When will enough ever be enough?

 

I met a remarkable lady a few days ago, recently widowed after a 45-year marriage, a union she described as absolute bliss. Bless her and her late husband indeed.

She’s sorting out her financial affairs. Her husband left her more than enough, including multiple life insurance policies for which she’s the beneficiary. They have only one child, who’s doing well overseas.

I’m sorting out my financial affairs, too. I’m “OK”, I think – meaning if my luck holds, I probably won’t have to burden anybody else financially in my old age.

I’m not rich – I just don’t have expensive needs.

My daily drive is a 21-year-old Toyota. My branded stuff comes from a little secret called “bundle shops”. Hence, I do have the odd ringgit to spare for “investment” and “passion” splurges.

Not all my investments have worked out as hoped for. The passion stuff has turned out slightly better – I get to enjoy them and many have appreciated in value. I won’t exactly be able to retire on them, but having them hasn’t hurt.

Given that I started life with nothing, anything at all that I have now is a bonus.

Financial planners would blanch at my horrible RoI, but it’s my RoL – Return on Life – that’s important, and that’s not looking too bad.

Anyway, the lady said something interesting. She said her goal now was to whittle things down to just one house and one bank account. Simple as this sounds, it means giving up the family wealth and turning her assets into cash.

Many of us struggle to manage with just one house and one bank account. Many more struggle with no house and no bank account at all, certainly not a pleasant struggle compared to hers.

Years ago, I attended the launch of a very sought-after property development in KL. I was there on the second day, as the first day was pretty much all crowded out.

An elderly couple, probably in their seventies, prowled around, picking up a unit or two. The salesman said they had been there on the first day as well and had already bought a few units then.

I’m sure their kids were doing well and wouldn’t need anything from them. The couple themselves looked like they’re were not short of a ringgit or two, and probably had bought multiple life insurance policies for each other, too.

Why were they there then, sweeping up properties like there’s no tomorrow? I’m sure they’re not drug dealers laundering money, nor were they buying the apartments to set up orphanages.

Greedy is too harsh a word, if you don’t know the people and the circumstances so I wouldn’t call them greedy, but perhaps they suffer from a fear of the word “enough”. It afflicts many, including myself, too, from time to time.

We’ve read about tacky politicians (and their spouses) hoarding luxury stuff to the tune of millions: shoes, jewellery, watches, property, most of which they never wear or use.

If one is too few, perhaps two would be enough, but 20? 50 ? A roomful? A house of roomfuls? Multiple houses? No amount is sufficient if you’re afraid of the word enough.

Perhaps this was due to growing up in poverty and deprivation, but then, they’re not all from poor families. Their own offspring, who often exhibit the same afflictions, certainly didn’t come from poor families either, did they?

But never being happy with enough is more of an issue of the soul rather than the circumstances in which we were brought up. It’s also more common when wealth is obtained quickly without having to work too hard for it.

Warren Buffett, the fabled American investor, is worth over US$100 billion, yet still stays in the same house he bought in 1958, drives second-hand cars and complains about the price of a cup of coffee.

Bill Gates is also worth over US$100 billion, yet is happily, often together with Warren Buffett, spending his wealth on his favourite projects, anything from eradicating malaria to inventing cheap toilets.

They’re both still making money, whether passively or actively, but perhaps not for the tacky reason of wanting to show off to their friends. Whatever they have seems to be enough for them.

They both have pledged to give 99% of their wealth away in their lifetime. Even so, that may still not get them down to one house and one bank account, though they certainly appear to be close to it in spirit.

I’m certainly striving for the simplicity of one house and one bank account, and occasionally worry I don’t have enough, when in all likelihood it’s a case of me also suffering from fear of the word “enough”.

It’s understandable to want a bit more to take care of life’s contingencies, but that desire can put us on a slippery slope. Before long, we’re on a quest to take care of a never-ending list of contingencies.

If we can come down to owning one house and one bank account, assuming the house is not a palace and the bank account not bigger than some banks themselves, that would be pretty cool, wouldn’t it?

I’d hate to be old and frail and still prowling around property sales to snap up a few investments I don’t need, to live in constant fear and dread of the word “enough”.

By the way, the properties the old couple bought, which were then so hot and desirable, became victims of many factors, such as a property glut, high interest rate, and a shift away from fancy apartments because of Covid lockdowns, etc.

I had bought one, too, so this reflection certainly isn’t one of schadenfreude, but perhaps a case of misery loving company.

Perhaps that is fate’s way of telling us “enough is enough”. - FMT

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.