Giving can do much more than just support the causes you care about.
It can also give something back to you. Financially, that could mean tax deductions and write-offs. Beyond finances, giving can also make you feel happier and more fulfilled.
In fact, research shows that giving stimulates the pleasure and reward centers of the brain—and people's overall satisfaction with their life.1
Studies also show that those who enjoy the greatest fulfillment from charitable giving are those who have a strategy for giving and who monitor the impact of it.2
That's because giving strategies pave the way for thoughtful donations of money, time, and resources. And that can help people figure out how to do the most good for the causes that matter most to them.
So, what's your giving strategy?
If you can't answer that question, you're not alone. Many people are passionate about causes but don't have a defined charitable giving strategy.
The following questions can help you start thinking more deeply about your values and how you give in the short and long term.
I recommend sitting down and taking some time to think through them. Your answers will give you a roadmap to help maximize the impact of your giving.
I've seen first-hand how my clients derive deep satisfaction from seeing their gifts create change in the world.
The Right Charitable Giving Strategy Can Mean Giving Even More to the Causes You Care About
There are no limits to who can be involved in philanthropy and what charitable giving can do. In fact, anyone can be a philanthropist, and some of the most impactful donors are those who give strategically over time, helping maximize the impact of their gifts.
As an adviser, I take great joy in helping my clients fulfill their values by giving back to the causes closest to their hearts.
I see the personal satisfaction that comes with charitable giving, both in the short and the long term. And I've seen first-hand how my clients enjoy emotional and financial value from using the right giving strategies.
My team and I spend significant time staying abreast of the latest charitable giving strategies, so we can help our clients incorporate philanthropy in their financial strategies and make the greatest impact with their gifts.
The truth is, you can give even more to charity—and potentially realize even more tax benefits—by giving in the right way and using the right vehicle for giving. Plus, you can have greater control over how your gifts are used by the causes you support.
It's also important to remember that, with the recent changes in tax laws, getting the tax benefits of charitable giving is not as simple as itemizing the deduction. The right strategy can help you optimize your gift for taxes and increase the impact it has on the causes you care about.
It all starts with having the right strategy and the right plan.
If you're a giver, please sit down and give some thought to the questions posed here—and give my office a call. I'd love to hear about your goals and motivations for giving, and I look forward to helping you create a personal giving strategy for maximum impact and optimal financial wellness.
Clint Haynes, CFP® NextGen Wealth
P.S. Want even more thoughts on how to create your personal philanthropic strategy? Continue the conversation over email by signing up (my subscribers get my best insights).