Freedom to Take Your Time
From the time we are young, we are taught that decisions about money are not to be taken lightly. We need to take the time to decide where our hard-earned money goes. Whether it is saving up for a car, a holiday or a home, life experience familiarizes us with the pillars of financial literacy. Namely, budgeting, saving and spending wisely.
When it comes to making a significant donation to charity, we tend to think of an oversized cheque being handed out on TV. However, effective, sustained charitable giving requires thought and preparation. As Abundance Canada clients Fred and Sally* taught me, taking the time to make the right decision when we give is just as important as when we spend.
So many priorities, so little time
Fred and Sally worked together for many years, slowly building their company from a part-time project to a successful business. When the MacDonalds decided to retire, they set about building their dream home and selling the company to their children. It was a stressful time!
Early in the process, Fred and Sally decided to donate the proceeds from the sale of their business to charity. However, when they finally received the funds, they were completely exhausted. Decisions around the sale of the business took so much energy, they didn’t have any left to work out the details of their giving.
The pressure of a looming tax deadline pressed down on them.
An opportunity for breathing room
Then, one of Fred and Sally’s friends suggested Abundance Canada might be able to help them. After meeting with me, they were relieved to find out that their Generosity Plan™ was extremely flexible. They would get their donation receipt to meet income tax deadlines but could still take as much time as they needed — even years — to decide how they wanted to disburse the money to charity. What a relief!Making a large donation may happen only once or twice in a lifetime, so it’s important to approach it with the same careful consideration as any other important financial decision. Click To Tweet
Choose wisely, not quickly
Making a large donation may happen only once or twice in a lifetime, so it’s important to approach it with the same careful consideration as any other important financial decision. Choosing which causes to support starts with deciding what kind of impact you want your money to have in the world. Once you have identified a cause you’re passionate about, you need to spend some time researching the various charities working in that sector. With 86,000 registered charities operating in Canada, giving options abound.
Contributed by Sherri Grosz
Gift Planning Consultant
*Names and details have been changed to protect the privacy of individuals