If you’re building wealth, investing like a pro, and making sure your family’s financial future is set, I’m guessing you’re feeling pretty good, right?
But here’s the thing: Have you thought about giving some of that wealth back?
Before you start groaning and thinking, “Ugh, I don’t want to turn into some charity robot,” hear me out.
Philanthropy isn’t just for billionaires with private jets and giant mansions (though I’m sure it helps).
It’s for anyone who wants to create a lasting impact beyond just collecting assets. It’s about doing well by doing good.
Now, I know what you’re thinking, “But… I’m not a billionaire yet!”
No worries, you don’t need to be the next Warren Buffet to make a difference.
In fact, if you’re planning to build wealth and leave a legacy, philanthropy should be an integral part of that plan—whether you’re just starting out or you’ve already hit the jackpot.
Let’s dive into how you can incorporate philanthropy into your family’s financial plan and make a difference—without turning your life into a never-ending telethon.
Plus, there are some serious tax benefits in here too.
Cha-ching!
Philanthropy Is Part of the “Wealthy Mindset” – Not Just About the Lambo
Wealth isn’t just about the money.
We all love the idea of sitting on a throne of cash like Scrooge McDuck, but if that’s all you’re working for, you’re missing the big picture.
Sure, we all want to buy that Lamborghini or a house so big you’ll need a Google map to find the kitchen, but the real question is: What do you want to do with all this wealth?
If you want your wealth to mean something, then philanthropy is the secret sauce. It’s what turns money into meaning.
Look at the richest people in the world—the Buffetts, the Gates, the Zuckerbergs—they’re giving away billions. Why? Because they get it.
Wealth isn’t just for you—it’s about making an impact.
Don’t just accumulate wealth and leave it behind for your kids to spend it on nonsense (you know, like that gold-plated toilet seat).
Use it to create a lasting legacy that helps others, while making sure your wealth doesn’t vanish faster than a retail sale at a mall.
Get Your Family Onboard – “The Gang’s All Here!”
Okay, before you go on a giving spree, let’s talk about family dynamics. Philanthropy isn’t just a solo mission—you need your whole family on the same page.
You don’t want to suddenly say, “Hey guys, I donated a whole bunch of money to charity,” and have your kids look at you like you’re some sort of weird Santa Claus who’s giving away all the presents.
You’ve got to make sure everyone’s on board and excited about it.
It’s like picking a family vacation destination. You wouldn’t just surprise them with a trip to Antarctica, right? Well, same goes for charitable giving.
Here’s how you get the family in sync:
Family Meeting Time: Get everyone together (yes, even the teenagers who think they know everything). Have an open conversation about what causes are close to your heart—and theirs. Is it education, poverty alleviation, or maybe a local animal shelter? Everyone should feel like they have a voice in the process.
Set Family Giving Goals: You’ve got financial goals, right? Well, set giving goals too! Whether it’s donating a set percentage of your income or volunteering together as a family, having a clear plan keeps everyone involved.
Teach the Kids: Philanthropy isn’t just about writing checks. Get your kids out there volunteering. Take them to the soup kitchen, or have them help clean up a beach. Hands-on giving is the best way to teach them what generosity really means.
Let’s Get Strategic – Philanthropy Isn’t Just Throwing Money Around
Now, don’t just go around giving money willy-nilly. That’s not how the wealthy do it, and it’s not how you should either. We’re talking about strategic philanthropy.
It’s like making investments—smart decisions with lasting impact.
Here’s where things get fun (and maybe even a little financially savvy):
Start a Donor-Advised Fund (DAF): If you want the ultimate hack, start a DAF. It’s like creating a charitable slush fund. You contribute, get a tax deduction, and then you get to decide where the money goes. It’s a great way to give strategically without being a one-off donation machine.
Family Foundation: Ready to go big? Start a family foundation. This isn’t just a way to give—it’s a way to have your own philanthropic empire. You get to manage the money, decide on the causes, and even involve future generations. Plus, you get to write it off as a tax deduction—and who doesn’t love saving money while doing good? (It’s the ultimate tax ninja move).
Be Tax-Efficient: Tax benefits. Yes, please. There are a ton of ways to donate without giving away the farm—charitable trusts are one of them. These let you donate assets and get a sweet tax break. The money stays working for you and the charity. You get to feel like a hero and a financial wizard at the same time.
Make Philanthropy a Family Tradition – Because Giving Feels Good
Philanthropy isn’t a one-time thing.
It’s not like some vacation photo you put up on Instagram once and forget about. If you want philanthropy to stick, it has to become part of your family’s tradition.
It’s about passing the torch to the next generation, not just handing over money.
Here’s how to make it a forever thing:
Volunteer as a Family: Skip the “we’re too busy” excuse. Every year, schedule a family volunteer day. Whether it’s feeding the homeless or building houses for the poor, make it a regular thing. It’s bonding time, and it’s a great way to instill the values of giving.
Giving Goals = Family Goals: Just like you set financial goals for your wealth, do the same with your giving. How much are you planning to give back this year? Can you beat last year’s number? (Trust me, your kids will love the challenge—competition is healthy).
Create a Family Giving Ritual: Every year, gather around and discuss how much you’ve given, where it’s gone, and how it’s made an impact. It’s like your own personal “giving ceremony”—without the boring speeches.
Philanthropy as Your Ultimate Legacy – What’s Your Mark?
Let’s get deep for a second: What do you want to be remembered for?
When you’re long gone (and hopefully a hundred years old), will your wealth be the thing your grandkids remember?
Or will it be the way you changed the world?
If you want a legacy that outlives you, philanthropy is the ultimate secret weapon.
It’s the key to not just leaving behind money, but leaving behind a better world. Wealth is important, but what you do with it? That’s what matters.
Philanthropy Doesn’t Have to Be Scary (Or a Tax Write-Off)
It isn’t just for the super-rich.
It’s for anyone who’s serious about building a wealth plan that actually makes a difference.
Whether you’re just starting out or already have a Lamborghini, start small, think big, and create a family tradition around giving.
Remember, wealth is about what you keep, but legacy is about what you give away.
Get started on that philanthropic journey today, and let’s make this world a little bit better (and a lot more fun).
What’s Your Family’s Philanthropic Plan?
What causes are you passionate about?
Have you started thinking about giving back?
Drop your thoughts in the comments below—let’s talk about how we can all do good and feel good!
Leave a Reply