Certified financial planner Wes Moss provides personal financial recommendation and permitted investment strategies. His guest post appears here weekly.
Wes Moss hosts 'Money Matters' Sunday mornings on AM750 and 95.5FM News/Talk WSB.
Georgians are impossibly generous.We give about $4.8 billion to present each year. While most of that comes from vital philanthropists and foundations, state residents give an normal of $3,396 a year to estimable causes. That?s an normal of 6.2 percent of a discretionary income ? comparing unequivocally agreeably with a 3.2 percent inhabitant average.
Giving creates us feel good ? like we?re partial of something bigger than ourselves, something that competence exist us.For rich families, giving can also be an critical partial of taxation and estate formulation strategy.
Making a intelligent free grant is a lot like formulation for retirement.Some tips from Georgia-based munificent confidant Eileen Snow Price:
? Clarify your values: What causes and issues are critical to you.Who do we wish to help?What form of classification is best matched to discharge that help?A church group?National charity?Local?Be specific.
? Know your limits: Figure out how most we can unequivocally means to donate. NetworkforGood?s calculator can assistance we settle on an amount.
? Share some-more than money: There are 3 ways to support your favorite cause: money, time and wisdom. If we unequivocally wish to make an impact and feel good about your efforts, give during slightest dual of these things to your selected charity.
? Screen for best value: Sites like CharityNavigator and CharityWatch yield potency ratings and credentials on hundreds of charities, (though one contingency be a paid member to entrance CharityWatch?s ratings). Look closely during an organization?s module losses ? a aloft this percentage, a better.A present that spends 70 percent on module losses is spending 30 percent of your concession on beyond and fundraising expenses.A present with a 98.5 percent ratio for module losses is doing a illusory pursuit of converting donations into action.
If we are deliberation an intensely vast concession ? a bulk of your estate, for instance ? cruise employing a munificent advisor, someone like Price who gives divided income professionally.
? Stay a course: Once we find aright charity, hang with it.Commit to ancillary a means on a stability basis.Think of it as an investment, not a gift.Be studious and you?ll see that investment compensate all sorts of dividends for both a village ? and you.
What other discipline would we suggest?
? Wes Moss, for AJC Atlanta Bargain Hunter blog
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Source: http://financial.ahipcup.com/wes-moss-some-guidelines-for-charitable-giving/
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