Earlier this week, I had the fortune to take my 16-year-old son to Misrad Hapnim to get his Teudat Zehut. In a fast-changing world, it’s comforting to know that there are still things that stay the same and that you can count on. As soon as you get to the run-down building on Shlomtzion Hamalka Street, you get that homey feeling. I have no idea when the offices moved into that building, but it sure feels like they have been there since the founding of the Jewish state. Nothing has changed in the nearly 35 years I have been here.
Once they called our number, we went to a clerk, who had probably been there as long as the offices were there. The familiar sounds of everyone yelling at each other gave me a warm feeling, perfect for the cold and rainy Jerusalem morning! Kidding aside, the clerk was reasonably friendly, and we were in and out in respectable time (except for the 30-minute wait until they called our number!) The moral of the story was that there was no need to get upset; just stay calm and patient, and everything will work out.
This week, we have the privilege of reading the Torah portion of Yitro. At the beginning of the Tora portion, we read about how Yitro, the father-in-law of Moses, joined the children of Israel after the exodus from Egypt. He immediately noticed that people were standing from morning until evening, waiting for Moses to render judgment. He told Moses that this was unsustainable and came up with the idea that there should be a judicial system of lower courts and higher courts. Yitro advised his son-in-law, “And you shall see from among the entire people, men of means, G-d fearing people, men of truth, people who despise money, and you shall appoint them leaders of thousands, leaders of hundreds, leaders of fifties, and leaders of tens.” (Exodus 18:21)
Moses accepted the plan: “Moses chose anshei chayil (men of accomplishment) from among all Israel and appointed them heads of the people, leaders of thousands, leaders of hundreds, leaders of fifties, and leaders of tens.” (Exodus18:25). The Ibn Ezra interprets ‘anshei chayal’ as “patient people.” Judges need patience. Litigants can get very impatient during judicial proceedings. Defining the term ‘Judicial temperament’, Terry A. Maroney, the Robert S. and Theresa L. Reder Chair in Law and Professor of Medicine, Health, and Society at Vanderbilt University, writes, “The basic logic is that temperament is an underlying factor that produces behaviors, some desired and some not. The behaviors most often cited as evidence of a good temperament — displays of courtesy, patience, level-headedness, and caring — are desirable because they advance procedural justice. They make litigants, attorneys, and the public feel heard and understood, foster respect for the courts, and — when displayed to fellow judges — advance collegiality.”
Having patience is key
Patience and level-headedness are two key traits that one needs in order to have financial security. In building wealth too often, we forget the process. We don’t realize that it’s a continuous process, not just some one-off, one-time event that secures your financial future.
Finideas writes, “Wealth creation is an activity that you will have to undertake if you want to have financial stability and independence. It involves a series of well-thought-out actions which requires a lot of patience, discipline, persistence and strategy. Out of this patience is one of the most crucial elements that unfortunately most people do not give importance to. They expect that wealth can be built overnight. However, this expectation is far from the reality. We have seen many people commit major blunders with their investments due to a lack of patience. They become uncomfortable with the pace at which their wealth gets accumulated and take many decisions that ultimately hurt their wealth creation journey.”
Regarding the need for patience, The Simply Ethical Blog says, “In today’s information age, investors are inundated with a constant stream of news, opinions, and market updates. This barrage of information can create a sense of urgency to act, even when no action is necessary. Patience helps investors filter out the noise, focus on their long-term objectives, and avoid being swayed by short-term distractions.
Patience also cultivates confidence. When investors understand that wealth creation takes time, they are less likely to be deterred by temporary setbacks. Confidence in their strategy allows them to stay the course, even during challenging times.”
It continues, “Patience is not just a virtue in life but a critical skill in the investing journey. It enables investors to harness the full potential of compounding, navigate market volatility, and maintain emotional discipline. By embracing patience, individuals can achieve their financial goals and build lasting wealth. Remember, investing is a journey, not a destination, and time is your most valuable ally.”
For 99.9% of the population, there are no shortcuts to building wealth. Yes, I am aware of that people win the lottery, but if that’s your plan for financial success good luck. For everyone else, be patient and follow the process, it works.
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 Katsman is author of the book Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing (McGraw-Hill), and is a licensed financial professional both in the United States and Israel, and helps people who open investment accounts in the United States. Securities are offered through Portfolio Resources Group, Inc. (www.prginc.net). Member FINRA, SIPC, MSRB, FSI. For more information, call (02) 624-0995 visit www.aaronkatsman.com or email aaron@lighthousecapital.co.il.