As a community, we have to stop guarding our financial position as the kodesh kodashim, the inner sanctum of our lives.
More moments · 5
Ep 15What does growing up wealthy actually give you? One word.Rabbi Dovid Bashevkin
▶0:49
What does growing up wealthy actually give you? One word.
Ep 15Are We Turning the Wealthy Into Celebrities?Rabbi Dovid Bashevkin
▶0:48
Are We Turning the Wealthy Into Celebrities?
Ep 15I cut out fancy vacations and restaurants and put the money into ShabbosRabbi Dovid Bashevkin
▶1:17
I cut out fancy vacations and restaurants and put the money into Shabbos
Ep 15I keep $25,000 in checking and $75,000 in savings, and here's whyRabbi Dovid Bashevkin
▶0:48
I keep $25,000 in checking and $75,000 in savings, and here's why
Ep 15I specifically invest my money after financial meltdownsRabbi Dovid Bashevkin
▶0:43
I specifically invest my money after financial meltdowns
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Quotes
“You're kind of just pouring water into this jug that has a hole in it because you see everybody else is filling up their jug.”
Rabbi Dovid Bashevkin
“I took all of the money that I spend on going out to eat, and I invested it into my Shabbos meals ... We transformed Shabbos and turned it into a vacation.”
Rabbi Dovid Bashevkin
“He gave a one word answer which is one of the smartest answers I ever heard. He said, options. (a friend from a wealthy family, on what wealth gives you)”
Rabbi Dovid Bashevkin
“It's not yeshivish, it's not shtark, it's not frum to be totally clueless about the financial world.”
Rabbi Dovid Bashevkin
“You diversify not just what you invest in, but when you invest.”
Rabbi Dovid Bashevkin
Takeaways
1 Yeshivas decry materialism while dinners and magazines celebrate wealth. Gevirim shouldn't become our gedolim.
2 Choose a community with economic diversity; the danger is religious life filtered through money.
3 Normalize blue-collar careers (HVAC, electricians); not everyone should chase the same few finance fields.
4 Spend on what gives lasting satisfaction. He cut eating out and fancy vacations and turned Shabbos into a weekly vacation.
5 Some choices are "happiness investments" - hard now, rewarding later. Don't judge by real-time happiness, in life or in money.
6 Skip get-rich-quick pitches and hot tips. Index funds and basic ETFs held long term; downturns (2008, COVID) are times to add.
7 Wealth mainly gives options. Liquidity is an option too - real estate locks money up, so start with stocks.
8 Chazon Ish: a ben Torah shouldn't borrow - Bashevkin reads it as avoiding bad debt and dependence, not mortgages.
9 Don't trust a deal because of shul, a car or jargon. Invest only what losing wouldn't ruin you; reinvest dividends to compound.
10 Money talk shouldn't be taboo. He shared his own savings to show what's normal; couples should share accounts and information. Teach kids honestly, and let them see economically diverse family and friends.