Your Money_ The Missing Manual - J. D. Roth [157]
Next, put the rest of the money into an account where it can earn interest while you decide what to do (a 3- or 6-month CD is a good choice—see Money market accounts). Then, do nothing: Don't touch the money. Take time to let your emotions pass so you can get over the initial urge to spend it all on a big house or a fancy car. Live your life just as you did before.
Meanwhile, get professional help. Don't seek advice from anyone who might profit from your money, like a commissioned broker. Instead, find a good CPA or fee-only financial planner (How to open a Roth IRA account) who doesn't sell investment products.
Ultimately, you'll want to use the money to pursue your goals. Everything you've dreamed about doing will now be within reach, so take the time to make a plan and then follow through.
Church, Charity, and Community
Just as children should allocate their money for spending, saving, and sharing (Allowances), so should adults. You've learned a lot about smart spending and saving; let's finish the book with a brief look at sharing.
In It's Not About the Money (HarperOne, 2009), Brent Kessel writes that the act of giving is "the yoga of money": "The yoga of money is the act of using money to affirm and enhance our sense of unity, with money itself, and ultimately with something greater than all physical forms."
That sounds like a lot of New Age nonsense, but Kessel has a point. This book has focused on how you can develop a healthy relationship with money to improve your financial situation. But there's more to it than that: By improving your finances, you're in a better position to help others.
If you feel called to give, there are three great ways to do so.
Donate to charity. There's a lot of need out there. If you're concerned about child abuse, hunger, homelessness, heart disease, or earthquake victims in Haiti, one way to help is by contributing to charities that assist the victims and prevent the problems. When you give money to an organization like the Red Cross or Salvation Army, your money does real good in the world.
Tip
Charity Navigator (www.charitynavigator.org) lets you search for financial info and mission statements from over 5,000 U.S. charities. And VolunteerMatch.org connects volunteers with more than 74,000 nonprofits that need help.
Contribute to your community. If you worry about giving money to charity because you don't know how it'll be used, then help people you know. If a friend does a walk-a-thon for breast-cancer research, make a pledge. If you hear a coworker is struggling with medical bills, make a contribution (doing so anonymously is fine—sometimes even better). If a local homeless shelter needs help, make a donation. Helping people you're connected with can feel awesome.
Note
Even if you can't afford (or don't want) to give money, there are other ways to help. Many folks contribute used clothing and other household goods to charities that sell the items in thrift stores or give them directly to those in need. And don't forget, you can always donate your time: Charities are desperate for people to lend brains and brawn to help their cause.
Tithe. Many religions—including Judaism, Christianity, and Islam—encourage believers to donate a portion of their income to their church. This money is generally used to support the local ministry and congregation. Tithing can be a great way to use your money to back your beliefs.
If your money blueprint (Financial Blueprints) doesn't include giving, it can be tough to get started. And even if you want to give, you may not know where to start. Try taking some baby steps. Starting small with giving works the same as starting small with saving: You give a few bucks a month, as you're able. The amount won't really affect your budget, but it'll teach you the habit and mechanics of contributing. Once you see that you can give to charity, begin to increase the amounts.
Some folks can be sanctimonious about charitable