From www.heritage.org, "Giving also increases personal and well as national prosperity. Pointing to a survey conducted in 2000 that controlled for education, age, race and all the other outside explanations for giving and income increases, Brooks reports that a dollar donated to charity was associated with $4.35 in extra income.
Of this additional income, $3.75 was due to the dollar given to charity. At the national level, a 1 percent increase in national giving appeared to increase real GDP by about $36 billion."
There are so many reasons that giving to charity can keep you out of debt. First of all, when you give to charity, your happiness is based on building up others around you. Naturally, this outlook on life will drive your income up and give you a happier, healthier life. The opposite take is that your base your happiness on stuff like IPods, cars and furniture which naturally lead to an unfulfilled life.
In addition, budgeting 10% of your income towards charity causes you to live a frugal life and become accustomed to purchasing only that which is necessary to live. In general, I would say people who donate 10% towards charity live a more simple life.
Finally, a great reason to donate 10% towards charity is because for those of you who spend everything you make anyways, you are sowing seeds into your community that will naturally sprout greatly over 20 to 30 years.
Isn't it time you made the decision to donate to charity, reign in your spending and allow yourself to grow your income?
This post was reposted from http://finlit.biz/debt/can-donating-10-of-your-income-to-charity-keep-you-out-of-debt/, originally written on January 31st, 2013.
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