It is better to give than to receive.
Let’s be honest though, it’s great when you can do a little of both.
In America, financial giving is not entirely an act of altruism, as many times it can be tax deductible for the giver. Why give more to Uncle Sam if you can give to a church, charity, or medical institution that are 501(c)(3) organizations and receive a tax benefit for doing so?
Giving Tuesday is over, but Christmas is still on its way, so finish the year out with some year-end philanthropy. Here are some considerations:
- Why not fund potential breakthroughs in medicine and science and write a check to that end?
- Do you regularly give to your church? Can you give more? Did you know some churches or charities can also receive stock donations too?
- Have you given to the poor and needy in your local community or around the world? Of course, with any organization, be sure to do your due diligence, as religious and irreligious organizations have taken advantage of generous people.
- Do you have someone who has been on your mind that is in need who you could afford to bless? Why not surprise them with an out-of-the-blue check? It may not be tax deductible, but don’t let that stop you.
- Are you approaching the end of your life? Have you considered distributing some money now? Watching your kids or grandkids enjoy the gift may mean a lot to you. If so, make sure to consult with a tax professional regarding gift rules.
It may not be the Scrooge within that keeps us from giving. Some of us don’t give because we don’t think it will make a difference. Or we don’t do it because we don’t know where to start. Don’t get stuck there.
Here’s the thing: Giving gifts is a gift not only to the receiver but the giver. One WebMD article noted a study that showed that “small acts of generosity…triggered brain changes that make people happier.”1
Another year of your life is almost gone… And since life itself is a gift, give.