Aaron’s hesitancy and financial humility

As originally appeared in The Jerusalem Post on April 25, 2025.

“Humility is the true key to success. Successful people lose their way at times. They often embrace and overindulge from the fruits of success. Humility halts this arrogance and self-indulging trap. Humble people share the credit and wealth, remaining focused and hungry to continue the journey of success.” -Rick Pitino

In this week’s Tora portion Shmini, we read about the culmination of the dedication of the Tabernacle. We read, “Moses said to Aaron, “Approach the Altar and offer up your sin-offering and your ascent-offering, atoning for yourself and for the people, and offer up the people’s sacrifice, atoning for them, as God has commanded.” (Leviticus 9:7) The famous commentator Rashi is bothered why Moses tells Aaron to ‘approach’ the Altar? He answers, “for Aaron was embarrassed and afraid to approach. Moses, therefore, said to him: “Why are you embarrassed? You were chosen for this role!”

Aaron was embarrassed over his role in the incident of the Golden Calf and was hesitant whether he was worthy of the position of high priest. For the previous 7 days, Moses did all the work in the Tabernacle, and now it was his turn, and he was lacking in confidence. The nation on whole was anxious as for 7 days sacrifices were brought, but there was no divine presence.

After completing all his work “Aaron lifted up his hands toward the people and blessed them. He descended from the Altar, after having offered up the sin-offering, the ascent-offering, and the peace-offering. Moses and Aaron went into the Tent of Meeting. They came out and blessed the people, and the glory of God appeared to all the people. “(Leviticus 7: 22-23)

Again, Rashi is bothered why Moses and Aaron went together into the Tent of Meeting. He answers that “ When Aaron saw that they had brought all the offerings and all the rites had been performed, and yet the Divine Presence had not descended for the Israelites, he was pained and said: “I know that the Holy One, blessed be He, is angry with me, and because of me the Divine Presence has not descended for the Israelites.” He said to Moses: “Moses my brother! Is this what you have done to me, that I entered into the service at your bidding and was thus embarrassed?” Immediately, Moses entered with him and they prayed for mercy, and the Divine Presence descended for Israel.”

One of the many lessons we learn from this story is, as Rabbi Yissocher Frand says, that “Hesitancy, embarrassment, intimidation, and humility are the very essence of what is needed to be worthy of assuming Jewish leadership.”

Humility is an important character trait of financially successful people. Financial markets are unpredictable. Even the most experienced investors and professionals make mistakes. The problem isn’t always the mistake itself, it’s the unwillingness to admit one was made.

Overconfidence can lead individuals to make bold decisions without fully understanding the risks. It might show up as chasing hot stocks, ignoring diversification, or refusing to adapt when conditions change. At its worst, overconfidence blinds people to reality. A few years ago, I quoted Tony Giordano, senior financial advisor with Vanguard on a piece that appeared in the Journal of Economic Perspectives, titled Overconfident investors, predictable returns, and excessive trading. The report said, “Investors attribute strong portfolio performance and high returns to their skills, which leads to self-assurance. When the same investors experience poor performance and low returns, they attribute it to bad luck. The result: persistent overconfidence.”

It’s that persistent overconfidence that can lead to poor investment decisions. Call it greed, but I’ve seen it too many times where, after a good year in the market, the investor loses sight of his financial goals and needs and decides to chase after higher and higher returns. And you all know what eventually happens, and it’s not pretty. As I am fond of saying, “It won’t end well.”

People who lack humility are more likely to double down on poor decisions, rationalize losses, or assume they can outsmart the market. On the other hand, a humble investor takes time to evaluate the landscape, admits when they’ve made an error, and adjusts with clarity rather than ego. They understand that success often lies in caution, not bravado.

Another powerful advantage of humility is the willingness to seek advice. Too often, people feel pressured to “go it alone,” whether out of pride, or the belief that asking for help is a sign of weakness. But truly successful individuals know better. It’s just like asking for directions when lost and your Waze isn’t working. It isn’t a sign of weakness. It’s the practical way to get to your destination in a timely fashion.

Financial matters can be complex: taxes, investing, estate planning, retirement strategies. Trying to master every detail alone is unrealistic. We consult with advisors, accountants, or lawyers not because we’re incapable, but because we value expertise.

This willingness to learn from others often leads to better-informed decisions, stronger strategies, and fewer costly mistakes.

A little humility goes a long way. It helps us recognize what we don’t know, avoid the pitfalls of overconfidence, and lean on others when needed. It’s a sign of strength.

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.