Bochurim Learn Personal Finance

Building on the success of last year, Mr. Eli Wallen returned to Mesivta Menachem to teach the bochurim about personal finances in an eight week series.

Mr. Wallen MBA, BA, BChE, is an online facilitator at University of Phoenix’s online school. Using this and his cumulative work and life experiences, Mr. Wallen gave the students a basic understanding of personal finances and practical life skills using his unique personality to bring this complex subject to life.

Rabbi Yisroel Meir Munitz, who supervised the extra curricular classes, was very appreciative of Mr. Wallen’s time and effort. “I’ve heard numerous stories of bochurim who by the time they are ready to get married have ruined their credit and are thousands of dollars in debt. With the help of these classes, our bochurim will have the necessary tools to prevent these kinds of mistakes in the future.”

The course began with the basic math skills needed to calculate simple transactions. Mr. Wallen used ideas from the Torah to show how these skills are necessary for one’s day to day Jewish life. A prime example of practical use in one’s Jewish life is in knowing how to properly give ma’aser (tithing). Subsequent classes dealt with bank accounts, balancing checkbooks, and proper use of credit cards. A particular eye opener was the class on how to create and follow a working budget. The bochurim were given a “yearly salary” and had to create a monthly budget based on their “income.” Future classes will focus on identity theft and job interviewing skills.

Mr. Wallen has been pleased with the results. “These young men are at a very important, transitional time in their lives and they have come a long way from where we started several weeks ago. Their increased ability to solve math problems, coupled with an understanding of practical finances will give them they confidence they need to go forward. With Hashem’s help, these skills will help them make sound financial and practical life decisions as they get older.”