Doing Good Doesn't Mean Not Doing Well

Hi everyone,

Welcome to the very first issue of The Seven Pillars.

If you are reading this, you likely work in the social impact space (or want to). You are probably tired of the old narrative that says you have to choose between “doing good” and “living well.”

I started this newsletter to prove that you can do both.

Every week, I’ll be sharing one deep dive on how to navigate the modern impact career: finding the next gig, mastering new skills, understanding the latest trends, and being mindful of your money, your family, and yourself.

In this, our maiden newsletter, we are starting with the biggest taboo in our sector: Money.

I considered re-writing the header for this newsletter, as it sounded a little too “click-baity.” But then I realized that it really is true: there is nothing stopping you from becoming a millionaire on a non-profit salary.

I never intended to have a career in the world of non-profits. I came from a military background and studied security policy at graduate school. When I started this career, most of my friends and classmates were going into investment banking, management consulting, or something government related—in other words jobs with money. As I started my career in the non-profit world, I remember thinking, “This is the opposite of that. I’m definitely not going to be making that McKinsey or Google money.”

From the beginning, I had fallen into the trap: that to do good meant being poor. Or, maybe not poor, but definitely not wealthy. I wasn’t going into the private sector, and therefore I was not “making money.” Choosing the non-profit path felt like choosing the opposite of whatever those other career tracks were all about.

I think a lot of us, because we didn’t get into this thing for money, don’t think about money (or financial planning) the way we’re supposed to. A lot of us think that because we’re not making six-figure salaries that we don’t need to be financially knowledgeable, actively manage our savings, or plan for the future. That we can’t invest and can’t grow our wealth because we don’t have enough to begin with.

Once, while talking to the country director of a major international INGO and a twenty year industry veteran, I learned that she had never known she had a 403(b) retirement plan and had never looked to see what was in there. Twelve years into this work and I now have a wife and two kids–I can’t afford to be blasé about my finances anymore; not if I want to keep doing what I’m doing. 

Even over just the past ten years, the social impact profession has become, well, more professional. Salaries and benefits packages are becoming more attractive. Housing and schooling allowances have become the norm for families. And even student loan repayment plans are available (for now, at least). 

But here is the truth: Though the environment is changing and we’re getting paid better for doing good, we still need to be more purposeful shepherds of our wealth. The good news is this: You do not need a corporate salary to build a million-dollar net worth.

There is a pretty simple formula to apply that not only puts you on a path to greater wealth, but also makes surviving in this career field more sustainable and rewarding. Here are the three pillars of the “Non-Profit Millionaire”:

In the corporate world, the goalpost always moves. In our world, we are good at defining limits.

For many, an emergency fund is for when the washing machine breaks. In the humanitarian and development sector, an emergency fund is for when the grant cycle ends.

Our industry is volatile. Contracts get delayed, projects get cut, and “soft money” dries up.

If you have $0 in the bank, a gap in employment is a crisis. You become desperate. And desperate humanitarians accept low daily rates, bad terms, and horrible managers. The latest crisis in foreign aid funding and the related employment crash should have you thinking more and more about this.

A Freedom Fund not only keeps you afloat, but buys you the ability to say “No.”

This is 3-6 months of living expenses sitting in a High-Yield Savings Account (HYSA). It is not an investment; it is an insurance policy for your career autonomy.

Once you have your Freedom Fund established, you can start building for the future. You don't need to pick stocks. You definitely don’t need to get into crypto (please, don’t ever go into crypto). You need to max out your 403(b)/401(k) contributions and/or Roth IRA and manage it to make sure you’re invested in low-cost index funds.

Taken together, these three pillars are pretty boring and (perhaps) obvious. The magic sauce to making this work is not complexity, it’s discipline. Charting the path toward greater wealth is pretty simple, following it is not.

Things I read, used, or loved this week.

I am planning the content for the next few months, and I want to hear from you.

What is the one thing that frustrates you most about your career right now?

Hit reply and let me know. I read every single email.

See you next week,

Anthony Pusatory

Founder, The Seven Pillars