Sometimes, Creating Wealth Isn’t Always about What You Make, but about What You Pass On to Others

By now, you know the main mantra of the book. It’s what I’ve been telling my clients for the thirty years I’ve been in the business of helping people create wealth and the life that they want: Keep as much of your own money as you can, and let it do the work for you so your money can grow like Rip Van Winkle’s beard. Slow and steady.

I fear that I’ve let that message roll over you like a series of waves that keep on coming. Save 10 percent to let that money grow. use HELOCs for a line of credit rather than a bank credit card to avoid high interest rates. Negotiate the price of just about everything so more money stays in your pocket and less lines the pocket of Mr. Car Dealer or Uncle Sam.

Yet now it’s time for me to make a friendly amendment. Sometimes you should be giving your money away. I know, I know. If this book is about building your own castle of cash, then why in the world would I spend any time talking about donations and charitable giving?

For one, I believe it’s our moral duty in society to help others who need it, and that we should spend some of the wealth we’ve created to assist those people and make the world we live in a better place. And two, I do think that charitable donations, in a very big and very real way, contribute to our own wealth, because of how I define that word.

Wealth isn’t just about investment portfolios, 401(k)s, and the fact that you might have a bunch of hundred dollar bills hidden in a cookie jar buried in the back yard in case of emergency (you don’t, do you?). Wealth is about having enough money to take care of yourself, your family, and your future—to build the life you want. It’s also about achieving all kinds of life satisfactions, one of which comes in the form of knowing that you helped change people’s lives for the better. So, yes, we should spend some time talking about the savvy ways to donate, to make sure you are maximizing your good deeds.

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