Philanthropy group

Helping others is human nature, and philanthropy gives us the opportunity to be part of something noble. Donating to the causes we care about not only benefits the charities themselves but can also be deeply rewarding for ourselves. In today’s blog, we will go over the importance of philanthropy and how it can benefit you and your causes many ways.

How Can I Support the Causes That are Important to Me?

There are many great causes out there, and the desire to support the ones we find important is admirable. If you’re looking for a good way to contribute to society and make the world a better place, participating in philanthropic activities is a great decision. You’ll be surprised by the number of benefits philanthropy offers! Besides making you feel fulfilled, you get to enjoy many other perks! Below we’ll cover how philanthropy can benefit you:

The Benefits of Philanthropy

It Helps You stay connected

We are social beings and we thrive on connection. During the Covid 19 Pandemic lockdowns, one of the hardest things was not having the social interactions that we hac become accustomed to, that we need. By donating our time and money to schools, churches, and development programs, we stay connected to other people and our communities

It Improves Your Level of Life Satisfaction

Did you know that philanthropic acts can improve your level of happiness and life satisfaction? A study done in Germany showed that people who give more to others experience greater satisfaction than those that don’t. When you know that your actions are helping others, you can’t help but feel happy about it. Being philanthropic develops empathy and broadens our view of the world. It can provide a sense of purpose—which will increase our overall happiness and sense of optimism.

It Reduces Your Tax Burden

While philanthropy makes you feel warm and improves your life satisfaction, it also offers financial benefits for you as well. A gift to a charitable organization can entitle you to a charitable contribution deduction on your income tax when you itemize deductions. There’s a financial incentive for Americans who take part in philanthropy. For example, when you donate to a 501(c)(3) public charity, you can take a tax deduction. Charitable tax deductions reduce your tax bill and taxable income—all while improving the world too!

Things to Think About:

Does it Matter What I Donate to Those Causes?

It does matter what you contribute. Whether it is time, money, or property, your options are broad. When it comes to financial benefits to you and the causes that are important to you, you may need some advice on the impact each of these donations can make. Speak with your wealth manager to see what types of donation methods are best for you.

Does it Matter When I Donate to Those Causes?

The time you make donations matters, especially when the end of the tax year is approaching. Your wealth manager can help coordinate the timing of your charitable donations so that they are most advantageous for you.

What Are the Different Vehicles I Can Use to Donate?

Charitable Trusts, Donor Advised Funds, and Private Foundations are just a few of many ways to donate. Wealth managers can discuss the pros and cons of each and your specific situation and recommend the best option for you.

Let’s Talk About It

Do you want to know the difference between charity and philanthropy? Would you like to know how to contribute some of your wealth to help the causes most important to you? Elite Wealth management can help you support those causes you care about most. If you’re thinking about participating in philanthropic activities, reach out to Elite Wealth Management. With years of experience in personal and business financial planning and certification in philanthropic giving, you will get the information needed to make the best decisions possible. Elite Wealth Management is in San Diego but works with clients all over. We’re always happy to help you with all of your wealth management needs. Reach out to by calling (323) 314-0202 or clicking here.