Good Money Revolution | Derrick Kinney

Summary of: Good Money Revolution: How to Make More Money to Do More Good
By: Derrick Kinney

Introduction

In the book ‘Good Money Revolution: How to Make More Money to Do More Good’, Derrick Kinney invites us on a journey to discover the power of combining money and generosity. The book introduces the concept of the Good Money Framework, a seven-step method designed to help you identify your Generosity Purpose, organize your finances, and create a positive impact on causes you care about. The author also explores various ways to increase your income, the importance of maintaining a healthy money mindset, and the various benefits of giving back – including happiness, health, and potential wealth creation.

Money Fosters Happiness Through Generosity

Money is often perceived as a means to happiness, but it may fall short in some aspects. The art of giving money away, however, brings immeasurable joy to both the giver and the receiver. Embracing this generosity-centric mindset can encourage individuals to pursue wealth not solely for their own satisfaction, but also to benefit the world around them, creating a cycle of good deeds and a fulfilling sense of purpose.

Money offers material comforts, experiences, and investment opportunities, but its ability to deliver happiness is frequently questioned. In the pursuit of wealth, there will always be something better or more to aspire to, and external circumstances can still cause unhappiness regardless of financial status. However, using money for an altruistic purpose can guarantee a sense of fulfillment and happiness.

Research conducted at the University of British Columbia revealed that students who were given money experienced more happiness when they spent it on someone else, such as at a charity or for a friend, instead of on themselves. This finding supports the notion that using money to create positive change in others’ lives brings true satisfaction, more than material possessions or personal experiences.

The Good Money Revolution promotes exactly this idea – leveraging wealth to undertake good deeds. The primary motivation behind earning more money should be to influence positive change and support the causes that are close to one’s heart. By implementing this mindset, individuals transform financial success into a source of happiness that makes a difference in the world.

A practical example of this approach comes from Dave, one of the author’s clients. Despite his successful business, Dave lacked motivation, having lost sight of the original purpose behind his work. After being asked about the causes that mattered to him, Dave recalled witnessing poverty in a village during a past trip and his desire to build a school there. This realization prompted a business plan that focused on expanding the company, using the additional profit for the school project. This newfound purpose ignited Dave’s motivation and subsequently led to a significant increase in sales.

Ultimately, the pursuit of wealth alone cannot provide lasting happiness. It is the act of using money for a broader, more benevolent purpose – a “Generosity Purpose” – that cultivates true fulfillment while making a difference in the lives of others.

Unleash Your Generosity Purpose

Discover your personal Generosity Purpose and use the seven-step Good Money Framework to make your finances work for you, benefiting both yourself and the causes you care deeply about. This approach encourages growth by aligning finances and philanthropy, transforming individuals into more prosperous and purpose-driven contributors.

What if the growth of your wealth and the fulfillment of your philanthropic endeavors could work in harmony? By following the Good Money Framework’s seven steps, you’ll find success in both financial and generosity goals. Start by identifying your Generosity Purpose—something you’re passionate about supporting, be it your local community, medical research, or tackling global issues.

To embark on this transformative journey, begin with Step 1: determine your Generosity Purpose. Like Dave, who prioritized funding a school, your purpose should align with your deepest interests and convictions. Survey your surroundings and identify what resonates with you. Whether it’s a marginalized family, nature conservation, or a charity, determine the cause that stirs your emotions and fuels your determination.

Once you’ve identified your purpose, move to Step 2. Assess your current financial situation and establish your top three financial goals. Do you dream of owning a home, eliminating debt, or experiencing the vacation of a lifetime? Set clear objectives that serve as beacons guiding your financial journey.

Step 3 involves determining your desired income. While it might be tempting to aim for the highest possible earnings, honestly assess your needs and desires. Pinpoint a specific monthly figure that makes you feel secure and comfortable.

Now, as you progress to Step 4, devise strategies to increase your income. This critical step will be elaborated in a future chapter, but know that boosting your earnings is essential to realizing your Generosity Purpose. With a higher income, you’ll be better equipped to donate to the causes you cherish.

In Step 5, design a plan for saving and investing by allocating percentages for each category, including donations. Utilize this plan as a reference point to streamline your financial life and maintain focus on your ultimate goals.

Having laid the groundwork, move to Step 6, where you activate your generosity strategy by beginning to give. As your generosity combines with financial growth, you’ll witness a symbiotic relationship between your wealth and your philanthropic pursuits.

Finally, Step 7 encompasses monitoring your progress. Evaluate your plan quarterly, making adjustments as needed to stay on track and achieve your goals.

Embrace the Good Money Framework to harness the power of generosity and financial growth. By fusing these two forces, you can create meaningful change in the world while also ensuring your personal financial wellbeing.

Unleash Your Financial Potential

To attain financial stability, focus on three key aspects: save more for a secure financial future, confront and lower your debt, and increase your earnings by adopting an entrepreneurial mindset. Implement these strategies by contributing to savings plans, paying off debts aggressively, and showcasing your value to your company or starting a side hustle. Stay motivated by remembering your Generosity Purpose, which is to support meaningful causes.

Start your path toward financial resilience by saving more. Prepare for a comfortable future by regularly transferring money into savings accounts and building a sizable pension or 401(k). It is essential to establish a well-funded financial base.

Concurrently, tackle your debt head-on. Avoid only making minimum payments; instead, actively pay off as much as you can each month. Identify your most substantial debt and focus on reducing that amount as quickly as possible. Failing to manage your savings and debt could place you in financial jeopardy, even if your earnings increase.

Now comes the exciting part: earning more. Embody the spirit of an entrepreneur, which can involve owning a business or adopting an entrepreneurial mindset in your current job. Ask yourself key questions, such as how you can boost your company’s sales or productivity. Determine the ways you can contribute value.

Elevating your company’s worth is instrumental in securing raises and bonuses. Demonstrate the tangible monetary impact of your work, making it difficult for your employer to deny you additional compensation. Proactively request a raise once you’ve proven your value.

An alternative approach involves launching a side hustle. Explore a wide array of opportunities, from reselling furniture to writing poetry or even planning vacations for others. Teachers can utilize their vacations to offer private tutoring or coaching services. Numerous possibilities exist for increasing your income.

While these strategies may require more effort, maintain your focus on your Generosity Purpose. Remind yourself that your earnings are not solely for personal gain but also to support meaningful causes. If you still feel hesitant about increasing your earnings, consider evaluating your money mindset, as it may play a significant role in limiting your growth. Embrace these financial strategies and unlock your full financial potential.

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