Ask any affluent person who has prospered… not through inheritance, generosity or corporate welfare, and they will advise you the best thing you can do for your future is to save more today. Saving more is definitely a major necessity if you desire to be better off tomorrow than you are today. However saving more won’t be as profitable for you unless you understand the 1-2 punch to becoming more prosperous.
There is a second important fundamental that you will need to foster in your lifestyle in addition to saving more if prosperity is to remain your companion for life. This second factor is really the number one consideration you must address prior to savings more, or your savings will avail you little. Because there is so much confusion, misunderstanding and neglect of this essential fundamental, the subject is approached now, early on in the way to becoming more prosperous.
Philanthropy, benevolence, charity, altruism are words that mean many different things to many different people. And so to genuinely grasp the importance of the 1-2 punch necessary to becoming more prosperous let us begin by defining these words for the purpose of this discuss so that we are speaking the same language.
Philanthropy and benevolence is the giving of money, time, goods or services to others based on an obligatory feeling of guilt, duty, superiority or a combination of all three. It is often given in such a way that it will assure the giver of some favor, improved reputation, political appointment or some sort of public recognition. The term “giving back” has become synonymous with philanthropy as well as benevolence and the recipient of either, sensing or knowing this, often collects such gifts with something far less than gratitude. Consequently, “It didn’t cost her anything,” or “Trying to butter me up” and even “What I really wanted was____” is often the mien of those who are the recipients of philanthropy and benevolence.
Charity on the other hand is the giving of money, time, goods or services without any expectation of return or favor. It is often accomplished in secret without the recipient ever realizing where the gift alighted.
Altruism is a philosophical incongruity that deceives the believer into actually imagining that they can deny them-self of anything or everything and because of this self-denial they will achieve greater satisfaction, pleasure, reward, or whatever it is they truly desire, either later on in this life or in the life to come.
With those definitions it is safe to disclose the first of the 1-2 punch, beyond saving more, to becoming more prosperous. And you most likely have already deduced what it is…giving.
Giving of your money, time, goods and services to others without any expectation of return or favor is the first part of the 1-2 punch that will make you more prosperous.
And yet there is a fine line to reconcile within you in order to avoid letting your charity become philanthropy, benevolence or even altruism.
There are many prescribed and proscribed traditions associated with giving. Some rigidly hold to a 10% creed that forces people to feel altruistic or benevolent once they have completed the requirements of their creed. Others pragmatically justify giving only up to the point where they couldn’t or wouldn’t have used whatever they gave on or for themselves. Giving only to benefit from the tax code is an accurate picture of this type of giving, which is so often falsely called charity today but is really philanthropy. Other giving is entered into knowing that those who give will receive back 10, 20 and 100 fold. This giving can still be real charity as long as there are no regrets or disillusionments over what it is that is received back or even how.
Once you have been able to adopt a charitable form of giving into your lifestyle your ability to save more will multiply. The reason is because it is a law of the universe. A seed planted in the soil gives up its life only to receive it back again for the purpose of perpetuating life 100 times over again.
Here are some things to consider and do to become more prosperous:
There is a balance that needs to be kept in giving, otherwise it can border upon or even become altruism. Altruism only destroys your ability to save and therefore you will become dependent on the giving of others if you adopt an altruistic philosophy. The poor we will always have with us. And the best thing you can do for the poor is not to become one of them, otherwise how will they be able to meet their needs without you. If you want to find the right balance between giving and saving so that you can become more prosperous give us a call today, 702-660-7000. We can help.