First Fruits and Entitlement
As originally appeared in The Jerusalem Post on September 20, 2024.
“No one asked me to be an actor, so no one owed me. There was no entitlement.” -James Earl Jones
As you may have figured out by regularly reading this column, aside from liking to embarrass my children, I like to bring stories of actual meetings that I had to learn from both the positives and negatives that were discussed. A few weeks ago, I held back-to-back meetings that were perfect fodder for the column, and I decided to hold off until now to write about them. First off, I am not picking on ‘Millennials’. I know many who are extremely financially responsible, and I am not a believer in stereotypes. It just happens to be that both instances were with married couples in their 20s.
This week we read the Torah portion of Ki Tavo. The beginning of the portion begins with the commandment to bring the first fruits. We learn about the farmer who months ago seeded a field not knowing what type of harvest there will be. Imagine the farmer who has toiled and toiled and finally sees the reward of the hard work, only instead of enjoying it by eating, he must bring it to Jerusalem, and make a declaration thanking the Lord for both the land and all the good that has been received.
As I have quoted many times, Rabbi Berel Wein writes, “Saying thank you is one of the basic courtesies of human interaction. Though elementary and straightforward, it is often forgotten or neglected. In saying thank you, we are acknowledging that we are dependent upon the goodness and consideration of others and that we are not completely in control over events and even of our own decisions in life.”
Too often we perceive our great achievements as a testament to our greatness and fall prey to “And you may say in your heart, ‘My strength and the might of my hand made this victory’.”
Rabbi Wein continues, “There is no question that the farmer invested a great deal of effort, sweat and toil in bringing his crops to fruition. Because of this effort and the investment on the part of the farmer, there is a temptation that he will view these new fruits as an entitlement. For after all, he was the one who devoted the time and effort necessary to produce them. There is a danger that he will forget that there really are no entitlements in life and that one has to say thank you for everything that is achieved, though ostensibly we have labored to achieve this much desired goal. Rather, it is incumbent upon the farmer to thank his Creator for the land and the natural miracles that occurred daily in the production of food, grain and fruit.”
Entitlements
This brings me back to the meetings I had. In the first meeting I met a newlywed couple who lived in the quaint Bet Hakerem neighborhood of Jerusalem. They had a net combined monthly salary of 12,000nis. After asking them some questions it turns out that they are paying 9,000nis in rent. So much for the financial planning rule of 25-30% or income to be spent on dwelling!
Obviously, I asked why they were paying so much in rent and they said that it has 3 bedrooms, and they liked the large space because that was what they were used to when they grew up in the US. I replied, “But it’s just the two of you and you are spending 75% of your salary on rent!” They just looked at me. They said they ‘need’ a car and want to buy an apartment. They have about 65,000nis in total savings, from wedding gift money and some savings they each brought into the marriage.
I asked why they need a car, especially because they are literally 25 meters from a light-rail station. After trying to dissuade them from buying even a used car until they save up some more money, they said they were looking at a new Corolla hybrid because they heard good things about it. When I asked as to why on earth they would buy a new car, the reason given was that their parents only drove new cars in the US. I won’t even go into the conversation about buying an apartment, but I am sure you get the drift.
Immediately after the first meeting, I sat with another couple who have been living in an apartment owned by the husband’s father, rent free, for 5 years. We were discussing their finances and then they mentioned how their father had the ‘Chutzpah’ to ask them to start paying rent. Apparently, they said, he has some cash flow issues and needed some money. I asked them how much and they said 1500nis a month. After doing a quick calculation I mentioned that they had saved hundreds of thousands of shekels over the last 5 years, and maybe they should pay this reduced amount. They both cried poverty and said they can’t spare any money. Fast forward about 15 minutes in the meeting and it came out that they had just returned from a 2-week jaunt to Greece and that they were looking into buying a new car!
Heed the lesson of the farmer. There are no entitlements in life. Say thank you when you receive good fortune.
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 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, SIFMA, FSI. For more information, call (02) 624-0995 visit www.aaronkatsman.com or email aaron@lighthousecapital.co.il.
