Donating Makes Sense for Financial Well-Being


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Have you donated money to a helpful cause, given used items to Goodwill or volunteered to pick up trash on beach shores? If yes, you’ve helped your community grow.

How, you ask? Simple. As we change through our lifetime, perhaps we can’t fit in the same clothes so we donate them to charitable organizations such as Salvation Army or Goodwill so that other people may benefit. In addition to giving money or items to the needy, donating your time and effort also enriches our society as a whole.

Stage 1: Wealth Protection
As any state of economics, there's a financial cycle most people go through.Stage 1 is when you're first starting out financially. Let's say that you just earned your first paycheck. You decide to save at least 10% for the rest of your working life. This will give you a safety net in case of an emergency, such as car repair. But it's mainly to try and protect your earnings.

Stage 2: Wealth Accumulation
Now that you have added some cushion, you can start to invest your money. So instead of being conservative with your savings, you can actually start to look for some investment vehicle to make your wealth grow and accumulate faster. This is the time to make your money work for you instead.

Stage 3: Wealth Distribution
And finally, you come to Stage 3 which in most cases is around retirement. You have worked hard all your life. You have accomplished your goals in Stages 1 and 2. You did all the right things to make your golden age really "golden." Wealth distribution is the most gratifying time for you. And now we can get back to making donations of things that you have no more need for, or trying to help some needy cause by donating money. And let's not forget that by donating your time and effort, you are distributing your "wealth of knowledge." 

wealth stages

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