Many people consider their financial situation and know in their hearts they would give more if they had it. When you’re Financially Free, you have the power to follow your dreams, and that means charity too! Financial Freedom positions you to give what you want, but charity isn’t always just about giving. There are other rewards that come from charitable giving.
Giving Back Feels Good
No one goes through life without help. Whether great or small, giving back is a way of acknowledging the help you received throughout your own journey. And some studies show that giving can actually improve your health. You may feel more connected to your community and feel the joy of making someone else happy. Your giving not only helps others, but also yourself!
Charity Makes An Impact On Your Cause
Charitable donations can be used to directly affect change in areas you’re passionate about. But the change you want to see has to begin somewhere, and it can’t happen without action. If you choose to give, you can simply allocate a set amount to an organization committed to achieving your goals. But one of the greatest parts of Financial Freedom is the opportunity to create an endowment or other financial structure that supports your favorite cause in the same way your Financial Freedom supports you. Or, once you’ve achieved Financial Freedom, start your own organization!
Tax Benefits Of Giving To Charity
In Australia, the ATO has endorsed certain charities as deductible gift recipient organizations. The donations you make to these endorsed charities can be deducted from your annual taxes, so for those with altruistic motivations, tax deductions provide even more of an incentive. While the IRS in the United States doesn’t provide such a list, if you itemize your deductions, you can deduct whatever you donate to any 501(c)3. Giving is better than receiving, and giving doesn’t get much better than this!
Not everyone gives for the same reasons—but everyone gets from giving. Whether you want to make an impact or just feel good, the rewards of charity always make giving a good choice!
Erin is the managing editor of MindShift.money and the owner of Lane Change Media. As a business owner and content provider, she takes her personal motto, “Don’t slow down, just change lanes” seriously. She lives in Los Angeles and has far too many pets.