There’s an old story about a senior monk and a junior monk traveling together. As they came to a river with a strong current, they encountered a young woman struggling to cross. The monks had taken vows not to touch a woman, but the older monk, without hesitation, picked her up, carried her across the river, and gently set her down on the other side. The woman thanked the elder gentlemen, and they were on their way.
Hours passed in silence until the younger monk, no longer able to contain himself, asked, “As monks, we are not permitted to touch a woman. How could you carry her?” The older monk simply replied, “Brother, I set her down on the other side of the river hours ago. Why are you still carrying her?”
This story is a powerful reminder about the burdens we carry, often far longer than necessary. As the new year approaches, it’s time to set down old habits and emotional weights in all aspects of our lives. Regarding personal finances, the start of a new year is a perfect opportunity to let go of past mistakes and reset our attitude, regardless of how things might have worked out financially this past year.
We often carry financial regrets for missed investment opportunities, overspending, or lingering debt. Like the younger monk who couldn’t let go of the past, these financial missteps weigh us down, preventing us from moving forward. We now have a chance to reset. Take the time to reevaluate your financial habits and goals. Are you still holding onto bad habits, like spending without planning or neglecting to save? Set clear, realistic goals that will guide you to a more financially secure future. Whether it’s building an emergency fund, reducing debt, or starting to invest, the new year offers a fresh start.
A well-thought-out plan is the foundation for achieving financial stability. Without one, it’s easy to lose track of your spending and feel like you’re not making financial progress. As you enter the new year, commit to reviewing your budget – or creating one if you don’t already have one. Break your budget into manageable sections: income, expenses, savings, and investments. Make sure your budget reflects both your immediate needs and long-term goals. Be flexible, but stay consistent. A solid budget will help you avoid the same financial pitfalls of the past, giving you greater control over your money.
You should also adopt a forward-thinking approach to your financial decisions. Dwelling on past mistakes – like missed investment opportunities – will only hold you back from making wise financial moves today. Taking responsibility is another key to economic success. Blaming circumstances or others for monetary setbacks won’t help you move forward.
Hold yourself accountable this year. Reevaluate your spending habits, make a plan for managing debt, and focus on building a better saving strategy. Accountability will empower you to make better financial decisions and lead to greater stability.
Beyond finances, many of us carry the burden of an unbalanced work-life dynamic. Overworking can take a toll on our health, relationships, and financial well-being. Rosh Hashanah is the perfect time to reassess how you balance your career and personal life. Ask yourself if your work takes up too much physical or mental time, leaving little room for yourself or your family. A healthier work-life balance will not only improve your overall happiness but also help you make better financial decisions with a clear and focused mind.
It’s Rosh Hashanah, a time for renewal. Don’t bring old burdens and bad habits into the new year. Set them down, realign your goals, and take control of your financial and spiritual future with purpose and confidence. Make this year count.
Would you rather spend all of your excess money on experiences or on material possessions? Please email or message me to let me know your choice! Please let me know if you have a good “Would you rather” question, and we will highlight your submission.
Shmuel Shayowitz (NMLS#19871) is a respected Real Estate & Finance Executive, Writer, Speaker, Coach, and Advisor. As the President and Chief Lending Officer of Approved Funding, a leading national mortgage banker and direct lender, Shmuel has facilitated over $3 billion of mortgages over the past two decades. Shmuel’s expertise spans various licenses and certifications, including specialized mortgage underwriter, licensed real estate agent, and accredited coach. His market insights and experience are highly sought after in the real estate, finance, and coaching industries. In addition, Shmuel is a seasoned real estate investor and property manager, facilitating thousands of rentals nationwide. Shmuel can be reached at www.approvedfunding.com/shmuel.
