Reflecting on the past for a better future
As originally appeared in The Jerusalem Post on July 18, 2025.
How old would you be if you didn’t know how old you are? -Satchel Paige
At the end of this week’s Tora portion, Pinchas, we read about sacrifices and laws related to the holidays. Not to scare you too much but the High Holidays are fast approaching and start in just over 2 months. The holiday season is the most focused time we have on our calendar for personal reflection. Not getting the headlines but in many cases much more acute, birthdays are another time to reflect on the past. Funny enough, (not really!) my birthday is in a few days. As opposed to years past, I am not looking for any presents or phone calls from family members. As we age it’s hard not to think about the past. Unfortunately, when looking back, too often people focus on “what could have been.” Instead of learning from the past to better their future, they start getting depressed. What really should be done is to look back and focus on what went wrong and then use that to make certain changes going forward.
It’s never too late to make changes. In a few weeks we start the last of the 5 books of the Torah, Devarim. It starts, “These are the words that Moshe spoke to all of Israel in Transjordan, in the Midbar, in the Aravah, opposite the Sea of Reeds, between Paran and Tofel, and Lavan and Chatzeiros, and Di-Zahav.” [Devarim 1:1] The great commentator Rashi, whose anniversary of death is this coming Friday, explains the various places mentioned as subtle chastisement that Moses was giving the people based on the bad events that happened in each location.
Our sages teach that the word ‘eleh’ – “These are the words” in the sentence quoted, always excludes that which came prior. Rabbi Yissochar Frand quotes the Maor v’Shemesh and says, “Moshe Rabbeinu (Moses) “learned a lesson” (if we may use this terminology) over here. These are the last days of his life. Moshe said to himself, “I have made some mistakes in the past. One major mistake I made in the past was that I was too harsh with them. I have been too explicit with them in my criticism. I called them ‘Morim‘(you rebellious ones). [Bamidbar 20:10]” Now Moshe Rabbeinu decides he is going to take a different approach. He is going to give rebuke, but he is going to do it subtly. “I will remind them of all the places they acted inappropriately, but I will do it derech remez (by hinting), because that is that way that rebuke must be delivered.”
Rabi Frand continues, “Moshe Rabbeinu is now 120 years old. He has been in this business for the last forty years. He did a very good job. Most people, who have been at something for forty years, with the success that Moshe Rabbeinu had in his career, think to themselves, “There is nothing more for me to learn about how to do this business.” However, Moshe Rabbeinu, on the very last day of his life, is looking at himself and saying, “You know what? I made mistakes along the way. My rebuke sometimes was too strong. I got angry. ‘I lost my temper.’ I am going to try a different approach.”
Not surprisingly, when it comes to money people often obsess about missed opportunities, and how if they had just invested in such and they would be millionaires by now. If all you do is look back with regret, it’s going to be hard to solve problems moving forward. Personally I can say that had I followed my instincts and bought 2 specific stocks, I would be sitting on some sandy beach drinking something with an umbrella stuck inside. Now I can sit and cry about it and accomplish nothing or learn from the mistakes, understand what I did wrong, and if the same type of opportunity comes along pounce on it. That’s what we all need to do. Learn from our past mistakes in order to improve as individuals.
It can be life changing
Change is far from being a simple process. But just because you have lived a certain way financially for decades doesn’t mean that you can’t change. Start making smart financial decisions. If you live in financial chaos and felt that you were being pulled in many directions and sinking into debt, take control of your situation, start to make financial order and get on a budget. While it may seem intimidating, living on a budget is empowering. It’s okay to say no sometimes. Yes, you may seem like the bad guy for telling your kids that you can’t fly to France to go skiing or that an Xbox is out of the question, but you need to have the confidence that by saying no, you are immediately improving your family’s financial situation.
By understanding what went wrong in the past you can create a much better financial situation in the future. You need to define your goals. Where do you want to be in 5,10 or even 20 years? Take a few minutes and start jotting down some short, medium and long-term goals. Then speak with a financial professional to figure out how you can achieve those goals.
Don’t fret over getting a year older. Learn from your past mistakes in order to create a better financial future.
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 the author of 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, SIFMA, FSI. For more information, call (02) 624-0995 visit www.aaronkatsman.com or email aaron@lighthousecapital.co.il.
