What’s Mine Is Yours ...
Daddy was self-employed, with no steady paycheck, no parents to rely on for money “just in case” and no retirement savings. Mommy worked sporadically when we were young. There were a lot of financial “almosts”—investment opportunities where our parents were convinced they were going to hit it big. The money went up; the money went down. There must have been times of enormous stress, but as kids we didn’t know about it. Mom and Dad thought it better for adults to have adult worries.
Our parents kept their priorities firm despite the lack of money in the bank. They went ahead with all the plans for Jill’s Bat Mitzvah even though afterward they knew they would have only $316 left in their bank account. Why? They couldn’t bear to give one daughter a wonderful party and not the other, even though their financial situation was different when Jill had her event than when Lisa had hers. And they had faith that somehow the money would return.
Jill had tutoring, sleepaway camp and private ice-skating lessons. Lisa had tennis, sleepaway camp and art class. Both of us attended Hebrew school three times a week. Neither of us ever felt deprived of anything. On Friday nights Daddy routinely brought home a toy of some kind, sometimes just a pen. Every Jewish New Year, we had new outfits to wear to temple.
Why are these details relevant to the conversation about money? In our family, we used money to enjoy life, and we didn’t hoard away vast savings for a rainy day that never happened. Money, clothing, gifts, advice—all were freely given away. Our parents often gave money to friends and family down on their luck. Our family sees money as a means to an end, not an end in and of itself. It is a means to freedom of choice, not merely in material goods but in health care, education, recreation—life in general.
Mommy believes that what is hers belongs to her children. As a matter of principle, everything she owns belongs to her family. This is also the philosophy of Daddy, and of our Aunt Cooky and Aunt Nessie. All of them regularly and sincerely offer to their children, their siblings and their nieces whatever money they have. We believe that money also goes up, down and sideways, from children to parents and from siblings to each other. We believe that whoever needs financial help should get it.
Here is our Jewish mother secret to money—our parents made us feel as if we were rich. Lack of money may have been a reality, but it was never an obstacle. We lived as if the world belonged to us and we were just as entitled as anyone else to a big slice of that great American apple pie.
Gloria’s History
My mother watched every penny. She wasn’t stingy, but she was careful. She never bought something without making sure she paid the lowest price she could. She once took Lisa shopping all day for a raincoat at Macy’s, Gimbel’s and B. Altman, only to decide at the end of that long day not to buy anything. I did not inherit that trait from her. Of course, I came of age in a postwar boom time and she was a bride during the Depression. Big difference.
I buy what I like, if I can afford it. I have no patience to
shlep
around and compare prices. I didn’t want Lisa and Jill to worry about money or to know when we worried about money. I heard too many of those conversations myself growing up. ■
Lisa’s Thoughts on Stereotypes
One of the reasons our parents purposely raised us in their version of a “Jewish ghetto” was that they didn’t want to subject us to bigotry. We heard no lousy jokes about Jews and money, no off-color remarks implying that we were either stingy or stinking rich.
Those jokes about Jews and money are in bad taste and have made quite a comeback. I don’t like them. The irony for me is that these stereotypes are so far from my own experience. I’m sure there are stingy Jews, like there are stingy people in any group. But my family was never stingy. I was born into a generous family and I married into a generous family. Because we were raised this way, Jill and I really did believe anything was possible, and we never saw lack of money as an impediment to our dreams. ■
Jill’s Reflection
I am really glad my parents gave me the impression we had plenty of money. I think all parents should give children the illusion of security and not share with them financial stresses. Kids need to know that they can’t get everything they want, but they also don’t need burdens. ■
Jews, Money and Anti-Semitism
Did you know that in some slang, to “Jew someone down” means to bargain with them to bring the price lower? We take offense at that, obviously. We take offense at other negative stereotypes about Jews, just as our Italian friends do when people assume they are “connected” to the Mafia. Prejudice against the Jewish people, based on lies, ignorance and exaggerations, is a very dangerous thing. We assume you don’t need us to give you a historical dissertation on the damage anti-Semitism has inflicted on Jews and so many others. However, even though each of us, to some degree, has been affected by prejudice, we largely heed Ethel’s advice and “pay it no mind.” Thank God we live in the United States of America, which none of us take for granted. We know there are ignorant and vicious people in this world, and we step over, around and through them when we encounter them. As far as the stereotypes themselves go, we Jews love nothing more than a good joke, even if it’s at our own expense. But “Jewing someone down”? Not funny.
ask yourself
1.
Did you feel rich or poor growing up?
2.
Did your parents make you feel insecure about money?
3.
Did you feel that the lack of money prevented you from doing something important to you?
4.
How would you describe your parents’ attitudes toward money?
5.
Were your parents generous? With you? Others?
6.
Do your parents today trust you with money issues?
7.
Do your parents ask your advice about money? Do you seek theirs?
8.
Do you feel left out when it comes to matters of money in your family?
9.
As an adult, have you passed on the attitudes you learned from your parents to your children?
Don’t Be a
Schmuck
: Know Your Money
The Jewish mother has one rule for personal finance—try not to be a complete
schmuck.
A woman should always know where her money is being kept. Don’t laugh; countless spouses do not know the locations of their joint bank accounts, much less the amount in them and the account numbers. Find your safety deposit key and tell someone else you trust where it is. Keep a file of life insurance policies. Know who has the original copy of your will. And if you don’t have a will, make one. The last thing you want is for the court to appoint someone else to take care of your estate when you are gone. There are plenty of great books out there to help you organize your money. Buy one and spend some time organizing your finances. It is absolutely essential that you know how much money you have, where it is, who technically owns the asset and who has access to it. Make a plan for your financial future if you don’t have one. The most important thing is not how much money you have, but how you manage what you do have for the long term.
Gloria’s Story
Women of my generation were particularly naïve when it came to money, because so many of us didn’t have our own. Even now, Sol doesn’t share all the decisions he makes about our money. It is a source of great frustration for me. However, I do know where all of our assets are. ■
ask yourself
1.
Do you know where your assets are?
2.
Do you have access to all your assets?
3.
Do you have a smart plan for your financial future? If not, why not?
What Will You Do for Money?
It is a sad fact that some people will do anything for money. Some of those people end up in jail, others in the biggest mansion in town. Who are we to know what you are willing to do to get rich?
Only you know where your lines are drawn. When it comes to money, very often your moral compass will be called upon to give you a direction. We advise you to let your conscience tell you where to go. Here is the dilemma Daddy once had, as told by Mommy.
S
ol’s
D
ilemma:
Sol was a licensed attorney as well as stockbroker. He had started his own underwriting firm and achieved some financial success. In the early 1970s, Sol was approached by some men
to
become the president of a New York Stock Exchange securities firm. Wow! Prestige, recognition and money. We were so excited. Sol took the job and closed his own firm to join this one.
On Sol’s first day at the new job, the men asked him to do something unethical. We don’t even know the specifics; they are not important. Can you imagine Sol’s dilemma? He had just closed down his company and had a family to support.
What Did Sol Do?
Sol quit his job that first day in the office. He came home and told me he felt he had no choice. Then he contacted his old law partner and the two of them started new business ventures together. Even though he was in shock for a while, Sol never looked back.
What Happened to the Firm?
Years later, the SEC investigated wrongdoing at this firm. Eventually the people who did wrong got punished. They usually do.
As we said elsewhere, Daddy believes people know when they are doing the wrong thing, even though they choose to do it anyway. We believe in being able to sleep at night, which means avoiding doing something that will trouble our consciences. If you are ever in doubt, look at the example of Bernie Madoff. He had so much money, but it wasn’t enough. He had to lie and cheat and steal to get more. And in the end, did the money bring him or anyone else happiness? It only brought misery—to so many people.