“If You Have Two Pennies, Give One Away” – The Origins of My Philosophy on Money

One of the key components of my work is a project called Protect The World. Every month, I connect with at least one not-for-profit organisation that’s doing incredible work and I share their story – through photos, videos, articles, and podcasts.

I run a Patreon page which helps keep my work running, but more importantly, it also helps contribute financially to these amazing organisations. A full 50% of proceeds from our Patreon go directly to the not-for-profits featured as part of Protect The World.

Why 50%?

Well, that goes back to an incredible woman whom I had the privilege of knowing for a short time, and who inspired my philosophy on money.

Given her influence on this project, I thought I’d better share her story with you.

While I was at university, I was fortunate enough to receive a scholarship from a philanthropist by the name of Betty Amsden. She was a kind, warm woman who took a beautifully hands-on approach to her work, and I had the honour of meeting her just once before she died.

During this meeting, Betty told us the story of when she was a little girl, and her parents advised her, “if you have two pennies, you should give one away”. Now this might sound great in theory, but for five-year-old Betty at the tuck shop the following day, it was a lot more challenging in practice.

Betty had a small amount of pocket money with which she was planning on buying some lollies. As she looked around, she noticed another girl next to her, about the same age, who was admiring the assortment of delicacies but didn’t have any money herself. Somewhat reluctantly, Betty decided to heed her parents’ advice. She gave the other girl half her pocket money so that she could buy herself something, and afterwards the two girls sat down together to enjoy their treats.

That girl ended up becoming one of Betty’s lifelong best friends, and the experience would come to shape the rest of her life. Betty eventually grew up and accumulated a small fortune from a chain of successful nursing homes that she founded. She invested this money wisely and ended up turning her small fortune into quite a large one. All throughout her life, she maintained her philosophy, giving away half her money to causes she was passionate about. By the time she died, she had donated millions to education and the arts in Australia, as well as to guide dog organisations for which she had a particular soft spot. Her legacy continues today through the Betty Amsden Foundation, which still supports the causes that Betty was most passionate about.

But it wasn’t just money, above all Betty donated her time. She was always front and centre at big events, always taking the chance to educate and inspire people, particularly young students like myself while I was at university. She would always make time to work with and learn from the people that she was supporting.

I remember going to her funeral at the Arts Centre’s State Theatre in Melbourne, and being absolutely blown away by the thousands of people, from all walks of life, who had been touched in some way by Betty’s generosity and character.

Realistically, Betty’s philosophy is a challenging one – you’re not going to tell a family living on the poverty line to give away half their money. But I think donating half of your disposable income is a more realistic goal, and something I’ve always strived to do whenever I’ve had a steady salary. Add up your essential expenses (food, rent, transport, etc.) and then try to split the remainder 50/50 between yourself and others. That’s something we could all do if we wanted to.

Betty was one of the kindest and most joyful people that I’ve ever met, and her life demonstrated that a giving-focused approach can reap unfathomable rewards, as well as genuine personal happiness. I truly believe the world would be a much better place, if we just had a few more Betty Amsdens around.

Much love,
Brodie ❤️

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Photo © Betty Amsden Foundation