Financial Wellness: A question of values

Financial well-being is defined as the state of being able to manage your money in a way that supports both your current needs and your future goals, while feeling secure, in control, and resilient in the face of life’s changes.

I know very well what the lack of financial well-being feels like. I know what it feels like to be overextended, to have debt hanging over my head, to feel the tension between sound financial planning and meeting the needs of family circumstances of the moment.

Financial stability and health are deeply intertwined. When people are under economic stress, the strain doesn’t remain confined to bank accounts or balance sheets; it seeps into bodies, minds, and daily life. Physical illness or injury can quickly unravel financial stability through missed work, unexpected expenses, and medical debt. Chronic financial anxiety takes an ongoing toll on mental and physical health.

Public health experts now recognize economic stability as a core social determinant of health, but Jewish tradition has long understood this truth intuitively: dignity, well-being, and the ability to live fully depend on having a secure footing beneath one’s feet. When financial strain and health challenges feed one another, the result is a cycle that is difficult to escape, and one that calls for a communal response grounded in compassion and justice.

At Hebrew Free Loan, financial wellness is a core part of our mission. If we can help to alleviate someone’s stress about money or debt, the benefits will extend far beyond their financial bottom line.

This understanding is not new. Jewish tradition has long grappled with what it means to live with financial dignity. The Talmud addresses financial wellness not as wealth maximization, but as a balanced life of prudence, dignity, responsibility, and trust. While some things are out of our control, taking the steps to secure a sound future gives us peace of mind.

רַבִּי יְהוּדָה אוֹמֵר: כֹּל שֶׁאֵינוֹ מְלַמֵּד אֶת בְּנוֹ אוּמָּנוּת – מְלַמְּדוֹ לִיסְטוּת
Rabbi Yehuda says:
Any father who does not teach his son a trade teaches him banditry – Kiddushin 29a:10

The first step many take toward financial wellness is to learn the skills that will allow them to be self-sufficient. Society flourishes when people feel productive and confident they can support themselves. It is the responsibility of the older generations to provide the training for the younger generations to stand on their own. For some, their skills are learned in trade schools; for others, in apprenticeships; and for others, in college and university classrooms and laboratories. Student loans are by far the largest segment of our loan portfolio here at Hebrew Free Loan, and we have helped tens of thousands of people complete their educations.

אָמַר רַבִּי אֶלְעָזָר: כׇּל אָדָם שֶׁאֵין לוֹ קַרְקַע — אֵינוֹ אָדָם״.
And Rabbi Elazar said: Any man who does not have his own land is not a man

While at first glance, this may seem harsh (especially to those of us who rent), this verse is found in two places in the Talmud, both of which are discussing the components of living a fulfilled life. Whether you rent or own, having a place to live that you call your own helps to feel rooted and safe. Rabbi Elazar is pointing to the idea that human dignity (adam) is tied to the ability to live with financial stability and agency.

וְאָמַר רַבִּי יִצְחָק: לְעוֹלָם יַשְׁלִישׁ אָדָם אֶת מְעוֹתָיו,שְׁלִישׁ בְּקַרְקַע, וּשְׁלִישׁ בִּפְרַקְמַטְיָא, וּשְׁלִישׁ תַּחַת יָדוֹ
Rabbi Yitchak says: “A person should divide their assets: one-third in land,
one-third in business, and one-third in reserve” – Bava Metzia 42a

We’ve all heard the saying, “Don’t put all your eggs in one basket,” which describes diversification as a financial strategy that spreads investments across various assets, industries, or geographic regions to reduce risk. The rabbis of the Talmud recognized the need to spread our wealth around in an unpredictable world for the sake of financial stability.

אֵיזֶהוּ עָשִׁיר, הַשָּׂמֵחַ בְּחֶלְקו
Who is rich? The one who is happy with his portion – Pirkei Avot 4:1

This teaching becomes especially challenging when we look honestly at our own lives. I have a friend who lives in a comfortable tract home in a nondescript part of the Bay Area. While not the grandest house in their city, the neighborhood is safe, the schools are good, and they have food on the table. Sadly, when we are together, my friend inevitably comments that so-and-so is much wealthier than they are. Their sense of self is influenced by the size of their bank account.In our material culture, it is easy to get caught up in the size of our houses or the flashiness of a new car. It is natural to compare and measure our financial situation in comparison to that of our friends and family, but focusing on what you don’t have obscures the value of what you do.

My friend is rich in so many ways. They have their health and a loving family, and there are no bombs falling around them. It makes me sad that my friend doesn’t take satisfaction from the things they have and cannot recognize that they have what really matter in life.

There is nothing greater than one who rejoices in their portion,
for such a person lacks nothing – Midrash Tanchuma, Re’eh 18

True wealth is as much psychological as it is financial. May we come to recognize the wealth we have, in all its forms.

~ Rabbi Jamie