In a few days, Jerusalem Day will be celebrated, and we will celebrate the reunification of Jerusalem. The highlight for me is the flag parade. While some see this parade as a display of extreme nationalism, I think it’s beautiful. Seeing tens of thousands of our youth celebrating something of substance in the era of social media and smartphones is very moving.
I’ll leave it to Rabbi Jonathan Sacks to describe the feeling, “On Yom Yerushalayim a few years ago, standing on the streets of the city, I watched youngsters from around the world waving Israeli flags, singing and dancing with a joy that was overwhelming. As I watched the celebrations, I was overcome with emotion because suddenly I had a vision of the 1.5 million children who were killed in the Shoah not because of anything they had done, not because of anything their parents had done, but because their grandparents happened to be Jews.”
He continued, “I thought how some of the greatest empires the world has ever known – Egypt of the Pharaohs, Assyria, Babylon, the Alexandrian Empire, the Roman Empire, the medieval empires of Christianity and Islam all the way to the Third Reich and the Soviet Union – were the superpowers of their day that bestrode the narrow world like a colossus, seemingly invulnerable in their time. And yet each tried to write the obituary of the Jewish people, and whilst they have been consigned to history, our people can still stand and sing Am Yisrael Chai. What I saw on that day in Jerusalem was techiyat hametim, a collective people being brought back from death to life.”
It’s also time to gear up for the holiday of Shavuot. Unity plays a central part in the holiday. I’m not talking about how lasagna, cheesecake, and blintzes can be unified to create a delicious meal. Shavuot celebrates the Jewish people receiving the Torah. The unification of the Jewish people at Sinai allowed for the receiving of the Torah. “And there Israel camped opposite the mountain.” (Exodus 19:1-2) At all their other encampments, the verse says vayachanu (“and they camped,” in the plural); here, it says vayichan (“and he camped,” in the singular). For all other encampments were in argument and dissent, whereas here they camped as one human, with one heart. (Mekhilta, Rashi)
An extension of unity is the concept of each person’s responsibility to take care of each other. This has many ramifications in Jewish law. Rabbi Raphael Katz writes, “The Talmud in Shavuot 39a explains the verse “And a man will stumble because of his brother’s iniquity. This teaches “shekol yisrael areivim zeh bazeh” – that all Jews are guarantors for one another. This principle is called “Arvut.” In the Talmud Rosh Hashanah 29a we find (according to Ritva and others) the ‘positive’ formulation of the concept of “arvut”. There, the Talmud states that one who has already fulfilled his obligation can nevertheless cause others, who have yet to discharge their obligation, to fulfill the mitzvah. For example, one who has already fulfilled the mitzvah of kiddush on Shabbat can repeat the kiddush on behalf of someone else who has not yet recited it, and the repetition is not considered as having mentioned Hashem’s name unnecessarily. This halakha is based on the above concept that every Jew is a “guarantor” for his fellow Jew’s observance.”
The journey to financial independence
I want to take this concept of being a guarantor for each other and apply it to finance. Sadly, I see individuals make financial mistake after mistake, and the result is financial hardship. Here are some tips that will enable you to start making smart financial decisions and get on track towards financial independence.
1. Budget – Take control over your spending. Track income and expenses, and then you can start a realistic savings plan and start building wealth.
2. Get out of debt – Credit card debt or overdraft is the number one obstacle to getting ahead financially. It’s a lot better to take those interest payments and plow them into savings than to keep paying the credit card company.
3. Emergency Fund – You may need dental work, have a flat tire, or be out of work. By creating an emergency fund, you will be able to handle surprise expenses. Keep three to four months of income in a short-term deposit or something similar in order to have it liquid and available at a moment’s notice in case you need to draw upon it.
4. Invest – There is no shortcut to building wealth. You need to start investing, and with discipline, the wonders of compound interest, and the growth of the stock and/or real estate market, you will create a comfortable nest egg over time.
5. Maximize your retirement account contributions – Few investments can beat a tax-deferred investment. If living in Israel, make sure you are maximizing contributions to your Keren Hishtalmut and Keren Pensia. Keep the money invested, and you will be surprised by the long-term growth of those accounts.
Rabbi Katz continues, “On the eve of Yom Yerushalayim, it is appropriate to recall that Yerushalayim has the power to evoke this awareness of the essential unity and intermingling of Am Yisrael’s soul. In the words of our Psalmist, King David, “Jerusalem built up is like a city joined together.” (Psalms 122; 3), and our Sages commented, “It is a city that joins/makes all of Israel into friends and colleagues.”
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 [email protected].
