If you worry about financial armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food, and gold bars. 
– Nouriel Roubini

In this week’s Haftorah we read from the prophet Micah. Often, when reviewing the weekly Torah portion, with a little work, one can find a connection to current events. These chapters from Micah scream current events to the point that it is scary.

In a summary of what we read, Rabbi Aron Tendler writes, “The prophecy in this selection relates to the period prior to the war of Gog and Magog and the coming of Mashiach. The nations of the world will have assembled against Israel, and the Jews will know that their salvation can only come from God.

God’s power will be revealed to everyone, and a time of peace and tranquility will envelop humanity. Armies and defenses will no longer be necessary to protect the Jews, and the nation’s war machinery will be disassembled.”

He continues, “Micha was then commanded to chastise his generation for violating God’s will, despite all the goodness He had bestowed upon them. In the final verses of the Haftorah, the prophet tells the nation that true atonement can only be attained through change and action. The ceremonious aspects of devotion, such as sacrifice and prayer, will not accomplish forgiveness. Justice, loving kindness, modesty, humility, and active change are the services that God desires.”

I don’t want to get preachy, but if you think that “the nations of the world assembled against Israel” has become our reality, there is an explanation by Rashi that really puts things into perspective.

“And it shall come to pass on that day, says the Lord, that I will cut your horses out of your midst, and I will destroy your chariots. (Michah 5:9). Rashi explains, “that I will cut your horses – the Egyptian aid upon which you rely to supply you with horses.” The nation lost its way and the prophet has to remind them what’s truly important. It’s getting back to basics. It’s not rams and oil for sacrifices; it’s an attitude of justice, kindness, humility, and active change that is the secret to national success and salvation.

From the spiritual to the mundane, when it comes to building wealth, too often, we forget the process. Building wealth isn’t about a one-time successful investment; it’s about continuously doing the right thing.

If you can’t see that each step leads into the next and into the one after that, then you are not clear on what financial success means. Here are a few tips to get you back on the path to financial security

• Budget: Take control over your spending. Track income and expenses, and then you can start a realistic savings plan and begin building wealth.

• Get out of debt: Credit card debt or overdraft is the number one obstacle to making it financially. It’s a lot better to take those interest payments and plow them into savings than to keep paying the credit card company.

• Emergency Fund: You may be fired or your favorite food processor may break down. By creating an emergency fund, you will be able to handle surprise expenses. Keep three to four months of income in a short-term deposit – or something similar – in order to have it liquid and available at a moment’s notice, in case you need to draw upon it.

• Save: There is no shortcut to building wealth. You need to start investing. With discipline, the wonders of compound interest, and the growth of the stock and/or real estate market, over time you will create a comfortable nest egg.

• Know your limitations: It’s well-known that Warren Buffett often tells investors that the best advice he can give them is to know their limitations. He means that investors should be aware that their chances of performing better than the major averages are statistically small if they pick individual stocks. As such, most investors should stick to index and exchange-traded funds (ETFs).

Earlier in the week, I spoke about financial management to a young leadership group of an organization that works with teens and young adults. Questions were asked before I would get to a certain point, and the answers to their issues – from not wanting to save, to exotic, get-rich-quick investments recommended on TikTok, to taking out loans – were these exact rules.

For 99.9% of the population, there are no shortcuts to building wealth. Get back to basics and trust the process; it works.

The writer is author of Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing (McGraw-Hill) www.aaronkatsman.com or email aaron@lighthousecapital.co.il. The information in this article is his opinion and not necessarily that of Portfolio Resources Group, Inc. or its affiliates.