The day the kid is born, this is when your bill starts.
More moments · 8
Ep 90Married 19 years, never finished a month in the black, until he tried thisMendy Feferkorn
▶1:23
Married 19 years, never finished a month in the black, until he tried this
Ep 90The day your kid is born, his wedding bill startsMendy Feferkorn
▶1:04
The day your kid is born, his wedding bill starts
Ep 90$50 a day on breakfast and Uber Eats. 18 years later, nothing to marry off his son.Mendy Feferkorn
▶0:51
$50 a day on breakfast and Uber Eats. 18 years later, nothing to marry off his son.
Ep 90$72,000 more in contributions, $2.5 million more at retirement, just by starting 10 years earlierMendy Feferkorn
▶1:00
$72,000 more in contributions, $2.5 million more at retirement, just by starting 10 years earlier
Ep 90Marrying off one couple in our community costs $250,000, and over half of families can't do it aloneMendy Feferkorn
▶1:09
Marrying off one couple in our community costs $250,000, and over half of families can't do it alone
Ep 90Should I invest in real estate deals? Over a billion dollars got flushed in our community in two years.Mendy Feferkorn
▶1:04
Should I invest in real estate deals? Over a billion dollars got flushed in our community in two years.
Ep 90Reb Elimelech says money is like fire: it can warm you or burn youMendy Feferkorn
▶1:00
Reb Elimelech says money is like fire: it can warm you or burn you
Ep 90He swapped the $20 milkshake for a $3 homemade one and deposited the difference in his son's accountMendy Feferkorn
▶1:26
He swapped the $20 milkshake for a $3 homemade one and deposited the difference in his son's account
Try this · top 3
Quotes
“You use it the way you're supposed to use it, it will warm you. If you use it the way you're not supposed to, it will burn you.”
Mendy Feferkorn
“Once you lose track of what you have and what you don't have, then you're out of control.”
Mendy Feferkorn
“If you must live on a card, use a debit card because it's going to stop working by the day your account is at zero.”
Mendy Feferkorn
“It's the time that buys you your money, it's not your money that buys you the money.”
Mendy Feferkorn
“You buy every Monday. I don't care what the market does.”
Mendy Feferkorn
Takeaways
1 He's a self-described regular Jew from Brooklyn, not a financial advisor, sharing basics that yeshiva schooling never covered.
2 Bitachon doesn't replace responsibility. Hashem runs the world through nature: you still need to earn, save and plan.
3 'Living to 120' thinking stops people from planning for retirement and life insurance.
4 Money comes from Hashem and we are its guardians. Like fire, it can warm or burn.
5 Cards took away the feel of money. Minimum payments at 22-30% interest can keep a $14,000 balance from shrinking after two years of payments.
6 One man married 19 years tried the cash drawer and had $300 left at the end of the week for the first time.
7 His four topics: live responsibly, save for marrying off children, save for retirement, and carry life insurance.
8 In his community, marrying off a child costs about $125,000 per side, and over half of families can't cover it alone.
9 Small amounts compound: he says $100 a month at a ~10% average return grows to roughly $80,000 in 20 years (not guaranteed). A $50-a-day takeout habit could have funded a wedding.
10 He says starting retirement savings at 25 instead of 35 can more than double the final amount, because time does the work. His figures are rough estimates at about 10% a year.
11 You don't need a high income: a teacher on a small salary saves more than some quarter-million earners who don't budget.
12 He estimates over a billion dollars was lost in recent years in his community on real estate and similar deals run by amateurs.