How to donate more AND increase your cash flow at the same time (Part 1 of 3)
Making charitable donations is often an integral piece of many individual’s financial plans, however, for such an important topic it does not receive the attention it deserves. I typically find that we often spend all our time focusing on how much we donate and completely neglect how we donate; when I refer to “how we donate” I mean the mechanism that we use to transfer money to the charity of our choice. As many people know, the most common ways to donate to charity are:
1. Sending employment income to the charity of your choice
2. Designating a charity as a beneficiary in your will
Both of these mechanisms are great ways to engage in charitable giving while at the same time decreasing your tax burden, however, if I told you that there is a way to donate more money to charity while at the same time increasing your cash flow you would probably tell me that I’m crazy, but in fact, there is a way to do so. Over the next two posts I am going to address two strategies that will allow you to do just this so stick around and I hope you enjoy this mini-series!