Pay Yourself First in 2009
+ Say it with me: "2009 is the year I finally (insert resolution here.") A New Year has arrived and with it the annual self-reflection. For many, the turn of the calendar signals hope and the vow to correct our vices and mistakes of the year gone by. I am no exception and I thought it appropriate to share my New Year's resolution with you.
+ 2008 was a big year for me. I changed jobs, witnessed a seismic shift in the economy, and watched as millions of Americans came together for change. The comprehensive picture that 2008 paints in my head leaves room for only one acceptable outcome in 2009 - "2009 is the year I pay myself first."
+ Pay Yourself First. When I was in college, a wise man (my Dad), told me that the key to saving and ultimately accumulating wealth was to pay yourself before you use your income to pay anything else. As smart as my Pop is, he didn't make it up - click here to find articles all over the web on this concept.
+ I literally break my budget down into two columns: income and expenses. Income is the sum of all wages, salaries, and profits which allow me to maintain my quality of life both now and in the future. Expenses refer to consumption. They are payments I make in exchange for goods and services.
+ Where does philanthropy fall given these definitions?
+ If I'm being honest, philanthropy used to fall on the expenses side of my budget, but in 2008 I began to reexamine this. Philanthropy really is self-fulfilling in many ways. By giving back to my community I really am paying myself first - I'm adding to my quality of life.
+ In 2009 not only am I going to put savings first, I'm going to pay my community first too. I added a line item in the income portion of my budget for "Philanthropy." Many of you who engage in workplace giving are already doing this. Your donation is subtracted from your paycheck before it even gets to the bank. Since you never saw the extra money, you don't miss it.
+ I'm aware that what I give back to my community will return dividends many times over. What I learned in 2008 is that philanthropy is a central staple of my health and wellness and not just a luxury.
+ In 2009, I implore you to pay yourself first on both your financial and community balance sheets. In doing so I think you'll find that profitablity truly lies within.
(Click the quote below and sing it with me)
+ I literally break my budget down into two columns: income and expenses. Income is the sum of all wages, salaries, and profits which allow me to maintain my quality of life both now and in the future. Expenses refer to consumption. They are payments I make in exchange for goods and services.
+ Where does philanthropy fall given these definitions?
+ If I'm being honest, philanthropy used to fall on the expenses side of my budget, but in 2008 I began to reexamine this. Philanthropy really is self-fulfilling in many ways. By giving back to my community I really am paying myself first - I'm adding to my quality of life.
- I profit from the feeling I get when I give back and the karma I rack up.
- My home is located in the community our nonprofits serve. This effects my home value and my children's education.
- I use local open-lands to recreate, relive stress, and exercise.
- I save on the amount of taxes that I currently or will eventually pay, and donations to local nonprofits are an investment in infrastructure and long-term sustainability.
- Need more evidence that charitable giving is not an expense? Just look at any charitable contribution letter. It will say clearly that, "No goods or services were received."
+ In 2009 not only am I going to put savings first, I'm going to pay my community first too. I added a line item in the income portion of my budget for "Philanthropy." Many of you who engage in workplace giving are already doing this. Your donation is subtracted from your paycheck before it even gets to the bank. Since you never saw the extra money, you don't miss it.
+ I'm aware that what I give back to my community will return dividends many times over. What I learned in 2008 is that philanthropy is a central staple of my health and wellness and not just a luxury.
+ In 2009, I implore you to pay yourself first on both your financial and community balance sheets. In doing so I think you'll find that profitablity truly lies within.(Click the quote below and sing it with me)
+ As a Community Shareholder you'll no doubt light the way for the rest of us to follow.
Community ShareholderJason Manke
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