Saving and Giving
I'm curious how folks have balanced considerations of financial security and charitable giving, particularly (but not only) those who share the Christian faith.
I'm in my early 40s. I have a wife (like me, a public employee) and two young children, and I have the opportunity to take a higher-paying job within my organization in the coming months. I don't anticipate increasing my spending with increasing income, at least not to any substantial degree. Rather, I'd either increase my savings, increase my charitable giving, or both. Whether or not I take the job, this opportunity has got me thinking (as I continually do) about my savings and giving rates.
In general, it's incredibly hard for me to know how much to save for retirement or potential future financial hardship -- with or without a salary increase. What if I lose my job and have a hard time finding comparable pay at a job I don't hate? What if one of my kids ends up needing a great deal of financial help? What if future returns are very far below historical averages? What if my Social Security benefits are considerably less than projected? What if I or my wife need considerable long-term care? And on and on. All such questions suggest that its a good idea to save more now (as do many verses of the book of Proverbs -- e.g. "A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous").
On the other hand, I'm certain that have more savings and opportunity than most people in the world, and various retirement calculators suggest that I'm on the right track. Moreover, and more importantly to me, the author and perfecter of my faith commands us not to worry and not to store up treasure on earth and to give to anyone who asks. He proclaims, "You cannot serve both God and money," and he ever emphasizes care for the poor.
I tend to obsess over moral issues. At the same time, it is human nature to err on the side of hoarding and self-protection. Also, for what it's worth my understanding of my faith is not that we give to others in order to earn God's favor, but rather as an act of faith in and thankfulness for God's provision and an act of care for others.
What do folks think about balancing saving and giving?
p.s. I currently have only sporadic Internet access -- please don't be offended if I don't respond to others' comments.
I'm in my early 40s. I have a wife (like me, a public employee) and two young children, and I have the opportunity to take a higher-paying job within my organization in the coming months. I don't anticipate increasing my spending with increasing income, at least not to any substantial degree. Rather, I'd either increase my savings, increase my charitable giving, or both. Whether or not I take the job, this opportunity has got me thinking (as I continually do) about my savings and giving rates.
In general, it's incredibly hard for me to know how much to save for retirement or potential future financial hardship -- with or without a salary increase. What if I lose my job and have a hard time finding comparable pay at a job I don't hate? What if one of my kids ends up needing a great deal of financial help? What if future returns are very far below historical averages? What if my Social Security benefits are considerably less than projected? What if I or my wife need considerable long-term care? And on and on. All such questions suggest that its a good idea to save more now (as do many verses of the book of Proverbs -- e.g. "A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous").
On the other hand, I'm certain that have more savings and opportunity than most people in the world, and various retirement calculators suggest that I'm on the right track. Moreover, and more importantly to me, the author and perfecter of my faith commands us not to worry and not to store up treasure on earth and to give to anyone who asks. He proclaims, "You cannot serve both God and money," and he ever emphasizes care for the poor.
I tend to obsess over moral issues. At the same time, it is human nature to err on the side of hoarding and self-protection. Also, for what it's worth my understanding of my faith is not that we give to others in order to earn God's favor, but rather as an act of faith in and thankfulness for God's provision and an act of care for others.
What do folks think about balancing saving and giving?
p.s. I currently have only sporadic Internet access -- please don't be offended if I don't respond to others' comments.
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