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December 8, 2016 / 8 Kislev, 5777

Posts Tagged ‘Money’

How to Avoid Mistakes When Trying to Save Money

Thursday, December 1st, 2016

Trying to save money is never easy, but you can save more when you avoid common mistakes. Professor Ofer Azar of Ben-Gurion University explains what the most frequent money mistakes are. Find out why people scramble to save on smaller purchases rather than to save larger sums on bigger ticket purchases.
Should you invest in your home country or abroad?
While it might seem best to invest in your home country because you are familiar with it, investing abroad and geographic diversification may be more profitable. Douglas Goldstein, CFP®, explains what may be the easiest way to invest internationally.
The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

Doug Goldstein, CFP®

Goldstein on Gelt: Do This to Protect Your Money From Cyber Crime

Tuesday, November 29th, 2016

Cyber crime is on the rise. How can you keep your money safe? James Lyne, global head of security research at the security firm Sophos, explains how to protect yourself and your money against the malicious codes that hackers create every day.

Discover:
• Why individual investors are targeted more often than banks and large companies
• The most common tactics that cyber criminals use
• What could happen if a scammer steals your email login and password
What should you do at the end of the fiscal year?
There are a few financial steps you should take at the end of 2016. Doug Goldstein, CFP®, explains what tax-loss harvesting is and why it’s often done before the New Year. How should you get your financial plan ready for January? What specific items do you need to review?

 

The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

Doug Goldstein, CFP®

Is Money Everything? (Bava Metzia 47b)

Thursday, November 17th, 2016

You go online and purchase a diamond ring. You pay with your credit card. Your card is debited but the ring never arrives. There was a fire in the company’s warehouse and your ring was destroyed. Can you get your money back?

The answer to this question in halacha depends on who is the legal owner of the ring at the time of the fire in the warehouse. If you, the buyer, are deemed to be the owner at that time, then it is your loss. If, however, the seller is deemed the owner, it is the seller’s loss.

This of course leads to another question. At what point does the ownership of a purchased article transfer from seller to buyer? According to Torah law, ma’ot konot, ownership, passes to the buyer at the time the buyer pays the seller for the purchased item. The rabbis, however, legislated that the transfer of ownership occurs at the point of time when the purchaser takes physical possession of the purchased itemmeshichah konah.

The situation described above is the very reason for this rabbinic legislation. The rabbis were concerned that if ownership passes with payment, then in the event of a fire at the seller’s premises the seller would have no interest in saving the purchased article from destruction. Why should he? The article no longer belongs to the seller and under Torah law the loss is for the buyer. In order to discourage this attitude and motivate the seller to salvage the property, the rabbis legislated that ownership passes when the buyer takes physical possession of the purchased property.

Does this lead us immediately to the conclusion that in the above situation you get your money back?

It depends on how one understands this rabbinic legislation. Are the rabbis saying that without the buyer taking physical possession of the purchased article, ownership does not pass from seller to buyer and there is no sale at all? Or do they mean that ownership does in fact pass to the buyer and that there is a completed sale, but that until the buyer takes physical possession of the item, both seller and buyer can renege on the transaction and rescind the sale?

If the first interpretation is correct, it follows that you get your money back because the item that was destroyed was not yours and the seller who cannot deliver the diamond ring must now return your money. This is the opinion of the Rambam, the Shulchan Aruch, and the Rif.

If the second interpretation is correct, then unless the buyer or the seller rescinded the transaction before the fire, the ownership of the article remains with the buyer and you are not entitled to your money back. This is the opinion of The Baal Hamaor, the Ramban, and, according to some, Rashi.

If the purpose of this rabbinic legislation is to motivate the seller to salvage the property for the benefit of the buyer, how is this achieved according to the second opinion quoted above? What incentive does the seller have to salvage the object from fire if, at the end of the day, the loss is for the buyer? The answer is that the seller does have an incentive to do so. The incentive lies in the very right of the seller to back out of the transaction prior to the taking of possession by the buyer.

Let us assume, by way of illustration, that the price of diamonds on the diamond exchange rises after the buyer pays for the diamond but before the buyer takes possession. The seller now has the right under this rabbinic legislation to renege on the sale and sell the diamond to someone else at a higher price. It is this right of rescission that gives the seller an economic interest in the property and that motivates him to salvage the article from the fire.

In view of the fact that the halacha generally follows the opinion of the Shulchan Aruch, you would be entitled to your money back.

Raphael Grunfeld

Goldstein on Gelt: Financial Fitness and How to Stop Stressing About Money

Thursday, November 17th, 2016

Financial fitness isn’t only about staying within your budget and savings. It’s also about monitoring your stress level on financial issues. Shannon McLay, founder of The Financial Gym, discusses financial health and why every individual needs their own personal “diet” and “workout.” Find out why it’s important to work on your money habits while you are still young.

Should you sell your house when you retire?
Doug Goldstein, CFP®, answers the question of whether it’s a good idea to sell your house before you retire. He also gives tips on when you should hand over financial control to the next generation.
Watch the 12-minute video of a recent seminar on this subject at: http://www.profile-financial.com/letting-go
The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

Doug Goldstein, CFP®

Fitch Upgrades Israel’s Credit Rating

Friday, November 11th, 2016

Fitch Ratings has upgraded Israel’s credit rating to A+ with a stable outlook. Israel was previously rated by Fitch as A1.

Jewish Press News Briefs

Wikileaks: Chelsea Clinton Used Foundation Money to Pay for Wedding

Monday, November 7th, 2016

An email sent by former President Bill Clinton’s top aide, Doug Band, and hacked by Wikileaks among the 50,000 documents stolen from Hillary Clinton’s campaign chairman John Podesta’s gmail account, complains about Chelsea Clinton using Clinton Foundation cash to pay for her wedding to Jewish investment banker Marc Mezvinsky, as well as living expenses and taxes on cash she took from her parents, the NY Post reported Sunday.

Chelsea married Mezvinsky in an interfaith ceremony in Rhinebeck, New York, on July 31, 2010. Mezvinsky is the son of former members of Congress Marjorie Margolies-Mezvinsky and Edward Mezvinsky, and was raised in the Conservative Jewish tradition. Following their wedding, the couple lived for three years in New York City’s Gramercy Park neighborhood, then bought a condominium in the NoMad district of Manhattan for $10.5 million. They have a daughter, Charlotte Clinton Mezvinsky, 2, and a son, Aidan Clinton Mezvinsky, born June 2016. The family just moved to the Flatiron District in Midtown Manhattan.

On Jan. 4, 2012, Doug Band sent an email to Podesta, saying, “The investigation into her getting paid for campaigning, using foundation resources for her wedding and life for a decade, taxes on money from her parents…. I hope that you will speak to her and end this. Once we go down this road….”

Band, who called Chelsea a “spoiled brat kid,” also told Podesta that Chelsea had told one of the Bush twins about money transfers from the Clinton Global Initiative to the Clinton Foundation. “The bush kid then told someone else who told an operative within the republican party,” Band lamented.

JNi.Media

How to Avoid Making Irrational Decisions About Money

Monday, September 12th, 2016

Why do intelligent people make irrational decisions about their money? Financial writer Emily Guy Birken, author of The 5 Years Before You Retire, explains impulsivity in making financial decisions. Can you protect yourself against financial scammers, who thrive on their victims’ irrationality, and keep your finances safe?
Did you inherit your parents’ irrational financial decision making gene? Are you able to discuss managing their finances with them? Financial advisor Doug Goldstein, CFP® shares practical techniques for dealing with your own money, as well as with your family members, who might not see eye-to-eye with you on how to manage funds.
The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

Doug Goldstein, CFP®

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/how-to-avoid-making-irrational-decisions-about-money/2016/09/12/

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