The teachers strike and financial happiness
As originally appeared in The Jerusalem Post on June 24, 2022.
“I have come to believe that a great teacher is a great artist and that there are as few as there are any other great artists. Teaching might even be the greatest of the arts since the medium is the human mind and spirit.” -John Steinbeck
The last two weeks of August came early this week as grandparents were called in desperation to watch their precious little grandchildren due to the teachers’ strike. Maybe it’s a coincidence, but the Partner Communications network crashed this week, no doubt as a result of numerous calls to Saba and Savta! While I don’t want to get into my views of the strike, that’s a separate column, we certainly need to support teachers, especially the good ones. That being said pouring more money into a system that has seen a doubling of its budget over the last decade with declining academic results from the students, may not be the best way forward. Instead of a public debate on vacation days and higher salaries, maybe we need to discuss why the education system isn’t working and what can be done to fix it?
In what could be considered a bit of irony, at the end of this week’s Torah portion we read, “The Lord said to Aharon: You shall inherit no portion in their land, and you shall have no share in their midst – I am your share and portion among the Israelites” (18:20). A few verses later we read that this also applies to the Levites. This means that they don’t need to work the land for their sustenance rather they are supported by the rest of the nation.
The obvious question is why is the tribe of Levi singled out amongst the tribes to not receive a portion of the land? According to Maimonides (Hilkhot Shemita Ve-yovel 13:12), the reason is: “Why did Levi not earn a portion of the Land of Israel or its spoils together with its brethren? Because it was set aside to serve God, to attend to Him, and to instruct His upright ways and just laws to the masses… They were therefore set apart from the ways of the world: they do not conduct warfare like the rest of Israel, nor do they receive a portion [of the land]… They are rather the army of God… and He, blessed is He, earns on their behalf, as it says, “I am Your share and Your portion.”
They are the teachers and should be solely focused on spiritual pursuits instead of chasing materialism.
Growing up my father used to tell us that back in the small Russian town that his father grew up in, they used to say that the Torah portion of Korach, the chapter in Ethics of the Fathers that we read “ben Zoma”, and the ripening of the blackberries, all fall out in the same week- definitely sounds better in Yiddish! In Ethics of the Fathers 4:1 “Ben Zoma said…. Who is rich? He who is satisfied with his lot, as it is said: ‘When you eat the toil of your hands you are fortunate and it is good for you’ (Psalms 128:2).
Rabbi Dovid Rosenfeld explains, “Ben Zoma’s point in a word is that true satisfaction does not derive from having. Wealth does not ensure happiness. It is an important means towards many other things — comfort, self-sufficiency, tranquility, peace of mind. But if we make it an ends — if its pursuit consumes us and occupies all our waking hours — we will find nothing but stress and anxiety.” He then continues, “To quote R. Samson Raphael Hirsch, money must be viewed as a means, not an ends. It may make many of life’s pleasures attainable, but it is useful only within its proper context. If one makes money his life’s goal in and of itself, rather than serving as a means towards other joys, it will likely replace them.”
I am a big believer in ‘goal-based’ investing. That means an investor should measure their progress towards specific life goals such as saving for children’s education, marrying off children, or building a retirement nest egg, rather than focusing on generating the highest possible portfolio return or beating the market.
‘Whoever dies with the most money wins’ may be a cute bumper sticker but it really has no basis in reality. Those whose sole purpose in life is to make more and more money are not statistically happier than ‘regular’ people. As I have mentioned numerous times, Sam Walton founder of Wal-Mart, and at the time of his death one of the richest men in the world, expressed regrets on his deathbed. He admitted to barely knowing his youngest son and that he had virtually no relationship with his grandchildren. His wife stayed with him out of commitment. He admitted he spent way too much time on business rather than spending time with those who mattered most – his own family!
Let’s be smart with our money. Plan, invest wisely, and use it as a means to help fund your goals so that you can then focus on what really is important.
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.
