2024-07-17_Give_10_Percent_of_Your_Income_Away
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00:00:30.080 | Welcome to Radical Personal Finance,
00:00:31.360 | a show dedicated to providing you with the knowledge, skills,
00:00:33.440 | insight, and encouragement you need
00:00:34.800 | to live a rich and meaningful life now while building
00:00:37.040 | a plan for financial freedom in 10 years or less.
00:00:39.360 | My name is Joshua Sheets.
00:00:40.400 | I'm your host.
00:00:40.880 | And today, we continue with our series on financial goals
00:00:43.520 | that you should set, financial goals
00:00:45.840 | that everyone should set.
00:00:46.960 | This is episode 3 in that series.
00:00:48.640 | And the basic idea behind the series is this.
00:00:51.360 | In life, most of us rise to the goals
00:00:55.200 | that other people give us.
00:00:56.880 | And yet, a lot of times, people give us small goals.
00:01:01.040 | And we hit them and we say, I could
00:01:03.360 | have hit such bigger goals if somebody had come along
00:01:06.400 | and given me a bigger goal, justified it to me
00:01:09.280 | and motivated me to do it.
00:01:10.880 | And so what I'm trying to do in this podcast
00:01:12.960 | is lay out for you the big but achievable goals
00:01:16.960 | that would make everyone better off.
00:01:20.800 | I want this show to be applicable to a 16-year-old
00:01:25.680 | young person, or to a 50-year-old person,
00:01:29.200 | or to a 90-year-old person.
00:01:30.640 | The idea is to say, what are the goals that really everyone
00:01:34.880 | should set?
00:01:35.360 | Now, of course, most of these are targeted towards people
00:01:38.560 | who are just getting started in the beginning.
00:01:40.640 | But we'll get to some of the other ones
00:01:42.240 | for the 50- and the 90-year-old person later in the series.
00:01:45.600 | And my hope is that this will provide for you something
00:01:47.840 | useful to talk about, talk with your teenagers about,
00:01:50.240 | talk with young people, and give them
00:01:51.760 | just a roadmap of good, aggressive,
00:01:54.160 | and achievable goals that they should
00:01:56.960 | set for their financial life.
00:01:58.960 | The first goal was get a job.
00:02:01.200 | If you're broke or if you know someone who's broke,
00:02:03.520 | the first way to get out of being broke
00:02:06.720 | and to start to make good progress financially
00:02:08.640 | is to get a job.
00:02:09.520 | That was goal number one.
00:02:10.800 | Goal number two was save half, spend half.
00:02:13.600 | And the basic idea is that if you
00:02:16.080 | will restrict your consumption, your spending,
00:02:19.760 | to 50% of your income, then you will always
00:02:23.920 | have room in your budget.
00:02:26.160 | You will have money available for investing.
00:02:28.240 | You'll have money available for starting businesses.
00:02:30.400 | You'll have money available for going to school
00:02:32.800 | and getting certifications and degrees that will help you
00:02:35.040 | to make more money.
00:02:36.000 | You'll have money available in case something bad happens
00:02:38.720 | and you lose your job.
00:02:40.560 | By spending half of your income, you
00:02:43.680 | will always be well-positioned for anything
00:02:46.160 | that life can throw at you.
00:02:47.680 | And even if it's not achievable for some people
00:02:49.600 | today because you have high structural expenses,
00:02:51.920 | the ambition should be to get to the point
00:02:53.920 | where you're spending half of your income.
00:02:56.000 | And if you're starting off, just restrict your expenses,
00:02:59.040 | stay a few years behind your peers,
00:03:01.040 | and you'll be decades ahead of them in the fullness of time.
00:03:04.000 | If you've already established a lifestyle
00:03:05.760 | and you need to get to this, then trim your expenses
00:03:07.840 | and focus on increasing your income
00:03:09.280 | without increasing your lifestyle
00:03:10.960 | so you can get to save half and spend half.
00:03:13.840 | Now, goal number three is very simple and very impactful.
00:03:20.880 | Give away 10% of your income.
00:03:26.320 | The goal is that you give away consistently,
00:03:30.960 | month in, month out, year in, year out, 10% of your income.
00:03:37.200 | Now, this one is widely known and widely understood
00:03:40.160 | because of various religious traditions related
00:03:42.640 | to tithing or charitable giving, almsgiving, things like that.
00:03:46.880 | We all know that we should be giving away some of our money.
00:03:51.280 | That's what all of our historical cultures teach us.
00:03:54.400 | But this is also something that very few practice.
00:03:57.600 | And yet I believe it's one of the most transformative
00:03:59.920 | practices that you can put into your life
00:04:02.800 | and one that will lead to the best long-term good.
00:04:07.200 | Why don't more people give away 10% of their income?
00:04:11.520 | Well, there are many reasons.
00:04:13.680 | First, a lot of times they've never been taught to.
00:04:17.600 | Generally speaking, unless there's been clear
00:04:20.480 | and persuasive teaching that has come to somebody to say,
00:04:23.760 | "Set aside a percentage of your income,"
00:04:26.400 | most people tend to give money away on an ad hoc basis.
00:04:30.000 | Somebody passes the plate in church
00:04:32.160 | and you put a $20 bill in.
00:04:33.840 | You see a bum on the street, you hand him a $5 bill.
00:04:36.640 | Somebody's in need, you make a one-time payment
00:04:38.960 | out of your income to pay your next door neighbor's mortgage
00:04:43.120 | when she's in need.
00:04:44.720 | These are the kinds of things that people do
00:04:46.560 | on an ad hoc basis.
00:04:48.560 | But in general, very rarely have they ever been taught
00:04:52.400 | to systematically set aside 10% of their income
00:04:56.400 | for the specific purposes of giving.
00:04:59.120 | And yet this is enormously transformative.
00:05:02.720 | And it's the most important that you do this
00:05:05.360 | when you are young and/or when you don't quite yet
00:05:08.400 | have a lot of money.
00:05:10.480 | There are other reasons people don't do it
00:05:12.160 | other than they haven't been taught.
00:05:13.520 | A good reason that people don't do it
00:05:15.520 | is they don't feel like they have very much money available.
00:05:18.480 | Usually, most of us find it pretty easy
00:05:21.360 | to spend all of our income.
00:05:23.360 | We generally have unlimited wants.
00:05:25.760 | And unless our income is absurdly ample,
00:05:29.600 | it's pretty easy to find interesting and fun things
00:05:31.920 | to do to consume our income.
00:05:34.720 | And that's generally what happens.
00:05:36.800 | That's why we started with Save Half, Spend Half.
00:05:39.680 | Imagine the difference between somebody
00:05:41.360 | who's spending most or all of his income,
00:05:43.680 | or in many cases, more than his income,
00:05:46.560 | and all of a sudden we say,
00:05:47.840 | "All right, you need to give 10% of your income."
00:05:50.320 | That's tough to do.
00:05:51.360 | It takes a little while to work up to that.
00:05:52.800 | He's not even saving 10% of his income.
00:05:55.280 | But if we can get the guy to spend half,
00:05:58.320 | then we've all of a sudden
00:05:59.280 | got lots of extra money available.
00:06:01.360 | And while technically he might get richer
00:06:03.920 | by putting aside 50% in savings
00:06:06.080 | instead of 40% of savings,
00:06:08.000 | it's not that hard to go ahead then
00:06:09.920 | if expenses have been restricted
00:06:12.080 | and give aside 10% of his income.
00:06:15.600 | Another reason people don't do it
00:06:17.040 | is they just feel like the numbers
00:06:18.560 | are too small to be meaningful.
00:06:20.480 | And yet this is, as I see it,
00:06:23.040 | the exact time to start
00:06:25.440 | is when you're not earning very much
00:06:27.440 | because you need to build the habits,
00:06:29.760 | the muscles, and the skills necessary
00:06:32.800 | for you to successfully
00:06:34.080 | and effectively give away money.
00:06:35.680 | A lot of people say,
00:06:37.600 | "Well, someday in the future,
00:06:39.120 | I'll get rich and then I'll give money away."
00:06:41.440 | And some people probably do that.
00:06:43.280 | But I have a hard time believing
00:06:47.440 | that I would have the character
00:06:49.760 | to be able to do that.
00:06:50.880 | If I am not willing to give $10 out of $100,
00:06:55.520 | would I really just magically wake up someday
00:06:59.280 | and give $10 million out of $100 million?
00:07:02.240 | Maybe, but it seems hard for me to believe.
00:07:05.920 | It seems easier for me to think
00:07:08.240 | that even though the numbers
00:07:10.240 | may be more generous in the future,
00:07:13.280 | that I'll be struck with the same fears
00:07:16.160 | as I have today,
00:07:17.200 | the fears of inadequacy,
00:07:19.040 | not enough money,
00:07:20.320 | the fears of loss.
00:07:21.680 | And more importantly,
00:07:22.720 | I won't know how to do that.
00:07:24.480 | One of the things that I've observed
00:07:27.120 | doing financial planning
00:07:28.320 | for fairly wealthy people
00:07:29.760 | is that most people have the ambition
00:07:32.000 | to give away money effectively,
00:07:34.960 | to engage in some form
00:07:36.480 | of philanthropic giving, charitable giving,
00:07:39.760 | investment into causes and issues
00:07:42.000 | that they care about.
00:07:43.040 | Challenge is that when the numbers get big,
00:07:46.480 | this is really hard.
00:07:47.760 | I want you to imagine today
00:07:51.280 | that I write you a check for $100 million.
00:07:54.240 | And I say to you,
00:07:56.080 | it is your job to give away
00:07:58.320 | this $100 million in the next five years,
00:08:02.080 | so that five years from now,
00:08:03.280 | all of it is gone.
00:08:04.640 | And you have to do it
00:08:06.000 | without causing harm to anybody.
00:08:08.400 | And you have to do it in a way
00:08:09.680 | that's going to make
00:08:10.640 | a significant return on investment
00:08:12.800 | for these charitable
00:08:13.840 | and philanthropic dollars invested.
00:08:15.600 | You see how overwhelming that would be?
00:08:21.840 | Where would you even begin?
00:08:24.720 | I don't know how to do it.
00:08:26.240 | I've never given away $100 million.
00:08:27.680 | I couldn't tell you today how to do it.
00:08:30.240 | And so what you observe is frequently,
00:08:34.960 | if people haven't built the skills,
00:08:37.120 | even when they're good-minded about it,
00:08:39.680 | they just say here,
00:08:41.600 | and they shove it all
00:08:42.240 | into someone else's pocket
00:08:43.280 | to give it away and do the hard work.
00:08:44.720 | You're Warren Buffett,
00:08:46.240 | and you want to give away
00:08:46.880 | a lot of your estate to charity.
00:08:48.320 | So you turn around
00:08:48.880 | and give it to Bill Gates
00:08:50.080 | and say, here, you've got this.
00:08:51.440 | You've got this.
00:08:52.080 | You've got this.
00:08:52.720 | Give it to Bill Gates and say, here,
00:08:54.720 | you've got the foundation.
00:08:55.680 | You do it.
00:08:56.240 | That may be a decent strategic move.
00:08:59.280 | At the end of the day,
00:09:01.440 | it's not taking ownership
00:09:04.720 | of your responsibility
00:09:06.000 | as a steward of significant wealth.
00:09:07.680 | If you start, however,
00:09:10.800 | by giving $10 out of your first $100,
00:09:14.400 | you'll learn something about giving.
00:09:17.200 | You'll learn something
00:09:17.920 | about investing into other people,
00:09:20.000 | into needs that you see around you,
00:09:21.760 | into institutions that you care about,
00:09:23.680 | into causes that are important to you.
00:09:25.440 | Then when you're giving
00:09:28.240 | $1,000 out of $10,000,
00:09:29.840 | you'll recognize that
00:09:32.080 | I can make a bigger difference,
00:09:33.280 | so let me be more careful about this.
00:09:34.720 | Then when you're giving
00:09:36.720 | $100,000 out of a million,
00:09:38.160 | you start to become a really big fish,
00:09:41.120 | and you really want to return
00:09:42.320 | on your giving dollars.
00:09:43.280 | And then when you're giving away millions,
00:09:46.160 | you've built a strategy
00:09:47.360 | and a vision as to what you're actually
00:09:48.960 | trying to do with the money,
00:09:51.280 | and you've prepared for it.
00:09:52.800 | Giving is enormously powerful.
00:09:56.480 | At its core,
00:09:58.240 | by always giving 10% of your income,
00:10:00.560 | you are forced continually
00:10:04.320 | to defer gratification
00:10:06.160 | and to build your character muscles.
00:10:09.360 | Over the years,
00:10:11.360 | in the Christian tradition of tithing,
00:10:14.080 | of giving 10% of your income
00:10:16.160 | to your local church,
00:10:17.520 | there has been a variety of studies
00:10:20.480 | that people have done on it,
00:10:22.000 | and there's abundant evidence
00:10:25.200 | that tithing,
00:10:26.560 | consistently giving 10% of income,
00:10:28.480 | is something that seems
00:10:29.680 | to be highly correlated
00:10:31.200 | with those who make a lot of money.
00:10:33.280 | The question is why?
00:10:34.960 | Do people just make a lot of money
00:10:36.160 | and then give it?
00:10:36.720 | I don't think that's the answer.
00:10:38.240 | I think that the practice of tithing,
00:10:40.160 | consistently, always,
00:10:42.160 | taking money off the top
00:10:43.920 | and giving it away,
00:10:45.200 | has a transformative effect on people.
00:10:47.360 | It forces people
00:10:49.360 | in the lesson of delaying gratification
00:10:51.280 | to recognize that I don't have
00:10:53.680 | to consume everything that's there.
00:10:55.760 | And this is one of those
00:10:56.640 | powerful character muscles,
00:10:58.080 | which, when it's developed,
00:11:00.240 | has enormous impact
00:11:01.840 | across every aspect of life.
00:11:03.600 | If you can exercise control
00:11:06.400 | over your money
00:11:07.440 | and you can give away 10% off the top
00:11:10.480 | before you spend,
00:11:11.360 | you'll probably have developed
00:11:13.680 | the skills of delaying gratification
00:11:16.320 | and you'll have a better chance
00:11:17.680 | of exercising control
00:11:19.520 | over your sexual desire.
00:11:20.880 | If you can control your money,
00:11:23.840 | there's a good chance
00:11:25.440 | that you'll be a better worker
00:11:27.280 | because you have more patience
00:11:28.880 | with other aspects of life.
00:11:30.320 | You build a long-time perspective
00:11:33.520 | and the ability of someone
00:11:34.720 | to see to the future
00:11:36.320 | and delay gratification
00:11:37.520 | with a long-time perspective
00:11:38.720 | is one of the most reliable indicators
00:11:41.600 | of long-term wealth potential.
00:11:43.280 | So the practice and act
00:11:46.000 | of automatically tithing your income
00:11:48.000 | and taking a tenth,
00:11:49.440 | that's what a tithe means,
00:11:50.480 | it's just a tenth of your income
00:11:51.760 | off the top,
00:11:52.320 | and giving it away
00:11:54.000 | builds your character
00:11:56.000 | in a way that is truly impactful
00:11:58.080 | to your life.
00:11:58.720 | Giving is enormously powerful
00:12:03.200 | because it helps you to experience
00:12:05.520 | what it's like to be the person
00:12:07.920 | who makes a difference
00:12:09.040 | in another person's life.
00:12:10.960 | Years ago, I heard a lecturer
00:12:13.600 | who was talking about,
00:12:14.640 | what do you do if you just feel
00:12:16.720 | like you're at the end of your rope
00:12:18.320 | and you can't do it anymore,
00:12:19.520 | you're depressed,
00:12:20.160 | you're in a bad state,
00:12:21.440 | what do you do?
00:12:22.000 | Well, the best thing for you to do
00:12:25.040 | in that situation
00:12:26.800 | is to go find someone else
00:12:29.440 | who's in a worse situation
00:12:31.040 | and serve that person.
00:12:32.160 | So go find a local,
00:12:34.240 | charitable relief effort for the poor
00:12:36.480 | and go and start helping other people.
00:12:38.160 | And that act of helping other people
00:12:40.640 | is going to improve your mental state
00:12:43.520 | and help you to be grateful
00:12:44.800 | for what you have,
00:12:46.160 | and it's going to fix
00:12:46.880 | your psychological problems
00:12:48.640 | quicker than many other things.
00:12:50.080 | Well, that's what giving is.
00:12:52.640 | When you're giving,
00:12:54.000 | you're continually thinking
00:12:55.040 | about other people
00:12:56.240 | and you're continually thinking about
00:12:57.840 | where and how you can take money
00:13:00.240 | and make a difference for someone.
00:13:01.840 | And that allows you
00:13:04.080 | to start to experience
00:13:05.200 | what it's like to be a difference maker
00:13:07.040 | in the world,
00:13:08.000 | which is enormously powerful.
00:13:11.360 | Giving clues you in
00:13:13.040 | to those who are less fortunate than you.
00:13:15.040 | Instead of ignoring them
00:13:17.200 | and walking past them,
00:13:18.320 | you're instead
00:13:20.080 | walking around looking for them,
00:13:21.600 | saying, "How can I give money
00:13:22.960 | to someone who needs it
00:13:23.840 | more than I do?"
00:13:24.560 | And this is enormously powerful
00:13:26.960 | for your gratitude muscles.
00:13:28.240 | Causes you to see the world differently.
00:13:32.080 | Giving causes you to have a reason
00:13:37.760 | to work for the long term.
00:13:40.480 | If we look at the things
00:13:41.360 | that we can do with money,
00:13:43.600 | which can pretty well be
00:13:46.000 | divided into three categories.
00:13:47.680 | One is we can consume it.
00:13:48.960 | We can spend it.
00:13:50.480 | The second is we can invest it
00:13:52.960 | or we can build with it.
00:13:54.240 | The third is we can give it.
00:13:56.480 | The first category,
00:13:59.920 | the one that we think
00:14:00.800 | will make us happy is actually a dead end.
00:14:04.000 | Consumption is a dead end
00:14:06.560 | because, well, going from total poverty
00:14:10.080 | and total lack to comfort
00:14:12.800 | has a big impact
00:14:14.160 | in our psychological health
00:14:15.680 | and happiness and experience of life.
00:14:17.760 | You quickly get to the point
00:14:19.840 | of diminishing returns.
00:14:20.960 | If you're living in your car
00:14:24.080 | because you're broke
00:14:25.280 | or you're living on the street
00:14:26.480 | because you're broke
00:14:27.680 | and you move up to a 300 square foot apartment,
00:14:30.720 | there will be a,
00:14:31.520 | because you can consume more
00:14:32.720 | and you can spend the money
00:14:33.600 | on the apartment,
00:14:34.480 | there will be a significant impact
00:14:36.560 | positively in the quality of your life.
00:14:39.280 | If you're living
00:14:40.080 | in a 300 square foot apartment
00:14:41.840 | and you've got a family and children
00:14:43.520 | and you move up
00:14:44.880 | to a 3,000 square foot house,
00:14:46.880 | there'll be another significant improvement
00:14:49.120 | in the quality of your life.
00:14:50.320 | But if you move
00:14:52.960 | from a 3,000 square foot house
00:14:54.800 | to a 30,000 square foot house,
00:14:57.040 | you won't experience anything
00:14:58.880 | like the same quality of life improvement
00:15:02.400 | that you did with the first few changes.
00:15:05.040 | If you don't have any money for food
00:15:07.040 | and you go from hungry all the time
00:15:08.880 | to having some cheap food
00:15:10.240 | that will fill your stomach
00:15:11.120 | and cause you to not be hungry,
00:15:12.720 | you'll experience a big quality of life improvement.
00:15:16.720 | If you go from having cheap food
00:15:18.160 | to having high quality food
00:15:19.680 | and enough of it,
00:15:21.760 | you'll experience another big jump
00:15:23.600 | in quality of life improvement.
00:15:25.120 | But if you go from having enough high quality food
00:15:29.680 | to having some cheap food,
00:15:31.200 | you'll experience another big jump
00:15:33.200 | from having enough high quality food to eat
00:15:36.480 | that makes you feel good
00:15:37.440 | and meets all of your nutritional needs
00:15:39.360 | to becoming a glutton
00:15:40.960 | and consciously over consuming
00:15:42.800 | at two or three or 10 times more
00:15:44.720 | than the amount of food that you need
00:15:46.800 | or constantly living in just total luxury
00:15:49.840 | just because you can
00:15:50.800 | and always buying the most expensive food
00:15:52.720 | that you possibly could consume,
00:15:54.560 | you won't experience the same increase in lifestyle.
00:15:57.600 | It gets worse though.
00:16:02.000 | With consumption,
00:16:03.200 | you're always exposed to the risk of hedonic adaptation.
00:16:06.160 | Whatever you do, the increase,
00:16:09.200 | you quickly get used to it.
00:16:10.400 | So at first you don't travel
00:16:14.000 | 'cause you don't have any money.
00:16:15.760 | Then you can afford to travel
00:16:16.800 | so you buy bus tickets
00:16:18.320 | and you love touring the world in buses
00:16:21.200 | because you can go and see the world.
00:16:23.280 | Then you move up from buses to airplanes
00:16:25.040 | which cost a little bit more money
00:16:26.560 | and now you're just grateful
00:16:27.760 | of how quickly I can travel the world
00:16:30.560 | on airplane and how quickly I can make progress.
00:16:33.200 | Then you go from flying economy
00:16:34.560 | to flying business class or first class
00:16:36.720 | and you're enormously grateful
00:16:37.920 | for the big increase in experience.
00:16:40.800 | Then you go from business class or first class
00:16:43.360 | to flying private and now that's where it's at.
00:16:46.320 | Here's the challenge.
00:16:48.480 | Pretty soon you get used to private
00:16:51.440 | or pretty soon you get used to first class
00:16:54.640 | and all of those same annoyances are still there
00:16:57.440 | but now you're used to it
00:16:58.880 | and you don't get the same pleasure out of it
00:17:01.520 | in the fullness of time.
00:17:02.560 | We could look at this with the new car effect.
00:17:06.320 | You go out and you're dreaming of a new car
00:17:08.800 | that you really like
00:17:09.920 | and you go to the dealership
00:17:10.960 | and you buy a brand new car and it's amazing
00:17:13.680 | and for the first few weeks
00:17:14.800 | every time you get in that car
00:17:15.920 | you feel just a total shot of pleasure
00:17:17.920 | and for a very few
00:17:19.520 | who have very carefully chosen a car
00:17:21.280 | that's exactly what they want
00:17:22.560 | that pleasure will continue for months
00:17:24.400 | and maybe years every time they drive the car
00:17:26.880 | but it's nowhere near as intense
00:17:28.800 | as it was the first time
00:17:30.240 | and now you're just kind of used to it
00:17:33.040 | and most cars
00:17:34.640 | especially if they're more utilitarian
00:17:36.480 | versus something exotic that you carefully chose
00:17:39.280 | most cars after a few months or a year
00:17:41.120 | just becomes another car.
00:17:42.240 | You get used to it.
00:17:43.040 | So with consumption we're always prone
00:17:47.040 | to adapt to things
00:17:48.960 | and we create a new set point
00:17:50.400 | and now it just doesn't feel as exciting
00:17:53.040 | as it once was
00:17:55.440 | and so many things are like this in life
00:17:57.360 | the thing that you dream of getting
00:17:59.120 | the thing you dream of doing
00:18:00.880 | and then you achieve it
00:18:01.920 | and then you're like
00:18:05.200 | I don't want to do this anymore.
00:18:06.400 | I always dreamed of having a job
00:18:09.040 | where I could travel a lot.
00:18:10.240 | I gotta go be on an airplane again
00:18:11.520 | on Monday morning.
00:18:12.400 | I always dreamed of having a job
00:18:14.560 | where I could draw pictures for a living.
00:18:16.480 | I gotta create another thing for a client.
00:18:18.320 | I always dreamed of a job
00:18:20.000 | where I could create another podcast for people
00:18:21.760 | and just do what I love to do.
00:18:23.600 | I gotta go and make another podcast.
00:18:25.280 | Happens to all of us.
00:18:27.040 | We adapt.
00:18:28.800 | So consumption and self-indulgence
00:18:32.480 | has its place but it's not
00:18:34.960 | doesn't grow infinitely.
00:18:36.480 | Now what about investment?
00:18:39.200 | Well investment can grow based upon
00:18:41.840 | the thrill of investment can grow
00:18:44.160 | based upon the kind of investment.
00:18:46.320 | If you're doing passive investing
00:18:48.160 | as in accumulating stocks
00:18:50.400 | and mutual funds and things like that
00:18:52.000 | there's pleasure in watching your net worth go up
00:18:54.480 | but there's not so much more pleasure
00:18:56.240 | when you get to x figures
00:18:57.600 | instead of x minus one.
00:18:58.800 | You're dreaming of when you have a six-figure net worth
00:19:02.800 | and then you reach it.
00:19:03.760 | Okay great.
00:19:04.800 | Then you're dreaming of seven figures.
00:19:06.240 | Wow I'm really gonna make it.
00:19:07.440 | I made it.
00:19:08.320 | Then you're dreaming of eight figures.
00:19:09.840 | I'm really gonna make it.
00:19:10.640 | And the problem is if you're just measuring the money
00:19:13.200 | there's always somebody who's more
00:19:14.720 | who has more money than you do.
00:19:16.080 | There's always somebody who is way richer than you
00:19:20.000 | and who can buy and sell you in a morning
00:19:22.000 | and not even notice it.
00:19:22.960 | So if you're looking for kind of satisfaction
00:19:26.000 | purely from the numbers
00:19:27.120 | you're never really going to get it.
00:19:28.320 | Where there is a long runway with investment
00:19:32.160 | is if you're investing in business to do something.
00:19:34.560 | This is closely related to giving.
00:19:36.480 | If you look at someone who has a passion
00:19:38.000 | for a particular business or cause
00:19:40.320 | I love to watch Elon Musk with his dedication
00:19:42.800 | to making man multi-planetary
00:19:45.040 | and okay it's all about we're going to Mars
00:19:47.200 | we're going to Mars we're going to Mars
00:19:48.960 | and every time he has a company success
00:19:51.280 | he's sold the company takes all the money
00:19:52.960 | plows it into the next big initiative
00:19:54.880 | grows that one makes a bunch of money
00:19:56.640 | turns around plows it all into the next big initiative.
00:19:59.280 | Well he's had this long goal
00:20:01.680 | and he needed billions and billions of dollars to do it
00:20:04.640 | and he's probably going to do it
00:20:06.560 | because he has a huge goal
00:20:08.400 | and it's such a huge goal that the thrill
00:20:11.520 | of making business bigger and bigger and bigger
00:20:13.680 | doesn't have the same diminishing returns
00:20:16.400 | because it's not about the consumption
00:20:17.680 | it's about the impact.
00:20:18.720 | But you can achieve the same thing
00:20:21.760 | when it comes to giving money.
00:20:23.040 | When you start to realize how much power you have
00:20:26.960 | when you can give money away
00:20:28.320 | and you recognize that the more I give
00:20:31.040 | the bigger of a difference I can make
00:20:32.640 | it's enormously motivating.
00:20:34.160 | It's thrilling because now you've got to focus
00:20:37.360 | and you say I was excited when the first time
00:20:40.560 | I gave a thousand dollars away
00:20:41.760 | but now I'm going to give a hundred thousand
00:20:43.120 | and if I do a million I can support x number of people
00:20:45.840 | and I can make this change in the world
00:20:47.280 | and we could build this thing bigger
00:20:48.800 | and you have that thrill of constantly growing.
00:20:51.680 | And so those are the two forms of financial growth
00:20:55.840 | that have no limit to it
00:20:57.440 | and the more people that you can help
00:20:59.120 | while probably you get numb to the numbers
00:21:01.680 | the bigger the impact of it
00:21:03.280 | because you feel confident
00:21:05.520 | and you feel like what I'm doing matters
00:21:07.920 | and it's rewarding in a way that consumption is not.
00:21:14.800 | So building, giving, impacting
00:21:19.280 | these are things that can grow significantly
00:21:21.520 | and giving because you're experiencing it
00:21:25.120 | when you start gives you something to grow into.
00:21:28.160 | You may have a real passion for supporting
00:21:32.000 | foreign mission work all around the world
00:21:35.040 | and today you can support a missionary
00:21:37.600 | and that wipes out your budget
00:21:38.720 | to be a small contributor to one missionary
00:21:41.200 | but then five years from now
00:21:42.320 | you could be supporting five or ten missionaries.
00:21:44.640 | And in the fullness of time
00:21:45.600 | you could be supporting a hundred missionaries.
00:21:47.760 | Then you can establish a foundation
00:21:49.680 | that's going to ultimately impact thousands of missionaries
00:21:52.160 | and you can see this grow
00:21:53.840 | and there's a long-term growth factor
00:21:56.640 | that in some cases can be exponential
00:21:58.800 | but it can give you motivation to do everything else
00:22:01.920 | to keep working, to make more, to reduce your income
00:22:04.640 | so you have more money.
00:22:05.680 | Some of the people I think who I have met in my life
00:22:10.800 | who are the happiest are those who established a lifestyle
00:22:15.520 | that was appropriate for them,
00:22:16.720 | increased their income enormously
00:22:19.440 | and just always increased their giving.
00:22:21.040 | They went from spending 90% and giving 10%
00:22:24.640 | to in the middle and end of their life
00:22:26.960 | spending 10% and giving 90%.
00:22:29.200 | I left out the accumulation.
00:22:35.040 | I'm going to continue to give accumulation targets here
00:22:37.920 | but the point is that giving is that thing
00:22:40.320 | that ultimately can consume all of your income.
00:22:44.400 | It can consume all of your wealth
00:22:46.240 | and you can be thoroughly satisfied with it
00:22:50.160 | but giving is best started when you're young
00:22:55.200 | and when you're just getting started.
00:22:56.720 | So I'd like to give you now some practical tips
00:22:59.680 | on giving money away.
00:23:02.080 | Some things that I think will be useful to you.
00:23:04.400 | First and foremost, I would encourage you
00:23:06.880 | in the same way when I said to save half, spend half.
00:23:10.000 | Split your income out before it ever comes into your hands.
00:23:13.760 | If you get paid with a check because it's 1980,
00:23:17.600 | if you get paid with a check,
00:23:18.960 | take your check to the bank, cash the check.
00:23:21.200 | There's $1,000 in the check.
00:23:23.040 | Take 500, put it in one pocket for spending.
00:23:25.600 | Take the other 500, put 100 into a pocket for giving
00:23:29.440 | and put 400 in for investing.
00:23:31.440 | Split it up front.
00:23:32.560 | Now if it's 2024 and you're getting paid,
00:23:35.920 | then set it up with your human resource director
00:23:38.880 | that right off the top, your money gets split.
00:23:41.360 | If you can, split your money into three accounts.
00:23:44.080 | Account number one is for spending.
00:23:46.640 | That's where 50% of your paycheck goes.
00:23:48.800 | Account number two is for investing.
00:23:51.120 | That's where 40% of your paycheck goes.
00:23:53.200 | Account number three is for giving.
00:23:54.480 | That's where 10% of your paycheck goes.
00:23:56.160 | If you can't do that with your human resources coordinator
00:24:00.160 | or with your job, do it yourself.
00:24:02.560 | When you deposit a check or you get an amount of pay,
00:24:05.760 | just take 10% and put it in a separate account
00:24:08.320 | and build your giving account.
00:24:10.240 | Consistently, systematically put the money
00:24:13.760 | into your giving account
00:24:14.800 | and start to accumulate giving money.
00:24:16.480 | Having a giving account will cause you
00:24:20.720 | to see the world differently
00:24:22.480 | because instead of just seeing a need
00:24:24.400 | and then wondering how much you can give,
00:24:26.160 | you're looking at the world differently
00:24:28.560 | because you have an amount to give
00:24:30.160 | and you're going around looking for needs.
00:24:32.080 | You're looking for things that you can do
00:24:34.400 | that will make a difference.
00:24:35.760 | This causes you to be a more ready and willing giver.
00:24:40.160 | You hear an appeal or you notice a need
00:24:42.400 | and you instantly know, I've got money for that,
00:24:44.320 | I can give it because I've already determined
00:24:46.800 | that this is money for giving.
00:24:48.560 | So you just pop open your phone,
00:24:50.160 | see how much is in the giving account
00:24:51.680 | and give that much, boom, done.
00:24:53.280 | It's profoundly powerful.
00:24:55.680 | Whenever possible, you should give at the level
00:25:00.560 | where you can make an impact
00:25:01.920 | with the amount of money that you have to give.
00:25:04.400 | If your giving account has a hundred dollars in it
00:25:06.960 | and you are getting a solicitation
00:25:11.120 | from the American Cancer Society,
00:25:13.040 | I beg of you not to give the American Cancer Society
00:25:16.640 | a hundred dollars.
00:25:17.520 | They don't need it.
00:25:19.440 | There's no point.
00:25:21.600 | But if you take that hundred dollars
00:25:24.160 | and you start giving it to homeless people
00:25:27.440 | that are on your street living in your town
00:25:30.000 | and you go and you talk to them
00:25:32.080 | and you buy them a good meal and give them some cash
00:25:34.160 | so that they have some money in their pocket
00:25:36.000 | and you encourage them and find out what their needs are
00:25:38.800 | and maybe get involved with them,
00:25:40.240 | you're gonna be giving at a level
00:25:41.600 | that's enormously impactful.
00:25:43.280 | Your giving doesn't always have to be
00:25:46.560 | to those who are needy.
00:25:48.400 | You may just go out in the world
00:25:49.760 | and start giving to spread good cheer,
00:25:51.760 | leave an extravagant tip for somebody,
00:25:54.240 | bring coffee for all of your coworkers,
00:25:56.640 | look for ways to just give things away to people,
00:25:59.920 | pay for the person's meal
00:26:01.680 | on the other side of the restaurant
00:26:02.880 | or behind you in line.
00:26:04.560 | Just look for ways to give money away,
00:26:06.560 | but do it at a level that is appropriate
00:26:09.040 | for the amount of money that you're giving.
00:26:10.720 | When you get to the point
00:26:12.720 | where you're giving thousands of dollars
00:26:14.560 | and tens of thousands of dollars
00:26:16.080 | and hundreds of thousands of dollars,
00:26:18.000 | I ask you again, keep that same thing in mind.
00:26:20.880 | If you're gonna give thousands of dollars,
00:26:23.680 | again, don't give it to the American Cancer Society.
00:26:27.680 | Find an organization that you think is worthy
00:26:30.320 | where your thousands of dollars will be important.
00:26:33.680 | It's probably gonna be a small organization,
00:26:36.480 | but that small organization may have an idea
00:26:38.880 | that really needs to be funded.
00:26:40.320 | When you get to the point
00:26:42.720 | where you're dealing with large amounts of money,
00:26:44.640 | then that's the time to consider large organizations.
00:26:48.960 | And the idea is when you're giving,
00:26:51.920 | you have a responsibility in giving,
00:26:54.800 | and you need to demand a certain measure of value.
00:26:57.200 | You need to demand a certain measure of accountability.
00:26:59.920 | Giving extravagantly just for the sheer joy of giving
00:27:03.760 | doesn't mean that you have to demand accountability.
00:27:06.880 | If you wanna go and leave somebody an extravagant tip
00:27:09.760 | just 'cause you really enjoyed an interaction
00:27:11.520 | or you see that the person who is working in a restaurant
00:27:14.720 | or wherever you happen to be could really use it,
00:27:17.120 | just do it.
00:27:17.680 | You don't need to be accountable for the results.
00:27:20.800 | And I think that we should continually do that.
00:27:23.920 | You can be an encouragement to somebody
00:27:26.480 | who's needed just for giving it.
00:27:28.480 | But when you start giving consistently,
00:27:30.560 | routinely, or sizably,
00:27:35.760 | then you have a responsibility to be certain
00:27:39.440 | that the money is doing good
00:27:40.800 | and that the money is not being wasted,
00:27:44.880 | that the money is actually going to do the thing
00:27:47.520 | that is needed to be done.
00:27:48.640 | And so that's one big reason
00:27:51.200 | why you should always seek to give
00:27:52.960 | at the level where you're actually going to be impactful.
00:27:56.640 | The person who's giving millions and millions of dollars
00:27:59.600 | may be in the position to demand accountability
00:28:01.840 | from an enormous organization.
00:28:03.440 | And that's what he should do.
00:28:05.200 | But you should be looking for the same thing.
00:28:07.840 | When you are giving,
00:28:09.840 | be open to giving to individuals
00:28:12.080 | and be open to giving to institutions.
00:28:14.000 | There are many worthy institutions
00:28:17.200 | that need and deserve your support.
00:28:20.160 | The most obvious institution would be your local church.
00:28:24.800 | If you are consistently giving 10% of your income
00:28:27.360 | to your local church,
00:28:28.640 | and all of your fellow congregants
00:28:30.160 | are also consistently giving 10% to the local church,
00:28:33.840 | your local church will become
00:28:35.760 | an important beachhead in the community,
00:28:39.760 | will do important things.
00:28:41.360 | And by working together with people in that congregation,
00:28:44.640 | you will be able to be extremely effective
00:28:47.680 | because the organization is well-supported.
00:28:50.080 | Institutions are enormously important
00:28:53.840 | and enormously powerful.
00:28:55.520 | And you can often get a much bigger return
00:28:58.080 | on your investment by giving to institutions
00:29:01.520 | and just supporting them as a matter of standard practice.
00:29:06.000 | Because an institution has a clear vision,
00:29:09.200 | has a team to carry it out,
00:29:10.880 | has a history, has inside knowledge
00:29:13.200 | of exactly what it's trying to accomplish.
00:29:15.760 | So you should give systematically to institutions.
00:29:18.400 | You should also give to individuals.
00:29:23.520 | Individuals often can have their lives changed
00:29:26.800 | by another individual who happens on the scene
00:29:28.880 | at the right moment,
00:29:30.160 | who's able to help at the right time.
00:29:32.240 | So be open to both of those.
00:29:34.960 | Look for individuals who are in need
00:29:38.800 | and see how you can help them.
00:29:40.800 | Look for institutions that are doing effective work
00:29:45.280 | and see how you can support them.
00:29:46.720 | When you are giving,
00:29:50.480 | your giving should entail some ad hoc giving,
00:29:53.680 | meaning a spontaneous one-time contribution.
00:29:56.720 | And some of your giving should be involved
00:29:59.520 | with a continual ongoing support
00:30:02.640 | of an individual or an institution.
00:30:05.360 | Both of these are important.
00:30:07.680 | It's important that not everything
00:30:09.840 | is already pre-engaged in ongoing support
00:30:13.920 | because then when you come across a worthy opportunity,
00:30:16.960 | you won't have any money available for it.
00:30:19.120 | On the other hand,
00:30:19.840 | if you're just going through life
00:30:21.440 | just responding to ad hoc requests for money,
00:30:24.160 | then you're not actually building towards anything
00:30:27.440 | and you're not actually being intentional
00:30:29.200 | about what you're giving.
00:30:30.160 | By committing to specific people
00:30:33.520 | or specific organizations on an ongoing basis,
00:30:36.800 | you're going to start moving yourself
00:30:38.400 | in the direction of actually establishing a strategy
00:30:41.120 | for your money.
00:30:41.760 | What types of organizations do I want to support?
00:30:45.520 | What causes are important to me?
00:30:47.840 | And you have to go and look for worthy organizations.
00:30:50.800 | And in addition,
00:30:52.160 | your giving to organizations
00:30:53.920 | or your giving to ongoing commitments
00:30:56.720 | will start to provide opportunity for you
00:31:00.800 | to be engaged in something beyond giving,
00:31:03.680 | to be engaged in a volunteer effort,
00:31:06.000 | to be engaged as part of the team,
00:31:08.240 | to be engaged in providing wisdom,
00:31:10.560 | counsel, prayer, support, ideas, whatever it is.
00:31:14.480 | And that will be an important component to your giving.
00:31:17.760 | As you're giving,
00:31:18.560 | remember that giving money is wonderful and important
00:31:22.640 | and is the primary focus here in this podcast.
00:31:26.240 | Giving time, energy, knowledge, experience, wisdom,
00:31:33.520 | all of these things are also important.
00:31:36.160 | Ideally, you would have the opportunity
00:31:40.080 | to contribute more than just money.
00:31:42.320 | And these things will often go together.
00:31:45.360 | If you're going to get the real story,
00:31:47.200 | you can't just be of how effective an organization is
00:31:50.640 | at tackling a certain cause.
00:31:52.800 | You can't just expect to get that as an anonymous donor.
00:31:57.040 | You may sit down and write out anonymous checks
00:31:59.200 | at the end of the year
00:32:00.000 | to support your list of organizations,
00:32:02.240 | but all you're going to get is a thank you letter
00:32:03.840 | and a kind of a standard report.
00:32:06.000 | That standard report is probably going to be honest
00:32:07.920 | and truthful, but you're not really going to know
00:32:09.520 | what's happening with the organization.
00:32:11.040 | But if there's an organization
00:32:13.120 | that you're really engaged in
00:32:14.880 | and you get involved with it
00:32:16.160 | so that you're giving your time and your energy to it
00:32:19.200 | in addition to your money,
00:32:21.760 | now you're going to get the real inside scoop.
00:32:24.720 | And so back to the concept of scale.
00:32:27.120 | Ideally, in a perfect world,
00:32:30.560 | most of your giving would be being done
00:32:33.600 | with people or organizations
00:32:36.160 | where you are also closely connected.
00:32:39.520 | Ideally, they're organizations
00:32:41.520 | where you're on the board or you're an advisor
00:32:44.560 | or you're very well connected.
00:32:46.800 | You're a key donor, something like that.
00:32:49.280 | And those organizations and the scale of these things
00:32:51.360 | will change throughout your lifetime.
00:32:52.880 | It's different when you're getting started.
00:32:54.400 | It's different from when you're wealthy.
00:32:56.080 | But the idea is you want to be able to use
00:32:59.760 | not only money, but other things that you have.
00:33:02.240 | This also helps for you
00:33:04.080 | to maximize your actual contribution.
00:33:07.120 | It's one thing for you to anonymously give money
00:33:10.480 | on an ad hoc basis to an organization
00:33:12.480 | that you think deserves a donation this month.
00:33:15.680 | That's great.
00:33:16.880 | It's far more effective for you to give money
00:33:20.480 | on a continual basis to an organization
00:33:23.760 | that has a mission that you really care about
00:33:25.680 | and that you're really engaged with.
00:33:28.320 | And you're also on the board of directors for that.
00:33:30.960 | And you're also fundraising.
00:33:32.640 | And now you're out recruiting for all of your friends
00:33:36.240 | and all of your acquaintances
00:33:37.200 | to also give to this worthy effort.
00:33:40.240 | So now the money that you're contributing
00:33:42.320 | is being multiplied perhaps 10 or 20 or 30 or 50 times
00:33:46.000 | because you're really engaged in it.
00:33:47.680 | This is the pathway that I want you to be on,
00:33:50.800 | especially as you arrive to the middle part of your life
00:33:53.920 | where most of the consumption needs of your life
00:33:56.400 | are stabilized.
00:33:57.440 | You've perhaps purchased your home.
00:33:59.600 | You've established your lifestyle.
00:34:01.120 | You've bought the things that you needed to do.
00:34:03.040 | You've saved money for your own financial security.
00:34:05.120 | Your children are raised or on track to being raised.
00:34:07.680 | So therefore you have more wiggle room
00:34:09.520 | and because you have more wiggle room,
00:34:11.360 | I want you to be in the point
00:34:12.480 | where you're really engaged with some organizations
00:34:15.120 | and some people that you really care about.
00:34:17.120 | And so that you are supporting them financially,
00:34:19.440 | that's generally always the first thing,
00:34:21.360 | but also with your time and energy.
00:34:22.800 | And then you're multiplying that by engaging with others.
00:34:25.440 | And this is why it's so important to build the skills
00:34:28.640 | and the knowledge over time
00:34:30.640 | that comes from starting small with your giving.
00:34:33.040 | If you can't give money to an organization
00:34:36.720 | that you care about, give time, give energy,
00:34:40.480 | and look forward to the day when you can give money
00:34:43.200 | and use that as a motivation to keep you working hard
00:34:46.720 | so that you can give money.
00:34:47.760 | I want you to always begin with the end in mind.
00:34:51.760 | Look around at wealthy people,
00:34:54.160 | read profiles of wealthy people, talk to wealthy people.
00:34:56.800 | And what you will generally find
00:34:58.880 | is that when someone has passed
00:35:00.560 | into that space of financial abundance,
00:35:04.000 | has more money than he's ever going to need,
00:35:06.240 | he or she has more money than she actually can consume
00:35:10.800 | even with a profligate lifestyle,
00:35:12.880 | with a very high consumption lifestyle,
00:35:14.720 | this person is generally looking
00:35:17.200 | for something to do to make a difference.
00:35:19.040 | When he or she has consistently,
00:35:24.320 | over the course of years and decades,
00:35:26.480 | engaged in constant, never-ending giving,
00:35:31.360 | normally this transition is pretty easy to make.
00:35:34.000 | Guy says, I know exactly the organizations,
00:35:37.920 | these are the ones I'm involved in,
00:35:38.960 | these are the causes I'm working on,
00:35:40.480 | and now I'm going to continue to focus
00:35:42.320 | and now I can just give a lot more money,
00:35:43.600 | a lot more time to it because I retired
00:35:45.280 | and I've got all this extra money,
00:35:46.640 | now I can really be engaged with it.
00:35:48.640 | But if a guy doesn't have that history,
00:35:52.800 | it's very hard to make that transition
00:35:54.800 | because the jump is just too much.
00:35:58.960 | It'd be like going from zero children to seven children.
00:36:03.120 | It's not particularly difficult
00:36:04.400 | to go from six children to seven children
00:36:06.320 | or five children to seven children.
00:36:08.240 | You might even be able to go
00:36:09.120 | from four children to seven children comfortably.
00:36:11.280 | But you don't go from having a quiet household
00:36:14.880 | with two adults to all of a sudden
00:36:16.240 | having seven children underfoot.
00:36:18.160 | That doesn't generally go smoothly.
00:36:20.000 | You have to grow into it.
00:36:21.440 | And it's the same with basically everything else in life,
00:36:24.080 | including giving.
00:36:26.400 | In conclusion, one of the most powerful things
00:36:29.120 | that you can do is consistently give away
00:36:32.320 | from the very beginning 10% of your income.
00:36:34.960 | You do that by having an income.
00:36:37.840 | Go one, get a job.
00:36:39.680 | You do that by setting your expenses conservatively
00:36:44.560 | as compared to your expenses.
00:36:46.000 | Spend half, save half.
00:36:47.680 | And you do that by off the top,
00:36:50.320 | separating your giving money,
00:36:52.640 | setting it aside so that it can be invested
00:36:54.960 | into the causes that you think are most worthwhile.
00:36:58.240 | This 10% of your income in the fullness of time
00:37:02.640 | will be your favorite 10%.
00:37:04.000 | The 10% that brings you the most joy.
00:37:07.280 | And it'll be the joy that has almost infinite scalability.
00:37:12.480 | It'll be the joy that is the least exposed
00:37:17.760 | to diminishing returns.
00:37:19.040 | On the contrary, it'll give you increasing returns,
00:37:22.960 | which is truly what you're looking for.
00:37:24.960 | Some categories in our budget
00:37:27.520 | should start small and stay small.
00:37:30.480 | Some categories, we want to fix them
00:37:32.720 | and we want to decrease them.
00:37:34.000 | Some categories, we want to start them
00:37:36.320 | and we want to increase them.
00:37:38.080 | And giving is that category.
00:37:40.480 | We want to start it at 10%.
00:37:42.080 | And then in the fullness of time,
00:37:44.800 | we want to increase it and increase it
00:37:46.880 | and increase it and increase it and increase it.
00:37:50.160 | That's a recipe for an impactful and fulfilling life.
00:37:53.920 | That's a good use of money.
00:37:55.680 | That's why the goal of giving away your 10% of your income
00:37:59.760 | should be a goal that each and every man and woman,
00:38:02.960 | each and every young person,
00:38:04.080 | each and every boy and girl installs
00:38:07.280 | from the very first paycheck forward.
00:38:10.080 | - At Cox Mobile, we know you're smart.
00:38:12.240 | You brush your teeth in the shower to save time,
00:38:14.320 | make coffee ice cubes for your cold brew
00:38:17.520 | and wear goggles to cut onions.
00:38:19.600 | You also added Cox Mobile.
00:38:21.200 | So smart.
00:38:22.000 | Now you're running on the network
00:38:23.280 | with unbeatable 5G reliability
00:38:25.280 | and saving on your Cox internet.
00:38:27.200 | It's ingenious, just like you.
00:38:28.640 | - Aw, thanks.
00:38:29.680 | - Cox Mobile, the smart way to mobile.
00:38:31.600 | - Cox buffet internet required.
00:38:32.880 | Cox Mobile runs on the network
00:38:33.920 | with unbeatable 5G reliability
00:38:35.360 | as measured by Ookla LLC in the US 2H 2023.
00:38:38.000 | When other restrictions apply, learn more at cox.com/mobile.