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Optimal Finance Daily - Financial Independence and Money Advice
3371: When, Why and How We Give by Julien Saunders of Rich and Regular on Giving With Intention
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Julien Saunders shares a heartfelt exploration of how giving, whether through financial support, gifts, or time, aligns with their values
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This is Optimal Finance Daily when, why and How We Give by Julian Saunders of richandregular.com we think about the next stage of our lives a lot. Like a lot a lot. After long weeks of the grind, after the daily standard routine of feeding, bathing and putting baby rich and regular down, it's ritual for us to take a deep breath, enjoy a good meal, toast with a glass of wine and just exhale. With visions of the future floating in our minds, these moments remind us that our goal of early retirement is truly a matter of self care and not some trivial pursuit of a lavish lifestyle. During weeks where the news cycle is particularly bruising, we'll squeeze in discussion on social issues that are happening around us and in our community. We stumble in and out of these bittersweet moments frequently, but always come to the other side, optimistic, knowing we've done a lot to help ourselves get ahead and we'll be in a position to better help others in need. We help others today, but we know that more could be done. Giving is something we've not spent much time writing about on this blog, not because it doesn't enter our hearts or minds, but because we want to make sure that our message is on point. We're not sure that it is, but here it is anyway. We mentioned in our 2018 budget that we do in fact set money aside monthly for giving, but we didn't go into much detail. That's because our giving is all over the place. In fact, I'm confident that if we were to add it all up, it would far exceed the budget we've allocated for it and we're okay with that. While many personal finance experts preach the importance of tracking and giving every single penny a purpose, we're more like I mean, so long as the plan is on track, screw the rest of it. Put another way, as long as the money we need to survive and maintain our savings rate is achieved, we're okay with a few ups and downs and whatever is left over. Do we advise everyone adopt this loosey goosey mindset? No. Our approach is the result of years of paying off debt, climbing the corporate ladder to earn an above average income which while living well below our means. If you've not earned your personal finance stripes yet, then it's best you track every penny, nickel and dime until you do. We should also mention something that's not called out in any of our past tithing. The reason we don't mention it is because we don't do it. We're not official members of any church community and it's not really something that's on our radar. Without going into much detail, let's just say that we're still searching for a spiritual home and therefore see no reason to abide by any specific religious practice. So if we're not tithing, what does our giving look like? The short answer is we spend and give away our money in a manner that's aligned with our values. That includes giving to people, organizations and businesses that we believe in, as well as close friends and family in need. In full transparency. It's a tad uncomfortable talking about this because giving can be so easily scrutinized. It can oftentimes feel like a game. You can't win because you're either giving too little, not enough, not as much as such and such, or not giving the right thing. But we've found that ignoring the perception and subtle shade folks throw your way is an effective tactic. It's as simple as reminding ourselves that giving isn't a competition and that it's okay to simply give what you want when you want to. With that said, Mrs. Rich and regular might as well have a business card made with the title Minority Micro Enterprise Venture Capitalist. Not a month goes by where she hasn't stumbled across a handful of hungry startups that need funding to build a prototype or simply have a dope product worthy of purchase in return. Signed thank you cards and packages arrive at our doorstep often as we get to experience first runs of production from businesses we hope will someday make it big. This is giving. We know this because we know what it feels like to check an account with a fat goose egg, also known as $0 under the sales and revenue column. Sometimes that single sale and retweet is a sweet reminder that there are people who get it and are willing to pay for your product or service. We also know that more often than not, those entrepreneurs carry the weight of their family's well being on their shoulders. In a sense, sales are signs of life and hope for them. Mrs. Rich and regular also serves as acting public Relations Director for our household, so all birthday gifts, baby showers, weddings, holidays and shenanigan planning are funneled through her department. That stuff adds up quick, so it's helpful to have some boundaries in place so we don't blow our budget. On the other hand, Mr. Rich and regular is our household humanitarian and chief problem solver. Whether it's in support of local organizations in Puerto Rico, donations to NPR or pbs, those who can't afford surgery for their children, those who can't afford for their children to study abroad, or a family member that just needed their spirits lifted, Mr. Rich and regular tends to use his magic money wand to help make bills disappear. This is largely because he knows what it feels like to have money issues disrupt really great opportunities or moments in life that have the potential to be life changing. Whether it's a celebration, bar tab, a once in a lifetime trip, or supporting an entrepreneur's dream, these moments of joy and relief are deeply meaningful. So if swiping a card or hitting a few clicks can get it done, go on ahead and keep the party going. A few months ago, we wrote about the time we got to meet and sit with former Ambassador Andrew Young. The short lesson he imparted on us that day has forever been tatted on our hearts and mind. That is Fill your cup and then fill it again. Otherwise you end up tired, broken and full of resentment. As a result, we view our investment strategy as an act of radical self responsibility. In the future, we look forward to formalizing our giving. It's a dream of ours to start a scholarship fund for underprivileged minority students who wish to study abroad, as well as provide funding to organizations that promote mental health awareness. There are several other causes that are important to us, but these two are at the top, given our respective life experiences. The bottom line is giving is one of the key reasons we're pursuing financial independence in addition to recreation. That freedom will enable us to have even more time and money to solve problems that only money can solve. That's not to stun on those who can only give time because both are critical to making progress. However, volunteer hours alone don't build homes, churn inventory, pay legal fees, or put food on tables. That takes cash. We know what our superpower is and we're using it as we see fit. You just listened to the post titled when, why and How We Give by julian saunders of richandregular.com imagine you're a business owner who has to rely on a dozen different software programs to run your company. Each one is expensive, overly complicated, and worst of all, none of them are connected. Now imagine a platform that could tackle all of your business management needs in one place. That platform you're imagining, it's Odoo. Odoo has all the programs you'll ever need and they're all connected on a single, simple, easy to use software, giving you peace of mind that your business is always being taken care of from every angle. Odoo assists in accounting, marketing, inventory, hr, CRM, manufacturing, and everything in between through its user friendly interface and open source applications. Basically, if your business needs it, Odoo's got it. Odoo sounds pretty amazing, right? So stop wasting your time and money on those expensive disconnected platforms and let Odoo harmonize your business with simple, efficient software that can handle everything for a fraction of the price. It doesn't get much better than that. So what are you waiting for? Discover how Odoo can take your business to the next level by visiting odoo.com that's o d o o.com odoo modern management made simple so you're about to make a trade based on a friend's text, but which u do you listen to is it we could buy a house in Tulum get optioning those opt we could lose everything. Or let's do a little research, get your head in the trade and make the investment decision that's right for you. Learn more@finra.org TradeSmart this post reminded me of a panel discussion at the Economy Conference, which is an event I produce. Mrs. Rich and regular, also known as Kirsten, was actually a part of this panel and she expanded on some of the thoughts presented in this article. She makes a great point that fire opens up the ability to donate her talents and gifts to causes she really believes in. I also liked how Paula Pant answered this question of how giving fits into the pursuit of financial independence. She talks about how giving fosters an abundance mindset. This is because the act of giving acknowledges that you have and will have more than you need and so you have a surplus to offer to other people in need. And if you're a real money nerd, you might even enjoy optimizing taxes by funneling your charitable giving through a donor advised fund. If you'd like to watch the full discussion, check out the video titled what Role Does Charity and Giving Play in the Pursuit of Fi? On the Economy Conference YouTube channel. And that will do it for another edition of Optimal Finance Daily. Thank you for listening and be sure to come back tomorrow for more where your optimal life awaits.