How much do you give?
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How much do you give?
Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing (he was a Boglehead). Thankfully he changed his ways. Last week I found out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this forum for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
I have been reading this forum for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
Last edited by broadstone on Wed Jun 08, 2022 8:04 pm, edited 1 time in total.
Re: How much do you give?
Everybody is different. Does it matter if one donates zero or even 50% of their income? What about volunteer activities for charities where no money is involved?
You will figure out what works for you and do not need to tell others about it.
You will figure out what works for you and do not need to tell others about it.
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Re: How much do you give?
We've set up a trust that will fund several hospitals and world relief programs when we pass.
Month to month, I support the World Food Program.
These websites might help you on your journey:
https://www.charitynavigator.org/
https://www.consumerreports.org/chariti ... 066579102/
https://www.charitywatch.org/
Month to month, I support the World Food Program.
These websites might help you on your journey:
https://www.charitynavigator.org/
https://www.consumerreports.org/chariti ... 066579102/
https://www.charitywatch.org/
- Sandtrap
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Re: How much do you give?
To OP:broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
Actionably: To help define the substance of your post and questions. (per forum guidelines)
As above:
1.
"What is really important in life?"
2.
a)
"Charitable Giving. . . . "
b)
"Donate. . . . "
Question to OP:
Why does the latter somehow define and validate the former?
Exclusively?
For everyone?
j
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Re: How much do you give?
I give a lot of stuff away, but mostly to individuals.
Some examples were:
Riding Mower, Snowblower, Push Mower - In working condition, gave them to a stranger
Previous car - gave it to a family member
Homemade wine from homegrown berries - every year this goes to neighbors and extended family
Unwanted clothing in good condition - thrift stores/dropboxes
Unwanted furniture - usually goes to extended family
I am suspicious of giving money to charities because I can rarely say with certainty that it will be used in the way it was intended. I know there are sites out there to watch for scam charities but it's still kind of a black box. Have always been more comfortable giving directly.
Some examples were:
Riding Mower, Snowblower, Push Mower - In working condition, gave them to a stranger
Previous car - gave it to a family member
Homemade wine from homegrown berries - every year this goes to neighbors and extended family
Unwanted clothing in good condition - thrift stores/dropboxes
Unwanted furniture - usually goes to extended family
I am suspicious of giving money to charities because I can rarely say with certainty that it will be used in the way it was intended. I know there are sites out there to watch for scam charities but it's still kind of a black box. Have always been more comfortable giving directly.
45% Total Stock Market | 52% Consumer Staples | 3% Short Term Reserves
Re: How much do you give?
Read over this discussion:
Effective Altruism. Using the fact based approach to selecting charities:
viewtopic.php?t=334297
Effective Altruism. Using the fact based approach to selecting charities:
viewtopic.php?t=334297
. |
The most important thing you should know about me is that I am not an expert.
Re: How much do you give?
Love this! We have a DAF at Fidelity that we donate to. We do 1-2 large donations a year and try to hit a ballpark of 10% of (gross_salaries - retirement_contributions) annually. We deduct retirement contributions from the calculation with the plan that we will continue to deduct 10% from retirement distributions once we start using them later in life (charitable causes will take part in the growth of our retirement savings ). When it makes sense, we donate fund shares in our taxable investment accounts with low cost-basis and then purchase more of that investment.broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
We chose a DAF to take all/majority of the donations to keep it simple; a single charitable donation tax form for tax time and it sets some kind of "bar" that the organizations that the DAF can write grants to are doing some sort of charitable work (this may be a controversial statement though ). You can write grants with your name attributed, the name of your DAF attributed, or anonymously. You can also set it up so you can "gift" the ability of a friend or family member to write a grant of a certain amount to whatever charity they want. The DAF has ways to say what happens to any money in it once you die (donate % here/there or give grant writing privilege's to heirs). We do not leave money in the DAF for long periods of time; we typically maintain the minimum balance by the end of the year, but you could leave money in the DAF and invest it in funds if you chose to.
We chose 10% as it relates to a tithe but we don't' exclusively donate to religious organizations. We have a good mix of animal rescues/welfare organizations as well as religious/non-religious based service/aid organizations.
We are both fully on board with this practice. We actually get some joy helping causes we care about and I feel it helps keep greed in check for us.
Good luck!
Re: How much do you give?
Given what you want to give to those organizations that you want to give too. Comparisons to others are meaningless. People support organizations every day that I would like to see die off from lack of support.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
Re: How much do you give?
Great idea to give more!broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
10%. We budget for giving every month, most going to our church (we know what is being done with the money and support it), with a portion available for “spontaneous” (friends charity run, food drive, etc).
We “feel” this: there are things we want and can’t afford because of our giving and saving. I didn’t start out at this level: like saving, start with something small and gradually ramp it up.
If you don’t know where to give, try a local food pantry or women’s shelter. Volunteer to really see the need.
- HMSVictory
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Re: How much do you give?
We do 10% of income based upon the biblical principal of tithing. Its a good start. We save (invest) 32% of income.
I set it up as a monthly draw just like auto investing. Makes it easy.
As our wealth has grown we have been able to give more and have more impact. There are only 3 things you can do with money; you can give it, you can spend it and you can save (invest) it. You should do all 3 on purpose. I have found the most fun that I have with money is in giving it. The most exciting giving I have done is to support cutting edge medical research and interact with those doing the research. Its been pretty cool.
We also support the Tunnels to Towers foundation which pays off the mortgage for the families of fallen law enforcement, fire fighters and military.
I set it up as a monthly draw just like auto investing. Makes it easy.
As our wealth has grown we have been able to give more and have more impact. There are only 3 things you can do with money; you can give it, you can spend it and you can save (invest) it. You should do all 3 on purpose. I have found the most fun that I have with money is in giving it. The most exciting giving I have done is to support cutting edge medical research and interact with those doing the research. Its been pretty cool.
We also support the Tunnels to Towers foundation which pays off the mortgage for the families of fallen law enforcement, fire fighters and military.
Stay the course!
- lthenderson
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Re: How much do you give?
In our younger years, we gave mostly through volunteering. Gradually we have transitioned to volunteering somewhat less while giving more regular contributions to various organizations. I expect in our future we will do perhaps less volunteering and give a lot more money to even more organizations.
Re: How much do you give?
I don't give much other than a small amount to my alma maters, my workplace (a university) and NPR. But I do have a plan to make a larger donation to set up a scholarship (currently in accumulation phase.)
Re: How much do you give?
Being generous should not be measured by quantity or how much one can give.
Re: How much do you give?
1) Not enough yet and 2) highly personal.broadstone wrote: ↑Thu May 19, 2022 9:33 am How much of your annual income do you donate and which causes do you donate to?
After the haze of raising young children lifted, we realized we had accumulated a lot more than we ever thought possible. I was on the treadmill of just make money, pay for stuff so my spouse could stay home and fulfill the needs of our kids. Giving commensurate with our income wasn't happening.
Now that we have so much, we are trying to figure out how to give not just from income but based on our assets. Which I guess you can call "income" too because it's just taking earnings and donating to causes. With the new tax laws, we don't give enough for it to make a difference on our taxes.
If you want to support a cause, educate yourself on what an organization does using easily available public info, give freely and trust the people you are giving to.
I find issues like housing, health services and community development are all ways to support people who are having a hard time close to home. Those basics can make a giant difference in the life of an individual or family. I also support groups that advocate for public policies I care about.
- AerialWombat
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Re: How much do you give?
deleted
Last edited by AerialWombat on Mon May 23, 2022 2:40 am, edited 1 time in total.
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
Re: How much do you give?
On average we donate $15k - 20k a year. We make ~380k-410k a year. It varies year by year, but we have been donated to the following causes below:broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
- Animal shelter
- Food bank
- Disaster (storm, hurricane, tornado, flood, winter storm etc.) and war relief effort
- Local park & preserves, state parks, and national parks
- Organizations (e.g. Heifer) that address hunger in third world countries
- Family & friends in need
We do donate our time & expertise as well.
We do not donate to religious and political organizations.
Time is the ultimate currency.
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Re: How much do you give?
10% of my expenses are donations.
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Re: How much do you give?
Some of the responses here are a little snarky and not what i expect from my fellow BH’s. Seems like a fair topic for discussion. One time a couple years ago an elderly man and woman were on the phone for an hour at our local mavis tire place wrestling with person on the line in order to get credit approved to pay a $550 dollar muffler bill. I paid it. I don’t usually do something that nice but it made me feel good. I should have been a real BH and asked the store manager if he would have dropped the price if I paid it. Maybe next time. Peace to all.
Re: How much do you give?
We are an older retired couple drawing required minimum distributions (RMDs) for thirteen years now. Our annual charitable contributions are by means of qualified charitable distributions (QCDs) and currently represent 23% of our gross income from RMDs, military pension, and Social Security benefits.
Our twelve annual contributions are targeted toward literacy improvement, homeless individuals/organizations, food banks, rescue and rehabilitation organizations, animal rescue, assistance programs for seniors (housing and meals), and public radio and television. We increase our contributions each year to these type organizations.
Our twelve annual contributions are targeted toward literacy improvement, homeless individuals/organizations, food banks, rescue and rehabilitation organizations, animal rescue, assistance programs for seniors (housing and meals), and public radio and television. We increase our contributions each year to these type organizations.
Tom D.
Re: How much do you give?
Your post has a ton of great wisdom in it. We also give 10% to the church but give spontaneously to other needs if income allows. I often tell myself that one of the blessings of giving is that it stops you from having the income of buying useless things.runner540 wrote: ↑Thu May 19, 2022 10:17 amGreat idea to give more!broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
10%. We budget for giving every month, most going to our church (we know what is being done with the money and support it), with a portion available for “spontaneous” (friends charity run, food drive, etc).
We “feel” this: there are things we want and can’t afford because of our giving and saving. I didn’t start out at this level: like saving, start with something small and gradually ramp it up.
If you don’t know where to give, try a local food pantry or women’s shelter. Volunteer to really see the need.
I always recommend St. Jude as a great charity. My son was a patient and I can tell you the dollars that are given are used to make the families comfortable while they go through hell on earth, and they never bill a patient.
Re: How much do you give?
I assume they were driving an older car and not a 5-year old BMW/MB type of cars.Parkinglotracer wrote: ↑Thu May 19, 2022 1:25 pm Some of the responses here are a little snarky and not what i expect from my fellow BH’s. Seems like a fair topic for discussion. One time a couple years ago an elderly man and woman were on the phone for an hour at our local mavis tire place wrestling with person on the line in order to get credit approved to pay a $550 dollar muffler bill. I paid it. I don’t usually do something that nice but it made me feel good. I should have been a real BH and asked the store manager if he would have dropped the price if I paid it. Maybe next time. Peace to all.
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Re: How much do you give?
Yes, It was a bucket of bolts. Their daughter was there with them. They needed the help. The guy was elated. Made my day.student wrote: ↑Thu May 19, 2022 1:43 pmI assume they were driving an older car and not a 5-year old BMW/MB type of cars.Parkinglotracer wrote: ↑Thu May 19, 2022 1:25 pm Some of the responses here are a little snarky and not what i expect from my fellow BH’s. Seems like a fair topic for discussion. One time a couple years ago an elderly man and woman were on the phone for an hour at our local mavis tire place wrestling with person on the line in order to get credit approved to pay a $550 dollar muffler bill. I paid it. I don’t usually do something that nice but it made me feel good. I should have been a real BH and asked the store manager if he would have dropped the price if I paid it. Maybe next time. Peace to all.
- Jazztonight
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Re: How much do you give?
The OPs question might be better phrased. "How much?" is just too specific and personal. Perhaps, "How do you give?"
We give to our religious community and stay affiliated.
I personally earmark monthly donations to two hunger-relief organizations--one national and one local.
In our city there are a lot of homeless and destitute people visible on the streets. I always carry $5 bills with me and hand them out as I see fit. Previously, I never gave money on the street. Now I do. Times have changed, and regardless of my personal problems, there are always people worse off than I am. It's a small token, but it gives me joy.
I also donate my time and talents at a couple of retirement facilities, performing for residents. I can do it, and they enjoy it.
We give to our religious community and stay affiliated.
I personally earmark monthly donations to two hunger-relief organizations--one national and one local.
In our city there are a lot of homeless and destitute people visible on the streets. I always carry $5 bills with me and hand them out as I see fit. Previously, I never gave money on the street. Now I do. Times have changed, and regardless of my personal problems, there are always people worse off than I am. It's a small token, but it gives me joy.
I also donate my time and talents at a couple of retirement facilities, performing for residents. I can do it, and they enjoy it.
Last edited by Jazztonight on Thu May 19, 2022 2:25 pm, edited 1 time in total.
"What does not destroy me, makes me stronger." Nietzsche
Re: How much do you give?
$200-$300 bucks a year total to my old private high school and college.
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Re: How much do you give?
We set aside 10% of gross income, most of it goes to our local church. Also support a homeless shelter and crisis pregnancy center. We'll give to charities beyond this when we have friends or contacts personally involved in them - it gives some assurance the funds will be used appropriately. I also try to give of my time professionally, such as overseeing the finances of my church and I'm also trying to get involved in a non-profit board somewhere. We volunteer our time in other ways too.
I think this is a highly personal decision but for us it's a priority as long as I'm employed.
I think this is a highly personal decision but for us it's a priority as long as I'm employed.
Re: How much do you give?
I give about 15% of pre-tax income. For bonus, I might go a little more. I grew up poor and make an income of 100-140k depending on bonuses. I still max my 401k, allow my wife to stay at home with my kids... I feel blessed and rich and have no issues giving as much as I can.
Re: How much do you give?
At least 10% of gross income along with biblical tithe principles. Sometimes more.
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Re: How much do you give?
10% of post-tax, a mix to my church and other worthy causes. My intention was to increase that to 10% of gross, and put a focus for the additional dollars on services that help people break addictions and transition away from homelessness. For context that may help others more usefully understand what we have found viable, we are in the 4th quintile for household income in our region.
My wife also has been very active volunteering, although my time has been limited. We frequently make small gifts to friends in need to help them with unexpected difficulties, which we don't track closely since they aren't deductible. Individually, these gifts seem small (Most commonly we either cook a meal or arrange to have one delivered, or sometimes pool with mutual friends to help someone with an unexpected car or home repair), but they add up to more than some of our planned contributions.
However, something went off-track in my budget, so I may actually need to pull back a bit. Our savings above and beyond planned retirement and college contributions had been increasing by a very healthy amount, also with income growth slightly exceeding inflation, so we proceeded with the previously tentative plan to start our eldest kid in private school (sort of a donation itself, since it saves the general public more tax expenditures), amounting to a little over half of our excess.
We should still have growing savings, but actually are down from where we were 6 months ago. Somehow when I tried to smooth out lumpy expenses, and updated a couple of costs in the budget for inflation like food and gas, I couldn't explain it, so my wife and I need to spend some time figuring out where we are exceeding our budget.
Anyways, 10% of post-tax is apparently our limit unless and until we cut some discretionary expenses or retirement savings. The former I thought were already fairly lean. The latter I have been exceeding my planned minimum on for several years
My wife also has been very active volunteering, although my time has been limited. We frequently make small gifts to friends in need to help them with unexpected difficulties, which we don't track closely since they aren't deductible. Individually, these gifts seem small (Most commonly we either cook a meal or arrange to have one delivered, or sometimes pool with mutual friends to help someone with an unexpected car or home repair), but they add up to more than some of our planned contributions.
However, something went off-track in my budget, so I may actually need to pull back a bit. Our savings above and beyond planned retirement and college contributions had been increasing by a very healthy amount, also with income growth slightly exceeding inflation, so we proceeded with the previously tentative plan to start our eldest kid in private school (sort of a donation itself, since it saves the general public more tax expenditures), amounting to a little over half of our excess.
We should still have growing savings, but actually are down from where we were 6 months ago. Somehow when I tried to smooth out lumpy expenses, and updated a couple of costs in the budget for inflation like food and gas, I couldn't explain it, so my wife and I need to spend some time figuring out where we are exceeding our budget.
Anyways, 10% of post-tax is apparently our limit unless and until we cut some discretionary expenses or retirement savings. The former I thought were already fairly lean. The latter I have been exceeding my planned minimum on for several years
Last edited by iamlucky13 on Thu May 19, 2022 2:56 pm, edited 2 times in total.
- arcticpineapplecorp.
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Re: How much do you give?
VITA volunteer here:
https://www.irs.gov/individuals/free-ta ... -taxpayers
https://www.irs.gov/individuals/free-ta ... -taxpayers
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events. Asking Portfolio Questions |
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Re: How much do you give?
A closely related topic:
My employer has a surprisingly well-organized and broad charitable contribution match program. Although there are restrictions (no match for religious organizations, for example), when I looked into it, I found out several of the organizations I give to are already registered with my employer and eligible.
Those still working may want to investigate if their employers have anything similar.
My employer has a surprisingly well-organized and broad charitable contribution match program. Although there are restrictions (no match for religious organizations, for example), when I looked into it, I found out several of the organizations I give to are already registered with my employer and eligible.
Those still working may want to investigate if their employers have anything similar.
Re: How much do you give?
It's very nice of you to help them.Parkinglotracer wrote: ↑Thu May 19, 2022 1:48 pmYes, It was a bucket of bolts. Their daughter was there with them. They needed the help. The guy was elated. Made my day.student wrote: ↑Thu May 19, 2022 1:43 pmI assume they were driving an older car and not a 5-year old BMW/MB type of cars.Parkinglotracer wrote: ↑Thu May 19, 2022 1:25 pm Some of the responses here are a little snarky and not what i expect from my fellow BH’s. Seems like a fair topic for discussion. One time a couple years ago an elderly man and woman were on the phone for an hour at our local mavis tire place wrestling with person on the line in order to get credit approved to pay a $550 dollar muffler bill. I paid it. I don’t usually do something that nice but it made me feel good. I should have been a real BH and asked the store manager if he would have dropped the price if I paid it. Maybe next time. Peace to all.
Re: How much do you give?
Other than being in agreement (mostly) on the core Boglehead investing principles and, in general, having above average incomes, Boglehead lifestyles & priorities are all over the place.Parkinglotracer wrote: ↑Thu May 19, 2022 1:25 pm Some of the responses here are a little snarky and not what i expect from my fellow BH’s. Seems like a fair topic for discussion. One time a couple years ago an elderly man and woman were on the phone for an hour at our local mavis tire place wrestling with person on the line in order to get credit approved to pay a $550 dollar muffler bill. I paid it. I don’t usually do something that nice but it made me feel good. I should have been a real BH and asked the store manager if he would have dropped the price if I paid it. Maybe next time. Peace to all.
There are some whose opinions I respect and whose attitudes on how much to give and to whom that I would consider, if I was unsure of my priorities. Others, not so much.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
- happysteward
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Re: How much do you give?
10% of income, we do it gratefully , it is very freeing….
"How much money is enough?", John Rockefeller responded, "...just a little bit more."
Re: How much do you give?
OP’s post is no doubt well-intentioned. The relevance of the anecdote about OP’s friend, while tragic, doesn’t seem germane to OP’s questions; nor do I get why it’s important for responses to spell out the specific types of charitable orgs supported. Some give to donor advised funds and let the DAF decide where to allocate the charity; others give to the Red Cross. Others give to churches others to eligible charitable organizations associated with various political advocacy organizations. Some people tithe, others don’t; some people give nothing now but will give a lot or everything end-of-life. I don’t think charitable giving correlates much, if at all, with whether one is “missing what’s important in life” etc.Sandtrap wrote: ↑Thu May 19, 2022 9:48 amTo OP:broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
Actionably: To help define the substance of your post and questions. (per forum guidelines)
As above:
1.
"What is really important in life?"
2.
a)
"Charitable Giving. . . . "
b)
"Donate. . . . "
Question to OP:
Why does the latter somehow define and validate the former?
Exclusively?
For everyone?
j
We have contributed to a DAF for 25 years and a six-figure sum has been distributed from it to charities thus far. When we reach RMD age we intend to take advantage of the provision allowing us to donate the RMD amount to charity.
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Re: How much do you give?
Great pointssmectym wrote: ↑Thu May 19, 2022 3:39 pmOP’s post is no doubt well-intentioned. The relevance of the anecdote about OP’s friend, while tragic, doesn’t seem germane to OP’s questions; nor do I get why it’s important for responses to spell out the specific types of charitable orgs supported. Some give to donor advised funds and let the DAF decide where to allocate the charity; others give to the Red Cross. Others give to churches others to eligible charitable organizations associated with various political advocacy organizations. Some people tithe, others don’t; some people give nothing now but will give a lot or everything end-of-life. I don’t think charitable giving correlates much, if at all, with whether one is “missing what’s important in life” etc.Sandtrap wrote: ↑Thu May 19, 2022 9:48 amTo OP:broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
Actionably: To help define the substance of your post and questions. (per forum guidelines)
As above:
1.
"What is really important in life?"
2.
a)
"Charitable Giving. . . . "
b)
"Donate. . . . "
Question to OP:
Why does the latter somehow define and validate the former?
Exclusively?
For everyone?
j
We have contributed to a DAF for 25 years and a six-figure sum has been distributed from it to charities thus far. When we reach RMD age we intend to take advantage of the provision allowing us to donate the RMD amount to charity.
Well said
j
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Re: How much do you give?
Right near 10% to causes we believe in that have benefited us - mainly church and a specific 12-step recovery group for me.
Re: How much do you give?
small percent of income
Last edited by sil2017 on Sun May 29, 2022 11:04 am, edited 1 time in total.
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Re: How much do you give?
IIRC, the Biblical story of the Widow's Mite (Luke 21:1 - 4 ?) may provide some guidance on the subject. It's probably not necessarily how much. Frankly, I'm pretty much convinced that how much or what % isn't the point at all. May be more about why do you give. Biblical commentaries may provide some insight. Drop by any church (well two or three) and ask them for a sermon or two on that subject. They've been talking about this for about 2000 years, at least.broadstone wrote: ↑Thu May 19, 2022 9:33 am The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
I'm not that good of a person to provide any guidance in that area.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
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Re: How much do you give?
Probably about $1k a year. However the monthly amount to sponsor a child (save the children) seems the most rewarding. We received a letter from the young kid, and hope to send him a care package with some soccer shirts etc. Trying to get our kids involved so they see us doing this as a family.
“At some point you are trading time you will never get back for money you will never spend.“ |
“How do you want to spend the best remaining year of your life?“
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Re: How much do you give?
Yes I am with you. I don’t give much but should give more for all the opportunities I have been given.delamer wrote: ↑Thu May 19, 2022 3:26 pmOther than being in agreement (mostly) on the core Boglehead investing principles and, in general, having above average incomes, Boglehead lifestyles & priorities are all over the place.Parkinglotracer wrote: ↑Thu May 19, 2022 1:25 pm Some of the responses here are a little snarky and not what i expect from my fellow BH’s. Seems like a fair topic for discussion. One time a couple years ago an elderly man and woman were on the phone for an hour at our local mavis tire place wrestling with person on the line in order to get credit approved to pay a $550 dollar muffler bill. I paid it. I don’t usually do something that nice but it made me feel good. I should have been a real BH and asked the store manager if he would have dropped the price if I paid it. Maybe next time. Peace to all.
There are some whose opinions I respect and whose attitudes on how much to give and to whom that I would consider, if I was unsure of my priorities. Others, not so much.
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Re: How much do you give?
Highly recommend a Donor Advised Fund (DAF). I use Fidelity’s but there are other options.broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
It allows me to time my charitable donations into the DAF and my disbursements to charities.
One of the great benefits is that I can remain anonymous (if I choose to) and stay off the mailing lists.
Another big benefit is that I can encourage my wife and daughter to take an active part in deciding charities they want to fund. It’s a legacy that I hope survives me.
As for How Much? or Which Charities? that is a really personal decision. My figures won’t be meaningful for you….
WoodSpinner
WoodSpinner
Re: How much do you give?
7 to 10%, answer to your question.
"Know what you own, and know why you own it." — Peter Lynch
Re: How much do you give?
$12K per year via QCDs.
This year another $1K to World Central Kitchen for Ukraine.
This year another $1K to World Central Kitchen for Ukraine.
Old fart who does three index stock funds, baby.
Re: How much do you give?
At least 10% of net income via a DAF (churches; schools; Christian foster care; a pet rescue; and para-church, semi-political groups that fight evil)
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Re: How much do you give?
All in about 20% or so is our goal...some years more...some much less...this year it will be about 30% after paying for college for a couple of kids whose father passed away that worked for me...a promise is a promise...glad and blessed to be able to do it....
Re: How much do you give?
Woodspinner, agree with your endorsement of DAF’s, and Fidelity’s is great.WoodSpinner wrote: ↑Fri May 20, 2022 9:05 pmHighly recommend a Donor Advised Fund (DAF). I use Fidelity’s but there are other options.broadstone wrote: ↑Thu May 19, 2022 9:33 am Last week I lost a close friend of mine who was in his early 50s. He used to talk about his retirement balance often and how financially while he was doing in stocks. At one point in our friendship, I had to distance myself from him because all he talked about was investing. Thankfully he changed his ways. Last week I find out he had a sudden heart attack and just like that, he was gone. He had no kids or wives so his estate will go to various charities which I think is pretty cool.
I have been reading this form for more than a decade and while I love all of the discussion topics here, there's a million posts on how financially well Bogleheads are doing with their investing and retirement accounts and strategies, but are we losing sight of what is really important in life?
The point of this post is I really want to start doing more charitable giving this year and need some direction.
How much of your annual income do you donate and which causes do you donate to?
It allows me to time my charitable donations into the DAF and my disbursements to charities.
One of the great benefits is that I can remain anonymous (if I choose to) and stay off the mailing lists.
>>Another big benefit is that I can encourage my wife and daughter to take an active part in deciding charities they want to >>fund. It’s a legacy that I hope survives me.
As for How Much? or Which Charities? that is a really personal decision. My figures won’t be meaningful for you….
WoodSpinner
And your legacy point is dead on. We’ve named our son the successor trustee of our Fidelity DAF, which of course means that after we die, the fund remains intact, and he becomes responsible for deciding to which charities to distribute the funds; how much to give while not unduly depleting the corpus; etc., and his knowledge that he may one day assume that role has given him an interest in which organizations we currently give to and why, and a broader interest in and sympathy with the importance of charitable endeavor.
Re: How much do you give?
We have always been in a position to support immediate family. Annually that has been a big chunk of $ (houses and utilities) including for grandma, parents, mother, sister and brother all at different times. We both come from families who essentially had nothing and we have both been super fortunate. It is not the same as charity but it has been significant $. As people have stabilized (housing) the help us less (although we still pay for a parent parent property tax). 3 of them are still alive so I still worry there will come a day. Other than that we give relatively small amounts (relative to income) to charities. We will have choices in the future about charity and gifting to our children.
Re: How much do you give?
Hillview, a moving post, and I’d say you have a decent grasp of what’s important in life.Hillview wrote: ↑Fri May 20, 2022 11:08 pm We have always been in a position to support immediate family. Annually that has been a big chunk of $ (houses and utilities) including for grandma, parents, mother, sister and brother all at different times. We both come from families who essentially had nothing and we have both been super fortunate. It is not the same as charity but it has been significant $. As people have stabilized (housing) the help us less (although we still pay for a parent parent property tax). 3 of them are still alive so I still worry there will come a day. Other than that we give relatively small amounts (relative to income) to charities. We will have choices in the future about charity and gifting to our children.
Charitable giving is OK. We do it. But as an index of virtue, essentially nil. Certainly, corruption among the freely designated 501(c)(3) charities is rife. Many well-meaning but naive donors are, unfortunately, being fleeced. Other donors, far from naive, make contributions cynically to acquire influence, look good or be seen as “politically correct.” Intimidation techniques designed to bully people into “giving” are on the rise, and sometimes amount to extortion.
Sure, there is a good side to charitable giving, and we try to participate; but we don’t judge ourselves by that—and don’t expect to be judged by others.
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Re: How much do you give?
Generously pay the helpers in the garden, plumber, electrician etc. never negotiate down too much if we know the price is fair and not outrageous.
Tip the Uber , Uber eats, salon, etc… generously. Today eat at a street food cart and paid well above the prices.
Yes the $$$ left when we are in this earth will go somewhere so give out when we are here to those whom we come in contact.
Also when an office colleague died in young age with family donated to their fund me.
Tip the Uber , Uber eats, salon, etc… generously. Today eat at a street food cart and paid well above the prices.
Yes the $$$ left when we are in this earth will go somewhere so give out when we are here to those whom we come in contact.
Also when an office colleague died in young age with family donated to their fund me.
Invest when you have the money, sell when you need the money, for real life expenses...
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Re: How much do you give?
in the last couple of years we've been putting 8-10 % a year in a DAF (mostly shares with lots of capital gains)... this is more than we intend to give over the long term, but we're in a relatively high tax bracket now so the intent is to build up the DAF to be a fund that we disburse from later...
about once a year my employer does a double-match, so we wait for that window of time and max out what can be matched.. other than that its the odd 50$ or 100$ donation to our friends kids fundraisers or 5k's etc...
about once a year my employer does a double-match, so we wait for that window of time and max out what can be matched.. other than that its the odd 50$ or 100$ donation to our friends kids fundraisers or 5k's etc...