How Pay Others First Works

“Pay yourself first” is a common phrase in the financial world. Basically it means you put money into your savings or investments before you budget for everything else you need. The idea is you will never miss the money because you never see the money. Typically, people will do this through a direct payroll withdraw into a 401k or similar account. Billions of dollars have been saved and invested using this system. It offers tax advantages and consistency.

I suggest a similar program for charitable donations. Pay Others First will allow people to donate funds, before taxes, directly from their payroll check. The program would be setup similar to a 401k. Your money would enter a fund and from there you can choose charities to donate to just like you would choose mutual funds to invest in. The plan would offer immediate tax savings versus the end of the year deductions. The plan would create a consistent giving pattern reducing the effects of economic slumps on charitable donations. The money would be gone before you even see it. You can give back without even thinking about it.

Pay Others First - What's It All About?

Pay Others First explores what the world would be like if we paid others first. This is obviously a large topic and can go in many directions. This Blog will explore how to pay others first and its advantages. It is a different way of behaving for many, but arguably a better, more rewarding way of acting.