New Financial Initiative Aims to Ease Wedding Costs for Haredi Families
Translated & summarized from JDN by baba
The 'Mesimim' initiative held an event in Beitar Illit to introduce a new financial planning model for Haredi families facing wedding costs. The program combines 'gemach' funds with capital market investments, managed by major firms and supervised by rabbis. Over 15,000 inquiries have been received as the initiative expands nationwide to help families prepare financially for weddings.
The story in 6 lines · by baba
- The 'Mesimim' initiative is expanding, recently holding an event in Beitar Illit to address Haredi wedding expenses.
- The program combines 'gemach' funds with capital market investments for long-term financial planning.
- Yossele Mintzberg leads the initiative, explaining its unique economic model to attendees.
- Investment funds are managed by major Israeli firms and registered in the depositor's name.
- The initiative is supervised by chief rabbis Yehuda Silman and Tzvi Brawerman.
- Over 15,000 inquiries have been registered for the program nationwide.
A financial initiative called 'Mesimim' is expanding its reach across Israel, recently holding an informational event in the Haredi city of Beitar Illit. The program aims to revolutionize how Haredi families prepare for the significant expenses associated with their children's weddings. The event, held at the Matersdorf institutions, was led by Israel Holtzman and opened by national coordinator Rabbi Pinchas Rubin, who explained the program's principles.
The core of the initiative, presented by its leader and capital market figure Yossele Mintzberg, offers a novel long-term financial planning model for families, particularly for 'avreichim' (married men studying Torah full-time). Mintzberg detailed how the model integrates traditional 'gemachs' (interest-free loan funds) with capital market investment opportunities to build a financial foundation for wedding expenses.
Mintzberg explained the "Mesimim" method creates synergy by having savers contribute simultaneously to a 'gemach' and to capital market investments from day one. Investment funds are managed by major Israeli investment firms and are registered solely in the depositor's name. The program operates under the supervision of chief rabbis Yehuda Silman and Tzvi Brawerman, with investment options deemed kosher.
The model is specifically tailored for Haredi families, incorporating strategies to manage market volatility. It combines long-term savings and investment with the possibility of receiving assistance from the 'gemach' upon the children's wedding. Mintzberg highlighted that the wedding funds are disbursed from the 'gemach' while the investment portfolio continues to grow.
The Beitar Illit event saw significant interest, with numerous questions indicating a strong need for practical solutions to the financial challenges faced by Haredi families. This event follows a series of similar gatherings nationwide, reflecting broad public interest. 'Mesimim' reports over 15,000 inquiries and is operating with expanded teams to provide personalized support, aiming to help more families prepare responsibly for wedding expenses with dignity and peace of mind.
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