A few of my recent blog posts have addressed methods for tracking your spending and rethinking your emergency fund. These are both important steps toward achieving financial freedom and transitioning into what I call the “Enlightenment” stage.
When you reach the Enlightenment stage, you’re financially secure, your purpose is defined, and you have hope for the future. It’s a great place to be in your life—a place where you can focus on giving back to others instead of constantly worrying about yourself or your family’s future.
Part of this journey toward personal enlightenment has to do with how you save and invest your money.
Of course, it’s a good idea to keep that emergency fund full (you never know when life will take an unexpected turn, whether good or bad), but where else should you allocate your savings? What is the purpose of saving, if not for an emergency?
There are many reasons to save. You might want to save up for a lake home or a fishing boat. You might want to tuck money away for a cruise in the Bahamas. While it’s great to treat yourself every once in a while, I challenge you to dig deeper.
I challenge you to save with purpose.
What does saving with purpose mean? It means going beyond all the “stuff” and saving up to support what truly matters. This could be your children’s college education, or it could be for charitable giving. I am a huge proponent of giving back to the community and helping to lift others up. Charities such as The Working Poor Families Project help to support people who are working full time, doing their best to scrape together a living, but their minimum wage job is simply not enough to pay the bills and feed their family. That, to me, is a worthy cause.
What causes are you passionate about? Clean water? Affordable child care? Nutrition education? Take your time researching charities and find out how far your dollars will go within the organization. Then, get excited about saving and giving back!
Your money—no matter the amount—can make an enormous impact. Isn’t that the legacy you’d like to leave behind? One of giving and generosity? Isn’t that the example you’d like to show your children?
My goal is to get everyone as excited about saving as I am! If you’d like a little more guidance, please reach out and contact me today.