Unique Jewish Money Practice You May Never Heard Of

My takeaways from the book “Secrets Jews of Money”

I’m constantly looking for unpopular books on money management to gather unique money practices. Last night I stumbled upon this new book by Aaron Abramsky. It came free with my Scribd subscription.

It’s a 90-page book, and I finished reading it in one sitting. The information stated surprised me such that I even verified some of it.

According to the book, Jews make up only 1% of the world’s population, but in the list of world millionaires, we can find many Jewish names. Some of the richest Jews are Mark Zuckerberg, the owner of Facebook; and Larry Page, the co-founder of Google.

With that information, I got intrigued with the money secrets of the Jews a little more. I flipped page after page and these remained with me:

An unforgettable anecdote in the story

I am writing this from my memory. This story is something that I won’t forget in this book:

During the Great Depression, rice has become the number one food for families in New York City because it is cheap. Many business owners ventured into the rice market, resulting in lower prices and competition to get the most customers. The Jews got interested in the business and ended up as the number one for selling rice for the lowest price. They made the customers comfortable by selling a plastic bag for every kilo of rice bought from them.

Their competition kept thinking about the “dirty tricks” that they did to sell rice at the cheapest price. Many wanted to know who is their supplier and the negotiation skills they used to buy the rice at a bargain.

Later, a Jewish rice magnate squealed their secret. He said, “we bought the rice at the same price as the others, but it was not the rice that gave us profits, it was the sale of the plastic bags.”

This anecdote made me smile. Well, there is nothing illegal in what they did. They were able to help people by selling the cheapest rice and making them comfortable with the plastic bags.

Conclusion: The Jews are financially clever

Unique Money Practice: They follow the Rule of Three-Thirds

The rule states that a person should try to divide money into 3:

1/3 — invested in land as it is safer, but the return of investment is low; 1/3 — invested in businesses as it gives a better return but is high risk; and 1/3 — remain on hand for liquidity and ready for new investment opportunities and liquidity

They invest well in education and have businesses

Jews give importance to gaining knowledge. They are disciplined in their studies and their dealings.

Lesson from the Jews: If you do not earn enough, acquire new skills to increase your income.

They start as employees and save their way to have their own business. To work hard with integrity and an exceptional reputation is their guiding principle. Shortchanging is a no-no. They honor suggestion boxes and study comments from employees and clients to improve their businesses. They maintain a network of contacts around the world.

This third takeaway is mainstream, but it reinforces classic advice that education and business are foundations to financial success.

Reference: Abramsky (2021). Secrets Jews of Money

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This article is for informational and entertainment purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.