
Having all the money in the world will not make you a happy indi¬vidual. It’s often said, “You can’t take it with you” and you can’t. That’s why once you get a handle on wasteful spending and have your financial situation under control you may want to consider giv¬ing back to the community in some way. It could be your local hos¬pital, church or school. You might decide to donate to the food bank on a regular basis or sponsor a child in a third-world country. When you do it, you realize that it truly is better to give than to receive.
For years my wife wanted our family to sponsor a child in Africa. “If we all do our part …” she would say. I always felt our money was better off in a mutual fund or paying the next bill that came through the door. While it is important to get your financial house in order, there will come a time when your good habits will have saved you money that you can use to help others. Think about this: If you have a credit card bill of $2,000 with an annual interest rate of 18%, you are giving $30 a month or $360 a year in interest charges to some huge, faceless corporation. Imagine if that credit card was paid off one day and you instead gave that $30 a month to sponsor a child stuck in poverty. You could help a child in a dire sit¬uation enjoy a better life, go to school and get medicare.

Part 4: Investing Wisely and Building Wealth
We sponsor a child in Zimbabwe through World Vision Canada. His name is Sibanda Nkosiyapha and he is 10 years old. This little boy has AIDS. We give $40 a month, a little more than the usual $3 5, so World Vision can buy extra drugs to help him lead a normal life. It is a joy to get a letter from him once in a while or a photo to see how he is doing. (He is the son I never had!)
I was fortunate enough to travel to Africa with World Vision in the fall of 2004.1 went to Gulu, Uganda, and was shocked at the conditions that people continue to live in. I saw entire families live in homes no larger than what Canadians might have for a garden shed. For me the trip was a huge eye-opener to the poverty that still exists in the world and also a reminder of the wonderful life we are able to enjoy in Canada.

Since this is a book about saving money, keep in mind that for any charitable donation you make, you’ll be issued a tax receipt, so you could get 20% to 40% of your donation back at tax time! This is just one more reason to consider charitable contributions when your financial picture improves.
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