Life is a series of experiences
Some you pay for, some you save for and some are free
Q I’m 26 years old, single, with no real responsibilities, except to myself for food and rent. My employer has offered me a weeklong volunteer opportunity, to visit a community in Honduras and help build washroom facilities and lay cement foundations for houses and a school. My company has been arranging trips like this for a select group of invited employees for many years and does not deduct the week from our holidays. However, we have to pay for the trip ourselves, including airfare and a small stipend for food and accommodations (we live in sparse barracks in the village and eat the local food, which the villagers prepare for us). This is not a luxury trip, but the chance to see another part of the world while helping others is really intriguing to me. I have more than enough money in my savings to cover the cost of the trip, while still leaving enough for an emergency fund. I save a little each month in my retirement account but I don’t currently make any regular donations to charities; this trip feels like a way to make a positive difference. Should I take this trip at my own expense, or should it not really be a priority at my age and at this stage in my career?
A Charity begins at home. That is, you can’t help others, if you can’t first help yourself. But you have been — and are being — financially responsible: you are saving for your retirement, you have an emergency account and you have sufficient income to support yourself in the here and now.
I would advise anyone in your position to be self-reliant in the present and conscientious about the future, which you already are. That said, it is also important to remember money is just a tool to help us reach our goals in life.
Of course, there are the necessities of food and shelter. Being able to ensure you always have a full belly and a roof over your head should not pass without expressing gratitude. Beyond the essentials, though, we can think of life as a series of experiences: we can pay for some of them; we can save for some of them; and some of them are free.
For example, savings for college or university are really monies to be translated into a future career experience, with the associated income ultimately translating to other life experiences, such as travel, enjoying sports and cultural events, entertaining friends and family, and perhaps other volunteer adventures. Similarly, retirement funds are really savings for future experiences.
This Honduras trip sounds fabulous — and it may be a once-in-alifetime experience. So I say, “Do it!” This is a great opportunity while you are young, and without responsibilities that could prevent a trip like this in the future, such as a young family. (Parenthood is a life experience as well, and it comes with a hefty financial price tag!)
Just recognize that this trip will consume money you could have used for another experience. And that’s OK — whenever you elect one life experience, it means you may not have the immediate resources for a different one. We all have to pick and choose throughout our lives. But don’t worry because you can continue to save money for future experiences, both in the shorter term and in your retirement.
This Honduras experience is also a way to be charitable to others with your time, energy and talents — and you are to be commended for contemplating this. But my guess is the Honduran people will be charitable to you, too, in ways you can’t yet imagine.
I encourage this exciting experience. Your memories will last a lifetime — as well as the good you’ll do in this underprivileged community. Godspeed in your travels.
THIE CONVERY, R.F.P., CFP, CIM, FMA, FCSI, IS A WEALTH ADVISOR IN DUNDAS, AND PERSISTENTLY SEEKS AND SAVES FOR NEW LIFE EXPERIENCES. HER COLUMN APPEARS BIWEEKLY IN THE HAMILTON SPECTATOR. THIE INVITES YOUR QUESTIONS AT THESPECMONEY@GMAIL.COM OR BY VISITING CONVERYWEALTH.COM.