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The rise of LIV Golf

If you’re unfamiliar, the PGA has dominated professional golf tours since 1916. In recent years, however, this dominance has been challenged by emerging rival LIV Golf — a tournament organizer backed by Saudi Arabia’s state-owned sovereign wealth fund.

The oil-rich nation has spent over $6 billion acquiring high-profile sports assets across the world since 2021. Critics, such as Amnesty International and Human Rights Watch, have called this spending spree “sportswashing” — an attempt to cover up the country’s human rights track record.

That’s why the decision to pay Jon Rahm $300 million to join LIV Golf stirred up controversy.

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How much money is enough?

“Everyone needs to have some idea of ‘enough,’” says Morgan Housel, a partner at The Collaborative Fund and author of The Psychology of Money. He says individuals need to set reasonable targets for their wealth and what they’re willing to do to get there. “If you don’t know where those boundaries are, you’ll probably only discover them when you step past the boundaries and it’s too late.”

The relentless pursuit of wealth has led many people beyond these boundaries. Some have committed fraud, pushed dangerous opioids, faked blood test results and even stolen money from charities in the pursuit of more money.

However, decisions that are not outright illegal can still be morally dubious. Unfettered ambition can have far-reaching consequences not just for a community but also for the wealth-seeker.

“You’re never going to be satisfied with your wealth unless you can get the goalpost to stop moving,” says Housel. “It’s great to be ambitious and have goals … but really cherishing what you have is so critical for people for being happy with their money and making sure they’re not taking risks that they’ll end up regretting in hindsight.”

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About the Author

Vishesh Raisinghani

Vishesh Raisinghani

Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

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