Author Topic: Giving more is my favorite part of pursuing FI  (Read 1377 times)

poetdereves

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Giving more is my favorite part of pursuing FI
« on: December 27, 2022, 10:04:00 AM »
This holiday season has made me very thankful for where I have ended up as an adult. I grew up in a family barely scraping by at the poverty line and relying heavily on the generosity of strangers to help us meet the basic needs of shelter and food. My upbringing made me study and put effort into being at least halfway decent with money, so I didn't have to struggle the same way my parents did.

The best part of this pursuit has been the ability to be generous like so many were to our family. My wife and I have recently started to give more and more and it has only increased our happiness. Just a few things we have done over the past few years:

-We have given away three cars for free. Two of them went to single mothers who had no reliable transport to take their kids to school or themselves to work. The other went to my parents so that they would have one to get around and get my dad to work.
-We have bought a dozen or so plane tickets for friends or family that needed to get to a wedding, funeral, or other gathering they couldn't manage.
-We took in two foster kids for a while during the pandemic.
-We have let a few different people live in our home while they figured out what their next moves were.
-We have paid tuition for two people to get full college degrees in Malawi (my wife met their families when she was volunteering there).
-We funded the complete construction of a water well in a small community in Malawi. This is their only source of fresh drinking water.
-We left a $1,000 tip to a stranger at a local restaurant during the holidays.

I don't write this to brag, but to reflect on how much it means to me to be generous to others when strangers were so generous to me. Every hobby I had growing up, sport I was able to play, and, pretty often, meal I was thankful to have was due to someone who had a little extra for a stranger.

Has anyone else had a similar situation? What ways have you been generous? I feel like a lot of the FI community came from situations where they were in need and developed habits to get them to a better spot. In a season where most of the world is going deep into debt to consume as much as possible, I find myself very privileged to think about ways where I can use my wealth to be generous.

Moustachienne

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Re: Giving more is my favorite part of pursuing FI
« Reply #1 on: December 27, 2022, 11:36:47 AM »
Same here. DH and I have a surplus and being able to use it to help others in big or small ways is so great. Nothing makes you feel richer than being generous, at any income/savings level.  We do mostly "big" stuff, e.g. sizeable charitable donations but I want to look for more ways to do the small but so helpful things as well.  Your list is inspiring! We do (carefully) supplement a relative's income and treat the seniors in our lives but look forward to targeting other needs. 

reeshau

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Re: Giving more is my favorite part of pursuing FI
« Reply #2 on: December 27, 2022, 01:38:35 PM »
We have always liked to give, and are trying to get our son, now 7, in the habit.  We are especially energized to do something big when it has a lasting impact, or can multiply the impact for others.

I've told this story here before, but it was really our aha moment in thinking this way...

DW and I were deeply involved with our local food bank.  We lived in a very small town, and while the people who came for help were strangers, they could not have lived more than 10 minutes from us.  The 2008 financial crisis put the need into overdrive, and lots of wonderful people got inventive to meet that need.

Our first step, for those who might remember, was to ride the couponing wave.  We were giving a decent amount directly to the food bank in cash, but DW saw a way to utilize her skill to magnify that value.  This also mated up with silly outcomes that the coupon multiplying gave:  who needed 30 toothbrushes?!?  Why, we could use them!  Nontraditional donations, sure, but the toiletries are needed just as much.  We turned $10 a week into $100 a week in donations, all targeted by feedback from the volunteers at the food bank on items people were requesting, or that they ran out of.  We also were upfront with a local Kroger; upon presenting evidence that we were gathering for charity, they began to coordinate with us, ordering what we needed and setting some aside if it was likely to sell out.

Of course, that bubble popped after reality TV shows started to cover it.  Our Kroger was so well-known for their coupon policies that groups of people would drive from the neighboring state to clear them out.  Things went back to normal, and we pondered our next move.

One thing we didn't like is that the food pantry tended to give juice--or "juice," meaning less than 100%--as drinks, because it was shelf stable.  We really felt the children in the families, particularly, would benefit from having a regular supply of milk.  This would require supply, of course, but also a cooler to hold all those gallons.  The idea was solid, but the price tag was daunting.  I had my eyes open for a commercial, sliding cooler we could get on the cheap, to get started.

About that time, the food pantry got a new leader, who was a breath of fresh air.  She was charismatic, dedicated, and open to ideas in a group that, being fairly small, had been becoming stale in their approach.  At some function or another, I mentioned to New Leader our observation on the "juice," and our idea for milk.  She agreed, having the same frustration about it, and added: "We could get the milk for free from the government.  We just don't have a place to put it!"  Lightning struck.  Being that close to an answer made the decision so easy for me and DW.  We said right there for them to find what they wanted, and let us know.

They picked out a residential unit, with one chamber, but that could be a fridge or freezer as needed, so that they could adjust to the donations they got.  While they were moving fixtures around, they found out their existing fridge's coils were encased in solid ice (on the back--that old) and on death's door.  Heck, make it 2!  The $1,500 for the two of them was 3x what our annual giving was to them, but the knowledge that these would allow the solving of a gap in their service permanently made it one of the easiest donation decisions we ever made.

I've been seeking out opportunities like that ever since.

iris lily

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Re: Giving more is my favorite part of pursuing FI
« Reply #3 on: December 28, 2022, 12:06:03 PM »
reeshu, nice story! I also like the OP’s link to emotional joy of giving.


Ron Scott

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Re: Giving more is my favorite part of pursuing FI
« Reply #4 on: December 30, 2022, 10:40:18 AM »
We are givers too but it’s a very small percentage of our retirement income. The tact we’ve chosen is to live far below the 4% rule and leave $$ in our estate. A majority of the estate still goes to our daughter, but we’ve earmarked charities as well and the $$ projections are significant. Our strategy isn’t for everyone but it allows us the safety of protecting ourselves and our immediate loved ones while we’re alive while giving to charity in a significant way when we die.

clarkfan1979

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Re: Giving more is my favorite part of pursuing FI
« Reply #5 on: January 02, 2023, 10:12:21 AM »
We don't really give material items very often. We tend to give our time and experiences.

1). My wife volunteers at my sons school.
2). I help family and friends with house repairs so they can save money.
3). I help people move. I have enjoyed this one less over the years.
4). We have shared our Kauai rental with 4 couples and 2 sets of parents over the past two years. We play tourist guide and show them our best spots and favorite things to do. I like to keep expectations low and then watch them freak out (in a good way) when they start to realize that it's not going to be an ordinary experience. 

honeybbq

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Re: Giving more is my favorite part of pursuing FI
« Reply #6 on: January 03, 2023, 02:09:26 PM »
Great story and great contributions to making the world a better place!

Mine are definitely smaller but yes, they certainly make me happy I have the money to spare. 

- For Xmas, our kid's elementary school 'sponsors' another school's kids that are in a less affluent area and they have wish lists on Amazon every year. Usually I come up with some arbitrary amount and fill up my cart and send it to them. Shortly after I had done that, I saw a FB post in my area of a different school, where somehow the people who signed up to bring gifts basically fell through, and they had about 20 families left with no gifts. They shared the Amazon link and I had them next-day deliver a bunch of presents. Hopefully at least all the kids got something.

- I used to live in Missouri and did some fostering and work with a group called Stray Rescue and they have a very active FB account. Over the holidays, they posted a LOT of rescues where the dogs needed surgery, medicine, etc. They have these angel folks go run around in decrepit old buildings and find these starving dogs- starving for food and starving for love. They post great stories and pictures both of the rescues and the rehabilitations of the dogs. Not all have happy endings but they really get me and my pocket book going. Glad I can contribute to help make a poor pup's life better, or at least give them a chance.

Makes me very thankful for all I have.

tygertygertyger

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Re: Giving more is my favorite part of pursuing FI
« Reply #7 on: January 03, 2023, 03:51:58 PM »
Glad to read this. I have upped my giving game over the last several years as I work toward FI. I've been beating myself up a bit because I haven't given as much this year (we bought a house and have various extra expenses), but this thread is a good reminder to get back at it.

My company location had a close relationship with a local organization that works to house homeless folks. I regularly donated things through the office (toiletries, food, etc), but one year I saw their amazon wishlist included things to help them set up apartments for people. So I had a couple of mattresses, pillows, sheets, blankets, basically a couple bedrooms shipped to them. And I did really appreciate being able to help someone getting a new comfortable home. It's really important to me to keep giving.