Give Money Away

by | Jul 20, 2020 | Money | 0 comments

A central value of ours is generosity. Each month we give away a significant chunk of our income. Most of what we give away goes to support our church and the rest is split up among a few other non-profits. We give away around 10% of our income and try to increase that a little each year.

In addition to being something we strongly believe is the right thing to do, you get a tax deduction if you itemize, which means you get more money to give away, save, or go on vacation with.

One thing I want to try is a donor advised fund. These are becoming more and more popular because instead of making a bunch of gifts throughout the year you can give to one of these non-profit funds and “advise” them to support the charities and causes you care about. The advantages are that these funds return some interest so you have more money to give away and they save some paperwork when you do your takes.

You need to seed your account with some significant funds to get started so I don’t think they make a lot of sense unless you have significant income or come across a big pile of money you want to give away. Some popular funds are Fidelity Charitible and Vanguard Charitable.

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