web analytics
April 27, 2015 / 8 Iyar, 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
IAF F-16B Fighter Jet
Reports: IAF Strikes Syrian/Hezbollah Targets Overnight
Latest Blogs Stories
to bibi or not to bibi

Is the recent increase in Arab terror attacks related to the fact that there’s no new government?

HaAchim Gat playing Beit Shemesh

They called it “religious coercion” but it was really “secular coercion” and secular intolerance.

So excited to be a dual- citizen!

One exciting element of traveling is that it was my first time ever doing so as a dual-citizen!

Remains of the back window of the car driven in Mea Shearim by an officer of a Hareidi IDF unit.

Attackers of this innocent religious solider had been brainwashed that Israel is evil & illegitimate

How can you take care of the one you love and look after your finances at the same time?

Celebrating 67 years of democratic independence, surviving wars&threats; so much to be thankful for!

He was a Torah giant, uniquely exemplifying the Hashkafa of Torah U’Mada (Torah & worldly knowledge)

All Israel walks beside them, holding them in our hearts, listening, our hearts breaking with theirs

I’ve felt that if only we had established these communities sooner, then the victims would not have been killed

Is inflation always bad for the economy, and why is deflation not always an ideal situation?

It is the character of the individual that counts, not his sexual preferences.

Bibi gives a great speech, especially when talking to foreigners, but on policy, he’s very weak.

One of us had the chutzpah to ask him to join the ball game. He said okay and he played aggressively.

Watch this Doug Goldstein video to learn how easy it’s to open a US brokerage account from overseas.

An Israeli TV show about Holocaust Day asserted the Holocaust is/was a European not Jewish tragedy

“I am 100% convinced that she is not in any way anti-Semitic. She is in fact a philo-Semite”

More Articles from Doug Goldstein, CFP®
Doug Goldstein

How can you take care of the one you love and look after your finances at the same time?

Doug Goldstein

Is inflation always bad for the economy, and why is deflation not always an ideal situation?

Watch this Doug Goldstein video to learn how easy it’s to open a US brokerage account from overseas.

Poverty has become a thriving business; Learn how the payday loan has affected many US households

How do money managers take care of your money? And have you ever heard of “socially responsible” investing?

What are common market risks and how do they affect your investments?

Laura Adams, author of Money Girl’s Smart Moves to Grow Rich, managing your money more effectively

Why do you need to file an FBAR if you’re a US citizen abroad? What happens if you don’t?

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: