That's Enough

One of the most difficult decisions to make in the context of retirements or scaling down is to know if what one has is enough. I know first-hand that these doubts never go away. There are always scenarios in which the savings seem inadequate.

In light of that, I really liked this poem by a favorite writer of mine – Kurt Vonnegut. (I found the poem in Bob Sutton's blog, Work Matters)

It's a small poem that appeared in the New Yorker back in '05. I am posting it in full.

Joe Heller

True story, Word of Honor:
Joseph Heller, an important and funny writer
now dead,
and I were at a party given by a billionaire
on Shelter Island.
I said, "Joe, how does it make you feel
to know that our host only yesterday
may have made more money
than your novel 'Catch-22'
has earned in its entire history?"
And Joe said, "I've got something he can never have."
And I said, "What on earth could that be, Joe?"
And Joe said, "The knowledge that I've got enough."
Not bad! Rest in peace!"

--Kurt Vonnegut

Eudaimonic Well-Being as opposed to Happiness

Here's a short article in WSJ that makes a distinction between Happiness and "Eudaimonia."

From the article:

The pleasure that comes with, say, a good meal, an entertaining movie or an important win for one's sports team—a feeling called "hedonic well-being"—tends to be short-term and fleeting.

Researchers have found those with greater purpose in life were less likely to be impaired in carrying out living and mobility functions, like housekeeping, managing money and walking up or down stairs.

A lot of it is common-sense, but it is good to remember that these two are related but quite different. The full article is here. Thanks to Sateesh for the pointer.

Another Perspective on Stability

Stability in our lives is something that most of us intuitively seek out. Mr. Kukunoor, it turns out, has a very different perspective on stability.

Nagesh Kukunoor was a featured speaker in IIT Madras at this year's Saarang festival (2011). He narrated the story of how he came into movie making. He was working in Atlanta, GA, as an environmental consultant, leading a comfortable life. However, he harbored this lifelong desire to make movies though he had no training in it whatsoever. Mustering up courage he quit his US job, sold off all his stuff and moved in with his parents in Hyderabad, India. Using his own savings and his credit cards, and with a lot of assistance from both his parents he wrote and shot the movie "Hyderabad Blues." After starting out slow, the movie really caught on and Nagesh Kukunoor made a name for himself as a director.

Based on his own experience, Nagesh Kukunoor came to believe that stability (and the comfort that a regular paycheck brings) works actively against those who want to pursue their passions. He believed in this so strongly that he named his own production company SIC – which stands for Stability Is a Curse. He has gone on to make around a dozen movies under this banner.


PS – In that talk, Nagesh also narrated the story of trying to get Hyderabad Blues sold. India's Star TV expressed interest in the movie. Nagesh who had run out of money once the movie was made, and was headed back to the US asked for Rs. 2 lakh, which is quite a small sum. But Star TV refused to pay that and Nagesh dropped the asking price to Rs. 1 lakh. The network again refused and in desperation Nagesh said he'd settle for 0.5 lakh. The network wouldn't even pay that. In the next few weeks, the movie got picked up by a couple of international film festivals. Within months, Star TV came knocking and paid Nagesh Rs. 50 lakh (100 times his last asking price) for the rights to broadcast it.

The Early Retirement Dilemma in One Sentence

Barbara Ehrenbeck in her book Nickel and Dimed (a good read) raises the question of why she gave up her job and proceeds to answers it herself.

I treasure the gloriously autonomous, if not always well paid, writing life.

It can't be stated more succinctly than that.
Choose only one: a) Autonomy or b) a good salary.

How An Economy Grows, and Why it Crashes

My friend Kalyan liked the book "How an Economy Grows, and Why It Crashes" so much that he bought 4 copies, and gifted one to us. That's how I came to know about and read the book.

If someone had told me that any author could explain the differences between "Keynesian ideas" and the "Austrian school" to any lay person, I'd have been highly doubtful. But the Schiff brothers do it, in the first 3 chapters of this highly readable book.

Peter D Schiff is an investor with a great understanding of economics. Let's assume that 1 in 50 people work as teachers. But only 1 among these 50 teachers is a master teacher. Only they have grasped the subject to such an extent that they can explain it to others with lucidity and simplicity. Peter Schiff is one such teacher.

This book has much going for it. It is a book presented as one ongoing allegory. If you have read "The Richest Man in Babylon" or "The Wealthy Barber" you know the kind. This book follows that storytelling tradition.

The story starts with 3 guys (Able, Baker and Charlie) stranded in an island where they have to catch fish by hand daily to survive. Each and every concept of trade and economics is built as these three become sophisticated in their economic dealings.

The authors build seamlessly from microeconomics concepts to grander topics in macroeconomics. Using examples of two larges countries (US and China, very thinly disguised) the authors play out several dire scenarios. In its criticisms, the book is hard-hitting and opinionated, and doesn't hold back.

The authors come down very strongly against holding on to US dollars. In a way, this book serves a personal wake-up call to me, because I don't own any tangible assets at all, and all savings are in paper US dollars, which Schiff feels has to fall prey to eventual inflation.

In each chapter, boxed "Reality Checks" are sprinkled on the side margins for extra clarity. "Takeaways" are given at the end of each chapter to reinforce the economics concepts introduced.

The book is a very easy read, and can be finished in one to two sittings. Everyone who is 15 or older should read this book. I can't think of any exceptions

My Most Enjoyed in 2010 List

Most Enjoyed in 2010

Books:
Fooled by Randomness by Taleb
Most enjoyed classic: Zen and the Art of Motorcycle Maintenance by Robert Pirsig
Why An Economy Grows, and How it Crashes by Peter Schiff
Happiness Books – The Happiness Project by Gretchen Rubin
Delivering Happiness by Tony Hseieh

Videos: Richard Dawkins DVD set – Growing Up in the Universe
Himalaya by Michael Palin (BBC)

Movies: The Social Network, A Year of Saturdays, Bard Songs, Certified Copy

Web Video: Numerous Ted Talks especially from Ted Global 2010 in Oxford.

Travel – India: Central TamilNadu road trip (so much to see in "my" home state).
US West Coast trip: 35 days on the road, with our car serving almost as a makeshift RV. (We slept in motels.) It was a great way to rediscover much that America has to offer.
Specifically, the 10 days that we spent traveling in New Mexico (esp. white Sands NM).

Sporting Event – Watching Tendulkar score 200 in a One day match (on TV).

Escape: Managing to avoid the 2010-11 Midwest winter.

Place to Stay: Candlewood Suites in IL – Hassle-free living, so much so that it felt like home.

Gadget: The iPad, (hands down). It changed the way we approach travel (and much of) planning and was invaluable during the road trip.

Project: Working on The One Paragraph Project, choosing 'Conflicts Around the World' as a broad topic. Just a little research made me appreciate so much more of the world news.

Software: Paint.Net (free graphics software)

Blogs: GatesNotes & Marginal Revolution

Food:
Freshly made guacamole with warm torilla chips.
Papa John's pizzas, esp thin crust.
Gits Rava Idli's.
Bryer's Raspberry and Dark Chocolate Ice Cream.

Home Appliance: Rice cooker: We bought a small (3-cup) electric rice cooker and it ended up altering what we ate during our West Coast trip.

Personal: My mother's remarkable recovery after a major operation. Spending time with my parents and (re)connecting with them.

RetiredSyd's "Most Enjoyed in 2010" List

When I read Sydney's blog, Retirement – A Full Time job, it often feels as if I am reading my own thinking. In her clear manner, she explores the same topics that I am intrigued by. She was recently interviewed by NPR, and has a blog in US News called On Retirement.

Here is her response to my post request – her list of the things she has most enjoyed in 2010.

Sydney's Most Enjoyed in 2010 List:

1) Baby Luca (after my friend suffered several heartbreaking miscarriages, her dreams finally came true),
2) A month in Manhattan on a home swap (and in particular, learning to love baseball with my husband at Yankee's Stadium),
3) And just in time to watch our own SF Giants win the World Series!
4) Enjoying three trips to Las Vegas with incredible friends (and icing on the cake, coming out a few hundred dollars ahead)
5) Knowing that 30 million uninsured Americans will be able to get health coverage,
6) The chance to meet wonderful new readers through an opportunity to blog for U.S. News,
7) Enjoying a little part-time work for fun people that I admire,
8) Ram's link to HBR's "How Will You Measure Your Life?" That article made a huge impact on me.

Sydney

If any of you do create your own list, do send me a copy and I will be happy to post it here.

Related Post:
Requesting your "Best of 2010" List