Health care money

It’s a tired old saying: “Money can’t buy happiness.”

But why does it seem to have the exact opposite effect and buy misery for so many people?

Why do so many rich and famous entertainers turn to drugs, alcohol or even suicide in some cases?

According to personal financial manager Jody Tallal, it all starts with understanding the human need for boundaries.

“We are creatures that are very comfortable by defined boundaries,” Tallal said during a recent appearance on “Caravan to Midnight.”

“We’re given boundaries as children, if we’re raised properly. We know what we’re allowed to do and what we’re not allowed to do, and if we cross the boundary we’re promptly reprimanded and we get back inside. That creates safety.”

Once children grow into adults, their boundaries in life are defined by money, Tallal noted.

“Each of us that are working are getting money, and that defines who we are financially – what kind of home we can live in, what kind of car we can drive, where we can eat at restaurants and when – and we all want more,” he said. “That’s a natural thing. We all want more, so we daydream, and we dream about all these things – ‘If I could just have this, if I could just have that, I’d be so happy’ – but if we’re not happy, things aren’t going to change, right?”

The fabulously wealthy have far wider boundaries than most people, and when they test the limits of those boundaries by buying everything they want, they often find they’re still not satisfied, according to Tallal.

“What then occurs is you get angry, and the anger is really at yourself – ‘What’s wrong with me? I dreamed about these things. Anybody would be happy if they had them. What is wrong with me?'” he said. “And you get angry at everything, and that then gets worse and worse and worse.”

“Billionaire Cab Driver: Timeless Lessons For Financial Success” is an easy-to-read financial primer from a man who revolutionized the personal financial management industry. Jody Tallal’s latest book offers timeless lessons for financial success, no matter your occupation, salary or personal savings.

Tallal knows about this because he went through it himself. At the age of 21 he took a job as a financial planning consultant to high-income professionals, and he learned all the secrets of financial planning. While helping doctors and lawyers navigate their financial environments, Tallal developed his own processes. He later created his own firm, becoming one of the first fee-only financial planners in America.

He gained an excellent reputation (not to mention excellent revenue) as a financial planner, and he earned plenty of extra money by investing in real estate. In fact, he accumulated enough wealth to be able to retire at age 35, at which point he focused solely on managing his own assets.

Tallal shared the wisdom that helped make him rich in his book “Billionaire Cab Driver: Timeless Lessons For Financial Success,” published earlier this year, and he also dispenses advice in a weekly WND column.

However, in spite of his fantastic wealth, Tallal was not happy. He owned a “wonderful sailboat,” but after four or five trips to the Virgin Islands, it started to not feel fun anymore. He had a Rolls-Royce Corniche convertible, but after a while it just felt like another car. The same was true of his limousine.

“It just all wore out,” Tallal recalled. “If you don’t focus on things more than just the money and learn to be happy inside, then having more money is a curse.”

Tallal gave an example from “Billionaire Cab Driver,” which is written in a parable format.

In the book, the wise billionaire drives journalist Dan Langston by a beautiful mountain lake and points out the many dead fish at the bottom. He explains these fish fight their way upstream from the ocean to spawn in the lake, but once they lay their eggs, they die because they have no reason left to live. They have accomplished all their goals.

“You know, that kind of happened in my life, too,” a reflective Tallal said. “I stopped – there was nothing else to buy. I literally had a 71-foot yacht; I had a $4 million house.”

To make things worse, Tallal lost his fortune during an economic crash in Texas in the late 1980s, and he fell into depression. However, when the markets recovered, he began investing again and was able to earn back enough money to retire once more by 2000.

Tallal insists there is nothing wrong with having vast sums of money, even at a young age, but people need to live with a larger purpose.

“I believe that we are stewards of everything give to us, and we have to figure out how to use it wisely, and doing what I did in the first part of my life was not that,” he said. “I was going after all these things that I thought I wanted. You know, it’s good to have money and enjoy things, but you have to learn to be happy with yourself first.”

“Billionaire Cab Driver: Timeless Lessons For Financial Success” is an easy-to-read financial primer from a man who revolutionized the personal financial management industry. Jody Tallal’s latest book offers timeless lessons for financial success, no matter your occupation, salary or personal savings.

 

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