My Life Goal

For as long as I can remember, I’ve always wanted to make a lot of money to have the freedom to do anything I wanted. From a young age I’ve had the desire to give to people whether they’re family, friends, or strangers in need.

That much I knew, but I never specified on how I will do this—until about a year ago. While I was at work, I had a spontaneous epiphany. It was more than a thought, it was a feeling like I had to do this and I was excited about it.

Since it felt really important I took out my phone to try to put into words what I was thinking. What I wrote down was a free flow of my thoughts in the moment. I didn’t use the backspace at all and I wrote without taking even a second to think about how I wanted to explain it.

Below is a screenshot of the note I took. I left it unedited since the moment I wrote it.

The Family Bank

Reflecting on what I wrote a year later, I noticed that the basis of this goal had actually been a desire of mine for a really long time. The purpose behind everything I do surrounds this goal for the long term. Essentially every major decision I make I ask myself “is this the best thing to do to help me reach my goal?”

I want to create a form of family bank with the intention to:

  1. Eliminate all bad debt within my extended family
  2. Encourage entrepreneurship in the family by investing capital into business ideas and providing accelerator services (mentorship, office space, connections, and other non-financial assistance)
  3. Provide low-interest loans (esp. for education)

Services provided by my family bank are similar to banking products found in other institutions, however, the primary goal of the family bank isn’t to earn a profit. I want a genuine altruistic service that will first, eliminate all financial complications, and then multiply the family generational wealth through ownership and wealth creation.

It will do this by offering near-zero interest rates (lower than any bank or loan office would offer) and other generous assistance. It’s still vital for the bank to earn interest to solidify its longevity for future projects. This way we can offer financial support to larger business/philanthropic projects in the future, as well as continue to eliminate any bad debt for future generations.

By emphasizing this, hopefully, loanees feel not only liable but morally obligated to pay back their loans and to use the money responsibly for the benefit of the entire family.

Our debt restructuring loans will be provided to people with bad debt to avoid alternative unforgiving debt loans and more importantly, bankruptcy. This exists to help regain financial security without too much stress. These loans will have a forgiving interest structure as the goal is to fix their financial problems and not for us to profit from their vulnerability.

Our largest ‘profit generators’ will come from our business loans as the bank will receive equity in the company invested. Successful businesses will be expected to generate capital via dividends or sale of business, and encouraged to award grants and pro bono accelerator services to the bank’s clients (family members).

The main purpose of the bank is to first elevate my family because nothing is more important. When my entire extended family reaches a level of self-sustainability, the secondary goal of the bank is to create the most effective philanthropic organization. The people in charge of the bank should be extremely selfless and benevolent—even earning minimal compensation. He/she should be creative in their approach and find ways to achieve our philanthropic goals with minimal input and maximal output efficiency.

I would like to allocate our extra capital to build schools, infrastructure, and anything that contributes to self-sustainability and access to basic needs. This organization will have minimal bureaucracy and maximum transparency which will lead to very little leakage in wasted resources. Operating this way should also attract other genuine contributors and generate more and better results.

Final Words

Growing up, I used to have mixed feelings about money. There were periods I pursued it for the wrong reasons and periods where I had a negative view of it. As I evolved, so did my dreams, priorities, and aspirations.

I’m now willing to delay gratification and set aside my ego for a greater, more fulfilling purpose. My desires for luxuries continue to fade as I discover alternative and more impactful things I can do with money.

My bank will begin by serving my family first, then as it grows in size and structure, we will expand to serve others particularly across Africa which holds a large spot in my heart.

In my note, I said, “Love is my creator and nurturer and the Crubaugh name should stand by what it was created.” This sentence summarizes this entire thing. Love is the most important thing in my life; I feel love so powerfully from friends, family, and even strangers.

At the end of the day, I owe everything to my family. I would like to reciprocate their unconditional love to my extended family for generations to come and also share it with the rest of the world.

It’s unknown how far along I will make it towards achieving this audacious goal, but I will enthusiastically work towards it until I’m no longer able, and at least set the foundation for the future generation.