Host: Beth Renner, National Director of Philanthropic Services at Wells Fargo Private Bank
Beth: How much money do you need to give away to be a philanthropist? What recognition do you need to receive to consider your charitable impact meaningful? If these questions make you feel frustrated, or uncomfortable, consider yourself human. I’m Beth Renner, National Director of Philanthropic Services at Wells Fargo Private Bank, and I’m your host for Your Financial Journey, a podcast series that explores questions that families of wealth commonly face.
Being charitable and giving of yourself for the benefit of others might be the most meaningful thing a person can do in life. When it comes to giving, there are many ways to bring meaning to your gifts and to bring value to the cause you serve, your family, and yourself. Broadly speaking, there are four ways to do this—through
One of the most precious and scarce resources we have in life is time. Your time is one of the most valuable gifts you can offer an organization or cause. The gift of time is not limited to the wealthy, and there is no age requirement for investing time in something we care about.
Another meaningful gift can come in the form of offering up one’s talents in a way that can benefit others. I know of doctors and dentists who travel to different countries to offer their services to those who cannot afford it or don’t have access to care. Using your talents as a means of being charitable can be a creative and fulfilling way to help others.
The third idea is around treasures. Giving treasures or financial resources is a conventional way many people give. We may automatically assume that those who give financially are those who are considered wealthy, but it also might be the case that a young person earning a modest wage commits to giving a percent of all they earn to causes they care about. Giving at all stages of our lives is a great way to remain humble, grateful, and grounded.
Lastly, we can give through our ties or networks. Some charitably inclined people make their biggest impact by leveraging their ties with others. Take, for instance, an individual with a large social media following. It may be more impactful for them to rally support for a cause than it would be to give their own money away. So be an advocate for your cause with your circle of influence.
How can you seek to enhance the impact and significance of your giving? Consider examining these four tips to determine which will be the most beneficial to your cause, your family, and yourself.
To learn more about how you may enhance the meaning in your giving, contact a financial professional at Wells Fargo Private Bank. Thanks for listening to this podcast.