The Goods on Giving

Today is Give Local Piedmont! Now in its 10th year, the Give Local Piedmont fundraising drive presented by the Northern Piedmont Community Foundation partnered with the PATH Foundation is a day of inspiring community members to give to support the many non-profit organizations based in the Piedmont area.

Serving our community in a caring manner is one of Meridian’s core values. We believe in investing in the people and organizations around us. All of us here at Meridian are active on non-profit boards, take advantage of volunteer opportunities and are involved in community programs because we believe in giving back.

When it comes to finances and investing, your individual core values may impact your financial decisions, strategies, and objectives. Understanding the things that are important to you – philanthropy for example – can help your financial planner determine the best plan to achieve your goals and while staying within your comfort zone.

From Dr. Daniel Crosby’ BeFi20 Financial Behavior analysis, every person has a Financial Persona. For example, a “Giver” is defined as the following: “You see money as a powerful tool for the collective good. You understand that building wealth is a function of good luck and skill, and you’re eager to share with those less fortunate. But remember: You can’t pour from an empty cup.”

If your financial persona is that of a Giver, here are three ways that you can have a positive financial impact without sacrificing your own financial growth and success:

  • Explore taking a Qualified Charitable Distribution (QCD) from your IRA as your required minimum distribution (RMD). A QCD is the process of sending a distribution from a pre-tax IRA directly to a charity.
  • Consider gifting highly appreciating intangible assets such as stocks, ETFs, and mutual funds held in taxable accounts directly to a charity.  Not only does this provide the donor with a tax deduction for the full donation amount, but it potentially eliminates the capital gains taxes realized if the donor were just to sell the assets and donate the cash proceeds.
  • Think about ESG investing. ESG is short for Environmental, Social, and Governance investing and is considered to fall underneath the umbrella of sustainable investing. ESG investments seek positive returns and long-term impact on society, environment, and the performance of business.

This month my community impact will be volunteering as the photographer for the Boys & Girls Clubs of Fauquier’s Annual Charity Golf Outing. I am looking forward to supporting the Boys & Girls Club and enjoying a (hopefully!) sunny day.

Two men playing golf on a green field
I had a great time photographing the Boys & Girls Club of Fauquier’s Annual Charity Golf Outing last year and am looking forward to being back!
Categories : Financial Planning

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