Extra Mile Day: Here’s How Going the Extra Mile Strengthens Finances

Credello: A novel concept thought up by motivational author Shawn Anderson, Extra Mile Day is when cities around the U.S. are celebrating those who go the “extra mile” to organize community events and facilitate much-needed community services. That includes first responders, volunteers, non-profit organizations, and community leaders.  
Many of the programs recognized on Extra Mile Day benefit individuals who are drowning in debt. The economic impact of the 2020 pandemic is still being felt around the globe, so these programs are critical for the recovery process. Your participation can help, and you could strengthen your own personal finances by getting involved. Here’s how: 
Giving Creates a Positive Mindset
The power of positive thinking, aka positive mental attitude (PMA), is a concept first introduced by Napoleon Hill in his 1937 classic “Think and Grow Rich.” He stresses the importance of positive thinking for people who want to be successful in life. Giving to charities and service organizations, when it’s done willingly, creates that positive mindset. 
There’s no better feeling than seeing the results of your efforts. On Extra Mile Day, cities and towns across America will be highlighting the results of the charitable efforts of folks who care about their communities. You’re not likely to see negative attitudes from those people. The willingness to give requires a positive mindset and feelings of good will towards others.  
Charitable Donations Reduce Your Tax Liability
The Internal Revenue Service (IRS) allows you to deduct charitable contributions to qualified organizations. There are several rules that govern this, so you’ll want to speak with a tax professional before attempting to “write off” any of your donations this year. Save all your receipts, including any paperwork you get when you make clothing or food donations.  
You can’t deduct everything. The IRS has a limit on charitable deductions that is based on your overall gross income. Don’t let that discourage you from being generous. Donate what you can afford, deduct what you’re legally able to, and enjoy the satisfaction of knowing that you’ve helped your fellow human beings. That’s what Extra Mile Day is all about.   
What Goes Around Comes Around
Call it karma if you will. Some describe it as “putting it out into the ether.” Others believe their higher power rewards them for being generous. These are all examples of the universal law of cause and effect. What goes around comes around. If you put money in motion, it will improve the general economy around you, which will eventually benefit you.  
This isn’t just a mystical or spiritual concept. Consumer spending drives the U.S. economy. When you give to nonprofits or support community service programs, you’re giving them the ability to spend. When more money is moving around in the system, the economy gets stronger. You can look at that as a personal financial benefit. Help others and you help yourself.  
Go that Extra Mile.   
Source: Credello