Why I Give Millions To Charity
I began to give to charity in earnest a few years ago, but I’ve recently ramped it up dramatically because I love it so much and I wish that someone had told me about the benefits of giving back earlier on in my trading journey. People always ask why i give millions to charity ?
If you follow me on Instagram HERE (which you should) you see that aside from mentoring my students, nearly half my life these days is devoted to donating millions of dollars to charity and visiting dozens of charities all around the world too so I can better understand the issues and get hands on with the teams involved in so many great causes.
I explained my thinking in my TEDx Talk here:
Giving back has proven a powerful inspiration for me that has revolutionized my trading and teaching career and life. Maybe my work will inspire you as you find success! Here’s a little bit more about why I give back.
1. Material goods have diminishing returns. When I got my first exotic car, it was the greatest. But then, when I got my second, the excitement was slightly less. Unfortunately, when it comes to attaining things, even when you worked hard for them, there are diminishing returns. The fact is, while it feels amazing to acquire things, what is more important is realizing your goals.
After having reached several of my material goals, acquiring stuff didn’t give the same thrill or motivation that it once did. In part, this is why I began giving to charity: because this is a goal that can keep shifting and growing based on how much I can donate.
2. Donating can have a huge impact. When you donate to charity, you can actually see the impact that it has on a community and people’s lives. For me, this experience has been incredibly inspiring and rewarding.
When you buy something for yourself, it can improve and change your life. This is a good thing, and a great way to improve your quality of life. However, there are other benefits that you’ll gain when you give to others. When you make a donation, you can see how your contribution can change other lives for the better. For instance, the impact that buying another TV has on your life is nothing compared to the impact of donating to those in need. This is not to say that you need to deprive yourself of things, but to indicate that donating can really have a different type of impact.
3. To make real change. In recent years, I have become increasingly passionate about donating to charities focused on education. What I have found is that to truly make big, impactful, and lasting change, education is one of the best places to invest.
Since I founded the Timothy Sykes Foundation, 40 schools have been built or are in development, in over a dozen countries around the world.
My largest donation to date was $1 million to Pencils Of Promise. The money has been used to build 20 schools and buy tablets to improve the education process in Ghana, Laos, and Guatemala.
By building these schools, I am helping invest in young lives so that these children can have a better chance instead of being condemned to a life of poverty and menial labor jobs. Their future success can (and will) improve the world at large. That is real change!
4. I’m investing in the future. When you give to charity, you don’t just invest in others. You’re investing in the future, and this can benefit everyone.
By investing in others, you can help improve other people’s lives. This improves communities overall. When enough people are “raised up” so to speak, this can potentially have a huge cumulative effect on the world. Particularly if my donations inspire members of the Tim Sykes Million Challenge Team to begin giving back as well, and their work inspires others, and so on. While the effects may be indirect and intangible, overall, this can even improve the economy and overall state of the world. Helping others is a great way to invest in the future.
5. It makes me a better trader. One of the most unexpected effects when I give to charity? It makes me a better trader.
Seeing the positive effects of my charitable donations is hugely motivating. It makes me want to earn more so that I can give more. And since I am a trader, this means that I’m inspired to be better at what I do. I often joke that I act like a “retired trader”. A trade has to be good enough to get me out of this self-imposed retirement to go for it. Because I want to be profitable as a trader, not just waste my time. I look for profits not just to fund my own lifestyle, but so that I can be a bigger vehicle for change in the world.
6. It renewed my passion in trading. As referenced above, material objects often offer diminishing returns. When you’re not as excited about the things that used to motivate you, your performance can suffer.
When I began to give to charity, I had a new source of motivation for trading. I found something that increased my desire to succeed, and gave me a newfound passion for trading. As I often tell students in the Tim Sykes Millionaire, you need to adjust your goals frequently to keep pushing yourself to accomplish more and more. What motivates you will frequently shift; by having frequent check-ins, you can adjust your goals in ways that will maintain the inspiration.
7. To inspire others. I like to share what I do to give to charity to inspire others. You never know when a student, another trader, or someone else might be inspired to give back, themselves. As previously mentioned, as more and more people give back, the impact on the world is greater and greater. If I can inspire others to give back through what I do, that’s amazing! And I LOVE showing my millionairestudents what the money we make in the stock market can do for others in the world….$ goes SO far in third world countries especially.
Giving back has had a huge impact in my life, and it has become a big part of my identity as a person and as a trader. By sharing with you the reasons why I give back, I hope it might inspire you to give back when you begin to find success.
So, please leave a comment below and tell me if you’re inspired to give back too — it’s not just about $ either, you can donate supplies or even just your time as there are SO many great charities that need all the help they can get!