Consistency is key to a secure financial future

As originally appeared in The Jerusalem Post on June 13, 2025.

“It’s not all about talent. It’s about dependability, consistency, and being able to improve. If you work hard and you’re coachable, and you understand what you need to do, you can improve.” – Bill Belichick

In the beginning of this week’s Torah portion Beha’alotcha, we read that Aaron the High Priest is charged with the daily lighting of the Menorah. Rashi explains the connection of the end of last week’s portion dealing with the princes bringing their offerings to this week’s beginning, “Because when Aaron saw the inauguration of the Princes, he felt badly about it, for neither he nor his tribe was with them in the inauguration. The Holy One Blessed is He, said to him, ‘By your life! Your role is greater than theirs, for you kindle and prepare the lamps.’” (Rashi on Numbers 8:2)”

The Ramban (Nachmanides) asks the question why G-d didn’t console him by saying that he gets to offer the twice daily offering of the incense, and/or he gets to enter the Holy of Holies on Yom Kippur? He suggests, “That the consolation offered to Aaron was not the fact that the High Priest would kindle the Menorah daily during the duration of the Temple Service. Rather, the consolation was that the Menorah would be kindled in all generations as a result of the heroism of Aaron’s descendants, the Hashmonean Priests. In other words, the consolation alludes to the Chanukah Menorah that will continue to be lit, even subsequent to the suspension of the Temple Service.

Rabbi Yissocher Frand writes, “This is saying that there are times in life when we do things in a non-dramatic fashion without a lot of fanfare, but those little things can last for generations, for centuries, even for millennia. Other times, we do things with great fanfare and great pomp and circumstance, but those things are forgotten shortly and have no lasting importance. The sacrifices of the Princes were offered with great pomp and circumstance, but they were a one-time affair, and it was only for the Mishkan. The Mishkan was eventually put away and the whole dedication ceremony had no permanent impact. Aaron’s kindling of the Menorah was not only for now, not only for later, but for eternity.”

Then it says how “Aaron did as was commanded” (Numbers 8:3). The obvious question is would we have thought differently? Of course, Aaron did as commanded. The Sfat Emet says that Aaron lit the menorah, day in and day out, with the same degree of fresh enthusiasm. The same task always appeared in his eyes as new. That is something deserving of praise.

Far too often I will get a phone call from a client asking for a “hot” stock tip. In fact as I am writing this column I just received a call asking if I have any stocks that I think will double in the next 2 years! Much research has shown that the key to portfolio growth is asset allocation, or how you break up your portfolio into various assets, and not stock picking. In fact, data shows that over 90% of all portfolios returns come from asset allocation. This means that stock picking has minor impact on your investment returns. In fact trying to create a portfolio based solely on stock picking is almost certain to underperform the broad market. A few years ago Jeff Sommer wrote in the New York Times, “ It’s very hard to beat the stock or bond markets with any regularity. Each year, some investors manage to do it, of course, but can they do it consistently? A new study of actively managed mutual funds by S&P Dow Jones Indices asked that question and came up with a startling result. It found that not a single mutual fund — not one — managed to beat its benchmark in either the U.S. stock or bond markets regularly and convincingly over the last five years.”

These are professional investors, and they underperform. What are the chances that amateurs can consistently outperform?

There are no short-cuts. Living within your means, saving and investing are the time-tested methods to achieve financial security. Slow and steady portfolio growth over the long-haul makes all the difference. Trying to find the one stock to put all your money into to try and hit a grand slam and become a millionaire, isn’t a well thought of financial plan. I’ve written numerous times about a friend who during the go-go days of high tech in the late ‘90’s decided that he was going to put all his hard-earned money into Nokia stock and become a millionaire. Well, he made it to almost $800,000, the bubble burst, and 25 years later it’s still 90% lower. The only good that came out of that was that I get to use the story a few times every year to demonstrate the point!

I may sound like a broken record but those who really keep their eye focused on the long-term, end up doing well financially. Define your goals and needs, and then invest with an allocation that will help you achieve those goals. Save money and invest. Don’t get caught up in trying to time the stock market, instead buy good quality assets and hold them.

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.