We’re great savers. Probably good earners, too. But what about givers?
The FI community excels at building wealth, but often, we’re laser-focused on accumulating it for ourselves. Is that fair? Does that make us selfish?
I’m not sure. On one hand, taking care of yourself should be step one - like the old adage goes: “Put on your own oxygen mask before helping others.” And I think there is a lot of validity to that.
But here’s the thing: we’re not on a crashing plane. We have time to reach FI and help others along the way.
That said, it’s not always easy. Many of us in this community struggle to spend money on ourselves, let alone give it away. But generosity isn’t just an act of kindness. It’s also a powerful way to let go of a scarcity mindset and embrace abundance.
When it comes to the question of when to give, I could make both a mathematical and emotional case for giving now or later. But with the level of wealth you're likely to build over your lifetime, I can almost guarantee giving will become part of your journey at some point.
Whether you decide to start giving during your FI journey or wait until you’ve reached your goals, one thing’s for sure: if you’re part of the FI community, you’re going to want to figure out how to give in the most optimal way.
My friend Spencer Reese from Military Money Manual has been figuring out how to do just that. In today’s episode, Spencer and I dive into how charitable giving can reduce your taxes, what a Donor-Advised Fund is (and why you might use one), and how to find nonprofits that align with the causes you care most about and are making the biggest impact with the money given to them.
Key Takeaways:
- How to get more comfortable donating your money
- Ways to balance your FI goals while supporting causes you care about
- How charitable tax deductions actually work
- What a Donor-Advised Fund (DAF) is and why it might be right for you
- The easiest DAF platform for first-time donors
- Why donating appreciated stock can be a powerful giving strategy
- How to find ethical, effective nonprofits to support
- Tips for deciding how much to give (and when)
- Whether it’s better to donate now or wait until you’ve reached FI
More of Spencer:
Check out Military Money Manual Podcast: https://militarymoneymanual.com/podcast/
More of FI Minded:
Email Justin at Justin@FIMinded.com
Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/
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