In Chapter 5, I wrote about how wealthy individuals, successful companies as well as rich countries always have a seat on the top table. I noted that this is not always because of their superior ideation but their deep pockets. It follows therefore, that one way of gaining respect is by building wealth through savings.
Acts Chapter 20 verse 35 talks about how those with means should support the weak. It refers to Jesus Christ’s famous teaching that “it is more blessed to give than to receive”.
More often than not we focus on the recipient and imagine how good they must feel from receiving a donation. We forget that the act of giving also benefits the giver. This is why many Philanthropists save in order to give.
As most individuals go up the famous Maslow’s hierarchy of needs, they will eventually want to actualise themselves. They aspire to be a “force for good” through helping others. I know of an old lady in my village who has taken a few orphans into her little house and has been supporting them with the little that she has. Part of what she saves from the little that she receives from her 2 sons who work in a nearby town is enough for her to help the less fortunate! This underscores the fact that there is no threshold beyond which individuals should save before they give to charity.
Philanthropy has taken centre stage as wealthy individuals compete to become the Top Givers. For example, Jeff Bezos and Mackenzie Scott, through their foundations gave USD10,150m and USD5,734m respectively to charity in 2020, while Warren Buffett, Bill and Melinda Gates topped the list in 2018.
The following inspirational quotes by 2 of the world’s richest individuals bring out the thinking on charity and why an increasing number among the wealthy, are now focusing on helping others;
“If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%” – Warren Buffett
“Is the rich world aware of how 4 billion of the 6 billion live? If we were aware, we would want to help out, we’d want to get involved” – Bill Gates
Obviously, how much someone saves to help others is relative. We all have many examples around us where individuals who are nowhere near the definition of “rich or wealthy”, have successfully saved what many may view as insignificant to support the less fortunate.
Accordingly, doing charity work is one reason why one may decide to save, irrespective of the amount.
This is why you must talk to your banker or financial consultant today and enjoy the benefits of saving for your favorable Charity, especially in your community. Remember, it is more blessed to give than to receive.
ENDS