Want to be as rich as Bill Gates?

Who doesn't need money? What's more, we want a lot of it. And we are always looking out for ways to earn more.

 

Have you asked yourself how much is that 'more'? Just how much will satisfy you? Because, beyond a certain point, any amount will not matter. If you are satisfied with Rs 5 crore, the pleasure you derive from Rs 20 crore or Rs 25 crore is no different.

 

In economics, this is known as the theory of diminishing marginal utility. You may be excited at making your first million, even more at making Rs 5 million. It may climax at Rs 40 million (Rs 4 crore). Thereafter, for each additional million you make, the excitement reduces. And, beyond Rs 500 million, it hardly makes a difference.

 

Here it is graphically:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So what is my point?

There is only one Bill Gates, Richard Branson or LN Mittal in the world.  Everyone is not as lucky to have the same fortune. Though we still tell ourselves secretly, "I wish it were me."

 

Think about it. You need much lesser, perhaps just a fraction of what these legends own. You don't need to worry and feel bad if you don't have the mansions, the private jets or the fleet of Mercedes. Perhaps you just don't need it.

 

Say I give you Rs 5 crore. What would you do? Make a list. How would you spend it? Do this exercise very seriously.