Whitening our finances
As posted in the Jerusalem Post September 25th, 2020
“Yom Kippur, the Day of Atonement, is the holy of holies of Jewish time. It is that rarest of phenomena, a Jewish festival without food. Instead, it is a day of fasting and prayer, introspection, and self-judgment when, collectively and repeatedly, we confess our sins and pray to be written into God’s Book of Life.” – Rabbi Lord Jonathan Sacks
Yom Kippur is just hours away, and many are preoccupied with seeking forgiveness for this past year’s sins and making resolutions to improve in the upcoming year. We set goals to give more charity, check-in regularly on an elderly neighbor who has been alone for months due to Corona, and be a better spouse. As is generally the case with New Year’s resolutions, we often fall way short of having them make a significant change to our character. Well, I can say that last Yom Kippur I told myself that I would spend more time with my wife and kids this year. For the first 4-5 months, I failed but then one Corona lockdown and now another one, and I got my family time, far beyond my expectations. I guess it really is better to be lucky than good!
Introspection, Self-Evaluation
Yom Kippur lends itself to introspection, self-evaluation. We should not only focus on the future but need to take a look back and analyze what went wrong in the past; where we fell short. Taking time out of our busy lives to reflect on the last year may not fit today’s fast-paced, remote control culture, but it’s the only way one can truly improve and adjust their bad behavior.
Yom Kippur is very much a day of simplicity. No one is trying to impress their friends with elaborate meals or fancy clothes. We focus on repenting for past sins and trying to create a game plan to prevent future ones. In fact, there is a custom to wear plain white clothes.
The Custom of White Clothing
Explaining this custom, Rabbi Berel Wein wrote,“The white garments are also a reminder of the costume of the High Priest worn on Yom Kippur during most of the Yom Kippur service in the Holy Temple in Jerusalem. The main service was conducted then and there with the High Priest wearing the four white garments – shirt, pants, belt and hat – without the four gold garments – the long coat, the breastplate, the head plate and the apron – that he ordinarily wore in performing his Temple duties. The gold garments are not worn on this day of asking forgiveness because they represent hubris, human majesty and are a potential reminder of the sin of the Golden Calf. Yom Kippur is a day of humility and a low and private profile. Fancy garments, especially gold garments, are really out of place and contrary to the prevailing spirit of this holy day.”
I think that we can take this lesson and apply it to our financial life as well. It took me years before I really understood that Yom Kippur is not just a day focused on the spiritual, but as illustrated in the High Priest’s prayer upon finishing the service, physical needs as well. Reviewing the past isn’t just for spiritual improvement. Reviewing your investment’ sins’ of the last year is a great way to get yourself back on the path to financial stability.
Your Goals – Where do you want to be?
It is crucial when trying to get back on the path to financial stability, to know where that path ultimately leads; you need to define your goals. Whether you are investing to fund your retirement; pay for your children’s’ weddings, leaving an inheritance for the next generation or a combination of the above; understand your goals and invest with those goals in mind. If you need your money in a year or two to buy an apartment or to pay for a wedding, you may have to accept getting a small, guaranteed return on your investment as opposed to ‘trying to beat the stock market.’ If you understand your goals and invest to meet them, your chances of success will be much greater.
While we say it regularly in our prayers, during the Ten Days of Repentance, it becomes a central focus of the liturgy when we say, “Renew our days as of old,” which means it is time to start with a clean slate. Leave all your financial baggage behind and focus on making smart money decisions.
May we all merit to be inscribed in the book of life.
Gmar Chatima Tova.
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 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, SIFMA, FSI. For more information, call (02) 624-0995 visit www.aaronkatsman.com or email aaron@lighthousecapital.co.il.
