An interesting article about an Englishman who built a 3 Million Pound fortune (about $5 Million in US dollars) and found it did not provide any happiness. He decided to give every penny of it away to charities he started in Latin America. What makes this gift so impressive is he isn’t on his death bed. This is not an end of life bequest. He is essentially giving all his money away and downscaling his life.
This is a great lesson for Americans who covet material objects. I certainly don’t recommend giving away all your money; rather, I recommend focusing on what will make you truly happy. Usually, when you live by your values, you will find happiness. I also think being thankful for what you have and living a simple life is a key. This isn’t to say we should ignore all material objects. Everyone has items that they desire or have dreamed of. I have always wanted to be able to afford a massage each week. That may seem odd, but my wife and I have always thought how great it would be to drop $160 a week on massages. We don’t do that now, but my test of material wealth is when I can afford that. Some people want a convertible, boat, or big house. The key is to not crave every new item or compete with the Jones’. A special item is fine. A household full of everything is not.
Living your life according to your values is critical whether you have $1 to your name or $100 Million. Thousands of stories exist about people who receive inheritances or win lotteries who end up watching their lives go down the toilet after their new found wealth. The reason is these people let the money and materialism take over. They completely ignore their inner values.
The best example of this was Jack Whittaker, a West Virginia man who won a $315 Million Powerball (at the time the largest Powerball prize ever). Mr. Whittaker was a millionaire before he won having built his net worth as a business owner. So he obviously had a strong work ethic and core values. Once he won the Powerball prize, his life spiraled out of control. He lost his entire fortune due to lawsuits, theft, and begging friends and family. Even worse, he lost his pride and joy – his granddaughter. He had stated that the most important person in his life was his granddaughter. After winning the lotto, Whittaker gave her a $2,100 a month allowance. Giving a young girl this kind of money led to drug use and eventually her death. Almost as bad as her death was the emotional toll the money took on her. She had “new friends” who pressured her for material items. She got to the point where she felt she had no true friends and was severely depressed. The money obviously wasn’t the gift he should have provided his cherished little girl.
Today, Mr. Whittaker says he wishes he had just filled up his automobile gas tank and never bought that lotto ticket.