The days leading up to Tisha B’Av are a time for mourning, self-imposed restrictions, and reflection. After all, Tisha B’Av is the saddest day on the Jewish calendar, commemorating the destruction of the first and second temple, as well as numerous other tragedies that took place on this day throughout history. These include: 1) The First Crusade officially commenced on August 15, 1096. 2) The Jews were expelled from England on July 18, 1290. 3) The Jews were expelled from France on July 22, 1306. 4) The Jews were expelled from Spain on July 31, 1492. 5) On August 2, 1941, SS commander Heinrich Himmler formally received approval from the Nazi Party for “The Final Solution,” which marked the beginning of the Holocaust, during which almost one third of the world’s Jewish population was murdered.
Today, the Nine Days feel particularly heavy with the resurgence of antisemitism. As Jews contemplate the state of the world, one of the best books for guidance and introspection is Mishlei. It raises questions about values, moral behavior, and the meaning of human life. For anyone looking for perspective during these turbulent times, Mishlei is worth exploring.
In addition to providing insight into various aspects of one’s daily life, Mishlei also offers perspective on one’s financial affairs. This money wisdom is timeless and practical even in today’s economy. Below are several key lessons drawn from its verses:
- Work Diligently: “The hand of the diligent makes rich” (Proverbs 10:4). I am reminded of this phrase regularly when working with clients. This teaches us that a consistent effort builds wealth over time.
Many of my most successful clients are not the folks with the highest income. Rather, they are families who’ve accumulated their wealth slowly. Over many years, they were assiduous about saving money every paycheck and invested it prudently. Over decades, these funds accumulated into a seven and sometimes eight-figure portfolio. It doesn’t require magic to build wealth. It just requires diligence.
- Reject Get-Rich-Quick Schemes: “Wealth gained hastily will dwindle” (Proverbs 13:11). There isn’t a week that goes by where a friend doesn’t call me about a “deal” he heard about from a friend in shul. It’s always exclusive, and they explain how they were lucky to be offered a “friends and family discount” that will surely multiply their money within only a few years.
Remember, one of the key components to financial success is to avoid big mistakes. If something sounds too good to be true, it probably is. If you learn about an investment that can increase your wealth rapidly, that means you will be taking a high level of risk. Risk and return are inextricably linked. Stick with boring investments and don’t fall into the trap of trying to get rich quickly.
I also see this concept come up within the context of one’s career. It seems like everyone has a side gig. The accountant dabbles in money management, the doctor dabbles in real estate development, and everyone is a part time social media influencer. Most people will have far more financial success by refraining from these “side hustles” and focusing on becoming more proficient within their area of expertise. Slow and steady wins the race.
- Save Consistently: “Go to the ant… it stores its provisions in summer” (Proverbs 6:6-8). Folks need to have enough cash in their emergency account for a rainy day. If your compressor breaks this summer or you need a new roof, an adequate cash cushion will help you avoid sweating the unforeseen expense. Additionally, purchasing proper insurance coverage to protect against the death or disability of the family’s breadwinner can be a life saver.
Finally, saving 10-20% of your paycheck in the decades leading up to your retirement will give you the option of not working, or cutting back meaningfully, once you approach your 60s and 70s. Always remember the lesson of the ant by building your financial reserves during times of abundance.
- Avoid Debt: “The borrower is servant to the lender” (Proverbs 22:7). This is a verse that is often quoted by financial personality Dave Ramsey. While I don’t agree with everything Ramsey says, this is certainly a point where we have similar views.
The people who are in the best place financially are those who are not indebted to anybody. Sure, taking out a reasonable mortgage to buy a home may be sensible. Perhaps a small, short-term loan from a bank, that is quickly repaid, to start your business may also be prudent. However, other forms of debt on your personal balance sheet should be avoided at all costs. You can’t get ahead financially with a mountain of debt weighing you down.
- Plan Ahead: “Prepare your work outside; get everything ready for yourself in the field, and after that build your house” (Proverbs 24:27). The concept here is to prioritize your financial foundation before making major financial commitments.
A healthy cash flow is the cornerstone of personal finance. It’s imperative you position yourself to earn a livable wage while you are young, by attaining proper schooling or training, before launching your own business or career. Take time to learn and develop the proper skills. This foundation sets a person up for success, allowing them to earn enough money to live their life without having to rely on others for financial support.
- Practice Integrity: “Dishonest money dwindles away” (Proverbs 13:11). Any business may, at times, feel the urge to cut corners to temporarily help their bottom line. However, the best way to progress in one’s career and to grow your business and wealth is by always conducting yourself with honesty. Over time, your reputation of trustworthiness will help forge relationships and lead to financial success.
- Be Generous: “A generous person will prosper; whoever refreshes others will be refreshed” (Proverbs 11:25). The concept of tzedakah is not novel. It’s one of the most important mitzvot that every child is taught starting in nursery school. However, in the chaos of life, it’s one of those things that is easy to overlook. It’s important to periodically review your finances to ensure you are giving at least 10% of your net income to charity. In addition to supporting wonderful causes and helping folks who are down on their luck, the act of giving also fosters abundance and community.
- Seek Wise Counsel: “Without counsel plans fail, but with many advisors they succeed” (Proverbs 15:22). I was especially excited to read this verse since it advocates the benefit of hiring a financial advisor! Hiring a professional to guide you in any area with which you are unfamiliar makes sense. A competent advisor can help you avoid mistakes, offer recommendations to achieve your goals, and provide broad perspective that the average person does not possess without years of experience in a specific field. Even for people who do have a background in investing, an advisor can offer benefits similar to those of a chavrusa. They will hold you accountable, challenge your assumptions, and motivate you to stay on the right path towards financial success.
The book of Mishlei reminds us that “wisdom itself is more valuable than gold” (Proverbs 16:16). Accumulating a nest egg isn’t just about numbers. Financial success is about making thoughtful, principled decisions and avoiding mistakes with your money. May the teachings from Mishlei empower us to make the right decisions to improve our finances and guide us through these turbulent times and somber time of year.
