Passover, tradition and the value of money

What’s great about this country is that America started the tradition where the richest consumers buy essentially the same things as the poorest. You can be watching TV and see Coca-Cola, and you can know that the President drinks Coke. Liz Taylor drinks Coke, and just think, you can drink Coke, too. Andy Warhol

In honor of the passing of actor Chaim Topol, I thought I would write about tradition. In the hit song from Fiddler on the Roof, Topol sings:

Who must know the way to make a proper home,

A quiet home, a kosher home?

Who must raise the family and run the home,

So Papa’s free to read the holy books?

The Mama, the Mama! Tradition!

The Mama, the Mama! Tradition!

While many are knee-deep in cleaning agents to get ready for the holiday that begins in less than two weeks, I am here to say that Passover cleaning shouldn’t just fall on “The Mama.” Everyone needs to do their part.

Teach children about the value of money

One of the central commands on Seder night is to teach our children about the Jewish nation’s exodus from their slavery in Egypt. Passover is all about passing on our history and tradition from one generation to the next. Keep in mind that the Children of Israel left Egypt with great wealth. While we have our children’s attention, now may be a good time to try to teach them about the value of money, and I don’t mean how much that Afikomen present is going to cost. I am not saying to spend time at the Seder and speak about money, but maybe it’s a good time to have the conversation is during preparations for the holiday as we spend huge sums. It might benefit us as well and help limit what we spend.

I know that I have written this before, but I remember when I first arrived in New York for university. Here I was, never having been on an airplane or having left the friendly confines of the Pacific Northwest. Shortly after my arrival, I was talking to a New Yorker and mentioned something about the large vegetable garden that we had in Seattle. I will never forget the look he gave me, and his comment, “You actually grow vegetables? Do you live on a farm, or something?” 

At least he was aware that vegetables don’t grow in a supermarket. Ask a young city child where milk comes from and he will answer you “from a store.” The same holds true about money. Some kids think that money comes out of a wall at a local bank. It’s like magic. You put in a card, type in a code and hey presto – out comes cash.

At this time of year, we are all confronted with some very negative messages regarding money. Earlier this week, I looked online at my bank account, and as soon as I logged in I was hit with an advertisement to take a loan for Pessach. We are bombarded at this time of year that the more money you spend and the more you buy, the happier you will be. It’s for this reason, it is even more important for us to teach our children and remind ourselves about financial responsibility.

Hard work

The Israelites may have left Egypt with great wealth, but they worked as slaves for a very long time and earned that money as their wages. We need to stress to our kids that nothing comes for free. As we get closer and closer to the beginning of the holiday, many are in the unenviable situation of having a kitchen that is Kosher for Passover but no food to eat. The kids are asking to go out to a restaurant for dinner. The easy answer for everyone is to give in and eat out. But this can be a learning moment as well. Maybe the response can be something like, if you help clean up we will go out, if not, there are always some bananas left to eat. Children need to understand that our money is earned, it isn’t not infinite, and should be used for positive purposes and to provide for our needs.

For this reason, the first thing to tell our children to do when they receive a gift is to give some of it (10%) to charity. This will help instill in them the need to help those less fortunate than ourselves, and at an early age become active in their local community. Then, we should talk to them about saving. Nothing teaches a youngster about the value of money more than making them pay for something. When it’s their money, they tend to think twice about buying the latest cool gadget.

This holiday is centered on our children. Take a few minutes to teach them good money habits.

Chag Sameach!

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