In this week’s Torah portion, Parshas Noach, we read of a generation that, despite warning after warning, “missed the boat.” They stood by, indifferent or even skeptical, until it was too late. And while we may shake our heads at their blindness to impending disaster, there’s a valuable lesson here for us today. Many people – especially in the realm of personal finance – are likewise “missing the boat” on critical opportunities, standing on the sidelines while others capatalize.
Consider those who keep substantial sums in accounts earning little to no interest. With inflation persistently elevated, money left idle in low-yield accounts is essentially losing value over time. Financial advisers often urge clients to make their money work for them by investing in various opportunities, whether through stocks, bonds, or real estate. By simply “waiting it out,” this money remains stagnant, eroding with each passing month instead of growing through even conservative investments.
Another common example involves homeowners with mortgages. When interest rates dipped briefly in August, millions of mortgage holders had the opportunity to refinance at lower rates or consolidate debt. I reached out to many clients, encouraging them to seize this rare window of opportunity. While a handful took action and are now enjoying substantial savings, many others left my calls, emails, and texts unanswered, hoping perhaps for a better offer or planning to revisit the decision “someday.” For them, that day came and went, and so did the chance to save.
Aspiring home buyers are also missing the boat by waiting for interest rates to drop before buying a property. Yes, a lower rate would be ideal, but waiting indefinitely might mean they’ll never get into the market. In the meantime, the cost of renting continues to climb, and home prices could increase even further, ultimately negating any future rate savings. When we weigh financial decisions too heavily on uncertain future possibilities, we risk losing out on the present, which, ironically, may be the best opportunity we’ll get.
Credit card debt is another area where too many people miss the boat. With interest rates on credit cards often exceeding 20%, simply paying the minimum each month does little to dent the principal balance. Meanwhile, options exist to consolidate debt, negotiate lower rates, or employ strategies that can help pay down these obligations far more effectively. Yet, countless people continue making minimum payments month after month, drowning under compounding interest while other solutions remain unexplored.
Then, there are those who believe that market performance hinges exclusively on the outcomes of elections. While historical data may suggest certain trends based on which party is in power, this year is unlike any other. With unprecedented circumstances like post-COVID economic shifts, massive inflation, and two extraordinarily polarizing candidates, there’s no reliable “blueprint” to predict what might follow. Waiting on the sidelines in hope of a specific political outcome may mean missing out on today’s opportunities without any guarantee that tomorrow’s market will align with their expectations.
The lesson from Parshas Noach is clear: don’t be a bystander. When opportunities present themselves, take action. Hesitation may feel like a safe bet, but it can lead to missed chances that never come again. Whether it’s securing your financial future, building equity, or simply making a commitment to manage debt, don’t let the fear of “what if” keep you from taking the steps needed today. Because once the door closes, there may be no going back.
Would you rather have an election system where the winner is decided purely by popular vote or keep the current electoral college system? Please email or message me to let me know your choice! Please let me know if you have a good “Would you rather” question, and we will highlight your submission.
Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at [email protected].
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