How Many Million Do You Need?

 Way back in 1970, I had a summer job which largely consisted of managing state vehicle inspections. One day a fellow came in with his late model car and he breezed thru in a few minutes as his car did not need anything. I affixed the inspection sticker on his windshield, and he paid. He asked what my plans were, and I told him that I was majoring in economics in college and planned to go in to either finance or marketing. He smiled and said he was retired. I mentioned that he looked quite young. He laughed and said that had made and saved a million dollars in construction and decided to quit.

He went on to add that he lived fairly simply, and that he was content. As I look back, I realize that he was a quite unusual man. 

Now, having a million dollars has lost a lot of luster since 1970. Today, estimates are that the average American family has a net worth of $1.1 million but the super-rich pull up the average considerably. The median (50th percentile) US household has a net worth projected to be $193,000 (Federal Reserve estimate) as I type.

Today, the media is often focused on tech oligarchs who appear to have outsized economic and political influence. To me, they are nothing new. The “Robber Barons” of the 19th century had similar power and connections and an even greater share of total U.S. wealth than today’s billionaires. 

Over the years, I have often been annoyed by fabulously rich people saying that running up a huge net worth is a mean of keeping score. That tends to be with newfound wealth. They like to compare themselves to others. A truism, for sure, is the oft told comment that “old money whispers.” 

As a kid in New England, I noticed that the real generational money often drove old station wagons and wore nice clothes that may have been a bit old. Ostentatious displays were a no-no.

So, does money bring happiness? Not necessarily. Although, it does give people flexibility and reduces stress during hard times. The Zen answer often quoted is that a person is rich if “he rejoices in his portion.”

The great Ben Franklin wrote, “He does not possess wealth that ties it to possessions.” The Buddhist definition is “the greatest wealth is contentment.” 

When I first saw the Buddhist statement, I immediately thought of my acquaintance from the 1970 car inspection. The crusty construction foreman who became a builder would have dismissed the comment, but he escaped the rat race and was content with modest affluence. 

My favorite story about how much is enough involves two accomplished American novelists. Both Joseph Heller and Kurt Vonnegut were invited to a party at a very wealthy man’s summer cottage. Scanning the surroundings Vonnegut allegedly said to Heller, “Joe, does it bother you that our host makes more in one day than all your years of royalties from CATCH-22? 

Heller responded, “No, because I have something that he will never have.”

“What’s that”, asked Vonnegut. “Enough.”

If you would like to contact Don Cole directly, you can email him at doncolemedia@gmail.com or leave a message on the blog.