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Oct. 19, 2012
Making plans to make aliyah
Financial guide has useful advice for everyone, not just movers.
CYNTHIA RAMSAY
“The excitement of the move and the incredible highs of living in Israel will eventually need to be tempered by the reality that you need to be able to afford to live here, so live within your means. Setting up a budget will help you plan for the move and manage your resources through the initial integration phase. Always remember that, if you do get into trouble, whether it’s with the banks, Bituach Leumi [Israel’s National Insurance Institute], or the courts, burying your head in the sand won’t solve your problems. Address the issues before they spiral out of control and force you to leave the country. There are, unfortunately, too many examples to cite which end in ruin.”
Financial planner, investment manager and founder of Labinsky Financial Baruch Labinsky then shares the story of one such case of “financial devastation,” which is sobering and which, frankly, will be a wake-up call for most readers of his new book, A Financial Guide to Aliyah and Life in Israel (Mosaica Press, Inc.), not just those moving to Israel. In fact, Labinksy’s advice, while Israel-specific in many sections, is universally important. Most of us could use some help in budgeting for everyday expenses, planning to buy a home, saving for retirement, etc. The issues that Labinksy raises for people considering aliyah are issues of which we should all be aware, so think about buying this book even if you’re planning on staying right here in Vancouver, or wherever you might currently live.
A Financial Guide to Aliyah and Life in Israel is divided into 12 chapters, with the final chapter, called Frequently Asked Questions, more or less summarizing the ideas explained in the 11 previous chapters. These ideas include detailed information on creating a financial plan, whether or not to sell your home before moving, types of insurance policies, the Israeli employment market, asset management, retirement and estate planning, the Israeli banking system, tax planning, buying a home in Israel and how to live on an Israeli salary.
Each chapter can stand on its own, so you don’t have to read the book from start to finish, but can skip to a particular section of interest. However, since one decision often (always?) affects another – whether you decide to be self-employed, buy a home or invest in the stock market will affect your retirement planning, for example – it might be best just to read the entire book in the order in which it is presented. It is very well written and the repetition of certain concepts both accentuates their importance and will help readers intimidated by finance talk to absorb the material. Tables, charts and cartoons help with this aspect as well, and a to-do list at the end of every chapter provides an excellent summary of the ideas that were presented – and, as important, offers readers an explicit course of action to follow.
In particularly Jewish fashion, perhaps, Labinksy answers many questions that readers will have, but likely leaves them with even more questions. This is what makes A Financial Guide to Aliyah and Life in Israel a great resource to at least skim through before meeting with an insurance agent, banking advisor, mortgage broker or other finance-related professional: it will allow you to make a list of very specific questions to ask in order to get the insurance, investment or monthly payment plan that works best for you.
In addition to his degrees, professional licences and memberships, Labinksy and his wife made aliyah (from Toronto) in 1993, so he knows from personal experience what new immigrants face. He also lectures in Israel and around the world for various aliyah-oriented organizations, including Nefesh b’Nefesh, so he has encountered the questions of many people who are thinking of making aliyah, or who have just arrived in Israel. In simplifying and clarifying the financial considerations, Labinksy doesn’t talk down to readers or bore them with numbers and more numbers, but rather engages them in kind of a spiritual exercise to determine their desired goals and how to reach them. As an example, Chapter 1, Your Personal Financial Plan, begins by congratulating readers on having made the big decision to move to Israel, then asks them to define what, to them, would constitute a successful aliyah:
“Once you identify your personal definition of a successful aliyah, you’ll be able to evaluate when and how you can do it yourself. Priorities depend on your motivations and expectations for aliyah. Clearly defining priorities helps to emphasize critical areas of importance in your plan while de-emphasizing less important aspects,” writes Labinksy.
“If you’re moving for nationalistic or religious reasons, for example, then retaining your current standard of living may be of secondary importance in your plan,” he continues. “Integrating into society or a specific community or ensuring that the family receives a top-notch education might be much more important to you than having two cars and a large home. But don’t kid yourself either. If you need that large home or two cars to feel that you’ve been successful in your aliyah, then build it into your plan as you evaluate whether or not to go ahead. Having the end in mind will help ensure that you’re not just copying someone else’s version of a successful aliyah, but rather pursuing a path that reflects your unique value system.”
A Financial Guide to Aliyah and Life in Israel is available for purchase from mosaicapress.com and labinsky.com/background/book-store.
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