When my wife and I were newly married, we were barely making ends meet. After college, I took a job with a small technology firm. The work required long hours and I quickly became bored. My boss was infamously known for telling me and my group of coworkers on Fridays at 5:00 p.m. that we would have to stay and work the weekend. The final straw came when I was passed over for a raise; I resigned. I decided to burn the ships, take a risk, and start studying hard to become a financial advisor while Kara worked as a bank teller near our tiny apartment. Our only weekly treat was the $1.25 chips and salsa at Chili’s.
Our church Sunday School class was filled with fun couples, each of us making our way in life. One early evening, high winds just about blew off the roof of the house where Reggie and Linda lived. They couldn’t afford the necessary repairs; they didn’t even have the money to cover their insurance deductible. After hearing their need one Sunday morning, a few couples in the class got together and decided to donate what was needed. Kara and I started giving up Chili’s nights so we could pitch in. Even though we didn’t have much, we had something, and we knew God could use it for something bigger than ourselves. Later that week, an anonymous cashier’s check was placed in Reggie and Linda’s mailbox. The next Sunday at church, they told all of us that something amazing had happened: someone had anonymously paid for their roof to be repaired. Fortunately, the rest of us had been practicing our best poker faces and Reggie and Linda never did learn who was behind the anonymous gift.
Giving may not be a normal part of your life right now. You’re busy with your job, your family, and your friends, and, of course, your bills that have to be paid every month. Giving is the last thing you might be thinking about. But that changes now. Good money doesn’t have anything to do with the amount of money you have. We’ve already dispelled those myths, like “Once I get a better job or a promotion and I have more money, then I will give,” or, “Once I’m older and more comfortable, then I can be generous.” Remember, what you do with little is what you will do with a lot. You don’t have to wait to win the lottery before you can make an impact. The money you have right now can be used for good—today.
Here are the four most common excuses people use for not being generous and why they shouldn’t stop you from giving.
1. If I Give, I’ll Go Broke
When our kids were young, Kara and I decided to give them each a monthly allowance. We wanted them to start learning how to manage money early in life and that giving was just as important as getting. I gave the kids four envelopes each—one for saving, one for spending, one for tithing, and one for giving. They liked the idea until they realized most of their money wasn’t meant for spending. My daughter Hannah asked, “But what if I don’t have money because I give it all away?” We assured her she could creatively think of ways to make more.
Kara and I encouraged each of them to think of their Generosity Purpose and use the money to help a cause they cared about. Hannah picked World Vision, a child-sponsorship organization, and we sponsored a little girl named Naomi. Hannah loved flipping through the monthly giving catalogue and seeing all the ways her money could help Naomi and her family. She settled on a big giving goal: buying Naomi a goat. She started doing more chores around the house to earn more money, and just a few months later she had saved enough to make that special purchase. She ended up earning much more than her monthly allowance, and she was no longer afraid of losing all her money because she had learned two things: her money could change a family’s life, and she could creatively think of ways to make more so she could give more.
2. How Can I Give to Others if I Can’t Even Pay My Monthly Bills?
Former British Prime Minister Margaret Thatcher once said, “No one would remember the Good Samaritan if he’d only had good intentions; he had money as well.” You must have money to give money, and it’s time now to take the steps to get out of debt as we discussed in Part 1:
- Stop borrowing money.
- Pay off high-interest credit cards first. Make a budget and stick to it.
- Sell something.
- Get a part-time job.
Being in debt can feel like a weight on your shoulders that only gets heavier with time. When a client referred me to their son and daughter-in-law, I sensed their frustration immediately. Because Tom and Laura had made some poor financial moves early in their marriage, they felt every dollar of their hard-earned paychecks went to pay off debt. Nevertheless, I suggested they take 1 percent of their income and give it to a cause they cared about. “Let that be your release valve,” I told them. “It will be a pocket of money that you have control over. It will help give you meaning while you’re paying off your debt.” Three months later when we spoke again, Tom and Laura admitted they had at first thought it was a silly idea, but that even giving such a small amount had energized them and motivated them that as they paid off their debt, they would also increase their giving.
Gerry and Samantha were in a similar place. Aggressively paying off their credit card debt was their sole focus in life. In less than six months, it would be paid off. The light was brightening at the end of the tunnel. After hearing me speak on generosity, they decided to alter their plan slightly. They started giving 10 percent to support their church’s mission work. At first, it didn’t make sense. Why would they give now if it might prolong their debt payoff? They realized that six months of investing in the lives of others would pass by and they would miss out on a great opportunity to start impacting the world immediately. Blessings come from unexpected places, and two months later Samantha was offered a promotion. When you’re determined to improve your situation while serving others, good results tend to follow.
One of our Good Money podcast listeners, Jacque, told me, “My husband and I are working on saving and paying off our debt. But after listening to you talk about giving, last night we decided to take 10 percent of whatever we save each month and do something good with it. Sometimes it means putting down an extra tip at a restaurant, making a donation to a school, or donating to a cause that’s important to us. It was an amazing thought to think that we can bless ourselves and others twelve times this year. Thank you for turning on that lightbulb!”
Debt didn’t hold any of these people back, so why should you? Start making an impact now.
3. The Desire to Keep It All for Yourself
When you’re making money, it’s hard to take chips off the table. One year, the stock market was red hot. Several clients of mine held quite a bit of their company’s stock. As the market hit new highs almost daily, I encouraged them to begin taking profits to have something to show for the money they were making on paper. One by one they all told me the same thing, “Let’s wait, I think it’s going to go higher.” Over twenty-five years as a financial advisor taught me one thing: the stock market has a mind of its own.
Sure enough, it turned sour. In some cases, their company stock value plummeted 40 percent. All that gain, now only pain. Now they were all asking the same question: “What would I have done with that money?”
I often told clients, “I would rather have you complain to me, ‘Why didn’t I make more money?’ than ‘Where did the money go?’” Greed often leads to regret.
One of my favorite Bible stories is the parable of the rich young ruler. One day he came to Jesus and asked, “What must I do to inherit eternal life?” Jesus told him to keep the commandments, such as do not murder, do not steal, and honor your father and mother. The man responded by saying, “I’ve done all of those!” But Jesus told the man that he still lacked one thing: giving his riches away to the poor. The young man was struck with disappointment and walked away. He loved his treasure so much and wasn’t willing to give it up.1 It’s tempting to look at the young ruler and think, “Dude! Just give some of your fortune. You already have so much.” I bet you’ve expressed the same sentiment about wealthy billionaires and celebrities you see on social media. “Those people have too much! Why don’t they give more to help others?” But I want you to ask the same question to yourself: “Am I giving?” If we look deep inside ourselves, we can relate to the young ruler. When you cash that paycheck, it’s hard not to hold on to it. You want to keep it all.
There will always be a temptation not to give your money and keep it for yourself. Someone at church once told me why he gives as much as he does. “Every time I drop a check in the offering plate, it’s me fighting against greed,” he told me. Can I be completely candid with you? I, too, hear this voice that says, “C’mon, Derrick, do you really want to give that much away? What if something happens to your family? What if something happened to you and you couldn’t work? What if ...” The voice of Resistance (with a capital R), as author Steven Pressfield likes to call it, is real.
Giving isn’t about the cost to you. Giving is not a win/lose game. You don’t lose and the organization wins. Fight against that “voice of Resistance” and start giving to a cause bigger than yourself. The impact and joy you receive is well worth it.
4. There’s No Evidence That Giving Helps
To the contrary, evidence says giving does help. Countless nonprofits and people who give are daily changing people’s lives—as proven in the research referenced for this book. But I want to ask you a personal question: Hasn’t giving helped you? When have you benefited because someone gave their money or time to make something better? I bet you can think of a time.
When my dad lost his job during my junior year in college, he and my mom had to make a difficult decision. He found a job out of state, but it meant leaving me behind while I finished school. The first Sunday at church after my parents moved away was hard. An older, caring couple invited me to lunch. During that hour at the Black-Eyed Pea restaurant, they affirmed me and breathed belief into a young man. That lunch probably cost them $35. I’ve had thousands of lunches since then, but that lunch, that moment, is etched in my mind forever. And it shows the power of an investment in another person. Over the years, I’ve taken many people to lunch to pay it forward, always remembering that couple from church who helped me.
Giving helps people. People matter. Your giving can make a big impact, even if you don’t think you have much to give.
The truth is, you probably have more than you think. You’re breathing right now. You have friends, you have a family, you have a place to sleep and food in your fridge. You have knowledge and experience. You are skilled at something. So test it out. Buy a burger at a fast-food restaurant for the car behind you. Volunteer at your local homeless shelter and pick up a couple of toothbrushes to donate on the way. Teach a child in your neighborhood how to bake cookies and share them with those who live on your block. You have something to give. And it does make a difference.
Don’t let these four mindsets hold you back from living a life of impact. Life is all about giving. Everyone is better because of it.
(To be continued...)
This excerpt is taken from “Good Money Revolution: How to Make More Money to Do More Good” by Derrick Kinney. To read other articles of this book, click here. To buy this book, click here.
The Epoch Times copyright © 2023. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
