Come Into Money? Don’t Let It Go To Your Head
As originally appeared in The Jerusalem Post on May 27, 2021.
“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
Earlier in the week, there was a single winner in the Israeli lottery who took home approximately NIS 48 million after tax. The unidentified winner said he plans on quitting his job, buying apartments for his children, and going on a trip with his wife. I am not here to judge anyone but I wish them well and hope they don’t have the same issues of many lottery winners who have no real plan and end up blowing through the money.
In this week’s Torah portion, Bahalotecha, we read about the command to light the menorah. The Lord spoke to Moses, saying: “Speak to Aharon and say to him, ‘When you light the lamps, the seven lamps shall cast their light toward the face of the menorah.’ Aharon did so; he lit the lamps toward the face of the menorah, as the Lord had commanded Moses” (Bamidbar 8:1-3). On this verse, Rashi comments, “This shows Aharon’s virtue that he did not change from God’s command.”
As I have written in the past, the question is if God commands someone to do something it goes without saying that they will fulfill the command as received, without making any changes. What makes what Aharon did so special? The Sefat Emet suggests that the praise of “he did not change” refers to the enthusiasm and love for which Aharon performed in carrying out the command on a daily basis. After all, we all know that when something becomes part of the routine, we tend to go through the motions. Not Aharon, he showed the same excitement as if it was the very first time he lit the menorah.
Another answer is given by Rabbi Meir of Premishlan. He says that the verse “he did not change” is a tribute to Aharon’s humility. He never let his position change his personality. He was the high priest; his daily job included the most holy work in the Mishkan (portable sanctuary). Nonetheless, he stayed as authentically true to himself and as grounded as ever. He didn’t allow his success to go to his head, hence Rashi’s explanation “he did not change.”
Level head
I recently spoke with a woman who came into a very large inheritance. She has a large family and wanted to help out each child with buying an apartment. Not buying them an apartment, rather, helping with part of the down payment. As is often the case some cousins and nephews surfaced with business ideas that they wanted her to help fund. After never receiving a call from the bank she suddenly felt like she was the client of the month with all the attention she received. She told me that she feels that since she now is considered ‘rich’ she is treated differently and more important than she was prior to receiving her inheritance. She called me for advice. She was well aware of what was happening and didn’t want to change. She was very down to earth and said that she still wants to ingrain in her children the value of hard work, and doesn’t want to give them everything they ask for. She doesn’t want to fund crazy business ideas, and she just wanted to continue living her life as it was before she inherited the money.
What can be done?
If you come into a lot of money, take a deep breath and wait a few months before making any financial decisions. Sit down with a pen and paper and list the things that you would like to accomplish with the money. After a month or two do the same exercise and see if there were any changes. Then you may want to sit with a financial adviser to discuss these goals. The financial professional will have experience with these issues and can help keep you grounded and focused on what to do with the money.
Don’t forget charity
From all my experience in the financial industry, the best way to stay grounded is by giving charity. In an article for Chabad.org about the greatness of giving charity, Malkie Janowski writes: “The majority of people spend most of their day toiling to earn money, in order to maintain or better their standard of living. When a person sets aside a portion of that money, and gives it away to charity, he is not sanctifying merely his food, or some other possession, or his mental capabilities; he is giving up something in which he invested his whole self for God’s sake. That’s an unbelievable feat, and that’s what you accomplish every time you give tzedakah (charity).”
Be like Aharon the priest. Don’t let sudden wealth change you.
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.
