
Why is Enough Never Enough, with Rabbi Daniel Lapin
Why is enough never enough? How do I know when you’ve made enough money, or when making money becomes too much of a concern, and you should be satisfied with what you’ve got?
Joining us to discuss this abundance paradox is a long-time friend of The Money Advantage, Rabbi Daniel Lapin. Author of Thou Shall Prosper, Business Secrets from the Bible, and The Holistic You, among other works, Rabbi Lapin is an international speaker and TV host who shares the relevancy of ancient Jewish wisdom for helping us navigate modern times and answer life’s most pressing questions.
Join us for a captivating discussion with Rabbi Daniel Lappin, who returns for an eighth appearance to unravel the perennial dilemma of why is enough never enough in terms of wealth and work. Listen in as we tackle the intricate balance of ambition and contentment, drawing upon Rabbi Lappin’s wisdom and personal anecdotes. This dialogue is designed to guide you through the challenges of defining success and deciding when it’s time to refocus your energy away from financial gain and toward the other facets of life that matter most.
Discover the art of harmonizing the conflicting truths that shape our lives, as we ponder balancing professional aspirations with personal well-being. Our conversation with Rabbi Lappin illuminates the importance of relationships, health, and embracing a philosophy of service over retirement. The notion that our careers can be a calling rather than just a job is an empowering theme we delve into, exploring how finding fulfillment in service to others can enrich both our professional paths and personal growth.
In this episode, we also tackle the scarcity versus abundance mindset, sharing insights on how our beliefs influence our business outcomes and life choices. Rabbi Lappin provides thought-provoking perspectives on retirement norms, the role of marketing in success, and the impact of social circles on our decisions. To round out our expansive conversation, we discuss the importance of balance across the five Fs: family, finances, friendships, faith, and fitness, and we emphasize the crucial role of effective communication in our lives. Tune in for these transformative ideas and more, as we aim to equip you with the tools to lead a more fulfilling, purpose-driven life.
Podcast: Play in new window | Download (Duration: 1:01:48 — 70.7MB)
Subscribe: Apple Podcasts | Spotify | Android | Pandora | RSS | More
Table of Contents
Why is Enough Never Enough?
When asked about how much money is “enough,” Rabbi Lapin told us an interesting story about his daughter instead. He and his wife homeschooled their daughter for much of her life, until she decided to go into the school system. His daughter found school to be fairly easy, and getting As were no issue for her in her first semester.
In her next semester, however, she started to get some Bs, and the semester after that some Cs sprinkled in. While the Rabbi and his wife were not overly concerned with grades, they did ask her about it. And his daughter answered that when she got As, she was spending too much time focused only on homework. When she got Bs, she had time for other interests and pursuits. And Cs reminded her that she wasn’t putting enough time into school. So she used her grades as a gauge in a very interesting way, outside of the typical way of thinking. For her, it was all about balancing priorities.
He likens this story to the question of “enough money,” because it’s something everyone will grapple with. Is there a point at which you can say you’re doing well enough with money that you stop pursuing it?
[06:07] “This is actually a very difficult question. It’s not a difficult question to answer, but it’s a difficult question to answer in a way that doesn’t indict me.”
Where Are You Investing?
Money is of course important. It affects everything that matters in our lives. And yet, you cannot only invest financially and live a balanced life. It is possible to work too hard, to the detriment of other areas of your life, like your relationships, family, and health. In those cases, you must remember to think about your “why.”
Why are you creating your wealth in the first place? If you’re creating your wealth to improve the lives of your family, then don’t lose sight of spending quality time with your family either. Be sure to keep investing time into your health, so that you can be around for your loved ones for as long as possible.
You’ve got to find balance in where you’re investing your time and energy, and that doesn’t always have to be at the expense of your wealth, either. There are ways to structure your business so that it’s working for you, and you’re not simply trading time for money.
[07:55] “The mark of a great mind is the ability to hold in mind two conflicting ideas and still be able to function normally. So in other words, it’s possible to look at two ideas that are both true and that conflict with one another nonetheless.”
In this case, the two conflicting ideas we must reconcile are: How do we recognize that we will never have enough money, but that we don’t want to dedicate too much of our life to the pursuit of it?
Why Do We Do What We Do?
If you’ve listened to any of our other conversations with Rabbi Lapin, you’ll know that we talk a lot about value. And money is not evil or bad because it’s representative of the value that we’re adding to the marketplace and other people’s lives. And that’s so important in this conversation about having “enough,” because it speaks to why people get into certain careers in the first place. It’s about passion, fulfillment, and connection.
Consider teachers who keep drawings and letters from their students, even after they’ve been paid and the school year is over. Why would they do that? Because the real value of their career is the human connections they make. Of course the paycheck is important, but it’s not more important for them than the impact they’ve made. This is an example of why balance is so crucial. Almost everyone follows a certain path for personal fulfillment, so don’t lose sight of the non-monetary value you gain, as well as the non-monetary value you give.
[30:56] “The fact that what I did meant something to that person is hugely valuable to me. Hugely valuable. Yes, I got paid; but this shows that the underlying, deepest satisfaction, and likewise the deepest motivation, is pleasing other people. And that’s exactly why I believe it’s immoral to retire.”
By choosing to do what you do from a place of service, growth, and betterment, you’re going to see positive growth in your life, your bank account, and your relationships. This motivation provides you with the balance you need to be successful in many areas of life, as opposed to just one.
Rethinking Retirement Expectations
Let’s revisit the idea that you can never have enough money. The reality is, life is expensive, and it will continue to be expensive. Oftentimes, when people are asking about “enough” money, they’re asking about this in the framework of our society. And what’s the norm in our society? That people retire. So the question becomes: how much is enough money so that I can stop working?
This question is problematic in a few ways. First, we’ve touched on the human element of work, and how you can have such a positive impact on people by being of service. Retirement is about taking yourself out of service. And so, your life and the lives around you become poorer for it—not just monetarily, but perhaps spiritually, emotionally, and in terms of fulfillment. While you may not always work at the same pace your whole life, or even in the same industry, there is value to living your purpose. Without it, retirees lose motivation, connection, and more.
The second reason this question is problematic is because you cannot really have enough money to stop working. There’s no dollar value at which you can say you’ll never need to earn another penny—life continues to have costs associated, and there’s also tremendous value to setting up the next generations of your family with wealth that they know how to steward.
[47:52] “The money comes by itself. All you’ve got to do is try to figure out how to make a person’s life better and you’re home-free. And you’ve got to enjoy doing it.”
The Holistic You
Rabbi Lapin’s newest book, The Holistic You, is a perfect touchstone on this idea of finding a balance between making money and making meaning. The book poses that there are only five directions that your life is being pulled, as opposed to what may feel like infinite directions. Your life is being pulled toward the five Fs: family, faith, finances, fitness, and friendships.
To find a balance between these categories, you want to do “audits.” You can do these daily, weekly, and monthly. You may even want to do all three, depending on the category. For example, a daily audit of your friendships may be too often, while a daily audit of your fitness may fall perfectly in line with your priorities. Meanwhile, waiting longer than a month to check the pulse of one of these categories is probably going to feel far too long. At that point, you know you’re out of balance.
[51:00] “For me personally, a month is too long to let something slide. I don’t want the possibility of 30 days to go by without me realizing that I’m neglecting something important. I’d like to know that soon.”
Meanwhile, there should be no limit on the money you want to make. And you can do this without sacrificing the other categories of your life. You simply need to find ways you can scale your business by hiring the right team to support you, doing the right marketing, investing for cash flow, etc. Doing this allows you to stay aligned with a “spiritual schematic of abundance,” rather than one of scarcity, as Rabbi Lapin puts it.
Other Conversations with Rabbi Lapin:
- Surviving the Storm: Navigating the War in Israel
- Money is Spiritual
- The Bible and Money
- Financial Prosperity
- Successful Families, Inheritance, and Family Giving
- Business Secrets from the Bible
- The Holistic You
- Thou Shall Prosper
Book A Strategy Call
Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help! Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.
The Power of Storytelling with Caleb Breakey: Leaving a Legacy of Values
When was the last time you were completely captivated by a story? For me, it was years ago, when I first listened to a book that changed my entire perspective on the power of storytelling. It wasn’t just entertainment; it was a mirror reflecting truths I hadn’t yet acknowledged, lessons I hadn’t fully learned, and…
Read MoreThe History of Whole Life Insurance: What It Teaches Us About Financial Security
Have you ever considered how the concept of life insurance has evolved over centuries to become one of the most effective financial tools available today? In this article, we delve into the fascinating history of whole life insurance, exploring its roots, development, and the valuable lessons it holds for anyone seeking financial stability and generational…
Read More