web analytics
March 2, 2015 / 11 Adar , 5775
At a Glance
Blogs
Sponsored Post


The Two Most Common New Year Resolutions: Weight Loss & Fiscal Responsibility

In order to find the best financial “diet,” create an effective financial plan.
Goldstein 485x300

What do anorexia nervosa and financial planning have in common?

The answer is found in one of the most dangerous household items known to mankind – otherwise known as the bathroom scales. How many people, and especially teenage girls, have the compulsion to weigh themselves and then, panicking at the numbers that appear, decide to go on a drastic diet?Sometimes, of course, a person may be suffering from a real weight or health problem and they need to go on a diet. However, many times, these diets are unnecessary. Yet people are so obsessed by the ideal of “thin is beautiful” that they will put themselves through the most awful tortures to achieve it, sometimes to a life-threatening extent.

A few months ago, Israel led the world in the war on anorexia and other eating disorders by enacting a law banning models with a BMI of 18.5 or less from the fashion world. The idea is to stop young women from aspiring to be too thin and even endangering their lives in the pursuit of an unhealthy ideal. This idea has been widely applauded throughout the globe and not only in the fashion industry. It is hoped that more countries will jump on the bandwagon, encouraging people to be healthy rather than painfully skinny.

The healthiest diet is the balanced diet

There’s no need to either starve yourself or overindulge. The same idea applies to your financial plan. Sometimes, you might look at the figures (think bathroom scales!) and feel so overwhelmed that you think you need to slim down your expenses drastically. But is that really what you need to do? Conversely, just as you may suddenly get an urge to eat an entire chocolate cake, you may sometimes find yourself spending excessively without any restraint.

In the world of finance, neither approach is ideal. You’re earning money and investing it so that you can live a good life, both now and later on when you retire. If you “starve” yourself, depriving yourself of essentials that you need and are still able to afford, your quality of life will suffer. And if you spend with abandon, you will soon find yourself “overweight” with debt.

What is the best financial diet?

In order to find the best financial “diet,” create an effective financial plan. As they say, “information is power,” and just as you learned about nutrition to fuel your body properly, learn about budgeting and investing to fuel your finances.

Start by reading some informative personal finance articles.  Once you mastered the balance between “starving” and “overindulging” your finances, you can look forward to a healthier life and retirement.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “The Two Most Common New Year Resolutions: Weight Loss & Fiscal Responsibility”

Comments are closed.

Current Top Story
IDF soldiers on routine patrol  near Hebron.
IDF Central Command Springs Surprise ‘Readiness’ Drill in Judea, Samaria
Latest Blogs Stories
Doug Goldstein

What are the ramifications of giving up your US citizenship? Would it effect your visiting the US?

brit mila at French jewish community

Chasidim believe that Metzitza B’Peh (MbP) is an essential part of the circumcision ritual.

Herzog & Livni

AMERICAN INTERFERENCE in ISRAELI ELECTIONS is IMMORAL and 1000% CHUTZPADIK!

Baruch Marzel (left) and Hanin Zoabi

Extremism from Jews is considered a “danger;” Arab extremism and anti-Jewish terror is “legitimate”

It was in fact Israel, not Palestinians or journalists, who began spreading the older photos, in order to generate credibility for the “slander” angle.

Next week we celebrate Purim, more relevant and illuminating in light of current events than ever

“They all attack each other” is how David described campaign tactics. “Welcome to politics, my son,”

Most Israelis think kowtowing to US demands to get on Obama’s “good side” won’t work and isn’t right

Big questions this week: Does materialism make people happy? Can one be happy with what they have?

A Rosh Yeshiva guessed 60% of bochurim in Israel’s yeshiva system belong there only 3-4 yrs post HS

Wednesday evening 25th of February there’s just the event for Anglos to attend, The Anglo Vote!

3 men pin the terrorist. In the white shirt is Jerusalem’s Mayor Barkat, taking a hands-on approach

The necessity for setting financial goals and how to realize your life’s dreams.

Not long ago Israelis waited nightly during campaigns for TV broadcasts of election campaign movies

I heard men singing…I saw men dancing. Can you imagine? It’s literally FREEZING out there! WOW!

Lapid is not anti-Haredi; He’s pro-Haredi in his way, wanting them to flourish. and join society

More Articles from Doug Goldstein, CFP®
Doug Goldstein

What are the ramifications of giving up your US citizenship? Would it effect your visiting the US?

Doug Goldstein

Big questions this week: Does materialism make people happy? Can one be happy with what they have?

The necessity for setting financial goals and how to realize your life’s dreams.

Discussing the connection between speech and thought and how a foreign language affects decisions?

Can a business trying to find solutions to world problems be profitable?

In our second podcast this week, Doug meets James Clear, entrepreneur and expert on personal habits. How easy is it to change your behavior to achieve your goals? And how can you improve your financial habits if they are deeply ingrained? Listen to your favorite personal finance show for the answers to these questions and […]

Does wealthy always equal healthy, and how do personal relationships affect your financial success?

Find out about the relationship between money and life and why you need to budget and save

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/the-two-most-common-new-year-resolutions-weight-loss-fiscal-responsibility/2013/01/10/

Scan this QR code to visit this page online: