One of the universal truths is that, while money can help meet your needs and provide you with the basic necessities of life, it can’t make you happy. However, it can be a powerful weapon of self-satisfaction when used the right way – such as through philanthropic endeavors. And since April 15 is around the corner, it is a good time to contemplate how you can integrate charitable giving into your tax-planning strategies. And if you value giving back to others – to your community, to your favorite cause or to planet Earth – then money will enable you to accomplish that goal. Hagensen has three tips for those who want to give to their favorite charities in 2019, but aren’t sure where the money will come from:
Write down your values. Spend a few minutes to really examine what is important to you. Make sure all your monetary decisions support your values. If you have older children, include them in the discussion so you can create a teachable moment for them.
Spend intentionally. If you value traveling, then cut down your expenses at home so you can travel more. Align your expenses with what you value in life and your wants and needs.
Cut out all of the expenses that don’t align with your values. There is no one size fits all when it comes to what is important to people. Most people think that a house is a necessity, but some people would rather live in a tent and travel all the time than own a home. It just depends on what you value so make the most of your money.
John Hagensen is the founder and managing director of Keystone Wealth Partners in Chandler, AZ.