A quick story from John Bogle — the late Vanguard founder:
At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history.
Heller responds: Yes, but I have something he will never have…
Enough.
Modern Temperance
The concept of enough is so important, yet little practiced by people today. Aristotle spoke of the golden mean, which suggests that to achieve eudaimonia — happiness or flourishing — is to live in the middle ground between two extreme states. Courage lays between cowardice and recklessness. Confidence lays between self-deprecation and arrogance. Too much, and too little of something can have very diverse yet equally destructive consequences. However, modern decision-making in both professional and personal lives doesn’t really take this into consideration, and often reflects a different approach to pursuing what is considered the right amount.
Comparison is the thief of joy — Theodore Roosevelt
Although cliche, this quote from the former President is as if not more relevant today then it was when he was kicking around some 150 years ago. With the single greatest purveyor of wealth, fame and everything else desirable — which is either what you’re reading this on, or in your pocket — there is an epidemic on our ability to keep our expectations and envy under control. A realistic and compatible perspective on wealth is completely out the window, given our direct line into the lives of wealthy internet gurus, and even more so by individuals such as Elon Musk, who’s net worth is greater than the GDP of Ukraine, leading our expectations and ambitions to grow at a quicker rate than our satisfaction can.
This direct line into the different levels of wealth, fame and attention across society contributes to our lack of an accurate and grounded perspective on reality. Entrepreneurial culture always has us looking at what other people have, and how much they are making. Our growing envy for more money and more things causes us to feel as though what we have now is inadequate. To settle for what we have now, or even just to appreciate our current circumstances is considered stagnant, and unambitious. In response to this dread we take risks. Sometimes these risks payoff, often times they don’t.
Overeating is a Roman vice. The citizens poison themselves with spice, drowning their plates in rich sauces. The result? They overwhelm their palates, and themselves — Emperor Hadrian cited by Ryan Holiday
Finding Balance
If you feeling like you’re falling behind, consider that maybe you’re just falling out of touch. It is irrational to both believe that the future is to bring a wealth of change, yet the present circumstances is how it has always been. A version of you five years ago would consider what you have achieved, and all the progress you have made to be significantly more then enough.
There is no reason to risk what you have and need for what you don’t have and don’t need — Morgan Housel
There are many things never worth risking, no matter the potential gain:
Reputation.
Freedom & independence.
Family & friends.
Happiness & health.
Being loved by people you love.
Taking risks in the pursuit of more, threatens the condition of what you have now. These things are invaluable. To support and preserve them, is to know when it’s time to stop. Knowing when you have enough.
Happiness is just results minus expectations — Morgan Housel
Are you seeking the golden mean?
Just Something To Consider
🔗 Sources
Housel, M. The Psychology of Money. Harriman House.
Holiday, R. Temperance is the most important virtue. https://dailystoic.com/temperance-is-the-most-important-virtue/
Maden, J. The ‘Golden Mean’: Aristotle’s Guide to Living Excellently. https://philosophybreak.com/articles/the-golden-mean-aristotle-guide-to-living-excellently/