Don’t let money change you

Money and success don’t change people; they merely amplify what is already there. – Will Smith

This column may be a bit different from my usual topics. It may be odd for a financial adviser to write about the downside to having a lot of money, but as someone who sits with wealthy people all the time, I can say that unfortunately money sometimes brings out the worst characteristics in people.

In last week’s Torah portion, Behalotecha, we read about the command to light the menorah. The Lord spoke to Moses, saying: ‘Speak to Aharon and say to him, ‘When you light the lamps, the seven lamps shall cast their light toward the face of the menorah.” Aharon did so; he lit the lamps toward the face of the menorah, as the Lord had commanded Moses.”(Numbers 8:1-3) On this verse Rashi comments, “This shows Aharon’s virtue that he did not change from God’s command.”

The question that begs to be asked is if God commands someone to do something it goes without saying that he/she will fulfill the command as received, without making any changes. What then makes what Aharon did so special? The Sefat Emet suggests that the praise of “he did not change” refers to the enthusiasm and love that Aharon performed in carrying out the command on a daily basis. After all, we all know that when something becomes part of the routine, we tend to go through the motions. Not so Aharon. He showed the same excitement as if it was the very first time he lit the menorah.

Another answer is given by Rabbi Meir of Premishlan. He says the verse “he did not change” is a tribute to Aharon’s humility. He never let his position change his personality. He was the high priest; his daily “job” included the most holy work in the Tabernacle. Nonetheless he stayed as authentically true to himself and as grounded as ever. He didn’t allow his success to go to his head, hence Rashi’s explanation “he did not change.”

Level head

A few weeks ago I sat with a young widow. Her husband tragically died and she is in her 30s with two small children. She told me how luckily her husband had taken out life insurance and that she was about to come into a lot of money. After speaking about her short- and long-term goals for the money, she said, “You know, I may now be objectively considered rich but I would trade all the money in a heartbeat to have my husband back alive!”

If that doesn’t make our complaints and “troubles” seem small I don’t know what does. Nothing like a bit of perspective to bring us all back to reality.

Aside from using the insurance policy to take care of the needs of her family both now and in the future and putting away money for her future, she plans on using the money to create an organization to help other young widows navigate Israeli bureaucracy so they get the benefits that they are entitled to.

Winds of change

Ever see someone suddenly come into a lot of money and over time you don’t recognize them anymore? They aren’t the same person you thought you knew. They have become somewhat full of themselves, boss people around and surround themselves with new “friends”? What can be done? If you come into a lot of money take a deep breath and wait a few months before making any financial decisions. Then you may want to sit with a financial adviser to discuss goals. The financial professional will have experience with these issues and can help keep you grounded and focused on what to do with the money.

Don’t forget charity

From all my experience in the financial industry the best way to stay grounded is by giving charity. In an article for Chabad.org about the greatness of giving charity, Malkie Janowski writes, “Humans possess an inherent drive to live, and to live well. This urge manifests itself in working to achieve the desired level of comfort. The majority of people spend most of their day toiling to earn money, in order to maintain or better their standard of living. When a person sets aside a portion of that money, and gives it away to charity, he is not sanctifying merely his food, or some other possession, or his mental capabilities; he is giving up something in which he invested his whole self for G-d’s sake. That’s an unbelievable feat, and that’s what you accomplish every time you give tzedaka.”

Be like Aharon the priest. Don’t let sudden wealth change you.

The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc., or its affiliates.

aaron@lighthousecapital.co.il

Aaron Katsman is a licensed financial professional in Israel and the United States who helps people with US investment accounts. He is the author of the book Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing.