Can I Afford to Be Generous?
Can I Afford to Be Generous?
You’ve set your financial goals so you can pay off your house, retire well, and pay for your children to have a good education. But what about supporting charities? Impacting your community for the better? Or giving to help causes that you believe in? Should those have a place in your finances?
Especially this time of year, like many other people, giving is on our mind. Every year, our team picks a local charity to support throughout the year. This year we chose Midwest Food Bank! In addition to volunteering there a few times this year, we are gearing up for our annual Pumpkin Pie Drive where all donations go to them as well. (More on that later!)
Let’s talk about giving for a moment.
Clients usually come to us to make sure they are set for the future when it comes to their finances. But another portion of your finances to consider is charitable giving. If you’ve ever wondered if giving to causes you care about has a place in your financial plan, the answer is absolutely yes!
We have often talked about the story and meaning behind our name. “210” represents safety, love, and family. Not only do we strive to provide that for everyone that walks through our doors, but we believe it should affect the rest of our lives as well. Because of these values, we have made charitable giving a part of our business practices and a part of our personal lives, and we believe that you can do that as well!
We are big believers in your values influencing where your money goes.
What are the personal benefits to giving your money away?
One of the greatest personal benefits from giving your money away is that it will go to make a difference in the world, specifically toward something you care deeply about! There are so many wonderful charities that benefit causes around the world or even in your own neighborhood.
Giving charitably is a great way to live out your personal beliefs and instill those values in your children. And, if you are a person of faith, giving to a cause you believe in is a wonderful way to live out your faith in a very tangible way.
One of the primary motivations for our charitable giving at 210 is our Christian faith. Donating money doesn’t always have to make perfect financial sense or carry some financial benefit in return for it to be worth it. While it is, of course, a good rule of thumb to make sure you are giving generously out of what you are able to financially, your primary motivator will likely be because you believe and value what you donate to!
Are there any financial benefits to giving your money away?
While your giving may not be motivated by the financial benefit to you, there are some potential benefits you can receive. Depending on your income, giving amount, and the current tax laws, you may be eligible to receive a tax deduction as a result of your total yearly giving. Each person’s situation is unique, so you should always talk with a tax expert to see if you qualify for a tax deduction for your charitable giving!
Do you have to give your money away to be “charitable”?
You may not be in a financial position to donate money toward a cause. If that is where you’re at, that’s okay! There are many ways to support that are not financial in nature. One of those ways is to volunteer your time. Many charities rely on volunteers to assist in their operations and outreach. This is a perfect way to get your whole family involved and to volunteer your time together.
In addition to volunteering your time, there are several other ways you can support causes you believe in. For instance, at 210 we will donate to our selected charity each time an existing client refers a new client to us. Programs like this are another great way for you to support a charity that doesn’t cost you anything!
Whether you support a cause because you want to make a difference in the world, you want to live out your faith, or you want to help those in need, giving your money away is a meaningful thing to include in your plan. We hope you take advantage of all the ways you can give generously this time of year and all year round!
If you are looking for additional ways to give generously, 210 Financial hosts a Pumpkin Pie Drive in November where anyone that donates to our chosen charity will receive a free pumpkin pie for Thanksgiving. 210 will also match every donation given at the event so your gift will be doubled!
Content prepared by Austin Savage & Co.
Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Midwest Food Bank is not affiliated with 210 Financial or AEWM. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. 210 Financial is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and 210 Financial are not affiliated companies. 01086594 10/21
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