LAST WEDNESDAY a letter to the editor appeared under Mark Hopke's name entitled "A High Price to Pay." It quoted a principle of personal finance taught in COMM 273, which I have the privilege of teaching: Pay Yourself First. While this principle was correctly quoted, its use was misinterpreted. Pay Yourself First means setting priorities in your life with your financial assets. For some this means setting up emergency funds or paying off credit cards but for many people a first priority is that of "giving back".
In a nation of immense wealth, it is fortunate that for many Americans, charitable giving is considered a moral responsibility. That moral responsibility can be applied here at our University, where the four years of education provided are only partially covered by tuition. The vast majority of each individual's education is paid for by donors -- as mentioned in a subsuqent letter to the editor -- to the tune of 79 percent. These donors have made charitable giving to their beloved university a priority. Students of Comm 273 should be particularly grateful to such individuals, as the course itself is endowed by exactly such a person, Mr. Robert Hardaway (McIntire '49). Mr. Hardaway, through his philanthropic spirit, has insured the existence of a course in which those outside of the Comm School can be given the opportunity to learn about personal finance. I have been privileged to teach financial literacy to more than 100 fourth year students every semester in an 8 A.M. class for 10 years! My goal is not to make them wealthy, but rather to teach them the ins and outs of financial security. The course is essentially about how to get more out of what you have. Getting more, however, is not simply about accruing vast sums of money; this in and of itself is a poor end. In the context of Comm 273, getting more means maximizing financial security so that one can address other concerns -- the end, therefore, is not security but what one chooses to do with that security. Fortunately for our University, graduating Hoos are some of the most philanthropic students in the country. They do not give simply because of moral necessity, or for tacit ego boosts, but because they truly enjoy being able to share with others in a meaningful way. This fulfillment is an end in and of itself. Studies indicate that people who give charitably also appear to be a lot happier.
The School of Commerce teaches students how to function in the world of business, but within the context of ethics and responsibility. It does not teach that greed is good; instead it teaches respect for both the individual and our society. Consequently, when it comes to class giving, the Commerce School boasts one of the highest participation rates on Grounds, surely reflecting the school's emphasis on social responsibilities.
At the beginning of this semester, when we were just getting our feet wet in talking about money, I asked the class of 110 students how many students tithed. More than half a dozen. It gave me a chance to explain tithing -- many students did not know the term -- and it allowed me to talk about charitable giving. For many, it is the first thing out of their paycheck.It is as much of an expense as paying rent. As the students now have completed their budgets for this semester, it is obvious that even on meager student finances, many of the students include a charitable expense. My class on financial security does not discourage this kind of charity. This would be silly, considering the class (and the University) is dependent on such behavior.
In a new book by Joel L. Fleishman, The Foundation: A Great American Secret -- How Private Wealth is Changing the World, he states that "philanthropists have been the driving force behind America's famously vibrant civil society -- as well as doing considerable good farther afield."
Philanthropy is also the driving force behind our University's prestige and opportunities. Class Givings generates income to help our school function, it boosts our reputation in the U.S. News & World Report rankings (percentage of participating fourth years is in fact a criteria used), and it nurses a spirit of giving essential to our University's future. With this in mind, I strongly encourage students to consider giving a class gift -- it can be for as little as the cost of a skipped latte.
Allow me to conclude by saying: set your priorities in life with what you have:your time, your talent, your money. What is right for you may be different from what is right for your friends, but consider the amazing privilege others have afforded you at UVA.B eing a Hoo is a privilege -- paid for by those that came before you, who made charitable giving a priority.
Karin B. Bonding is a lecturer in the McIntire School of Commerce.
Read More
EDITORIAL: Carla Williams deserves her seat at the table
By Editorial Board | 2 days agoLooking beyond basketball and football reveals that Virginia Athletics is, in many ways, thriving.
UPADHYAYA: The Great and not-so-Good sides of U.Va.’s 2030 housing plan
By Apal Upadhyaya | 4 days agoInstead of improving the dire state of existing infrastructure, however, the University has shifted attention away from it and chosen to expand.
EDITORIAL: Support low-barrier shelters in Charlottesville
By Editorial Board | 5 days agoInvesting in low-barrier shelters now will pay off in increased stability for the homeless, which will undoubtedly improve the safety of shelters and the community writ large.
