Photo by Alexander Radelich on Unsplash
According to the National Philanthropic Trust (NPT), Americans donated over $389 billion in 2016. Most of that money, 72% to be exact, came from individual donors like you.
I imagine that most of those donations went directly to qualified 501(c)3 charitable organizations. However, more and more people are using donor advised funds as their charitable vehicle of choice.
If you plan to make a charitable gift before the end of the year, you may wish to consider a gift to a donor advised fund as well.
Since 2009, GiveMN.org has paired charitable donors with qualified charitable organizations in a uniquely Minnesota movement known as Give To The Max Day.
Last year alone, donors anted up more than $20 million over a 24-hour period to support their favorite causes. To date, Give To The Max Day has raised over $125 million dollars for Minnesota-based charitable organizations.
Below are 3 reasons why you should give to the max on November 16th.
My colleague, Katey McCabe, and her son, Fritz (age 6), volunteering at the packing event for Feed My Starving Children.
Years ago I used to provide clients with a year-end gift during the holidays. Like most financial advisors I would order dozens packages of cookies or nuts and ship them out to clients as a holiday treat to let them know how much I appreciated them and their business.
These gifts were expensive, took a lot of time to box up and half my budget went to the Post Office to pay shipping costs. What’s more, I don’t think anyone really cared.
And I don’t blame them. How many packages of cookies, tins of popcorn or baskets of stale snacks do you need at the end year anyway?
I thought I was making an investment in my business and doing something nice for my clients, but the more I thought about it the more I realized my investment and efforts probably weren’t really making a difference to me, to my clients or to anyone.
As with any unproductive investment, I decided to switch gears and try something else.
Minnesotans are a generous bunch. A recent survey by WalletHub ranked Minnesota as the third most charitable state in the nation. We jump to #2 when you throw volunteering and service time into the mix.
While gifts of cash are always welcome (and usually tax deductible) at most non-profits, if you are looking to juice up your giving this year and get the biggest after-tax bang for your charitable buck, consider the gift of stock or a mutual fund instead.
In recent years, the Saturday after Thanksgiving has become known as Small Business Saturday – the one day each year when American consumers are encouraged to ditch the big box stores, go off-line, and support their local small businesses.
Started as a promotional event by a not-so-small credit card company, Small Business Saturday has grown into something of a movement with an estimated 95 million Americans shopping at small businesses on the first Saturday after Thanksgiving last year.
And why not? Small businesses represent a major part of the American economy. Nearly 29 million small businesses employ over 58 million people – almost half of all private sector employment.
In fact, 60% of net new jobs created since the Great Recession have come from businesses with fewer than 500 employees.