Guest writer, Yosef Goldstein, Bar Mitzva Boy
Does your Abba make you do too many chores? Try this: Not only do I have to do my homework, make my bed, and do Shabbat jobs, but I’ve got to keep track of my money.
You see, in order to get my monthly allowance (which includes my bus fare to school), I have to show that my income and expenses matched in the previous month.
Every time I buy something I ask for a receipt, and I keep them in an envelope. At the end of the month, I log into my account, enter all the receipts, and hope that the computer and my wallet match up.
I know it’s good for me to stay on top of the numbers. If your father was a financial planner, you would know that too.
There are two more important things my father taught me about money:
Don’t make jokes about prenuptial agreements. Even though I’m only turning Bar Mitzva now, I’ve heard him tell enough people about the importance of having a properly written agreement that follows the halacha (Jewish Law), and makes sure that one spouse can’t financially pressure the other into giving a get (divorce). Of course, I hope everyone stays happily married, but they tell me that having this document helps. If everyone getting married signed one, maybe we could end the problem of agunot and blackmail. So wherever you are, my future wife, don’t take it personally when my father says we need to sign the halachic prenup. Everyone should.
Don’t spend too much. Just like all kids (and grown-ups too), I like new toys. But I’m careful how I spend. When I get money, first, I give 20% of everything I earn (including bar mitzvah gifts) to tzedaka. My father says the most successful people he knows all do that. Then, I save. I have a special bank account in “Uncle Doug’s Bank.” (It’s Private Banking, only for family members.) Finally, I get to spend. But not so quickly….I need to make sure I have enough money for the things that I want. I know I can’t ask my folks for a loan in advance. They’ll tell me to save first, and only buy when I can afford it. “The only loan you should take is a mortgage,” they tell me. And since I’m not going to buy a house, I better stop writing and go walk the neighbor’s dog…that’s my steady income.
Douglas Goldstein, CFP®, GFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published April 10, 2013.