Women are generous givers, but you already knew that! We like to share and help others, it’s in our DNA. But did you know women are 40% more likely to donate then men? This according to a recent study by the Women’s Philanthropy Institute at the University of Indiana.
What’s more, women at nearly every income level are better givers. They not only give more often, but they donate more. And, you don’t have to be a billionaire to give. In fact, one of the reasons we women build wealth is to share generously and leave a legacy.
Did you know there are 5 benefits of giving:
- Giving makes us feel happy
- Giving is good for our health
- Giving helps social connection
- Giving evokes gratitude
- Giving is contagious.
Giving has also been linked to the release of oxytocin, a hormone that induces feelings of warmth, euphoria, and connection to others. A dose of oxytocin will cause people to give more generously and to feel more empathy towards others, with “symptoms” lasting up to two hours. Who doesn’t want a dose of happiness?
There are numerous ways you can make a donation to your favorite cause from using your checkbook to setting up your own charitable foundation. Your donation can be small or large according to the size of your pocketbook. In fact, individuals made up more than 68% of overall charitable giving in the US during 2018, and the average online donation in 2020 was $128.
There are at least 7 ways you can make a donation to charity including:
- Write a check
- Give online
- Give through a donor-advised fund(DAF)
- Give through private family foundation
- Give through a giving circle
- Donate your car, food, or clothing
- Give your time.
Today I want to share with you one of the best ways to set up your monetary giving is through a donor-advised charitable foundation. Now you’re probably thinking, but I’m not Oprah giving away cars! You don’t have to be.
With as little as $25,000 you can establish your own charitable foundation and leave a meaningful legacy. What exactly is a legacy? I like to think of legacy as outliving your life. It’s what you leave behind once you are gone.
A donor-advised fund (DAF) is a charitable giving account designed to invest, grow and give assets to charities for meaningful and lasting impact.
Here’s how it works:
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- Donate assets into a DAF
- Recommend how those assets should be invested
- Contributions are tax-deductible
- Assets in the DAF grow tax-free
- Recommend a grant to a charity you care about
- Funds are disbursed.
I personally like Vanguard for a donor-advised charitable fund because of its low fees, socially responsible investment options, and ease of use. (I don’t get paid to endorse them 🙂
A meaningful life is invested in things that matter. If you’re looking for a way to leave a legacy, make a change, and be a good steward of your funds, then consider a donor-advised fund.
If you have questions about using a donor-advised charitable foundation, schedule your free 20 minute money chat to discuss how to leave your legacy. And please join my YouTube channel where I share videos on a variety of topics.