Have you ever wondered what will happen to your WhatsApps, Facebook pages, and other digital content and assets (not to mention physical assets) when you’re gone, after 120 years? Or what the AI era means for your job – and your wallet? Are you wondering how your voice can stand out and create more opportunities for you and your business or organization? Are the issues of Israeli pension funds, taxes, insurance, retirement and estate, and financial planning, in general, the kinds of topics you shove aside to explore or deal with “someday”?
All this, and more, are topics that were presented at the third annual day-long, user-friendly, high-energy Nefesh B’Nefesh “Living Financially Smarter in Israel” conference on September 14 on the NBN campus in Jerusalem, a conference originally scheduled for June but postponed due to the Iranian (mis)adventure.
The conference’s founder, a certified financial planner, was Rifka Lebowitz, who has lived in Israel since 1988, when her family made aliyah while she was in middle school. Her online community now exceeds 40,000 members.
With an estimated 4,000 immigrants from North America and the UK expected to immigrate to Israel this year, conference partner Nefesh B’Nefesh says the need for accessible, Israel-specific financial education is more urgent than ever.
A crowd of 350 entrepreneurs, nonprofit professionals, and people who wanted more guidance in how to manage their money and financial lives had a choice of 14 workshops presented by top professionals in the various fields. As there were three parallel sessions in every time slot, it was like standing in front of your favorite falafel place, a bakery, and a restaurant and being told, “You can only choose one!”
Fortunately, all the presenters have online presences, so you can seek them out for more information at any time. One of the best takeaways from the conference was the 14-page booklet that was distributed, with valuable information that included things you may not have known about all the above, plus Bituach Leumi (National Insurance) benefits, US real estate opportunities for Israelis, the Ten Financial Commandments for the US expat, and a lot more. There is also a page called “Finding your community in Israel,” which is a godsend for someone seeking their ideal location to live.
One of the workshops I chose was attorney Miriam Shatsky’s “Will, WhatsApp, & Digital Assets.” Among the pearls I gleaned were: Be proactive. Leave instructions. Keep important information in hard copy, not just online. (Obviously every individual case should be discussed with one’s attorney.)
She told a frightening story about a man who had transferred all his cryptocurrency information to a flash drive, threw it out by mistake, and tried to sue the city to let him sift through their landfill. After 10 years, he lost the case, and as a result, lost what was eventually $800 million.
Create a password database and share it with one or more trusted friends or family members. If you have a website or a Facebook page, whether for business or personal use, have an additional administrator. What about a book you’ve published with Amazon KDP? Or have documents in Dropbox? Check each platform for its legacy plan. You can assign digital assets to a benefactor in your will. Check if you have something in your bank accounts called Se’if arichut yamim (“A clause of long life”). It prevents the account from being frozen if the joint holder passes away.
And what about those precious hard copy memories? Squirreled away in shoe boxes? In a locked box? Leave instructions, though, once you’re gone, there is no way of knowing if they will be upheld.
Keeping up with AI
What about AI? Mayer Reich, adviser to Bloomberg, Dow Jones, and the NFL, described how it is transforming the job market, and what skills matter most. He writes in the booklet: “AI isn’t coming for your job; it’s coming for your busywork.” One audience member pointed out that during the Industrial Revolution, people were also afraid of losing their jobs. Yes, he said, but that was spread out over years, and never in history has progress moved forward so quickly as it has been doing in our technological age. Having said that, he described the tremendous income potential for those with AI proficiency, and key platforms that participants can use to get advice on preparing taxes, investments, reducing debt, and more.
Business mentor and strategist Rachel Lubchansky packed her session with advice about how to make your presence and your voice heard, in what she calls “The V.O.I.C.E. Framework.” Own your message. Don’t dilute your value or try to sound like other people. What value do you have to share? Visibility puts your voice in the room... confidence is what keeps it there. And expansion is the reward.
ADHD coach Alana Stern, in her presentation “Focus on Finances: Thriving with ADHD and Financial Organization,” explained how traditional methods for managing one’s finances may not work for adults with ADHD. She gave tips for getting and staying financially organized, such as finding opportunities to add novelty, challenge, and rewards to help with motivation to tackle the essential work.
Rifka Lebowitz, a powerhouse, gave her session twice on “Planning the Financially Smarter Life.” She said, “There are four aspects we need to have working in sync with one another: plan and grow; living within my means; risk management; and my relationship with money.”
Some of her important takeaways: Prioritize what you are saving for. Lebowitz said she discovered differences in this between Americans, Brits, and Israelis. Be aware, when planning a budget, that some things are not a surprise. Your appliances and car will need repairs and will need to be replaced. There will be, please God, bar/bat mitzvot and weddings. Ideally, in retirement, you should have passive income from a pension fund, no mortgage, a lump sum of money, and (God willing) children who are financially independent. Develop a good relationship with money; know how to enjoy it guilt-free, be thankful for your ability to earn, and feel in control. “The days of moving here and thinking you can never make money are simply over,” she said. She believes Israel can show the world that “money does not have to be about greed” but about stability, opportunity, and responsibility. She praised Israel’s entrepreneurial spirit and its culture of creativity. “Israel has the potential to become a world leader in buildi
ng a financial model rooted in integrity, innovation, and above all – kindness.”
A raffle was held at the end, whose highest prize was NIS 1,500 to invest in a kupat gemel fund from Binovitch Insurance Agency. The gold sponsors of the event were JGive, Binovitch Insurance Agency, Nardis Advisors, and BTB – Be The Bank.
As for my opening metaphor? There was no falafel, but there were delicious refreshments and a lunch by Holy Bagel, exemplifying the adage, “If there is no flour, there is no Torah.” There was enough flour and Torah (since true Torah includes living within one’s means and helping others to do so as well) to take us into a new year of financial stability and joy. May it also be safe and quiet.
The writer is an award-winning journalist and theater director and co-founder and editor-in-chief of WholeFamily.com