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Giving Tuesday: The Power of Charitable Giving

One of the greatest parts of the holiday season is giving. Giving Tuesday, a global generosity movement, takes place on the Tuesday after Thanksgiving each year.

What is Giving Tuesday?

Giving Tuesday began in 2012 as a simple idea: a day dedicated to encouraging people to do good. Since then it has grown into a movement meant to unleash the power of people and organizations to transform their communities and the world at large. It demonstrates the power of philanthropy and collective action, inspiring hundreds of millions of people a year to give, collaborate, and overall celebrate generosity. 

How to Get Involved

Everyone can participate in Giving Tuesday and there are various ways to contribute. The first step to getting involved is choosing a cause that resonates with you and your values. Research the organization of your choice to ensure your contributions go somewhere reputable. After choosing your cause, there are many ways to give. Monetary donations are a common method, but you may also consider donating your time, skills, or other goods when appropriate. You can also participate in local fundraisers, community drives, or events.

Charitable giving is not limited to individuals – it can be embraced by businesses and organizations as well. Ask your employer about a matching program for employee donations, a team volunteer day, donating a portion of sales, or even donating products. Engaging in those activities will boost your organization’s corporate social responsibility while creating a significant positive impact on your community. 

The Impact of Charitable Giving

Charitable giving is vital in addressing various societal issues such as poverty, hunger, education, health, and environmental conservation. There are a number of nonprofits and charitable organizations that do essential work for these causes, making tangible differences in the lives of those who need it most. Many of these organizations rely on the support of donors and volunteers to serve their respective communities. Donated dollars, goods, and time, contribute to providing meals to those who need them, educational opportunities to underserved communities, preserving natural habitats, and much more making the impact of philanthropy undeniable. 

The Joy of Giving and Its Rewards

One of the most amazing aspects of giving is that it does not only benefit the recipients – it benefits the givers, too! Giving to others can be personally rewarding, leading to increased happiness and reduced stress. While you’re making the world a better place you’re also enhancing your overall wellbeing. In order to qualify for tax deductions, donations must be made to qualified organizations from the IRS guidelines.

In addition to emotional benefits, philanthropic giving also offers tax benefits including deductions, exemptions, and estate planning benefits. By working with your financial advisor, you can maximize these benefits while aligning your philanthropic goals and financial objectives.

Giving Beyond Giving Tuesday

Giving can be a year-round endeavor! While Giving Tuesday is a great way to get started, it is not the only opportunity to give. Talk to your financial advisor about building charitable giving into your long-term financial plan. Determine a fixed amount or a percentage of your income or assets you would like to allocate to philanthropy. Explore various philanthropic vehicles to maximize the impact of your donations. As a high earner, you have the unique opportunity to make a meaningful and lasting impact on the world through philanthropy. Start building your philanthropic legacy today!

Ready to begin building your charitable giving into your financial plans? Contact Blakely Financial today to get started. 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Building a Philanthropic Legacy: Making a Meaningful Impact

Building a Philanthropic Legacy: Making a Meaningful Impact

High earners have a unique opportunity to make a positive, meaningful, and lasting impact on society through philanthropy. By leveraging your financial resources, you can begin building a philanthropic legacy that resonates with your values and can continues for generations to come. 

Understanding the Power of Philanthropy for High Earners

With ample financial resources at your disposal, it is important to recognize your potential to make a positive impact on society through strategic giving. Your financial success grants you the power to create a better world through your philanthropic efforts – embrace the responsibility that comes with your financial success. Use your position of influence to address pressing social issues, support important causes related to your personal values and passions, and encourage positive change on a broader scale. Even a small effort can inspire others to do the same. 

Philanthropic Vehicles

There are several philanthropic vehicles available to high earners looking to make an impact. Each resource has its own benefits and considerations – choose one that coincides with your own goals, level of involvement desired, and tax implications. Some options are:

  • Private foundations are private organizations set up for charitable purposes, typically with limited funding sources. The benefits of a private foundation are flexibility and complete control over charitable giving.
  • Donor-advised funds are established as public charities and managed by a third party, leaving donors with the benefits of simplicity and professional guidance.
  • Charitable trusts are irrevocable trusts created for charitable purposes. These are set up to benefit you, your beneficiaries, and a charity simultaneously. Other benefits include tax advantages and the ability to plan long-term.

Talk to a financial advisor, like Blakely Financial, to learn more about each philanthropic vehicle and discover how to best leverage your financial resources when building a philanthropic legacy. 

Effective Giving Strategies

To begin developing effective giving strategies, it is essential to establish a clear philanthropic mission. Once your charitable goals are set, identify causes and organizations aligned with your values. Research the past success of potential recipients to ensure your donations are being utilized effectively. Consider prioritizing your giving in areas where your contributions can make a significant and lasting difference. 

Incorporating Charitable Giving into Long-Term Financial Planning

When creating your long-term financial plan, consider integrating philanthropy to ensure sustainable giving. Determine the percentage of your income or assets you would like to allocate to charitable endeavors and explore different techniques like planned giving, endowments, multi-year grants, and more to maximize the impact of your donations. 

Philanthropy also offers the opportunity for various tax advantages including deductions, exemptions, and estate planning benefits. It is important to understand these benefits and stay informed about the latest laws and regulations. Work with a financial advisor to seek out the best strategy for aligning your philanthropic goals and financial objectives and maximizing the tax benefits of your charitable contributions.

Engaging in Impactful Philanthropy Beyond Financial Contributions

Philanthropy goes beyond simply writing a check – high earners can also contribute their time, expertise, and networks to make an even more meaningful impact. Consider volunteering your time, serving on boards, or offering pro bono services in your professional field. Additionally, explore social entrepreneurship or impact investment to leverage your business knowledge for social good. Encourage your family to get involved as well, allowing values to be passed down and creating a legacy of giving.

Building a Legacy

Your charitable efforts can continue beyond your lifetime and leave a lasting legacy. Encourage family involvement to pass down the values of giving and develop a succession plan to ensure these endeavors continue after you’re gone. By building a philanthropic legacy as a high earner, you are making a meaningful impact with your high income that extends far beyond your financial success. 

If you are looking to make an impact and begin building your philanthropic legacy, the Blakely Financial team is here to help. Contact us to get started today. 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.