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CHARITABLE GIVING

Written by Andy Castro
Wednesday, 19 December 2007
Charitable Giving For any entrepreneurial businessmen there should be three phases of his or her professional life. 1. Working to build your business, 2.Owning and managing your business, and 3. Giving a portion of your earnings and/or time, back to the community. As a captain of industry, you may be scaling the heights of the business world with only the stars as your limit. But here’s something to remember: Everybody needs a hand sometime. That’s everybody. From the owner of the deli on the corner to Donald Trump himself. Everybody needs someone in his or her corner. Here is a good guideline to follow. 80% of your income is used to live on, expenses etc. 10% of your income is given to a charity of your choice. 10% of your income should be put directly into your savings. Here is another thing to remember, be creative and follow the money. In other words you could blindly give to the charity of your choice. There are hundreds of reputable ones out there, I’m sure you’re familiar with them. But do yourself and your money a favor and follow the money. Here’s an example of what I mean. Rather than donate a specific amount to the school your child attends or to some faceless charity, try to ask questions and be more specific. For instance, ask what the school needs. New soccer uniforms? Or how about a new stage for the theatre? Be specific and donate directly to the cause you are passionate about. You’ll find that not only is your hard earned money pushed to the intended destination; it will leave you feeling better about the entire transaction. The end result will likely be continued charitable giving. Perhaps donating money isn’t what you’re comfortable with. Try coaching a team. Don’t have that kind of time? Try being an assistant coach or sponsor dinners for the team. Remember that you can participate in these types of activities even if you’re child isn’t involved. I believe that with wealth and good fortune comes civic responsibility, and there are many options for that. This holiday season, let’s all try to make a REAL difference. For more information on charitable giving you can contact our office. All of us here with the Castro Financial Group wish you and yours a happy and prosperous holiday season. Let’s try to make this charitable holiday feeling something we do all year round.
Last Updated ( Wednesday, 19 December 2007 )