Page 52 - HaMizrachi Rosh HaShana - Yom Kippur 5783 USA

Wealth orAliyah?

Nadav
Ellinson

e stand on Rosh Hash- 3. There are wonderful employment who will grow rich?”, may we not only
W nah and reflect. “Who opportunities for English-speaking feel humility and reverence, but also a
will become poor and
employees in certain sectors. The
quiet confidence that we can support
who will grow rich?” For standout is obviously high-tech, where our families and achieve financial suc-
those considering Aliyah, it’s a reflec- salaries are among the highest for the cess in Eretz Yisrael.
tion that often leads to stress and even sector in the world, but companies in
fear. “What kind of job can I hope to a large variety of fields value English Nadav Ellinson is originally from Melbourne,
find when I’m not fluent in Hebrew?” speakers. and now lives in Modiin. He was the Merakez
“How will I afford a house on a lower of Bnei Akiva Melbourne and, after Aliyah,
salary?” It’s only natural to be anxious 4. Olim benefit from a 10-year tax co-founder of the high-tech company
break on foreign income. Olim from
about moving across the ocean. Intelligo Group and the nonprofit Maaglei
many countries can completely avoid Nefesh. Today he is a personal finance con-
That being said, knowledge is power. paying capital gains tax to both Israel
I am here to tell you that it’s possible and their home country. sultant and the founder of moneyby.design,
helping families with budgeting, financial
to not only make a living in Israel, but
also to build wealth in Israel! Financial Israel is not only our homeland and planning and investment education. More
a great country. Living here can be a
finance content and tips can be found on
planning and a better understanding
of Israel’s economy and financial smart financial move. This year, when his blog at moneyby.design and on his social
system will give you the confidence we say “who will become poor and media channels.
you need to walk into the offices of
Nefesh B’Nefesh and begin planning
your Aliyah.
Here are four financial facts about
Israel that can go a long way towards
making your dream a reality:
1. Several critical goods and services
are cheaper in Israel. The cost of edu-
cation, transportation, clothing, and
communication are at or below the
OECD average (based on purchasing
power). Jewish education, in partic-
ular, is a game changer! Healthcare
costs are also much lower than those
in the United States, and are not depen-
dent on having a job the moment you
arrive.

2. Most young Israelis will have
comfortable retirements. Since 2008,
every employee must deposit 6% of
their salary to a retirement fund, with
a 2.5x match from their employer.
Together with a 4x match on a tax-free
“hishtalmut” investment fund, offered
by many employers, Israelis’ auto-
matic savings rate can easily reach
30%, without lifting a finger.

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