Pay It Forward

Hello! David J here again bringing you more of the steps on my journey toward financial independence.

Just a quick update to the blog today. Really, sort of thinking "out loud".

One of the tasks for building credit for your business entity is to make some purchases from, for example, office supply stores and such. You need to buy about $60 worth of stuff from each vendor every month, and pay the net-30 bill on time to build a good credit history for your entity.

So, whaddaya gonna do with all that stuff?

Here's one idea I had. Since you're using your own money to capitalize these purchases, why not buy things that schools and churches need, donate the excess stuff - beyond the needs of your own business, and take a deduction for the donations?

Now, naturally, you'll need to consult your own tax accountant because I obviously am in no position to be giving advice. You'll need to consult with your own professionals and see whether and how much that would work in your favor.

Why donate what you bought with your own, hard-earned money?

Consider:

Our purpose here is to build a business that produces massive passive income.

I'm sure you've heard it said that much is expected from those to whom much is given.

So, by buying and giving now, before your plan comes to fruition, you're "paying it forward" and developing the habit and attitude of giving: an attitude of gratitude. When your business starts cranking out cash you'll be so in the mode of giving and sharing that you'll NEVER be called a rich, old penny-pincher, stingy or a miser.

I know - rather flies in the face of conventional wisdom, does it not?

If we want to be financially independent, we want to hold onto money, not give it away, right?

Well, yes and no.

We want to avoid unnecessary expenses, certainly. Providing for the less well-off and contributing toward the education of our children are certainly necessary, I'm sure many of you would agree.

Those were my thoughts while trying to decide how many cases of paper to buy from one vendor, how many pens, pencils and other supplies from another.

One extravagance I might like for myself, though: When I got married, I gave my best man a genuine Montblanc Meisterstuck, but didn't get one for myself. I like those big, heavy, brass pens - I have several bootleg versions (they accept the Parker refills, but not the Montblanc). They feel good to hold and to write with. I might do that to satisfy one month's purchase from a vendor who offers it, if I find one.

We'll talk again soon!

Take care - be well!

Much Success!