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Speaker 1: You're listening to the Saturday Morning with Jack team podcast

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Speaker 1: from News Talks at be.

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Speaker 2: It is time to talk money and joining me now

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Speaker 2: as Ed mcnight economist at Opie's Partners.

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Speaker 3: Good Morning Ed, Francis great to speak to you.

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Speaker 2: You've got a lovely topic today and when I think

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Speaker 2: that sort of fits the time of the year, you're

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Speaker 2: talking about the best way to give back.

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Speaker 3: Yeah, it was quite funny because I ran into glam

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Speaker 3: Street the other day, who actually listens to this show,

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Speaker 3: and I said, I'm to go talk to Francisca. What

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Speaker 3: should I talk about? And he said, well, after you've

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Speaker 3: made a bit of money and you're financially secure, what

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Speaker 3: are some of the best ways to give back? And

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Speaker 3: how much should you give back now? So what a

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Speaker 3: great topic and it just made me think of all

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Speaker 3: the community organizations, the charities are not for profits that

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Speaker 3: had helped me over the years. So I'm going to

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Speaker 3: ask you this question in a second, Francisco, about what

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Speaker 3: those organizations are. But for me, I grew up in

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Speaker 3: Tahlanaki and the tesp Bank Community Trust they paid for

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Speaker 3: all of the computers in the primary school and then

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Speaker 3: I was lucky enough to get some scholarships to high

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Speaker 3: school or university, and you know, somebody donated money so

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Speaker 3: that I could get a bit of a head start

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Speaker 3: and education. I just thought, wow, there are those aren't

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Speaker 3: the only three examples, but there are so many organizations,

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Speaker 3: charities of the profits, community organizations that help all of us.

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Speaker 3: And it just don't get thinking, Oh maybe I should

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Speaker 3: get back. I mean, are there are any examples of

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Speaker 3: charities that might have helped you over your life?

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Speaker 2: I am trying to think about that. I know that

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Speaker 2: I have definitely given to charities which we might have

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Speaker 2: a personal connection to. So for example, if my children

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Speaker 2: have been affected by something or so our philosophy was

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Speaker 2: because you know, you can be a little bit overwhelmed

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Speaker 2: with people asking you to contribute our philosophy and our

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Speaker 2: family was you pick a charity a year and used

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Speaker 2: to cut that and as a family, we used to

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Speaker 2: sit and talk about it. And it could be, you know,

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Speaker 2: would often be so varied. It might be once as

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Speaker 2: I mentioned something which we've been affected by all someone

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Speaker 2: in our family or a friend has been or it

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Speaker 2: could just be something really random that my kids came

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Speaker 2: up with it they wanted to support, and then you

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Speaker 2: contributed to that one, and then you picked a new

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Speaker 2: one the next year, and then you felt like you

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Speaker 2: were contributing, but it didn't become an overwhelming financial pressure.

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Speaker 3: Well, I think that's a really good thing to involve

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Speaker 3: your kids with as well, so that they're thinking about

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Speaker 3: giving back over time. And I agree that it can

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Speaker 3: feel a little bit overwhelming to just respond to everybody

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Speaker 3: who's always asking for money, because the rare resource and

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Speaker 3: charities are not for profits is always money, and so

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Speaker 3: they're always looking for more of it. And it's totally understandable.

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Speaker 3: But I agree that it's probably a better idea to

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Speaker 3: pick a couple of charities with u's one year, or

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Speaker 3: one that you follow or two that you follow over time,

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Speaker 3: and give to them so you can actually become quite involved.

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Speaker 3: One of the really good things about donating to charities

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Speaker 3: and community organizations is you can start to feel like

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Speaker 3: you're part of a community. Whether it's just you're part

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Speaker 3: of a group of people who are donating, will perhaps

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Speaker 3: you get invited along to some sort of think you

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Speaker 3: event or there's somebody at that organization that you talk to.

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Speaker 3: Now in terms of how much should you be giving

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Speaker 3: to charity of course, the answer is how long is

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Speaker 3: a piece of strength. But the last thing about it

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Speaker 3: is when you're very young, if you're in your twenties,

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Speaker 3: it's a bit harder to give to charity because you're

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Speaker 3: going to be on a low income and you don't

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Speaker 3: have a lot to spare. Once you get into your

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Speaker 3: thirties your forties, life gets a little bit easier, but

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Speaker 3: with mortgages and kids, it's still pretty tight. But I'd

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Speaker 3: just say to people, as you get older, that's when

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Speaker 3: donating becomes a bit easier. So if you're in your

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Speaker 3: twenties said you're not able to get a lot, that's

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Speaker 3: totally understandable. But if you're in your thirties, but just

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Speaker 3: keep advising that is to get a bit older, it

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Speaker 3: gets a bit easier. And that's why you do see

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Speaker 3: a lot of people who are in their fifties, sixties,

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Speaker 3: seventies who are incredibly generous with charities because they may

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Speaker 3: your money and they feel it's time to give back

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Speaker 3: another little texts year as well, because you can kind

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Speaker 3: of think of it as a percentage of your income,

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Speaker 3: and there's a whole hunpit of different people is about

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Speaker 3: how much you should give. But I kind of think.

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Speaker 3: You know, one percent of your architects income is probably

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Speaker 3: a good starting point or a good ballpark, just to

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Speaker 3: think about. So, let's say maybe you get a thousand

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Speaker 3: dollars a week in your bank account, you might think, oh,

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Speaker 3: I'm going to give ten dollars a week to a

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Speaker 3: community organization of charity and not for profit whatever it happens.

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Speaker 2: To be ed mcnight, Thank you so much for your time.

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