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October 25, 2014 / 1 Heshvan, 5775
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Posts Tagged ‘Money’

Next Israel Shekel Bills to Feature Sephardi Jew

Sunday, April 28th, 2013

The Netanyahu government is going “politically correct” and will make sure the next serious of Israel shekel bills will feature a Sephardi Jew following last year’s four new banknotes that featured only Ashkenazi Jews.

Prime Minister Binyamin Netanyahu said on Sunday he personally prefers that the “Sephardi shekel bill” feature poet Rabbi Yehuda HaLevy, calling his poetry “genius.”

Knesset Member Aryeh Deri of the Shas Sephardi religious party sharply criticized the monopoly of Ashkenazi Jews on the most recent series.

“Money adorned with an image of a Mizrahi figure is not worth less,” he said.

The Rambam, Moses Maimonides, was featured on a banknote in 1980 but is only widely-known Sephardic to be seen on Israel money.

In Hebrew: ‘To Spend Money’

Tuesday, April 23rd, 2013

לְהוֹצִיא כֶּסֶף, לְבַזְבֵּז

Term 1: לְהוֹצִיא כֶּסֶף

A while ago I did an entry on expensesהוֹצָאוֹת. To spend money or to create an expense is לְהוֹצִיא כֶּסֶף - literally, to take out money.

For example:

הִיא חוֹשֶׁבֶת פַּעֲמַיִם לִפְנֵי שֶׁהִיא מוֹצִיאָה כֶּסֶף עַל מוֹתָרוֹת.
She thinks twice before spending money on luxuries.

להוציאis an active-causative הִפְעִיל verb.

Don’t confuse this term with the one for to withdraw money from an ATM (automated teller machine) – that’s לִמְשֹוֹךְ כֶּסֶף- literally, to pull money.

למשוךis an active-simple פָּעַל verb.

Term 2: לְבַזְבֵּז

Another way of saying to spend is לְבַזְבֵּז, though people usually use this term to mean to waste.

For example:

בְּנֵי הַנֹּעַר בִּזְבִּזוּ אַלְפֵי שְׁקָלִים שֶׁל הוֹרֵיהֶם בְּמַהֲלַךְ הַקַּיִץ.
The teens spent (wasted) thousands of shekels of their parents’ money over the summer.

לבזבז is an active-intensive פִּעֵל verb.

Likewise, the noun form of לבזבז is בִּזְבּוּז. Thus, a waste of money is בזבוז כסף, a waste of time is בזבוז זְמַן, etc.

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Does Handling Money Stress You Out? (Podcast)

Monday, April 8th, 2013

For many people, money is a stressful subject. How can you lower your stress levels over handling money, and how can this make you more productive? Can you use this stress positively, or does it paralyze you? On this week’s Goldstein on Gelt show, David Allen, an author, consultant, lecturer, founder and CEO of the David Allen Company tells us more.

The True Meaning of Financial Liberation

Sunday, March 24th, 2013

As Pesach approaches, the themes of freedom and liberation from slavery are prominent in a Jew’s mind. Indeed, the message of Pesach is one of the most powerful Jewish experiences, and many otherwise non-religious Jews find their way to a Pesach Seder.

Slavery in Egypt may seem like a distant memory to many Jewish Press readers, but take a moment to consider whether you are truly free. After all, doesn’t modern slavery come in the form of debt, overdraft, and heavy bills?

How free can you be facing bills, debts, long work hours and/or demanding employers? Can you consider yourself free if you spend nights worrying about how you will make it through the end of the month?

Maybe you and your spouse are both working full time. But those bills just keep coming in. You’re not even wasting your money on fancy vacations or designer clothes. Yet there seems to be a permanent hole in your bank account. Bills and expenses seem to pursue you wherever you go. You can feel like a slave.

Although everyone has his own story, one common thread to many families’ financial woes is that they aren’t managing their money properly. Unfortunately, money management and budgeting skills don’t occupy the same place on the school curriculum as math or history. As a result, many people never learn how to properly take care of their money, and they stumble and struggle to meet their daily expenses. Budgeting and financial planning need to be learned, no matter how old you are or at what stage of life you find yourself.

Successful finances require keeping track of spending and income. Start by keeping your receipts and noting down your daily expenses.

Learning to budget and plan efficiently can help liberate you from the slavery of overspending, fiscal disorganization, and debt.

Life, Banks, and the Future (Podcast)

Monday, March 18th, 2013

What can you say about banks? While ATMs and online banking mean that you can do transactions and watch your account 24 hours a day, most people have never met their bank manager and the cozy feeling of having a local bank has been lost. This week, Doug speaks to Anat Admati, author of The Bankers’ New Clothes and a professor of economics at Stanford University, who explains the ins and outs of the banking system today.

The Best of Goldstein on Gelt 2012

Friday, February 22nd, 2013

Now that we’re well into 2013, last year has become a fuzzy memory. But for me it stands out as the year I started writing my blog here on The Jewish Press. In addition to reading my posts, for the past few months, you’ve been downloading the podcasts of my personal finance radio show. We’ve had a chance to meet outstanding personalities, including Nobel Prize winners Robert Aumann, Andre Geim, and Alvin Roth, best-selling authors Michael Starbird, Nicholas Wapshott, and Ken Rogoff, outstanding entrepreneur Gail Reynolds, chief scientist Harold Vinegar, and many others.

Hopefully, Goldstein on Gelt has not only entertained you, but has given you a new angle on personal finance and financial security. Guest Kevin Mitnick (professional computer hacker) and personal safety expert Bob Arno taught us innovative ways to safeguard our identity and possessions. Other guests Verne Harnish and Ken Fisher made us question how we make decisions, and challenged us to make better decisions to further our human potential, in all aspects of our lives, not just money.

I’d like to share these interviews and insights with you, so I compiled my favorite interviews of 2012 (it was so hard to pick!) into an e-book, The Best of Goldstein on Gelt 2012. Download it for free when you subscribe to receive updates as to who my weekly guests are, and broaden your definition of personal finance.

Enough with the Praise for Stanley Fischer and Israel’s Central Bank

Sunday, February 3rd, 2013

Stanley Fischer is the head of the Bank of Israel. As such, he is the government appointed goon in charge of money printing. In his infinite wisdom, he is supposed to know exactly what the supply of money should be, because he’s purportedly a chacham she-ein kamohu – a crazy genius who has a pulsating brain and somehow knows these things. Or maybe God comes to him in his sleep and tells him how many shekels should exist and how much he should print and when.

Or maybe he’s just some guy who has no idea what he’s doing, given a power the equivalent of an economic nuclear weapon, something that no one man should ever, ever have.

Stan the Super Shekel Man recently came out with an announcement that he would be quitting his post early. Aside from the speculation as to why (I think it’s because he knows there will be an unstoppable economic tsunami in the next 3-5 years and he wants to duck out early and quit while he’s ahead), I have seen nothing but wall to wall praise for this central planning money printing soviet-style currency czar. Sure he’s kindly, has a sweet voice, an endearing Zambian accent, cutely mixes up male and female in his Hebrew grammar all the time, and the Israeli economy didn’t totally collapse in 2008 so everyone assumes the money master is responsible for saving us all from destitution. But this is all a big, sad, sorry myth.

Let’s break it down.

Let’s step aside for a moment from the persona of Stan the Man himself. He as a person is not the main problem. As I said, he’s a nice guy. The main problem is the very system of central banking that give men like him inordinate power over all of our economic lives, a power which, once you realize the scope and consequences of it, can make you dizzy.

Imagine for a moment two national economies. One where the supply of shoes and their price is controlled by one man and anybody else who manufactures or uses shoes besides him goes to jail, and another where the supply of shoes and their price is controlled by the free market, meaning a myriad of entrepreneurs freely importing and exporting shoes based on the demand for them by customers. In a free market where anyone can manufacture and buy as many or as few shoes as he wants, the supply, demand, and price of shoes will tend to reach an equilibrium point where profits will remain constant and steady. Shoe firms like wholesalers, manufactures, and retailers, will all compete with each other to sell the most shoes to the public. In order to do this, they will have to make shoes of the highest possible quality at the lowest possible prices in order to attract buyers.

If the supply of shoes gets too high, shoe prices will tend to fall, lowering profit margins, thereby restricting the amount of shoes manufactured, choking off supply, and bringing shoe prices back up to equilibrium. If demand gets too high, shoe prices will tend to rise, increasing profit margins, encouraging shoemakers to produce more in order to earn those increased profits. This brings supply back up to match demand, bringing prices back down to equilibrium again.

Now, in an economy where the supply of shoes and their price is controlled by one man, let’s call him the chairman of the Shoe Bank of Israel, we are entrusting a single person to:

  1. Manufacture every single shoe in the country, because anyone else who does that is considered a shoe counterfeiter and goes to prison
  2. Know automatically what the supply of shoes in the country should be at any given moment
  3. Set the price of shoes at whatever he thinks it should be
  4. Not abuse this power

The shoe market in such a country would be a complete mess and everyone who needs shoes would be miserable. Since only one firm would be allowed to make and sell shoes, there would be no competition and the quality of the shoes would deteriorate. If the Chairman of the Shoe Bank of Israel set the price of shoes too low, meaning he underestimates demand, people would start hoarding the shoes and buying more than they need, and there would be shoe shortages. If he sets the price of shoes too high, meaning overestimates demand, people who needed new shoes would not buy them, instead waiting for a lower price. Perhaps they would attempt to repair their old shoes, or cut open the ends if they didn’t fit. Huge surpluses of shoes would result.

Printed from: http://www.jewishpress.com/blogs/settlers-of-samaria/enough-with-the-praise-for-stanley-fischer-and-israels-central-bank/2013/02/03/

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