Posts tagged " business "

I Have So Many Interests – How Do I Monetize Them?

November 13th, 2019 Posted by Ask the Rabbi 22 comments

This is Omar E. – born in Rome from Egyptian muslim father and Italian catholic mum.

I just recently discovered your material and I quickly became addicted to it. I would like to ask you something – what’ s your views on destiny? And more in detail – are some people destined to be failures?

I am 36 years old and I have always been a passionate learner. Throughout my life I have been involved in various different fields – I have a Jazz drums degree, been cooking in some of the most prestigious kitchen in the world, got a Sommelier certification, I have been trading stocks for 4 years while studying various types of technical analysis (TPO, Market Profile, Point and Figure, Fundamentals and more).

While I am very proud of all the things I have learnt, I have never been able to monetize as much as I wanted. Once I felt I started to master a certain profession – I quickly began to lose interest and my attention and focus went somewhere else… But now I am struggling to provide money for my family, and this is very frustrating. It seems to me that for some folks success just come easy, while all my efforts for some reason don’t produce the wanted outcome.

I have a great wife and daughter – and I am very grateful for that – but now I am just wondering whether I should just accept that I am a great fast-learning person, but making money is not in my destiny.

Hope to hear from you, thanks for your time.

Faithfully,

Omar E.

Dear Omar,

We are intrigued by your unusual background and are so happy you wrote to us.  Your letter spoke to our hearts , especially since your decisions greatly impact the lives of two other people, your wife and daughter. However, we did say to ourselves, “Surely we’ve discussed this before?”

Our quick search of Ask the Rabbi questions and answers over the past ten years revealed a number of people who wrote with similar questions (a sample of which we will link to at the bottom). But here’s our not-surprising conclusion: each individual faces his or her own background, challenges, rationalization of behavior and life-path. As such, we hope that each time we answer a similar question, we hope that we can add something additional to whatever we said before.

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Of Boats and Businesses

November 12th, 2019 Posted by Thought Tools 9 comments

Like many of you, I find myself turning to online videos for information. Instead of reading through a dense and confusing manual or using a process of trial and error, I simply need to type a few words into my search engine to see step-by-step instructions for changing a water filter, manipulating the settings in my car or, should I ever be so inclined, how to fold a fitted bed sheet. If I follow the steps, I will accomplish my task. On a larger scale, carefully following engineering drawings and architects’ plans allow you to successfully build a house, boat or plane.

Yet, building a business or a marriage offers no such assurances.  Although countless books exist about starting a business and getting married, following those advisors brings no guarantee of success.  Surely directions for marriage and entrepreneurship ought to ensure success just as do directions for ship builders, airplane builders, and home builders.  Why would the success rate for new businesses and marriages be well below the figure for ships, planes, and buildings? Maybe Exodus can guide us.

God directed Moses how to build the Ark of the Covenant and then told him to place inside it, “…the testimony which I shall give you.” (Exodus 25:16)

God directed Moses to build the Table and then told him, “And you shall set the bread of display upon the table… (Exodus 25:30)

God directed Moses to build the Menorah and then told him, “…and he (the priest) shall light its lamps… (Exodus 25:37)

However, when God directed Moses to build the altar (Exodus 27:1-8) no subsequent instructions followed.

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Holy Money

August 27th, 2019 Posted by Thought Tools 31 comments

Dan Ariely is an Israeli-American teacher at Duke University in North Carolina.  I think he’s smart and very well educated.  Based on his weekly column in the weekend edition of the Wall Street Journal he is often insightful and entertaining.  However, his recent answer to the question of whether people’s salaries accurately reflect the value they provide to society, lacked wisdom. 

He lamented the fact that many people create a lot of value and don’t get paid much, citing teachers as the best example.  I am going to leave aside the obvious fact that most rabbis probably feel that rabbis are underpaid and a liberal arts graduate with a bad choice of majors probably feels intuitively that specialists in Byzantine frescoes are underpaid.  I am leaving those aside as I leave aside the fact that Dan is a teacher because I am not that interested in the feelings of rabbis, liberal arts graduates or teachers.  I am much more interested in their thoughts than I am in their feelings.

It was Dan’s closing sentence that revealed a lack of wisdom.  Here it is:

“Maybe one day we will evolve as a society and base people’s salaries on their actual contribution to the common good.”

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Tent on the Beach

February 26th, 2019 Posted by Thought Tools 10 comments

Lately I’ve been listening to the rhetoric of ambitious politicians both in the United States and Europe.  They tend to speak of business in very negative terms usually with adjectives like greedy, selfish, and unfair.  They blame corporations for everything from inequality to poverty and from depression to crime.  They preach that the institution of business is inherently flawed.

Business, like politics, education and the press is run by people who sometimes do illegal and immoral things. But an additional complaint against businesses is the notion of competitiveness. Implementing new ideas in itself is evil, they claim, as it results in the closing of less creative enterprises.

It is true that business does depend upon constant innovation as things change.  The man making, selling or repairing fax machines in the 1980s had to adapt to email and cell technology at the turn of the century.

Former finance minister of Austria and mid-20th century Harvard economist Joseph Schumpeter said that business depends upon creative destruction.  Humans’ constant march forward to ever-newer ways of doing things is not a lamentable side effect of commerce but is an essential element of wealth creation. 

Prior to his death, Moses addressed each of the twelve tribes of ancient Israel. 

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Flames, Family and Finance

December 10th, 2018 Posted by Thought Tools 13 comments

In which countries is it easiest to form a new business?  You’d think that with more than two-hundred years of entrepreneurial culture, the United States would rank fairly high.  And we did.  Until about 1962, starting a new business in the United States was quicker, cheaper, and easier than anywhere else.  Not surprisingly, the country enjoyed the highest rate of new business startups of anywhere in the world.

However, since then, America has been steadily slipping and sliding down the rankings until today the country ranks behind Poland, Lithuania, New Zealand, Singapore and about ten others.  Concurrently however, over the same fifty years, the number of U.S. government programs taxing money away from those who work for it and offering it to others has skyrocketed.   It is made available almost on request in the form of cash, free food, free cell phones, free housing certificates, and so on to almost everyone who applies. 

Not only has the number of give-away programs soared, but it has become ever easier to join the ranks of the receivers.  Why would a society of rational people make it harder for folks to start businesses and easier to become dependent upon one’s fellow citizens?

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Am I cheating people?

September 26th, 2018 Posted by Ask the Rabbi 4 comments

I love your services and have been reading your book, Business Secrets from the Bible

I am with a developer who sells overpriced  property. He tells me to go and see the people in the home and get them to like you first, then sell the property.

Whenever I say anything about it (I have mentioned it many times), the answer back I get is that I don’t believe in the product.

Three months later and only two properties sold from 34.

I’m struggling to know what is right as far as morally goes to my fellow man and right to my boss who unfortunately is my older brother.

Your advice would be much appreciated.

Dino

Dear Dino,

Your question reminded us of a story our good friend, Zig Ziglar, used to tell. He was overseeing a group of salesmen who were selling a rather expensive set of kitchen cookware. Despite having an explanation as to why the pots were a worthwhile investment and merited the high price, the salesmen were notoriously unsuccessful.

One day, Zig asked which of them owned the pots they were selling. When no one raised a hand, he told them that evidently they did not believe what they were telling their potential customers. If they thought that the pots were truly an important and justified purchase, they would have bought a set themselves.

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Is my aunt using me?

June 6th, 2018 Posted by Ask the Rabbi 33 comments

I have a very wealthy aunt who is in the top 1% of the top 1%. I see her every couple of weeks, when she invites me down to accompany her out to dinner or perform work around the house for her. Long story short, I’m an entrepreneur launching a very exciting and possibly *extremely* profitable business online.

In this process my biggest problem is more cash for expansion. I honestly work very, very hard and am dedicated 110%, but so much advancement could be made overnight had I been blessed with the cash to do so.

Anyway, one day I was driving my aunt to the airport (I am basically her personal assistant when she summons me to be), and she told me how nice money is to have because you therefore never have to worry about it. Without thinking, she blurted out that she donates about $150,000 a year to various and always changing organizations. Upon saying this, I saw her face immediately switch to a bright red “WHOOPS” expression.

Now I know I have absolutely zero claim to her money at all, but am I wrong to feel somewhat unloved by her now that I realize she’s pumping mind-blowing amounts of money into a multitude of other directions and rejecting mine – all the while acting like my best friend, biggest ally, and cheerleader?

Also let me just mention that when I do work around her house she will throw me $20 – $40 bucks or so, but when I subtract the gasoline I spend traveling 40 minutes each way to her house, is not as great as it first appears.

I don’t want to seem selfish or entitled – I’ve been maintaining being a good nephew and just smiling and helping her in every way she asks – but at the same time I can’t help but realize that a very minuscule percent of the money/lifeblood she is constantly spreading elsewhere, to complete strangers, would vastly advance my business, and ultimately the quality of my entire life in exponential proportions.

Deep down I feel like she might simply be using me to be her little helper when needed, and doesn’t actually want to see me succeed because then she’d lose me as such – and that’s why she doesn’t actually help financially. This is the only reason I can find for her decision not to donate to my business because she gives so much away to others. Could she be putting up a front that she is “rooting for me” and “wants to see me succeed” but really just wants to keep me where I am and benefit from my younger ignorance and desire to be a good nephew? Am I playing the fool right into her hands and advantage? Could I be experiencing a form of “all talk and no walk” by her? I really hope you answer this Rabbi and Susan as this has been a mind ripping situation for me. I sure could use your wisdom!

Drew

Dear Drew,

We found your question quite intriguing, partially because you show great maturity by recognizing that you are not entitled to your aunt’s wealth but that, since she is an older member of the family, you actually have a responsibility towards her.

At the same time, you are struggling to build a business and see how effortlessly she could solve what you see as your greatest problem. That makes you suspect that she actually doesn’t want you to succeed and leaves you with hurt feelings. You now see her as “throwing” money at you when you help her, but we’re willing to bet that she politely hands it to you and the word throw reflects your incipient resentment rather than her actions. 

We, of course, do not know your aunt nor do we know you.  However, we did pick up certain clues in your letter (which we needed to shorten but we retained both the meaning and the flavor). It seems to us that you have not yet developed a full understanding of business. This is imperative in order for you to succeed.

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One Reason the World Hates the Jews

March 20th, 2018 Posted by Thought Tools 56 comments

People understand some occupations far more easily than others.  A farmer planting seeds or harvesting a crop is easily understood.  A contractor building a house is easily understood.  We easily understand a miner digging coal underground then bringing it up to the surface and a railway worker laying track, as we also understand a mechanic repairing a car.  We get a doctor, a dentist and a factory worker.  We even understand why the football hero or movie star make the big bucks.  We know what all these people do in order to get paid.  We understand the value they add.

In other words, we easily grasp Karl Marx’s labor theory of value.  He insisted that anything involving labor is valuable and the value of a good or service is proportional to the labor involved.  We might challenge Comrade Karl by pointing out that labor doesn’t seem to have much to do with it.  The dentist who labored for only half an hour to end my dreadful toothache gets paid far more than the coal miner is paid for half an hour of his labor.  But to give him credit, Marx would respond by explaining that the dentist labored long and hard in advance of my visit by acquiring the knowledge and skills to repair my tooth. Nonetheless, it isn’t hard to refute Marx’s views on value.

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Boats Float; Planes Fly; Couples & Businesses Crash

February 20th, 2018 Posted by Thought Tools 10 comments

One of the most sensually satisfying things I’ve ever done was building a seventeen-foot sailing boat out of oak and spruce, plywood and glue, bronze screws and canvas.  If I close my eyes, I can still smell the aromatic sawdust.  After eight months of part-time, loving labor, launch day was almost an anticlimax.  It floated, I climbed aboard, hoisted sail, and glided off across the lake. 

No surprise there; I had purchased plans from an accomplished New Zealand naval architect, Richard Hartley, and followed them diligently.  What is more surprising is that I later built another boat which also floated.  This one was nearly forty feet long and was constructed from steel and cement.  Yes, you read that correctly.  Its hull was a one-inch thick sandwich of steel and cement.  I was not at all surprised when, on launch day, it not only floated but floated exactly to its waterline which I had already painted in bright red on the hull. 

Why wasn’t I surprised?  Because I had purchased plans from a designer in Vancouver who was a recognized expert in ferro-cement boats and I had followed all details diligently.  What percentage of the boats and ships that are built by large shipyards or by serious amateurs float? Actually, about one hundred percent.

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How can I make it to the top?

January 31st, 2018 Posted by Ask the Rabbi 12 comments

I would like to know  how I can get God’s help in being successful in reaching top position in the area of finance when the competition is so high and there are people who are smarter than me and I have been encountering so many defeats  and humiliation while I am working towards my goal.

Kurian K.J.

Dear Kurian,

Based on your letter, we are assuming that English isn’t your native tongue, but we hope we understand your question correctly.

Sometimes, when addressing live audiences,  I (Rabbi Daniel Lapin) ask them if they think God wants us to be rich.  Some say ‘yes’ and some answer, ‘no’.  I then explain that God hasn’t shared His desire on this with me. However, I do know that a good and loving God, in the grand scheme of things, set up a system that rewards those of His children who devote their lives to helping His other children. In general, the more people you help and the more unique that help is, the better you will do financially.

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