Abraham’s Financial Lesson: Don’t Wait for the Government to Make You Wealthy

As originally appeared in The Jerusalem Post on October 23, 2026.

“The most terrifying words in the English language are: I’m from the government and I’m here to help.” Ronald Reagan

Regular readers of my column will notice that I have used the aforementioned quote from former US president Ronald Reagan many times. I figured that as we all head to the polls on Tuesday, we should keep it in mind. Outrageous campaign promises from parties across the political spectrum are used as tools to entice voters, often leaving those voters disappointed when the promises are never implemented. Politicians promising how they will improve our lives makes me very nervous. Society needs to learn that, in most cases, we can solve our own problems. We can do it more quickly and cheaply than the government can. We need to stop looking to government and politicians as the answer to our prayers.

After all, the proof is in the pudding. The global economy is a structural train wreck, as governments have no discipline to contain excessive spending. The increasing debt burden could literally bankrupt countries. Why we think politicians who cannot balance a budget will somehow “save” us is a concept I have never understood. Why we keep looking to politicians to solve our problems is beyond me. Describing why government should be shunned as the solution to business woes, Ayn Rand said, “Government ‘help’ to business is just as disastrous as government persecution… the only way a government can be of service to national prosperity is by keeping its hands off.”

But amid the campaign promises and political debates, perhaps we should ask ourselves a different question: How much responsibility are we taking for our own financial success?

This week’s Torah portion, Lech Lecha, offers a powerful answer. Thousands of years before the emergence of modern financial planning, Abraham demonstrated a principle that remains as relevant today as ever: Our financial future should not depend on someone else making us wealthy.

In Genesis 14, Abraham finds himself in an extraordinary situation. Four kings have waged war against five kings, defeated them, and taken their possessions and captives, including Abraham’s nephew Lot. When Abraham learns what has happened, he gathers his trained men, pursues the invaders, and succeeds in rescuing Lot and the other captives.

Following this victory, the king of Sodom makes Abraham an offer: “Give me the persons, and take the possessions for yourself” (Genesis 14:21). Abraham has risked his life and resources to save the captives. He could easily justify accepting the reward. The wealth would provide a substantial financial windfall.

Instead, Abraham refuses. He declares, “I will not take so much as a thread or a sandal strap of what is yours, so that you shall not say, ‘It is I who made Abram rich’” (Genesis 14:23).

Abraham’s response is remarkable. He is not simply turning down money. He wants to ensure that the king of Sodom cannot take credit for his prosperity. Abraham is unwilling to allow his financial success to become dependent on the generosity of a powerful ruler.

His decision reflects a deep commitment to independence. Abraham understands that wealth is not just about how much money a person possesses. It is also about the principles, decisions, and efforts that determine how that wealth is acquired.

I have been pounding the table for more than three decades about the importance of individuals taking seriously the need to save for retirement. Relying on the government to take care of you is foolish, and you may not be able to enjoy a secure retirement if this is your approach. Maybe now the message will hit home.

When I speak to people about retirement planning, I am often met with, “I don’t need to plan for retirement because the government will save me.” My blood pressure spikes when I hear this. I think it is important for individuals to take care of their own retirement and not rely on anyone else to do it for them.

I cannot tell you how many meetings I have with people who have worked for 25 or 30 years, have only a small pension, and receive approximately NIS 2,500 a month from Bituach Leumi.

Taking care of your own retirement is even more important if you live in Israel. A while back, I quoted research from Dr. Aviad Tor-Sinai and Prof. Avia Spivak at Ben-Gurion University of the Negev’s Pensions, Insurance and Financial Literacy Center. Their research showed that Israelis are in much worse financial shape for retirement than their European neighbors.

“Income after retirement among Israeli pensioners stands at 65.9% of their pre-retirement income. The dramatic decline by age 67, just two years after retirement, includes income from all sources: labor, pension plans, social security, and capital income. When compared to developed European countries conducting similar surveys, based on data provided by SHARE, Israeli retirees suffer a greater decline in income than their European neighbors. Austrian pensioners, for example, enjoy 91.2% of their pre-retirement income; French pensioners retain 83.1% of their previous income; and Germans continue to earn 76.8% of their income.”

Take control of your own pension. First, sit down and make a budget. Doing this will give you a clear picture of how much money is coming in compared with how much is going out for expenses.

Then create a disciplined approach to saving. Try saving at least 10% to 15% of your monthly income. Since no one else is worrying about your future, make sure you take control of your finances so that you can enjoy a financially secure retirement.

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.