...The question we should ask of both Gupta and Madoff is why someone worth hundreds of millions of dollars would be so desperate for more money that they risked everything in pursuit of even more.
...They already had everything: unimaginable wealth, prestige, power, freedom. And they threw it all away because they wanted more.
They had no sense of ENOUGH.
Warren Buffett later put it: '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.'
...Modern capitalism is a pro at two things: generating Wealth and generating Envy.
Perhaps they go hand in hand; wanting to surpass your peers can be the fuel of hard work. But life isn’t any fun without a sense of ENOUGH. Happiness, as it’s said, is just results minus expectations.
...“Enough” is realizing that the opposite (an insatiable appetite for more) will push you to the point of regret.
Reputation is invaluable. Freedom and independence are invaluable. Family and friends are invaluable. Being loved by those who you want to love you is invaluable.
Happiness is invaluable.
And your best shot at keeping these things is knowing when it’s time to stop taking risks that might harm them. Knowing when you have ENOUGH.
Morgan Housel. The Psychology of Money