You have to fight to reach your dream. You have to sacrifice and work hard for it. – Lionel Messi
The Pesach holiday has arrived. For many, it’s the culmination of a few weeks of serious cleaning, shopping, and cooking. Now, we get to enjoy the hard work by gathering around the table and drinking four cups of wine, eating vegetables dipped in salt water, and a few servings of matzah as we tell the story of the Exodus from Egypt. We also dip bitter herbs into the charoset. One reason given for the significance of the charoset is that it symbolizes the mortar used to make bricks during slavery. This was the most difficult job during the slave labor.
Charity and not relying on others
I recently had a Zoom meeting with a man looking for some financial guidance, and he got my name from an old friend of mine who thought I could help. He was in his late 20s, saddled with both credit card and student loan debt to the tune of $95,000. He had a job but was only able to make minimum payments on the debt, so he was getting nowhere in his quest to pay them off. He was complaining about taxes, the general system here in Israel, and how it’s “stacked against olim” and how his friends back in the US were making so much money and buying property. I asked him whether he had a budget, and he said he didn’t.
Then I asked if paying off debt and getting on solid financial footing were a priority. He responded that, indeed, that’s exactly what he wants. I suggested that he take on a side job delivering pizzas or something like that, and he scoffed. He said that he got a degree from university and it’s beneath him to take such a job. He then proceeded to ask me if maybe it would be a good idea for him to default on all his debt. I asked him if he thought that, morally, he should pay back his debts, and he responded by saying he “has a lot of friends who have done it, and nothing happened to them! And what difference does it make if he pays back Mastercard, they make plenty of money!” As my blood pressure soared, I explained that he has a responsibility to pay back the money that he borrowed and that taking on another job to help him do that is actually the noble thing to do and that it’s not beneath him.
I don’t know about you, but I have been inundated with phone calls asking for donations over the last few weeks. I am all for giving charity, but sometimes I get the feeling that instead of giving to those in real need, I am asked to give to those who could be doing more to help themselves. The fact that those who could be doing more are asking for and receiving money means that those in true need end up getting less. There is not an infinite amount of charity to go around.
A few days ago, I was learning the last chapter of the Talmud Tractate Pesachim (113a), “Rav further said: Skin a carcass in the market and take payment, but do not say: I am a priest, or: I am a great man, and this matter disgusts me.”
This clearly means that it’s more important to do any kind of work, even menial labor, than to be reliant on others.
A few lines later, Rabbi Yohanan says, “And it is better to make your Sabbath like an ordinary weekday and do not be beholden to other beings.” Meaning that instead of spending money that you don’t have on all kind of delicacies for the Sabbath, you should treat it like any other day and buy what you need. It’s not a good thing to be reliant on others to take care of you financially.
I was asked by an acquaintance to purchase matzah for a large family where both parents work and still don’t get by. I was happy to donate. When he said how much they need for the matzah, I almost had a heart attack. I asked why so much, and I was given the answer that their family custom is to use a special brand of “hand matzah,” which also happens to cost triple the price of regular hand matzah. While that’s not my personality, I actually pushed back. I said that if they need to ask for help, they need to settle on cheaper matzah.
The key to financial freedom is hard work. No one said that life is easy. In fact, the Children of Israel did leave Egypt with great wealth. But the wealth didn’t just happen. It was payment for their back wages for three or four generations of actual hard, slave labor, labor that was much harder than delivering a pizza!
Wishing you all a Happy and Kosher Pessah.
The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc. or its affiliates.
Aaron Katsman is the author of the book Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing (McGraw-Hill), and is a licensed financial professional both in the United States and Israel, and helps people who open investment accounts in the United States. Securities are offered through Portfolio Resources Group, Inc. (www.prginc.net). Member FINRA, SIPC, MSRB, FSI. For more information, call (02) 624-0995 visit www.aaronkatsman.com or email aaron@lighthousecapital.co.il.
