tool is called COMPOUNDING.
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