You may have first heard the expression “pay it forward” as the title of the movie with Haley Joel Osment back in the year 2000. Since then it has become a fairly popular expression. But, you may not know that Benjamin Franklin is the one who came up with the concept of paying it forward and described it as an alternative form of giving, a sort of “trick for doing a deal of good with a little money.” https://en.wikipedia.org/wiki/Alternative_giving
This month, I’m talking about paying it forward as a way of expressing gratitude for so many things. For instance, how would you apply this concept in showing gratitude for your parents? This is how I see it. When you consciously establish a financial plan that includes the ability to help take care of your parents as they age, that is a way of “doing a deal of good with a little money.”
Giving to causes that you consider to be worthy is also a form of paying it forward. You are sharing your good with others which is also a way of showing gratitude. This is the time of year that most people turn their attention to being thankful for all the good in life.
Taking the time to sit down with a professional financial planner/advisor and establish a way to take care of your family, the kids as well as aging parents, is a beautiful way to show how much you care and how grateful you are. And, when you pay it forward you set an example and your family will likely do the same as they move into adulthood. That could establish a habit of paying it forward for generations to come.