Financial Forgiveness
As originally appeared in The Jerusalem Post on September 9, 2021.
“The fitness industry has long thrived off well-intentioned customers coming through their doors and signing up with dreams of self-improvement, only to fade into their couches. Those who stick with it often feel like hamsters on treadmills.” – Mary Pilon
Rosh Hashanah is over and now our sights are set on Yom Kippur. As the holiest day of the year quickly approaches we are preoccupied with seeking forgiveness for this past year’s sins as well as planning to improve ourselves in the upcoming year. Respecting our elderly parents, being a better spouse, pursuing more community involvement, giving charity with a smile on our face, and paying a visit to a lonely neighbor are just some of the goals we set for ourselves to become better individuals.
We focus on self-improvement, not just by looking at what we can do better in the upcoming year, but also, by looking back and understanding where we fell short of our goals. In a nutshell: how to better reach our potential. In 2021, turning off our devices and actually taking time out to reflect on the past and thoughtfully plan for the future may not be trendy, but it’s the only way to truly improve.
The time period from Rosh Hashanah to Yom Kippur is about simplicity and getting back to basics. It starts with the simple sounds of the shofar and culminates on the day that we forgo food, leave our fancy clothes on the hanger, and wear white. It is a day when no one is trying to impress his friend. We just focus on repenting for past sins and trying to create a game plan to prevent future ones.
Explaining the custom to wear only white, 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 – and 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.”
While we tend to think that Yom Kippur is all about spirituality and that financial thoughts are antithetical to the day, one look at the liturgy and it’s clear that our financial, physical needs play a central role. Much of the High Priest’s prayer upon finishing the service is about our financial welfare for the coming year. Don’t think that reviewing the past is for spiritual improvement only. Taking the time to review your investment “sins” of the last year and atone for them is a surefire way to get yourself back on the path to financial stability.
As I mentioned earlier regarding the custom of wearing white, it’s time to get back to basics. Start examining spending decisions and assess if you really need the product or whether you can do without. Often, the difference between living within our means or not hinges on how necessary expenditures are. Every spending decision that is made can have a crucial effect on staying out of debt. In order to avoid going into overdraft and increasing savings, expenses need to be prioritized. This is the case whether deciding to buy a new car or whether to pay NIS 45 for a 10-minute cab ride when you could walk instead. It is always a good idea to ask yourself if a purchase is necessary.
Investors need to look forward as well. You need to define your goals. Whether you invest to fund your retirement, to pay for children’s’ weddings, to leave an inheritance for the next generation, or a combination of these, understand your goals and invest with those goals in mind. If you need your money in a year or two 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 you invest with an eye on meeting them, your chances of success will be much greater.
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.
