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What will your money make happen?
Posted on November 15th, 2008 4 comments
Are you in debt, getting out of debt, or newly free from your credit card-shackles? How much money have you seen “disappear” off to the hands of your creditors when it could have be used for a better purpose?
When Gail Vaz-Oxlade goes into a home, most of the time the couple has thousands of dollars in debt, but not much to show for it. Do you ever stop to think what they could have done with all that money?
In my line of work, I am regularly researching Canadian millionaires and mega-philanthropists to better communicate and serve their philanthropic needs and interests. As a result, I get inspired. Seemingly ordinary people give away millions to causes they care about, and they make a dramatic impact on our world.
It’s not just the business tycoons or presidents of banks, either, who make this kind of an impact. Many of the donors who contribute millions to our organization are humble little old ladies, many of them single, who were frugal with their money and spent carefully throughout their lifetime. The legacy they leave is insurmountable. They are changing the direction of how generations perceive and live with chronic disease. Their dollars fund world-class research that is being shared around the world - the discoveries don’t only help Canadians, they help people everywhere.
Perhaps that’s one of the reasons I value frugality. Because I honour my money; I honour the difference it can make. I work hard for it and I want to use it to make an impact on the world. I want it to give me freedom - full, unburdened, creative freedom to carve out a completely original life of my own. I’m not quite sure what my goals are right now. Will I save enough to start my own business or nonprofit organization? Pursue my true passions full time? Will I become a philanthropist and someday leave the kind of legacy that I see other Canadian millionaires make? I’m not sure. But I believe there is potential - and it is potential that I do not want to waste. My goal then is to save, somehow instinctively believing that there is a greater role for my money to play that to just to get swallowed up by Tim Hortons, Big Box Stores or Banks.
Gail usually relates to the couple of the week in regards to specific, measurable goals - get out of debt, get an emergency fund, get a retirement fund. Somewhere in there might be other goals, like have a baby, make enough to stay at home with the kids, or start an education fund for them. Those are all important goals. But would else could be achieved? What other opportunities exist within a healthy savings plan? The pursuit of a lost dream? A trip around the world? A marathon? A totally innovative nonprofit?
My question is, what would you do now if you had back all the money that you poured out to bank fees, interest, or stuff you just didn’t need? And what would you like to achieve now that you have new priorities? Goals or dreams, big or small, it’s all valuable. I can’t wait to hear from you!
4 responses to “What will your money make happen?”
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Hi there-fabulous post my dear!! I’ve just paid in full my credit card which is cut up now, so 3 loans to pay down now. I aspire to living below my means and being able to live on a low income. Its all about lifestyle choices and I have to bide my time, but I look forward to being out of bad debt completely in my adult life. I have a lovely hubby, 2 gorgeous sons, my health, my job and a home, so I consider myself blessed and appreciate what I’ve got.
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Saver Queen November 15th, 2008 at 18:38
I’m so proud of you! Thank you for that lovely post. Congratulations on all the lifestyle changes you’ve made towards a good life for yourself and your fam. You deserve it!
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Brenda November 17th, 2008 at 09:12
I’ve been thinking about this question - a good one! I was raised to not have credit, and if you wanted something, to save for it. I did get credit cards after college, but I always paid the balance off and things were good. However, my husband was raised in a family that had poor financial habits, and when we met, he had $20,000 student loans left, electronic store cards with balances on them, and he’d bought a new car and was financing it. I have re-trained his thinking, and over the years, we did have to consolidate all the payments into our mortgage to get out from under the debts. Now, we have two wonderful daughters, a house we can afford, a great life, and we are putting money away for our retirement, their schooling, and a trip to Disney World in 2010. I look back and see the money that was misused, and wish I had it back - but you know, that time was a learning period, and we did learn from it. We won’t ever do that again, and we will do great. My husband’s future goal? To buy his own small airplane (he’s a private pilot). We are setting money aside for that, and it will happen, but it doesn’t have to be today! Thanks for a thought-provoking post!
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Kristine November 21st, 2008 at 11:12
Hmnn, if I had all of that money back I think I would do something like donate it to my library or give it away for research into childhood diseases. I might invest some of it but really I think that I would use it to better my community. Right now, we do give away a good chunk of our paycheck but we also take care of ourselves however we still have some debt as my DH has difficulty “getting with the program”.
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