Anyone who wants to build wealth or achieve financial freedom and independence needs to seriously consider the act of charitable giving, even before “having the money to do it.” I realize that this probably the most counterintuitive financial advice you’ve ever heard, but giving 10% of your income towards charitable causes can greatly multiply your ability to earn, to build financial freedom and to even create wealth. If this sounds hard to believe, I challenge you to consider putting this principle to the test. Let’s look at how to do this and a little bit about how this principle works to help you achieve financial freedom:
The Law of Contribution and Reciprocity
When you start giving without resentment, some mysterious and amazing things start to happen in your financial life. I can’t explain exactly why this works the way it does, but think of all the things we still don’t understand that we still benefit from as a species: gravity, electricity…many of us don’t fully understand the way our car engine works, or our microwave or our lap top computer. However, that doesn’t change the fact that we use and benefit from these things, and it can be the same with applying the principle of charitable giving.
The more that you give, the more you open yourself to receive back. This is based on the universal Law of Contribution and reciprocity. Of course, you don’t always receive through the same channels which you give through, but if you’re willing to test out this principle for at least 30 days, I’m certain that you’ll discover just how powerful it is. Let’s talk about how this is done…
A Simple Plan for Applying the Law of Contribution
The best way to start applying the Law of Contribution in your financial life is to use the “four bucket system” for managing your spending and making it a priority to invest, then give, then reserve, then pay bills:
1. 10% Investing
2. 10% Giving
3. 10% Reserve for future purchases
4. 70% Pay expenses
As you can see, the idea is to make investing, giving and reserve a priority. As you do this, it will create a greater sense of control over your financial life and it will help you get out of the “paycheck to paycheck” habit. So try this plan out for 30 to 90 days, and you’ll see that giving is a powerful strategy for building wealth and achieving financial freedom.
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