Should You Have A Money Rule To Give To Charity?

by Hank Coleman

7 Money Rules for Life by Mary HuntDo you give money to charity? You’re not alone. In fact, the National Philanthropic Trust and the Center on Philanthropy at Indiana University found that 88% of all American households give to charity. And, the average annual gift to charity is over $2,200 per family. We are a nation of givers.

Giving is an important step in our own personal finance journey. There is a reason why Dave Ramsey includes it in his last baby step of his popular book, The Total Money Makeover. Author Mary Hunt also lists giving as a money rule. It is one of seven in her book, 7 Money Rules for Life: How to Take Control of Your Financial Future.

Should You Have A Money Rule To Give To Charity?

In this episode of the Money Q&A podcast, “Your Money: Your Choices”, I interview Mary Hunt about her book, 7 Money Rules for Life: How to Take Control of Your Financial Future, and I specifically talk to her about the importance of giving.

We talk about how giving can increase your own financial position. I specifically asked Mary about giving while we’re going to church. I wanted to know if we were talking about more than simple tithing. Or, are we talking about other forms of giving?

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“I’m talking the big picture. I’m talking about generosity.. of having a generous spirit, of being generous with others but cheap with myself,” said Mary. “I think that gratitude, that whole expression of, ‘You know what, when it’s all said and done, I may not have it all, but I have enough.’ And, the way that we can live that out and help to quiet those insatiable desires. You know, the pull of the culture is so strong…”

Mary Hunt and I discussed all facets of giving and how it adds to our own financial wellbeing. How does giving increase our own financial wealth? How much should we give? How should giving be incorporated into our financial plans and goals? These are all questions that I tackle with Mary Hunt on this episode of “Your Money Your Choices”, the Money Q&A podcast. Of course there were a lot of other money rule questions about giving that I asked. Be sure to check out the episode.

Who Do You Trust To Talk To About Your Finances?

Additionally on this episode of the podcast, I talk with Eric Jones, senior managing director, advisory solutions at TIAA-CREF about the company’s Second Annual TIAA-CREF Financial Advice Survey which revealed very interesting data about who you trust to receive financial advise from. It is not always your financial advisor. You won’t want to miss this great discussion.

Some Interesting Findings From 2nd Annual TIAA-CREF Financial Advice Survey

  • 48% of Americans say it is hard to know who to trust for financial advice
  • 37% of Americans say they don’t like talking to anyone about their finances
  • 46% say they need a trusted place for financial advice now more than ever
  • Over 40% of Americans think that they can’t afford good financial advice
  • Over 33% say they don’t have the time to get the proper financial advice

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“Your Money: Your Choices” Podcast

Roth IRAs, CDs, stocks, insurance, your 401K . . .what are the right choices for your financial future? Your Money: Your Choices will clear out the cobwebs and confusion surrounding these concepts and more with clear and concise information.

You’ll hear tips and tools that you can put into action right now to help save your hard earned income in way that will protect your future for a healthy retirement. Whether you are a single mom or a father of five, “Your Money: Your Choices” will get you on track and put your money back in your control where it belongs!

Past Episodes Of “Your Money  Your Choices”

  • Episode #18 (10-7-13) – Can You Be Too Frugal? Is There Such A Thing As Being Too Frugal?
  • Episode #17 (9-15-13) – How Not To Buy Cat Food When You Don’t Own A Cat
  • Episode #16 (9-2-13) – Put Your Money Through Boot Camp – Soldier Of Finance By Jeff Rose
  • Episode #15 (8-26-13) – What Young Adults Need To Know About Money When Starting Out
  • Episode #14 (8-19-13) – How To Make Money Investing Like College Endowments
  • Episode #13 (8-12-13) – Money Conversations Parents Need To Have With Their College Freshmen
  • Episode #12 (8-5-13) – Don’t Hide Your Head In The Sand When Planning For Retirement
  • Episode #11 (7-29-13) – Investing In Gold For Your Retirement Accounts
  • Episode #10 (7-15-13) – Interview With Gary Vaynerchuk & Getting Through Burning Out
  • Episode #9 (6-24-13) – What Is Your Magic Retirement Number?
  • Episode #8 (6-10-13) – Life Insurance Policies That You Do Not Need
  • Episode #7 (5-20-13) – Why Everyone Needs To Have A Will And An Estate Plan
  • Episode #6 (5-6-13) – Increase Your Investment Return With Peer-To-Peer Lending
  • Episode #5 (4-22-13) – Living Your Life And Completing Your Bucket List
  • Episode #4 (4-8-13) – How To Incorporate Your Values Into Financial Planning
  • Episode #3 (3-18-13) – You Need A Side Hustle To Earn Extra Income
  • Episode #2 (3-4-13) – Conquering Your Debt With The Debt Movement
  • Episode #1 (2-18-13) – Everyone Should Be An Entrepreneur
Would you like to be a guest on a future episode of the podcast? Send me an email? hank [at] moneyqanda.com

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About Hank Coleman

Hank Coleman is the founder of Money Q&A, an Iraq combat veteran, a Dr. Pepper addict, and a self-proclaimed investing junkie. He has written extensively for many nationally known financial websites and publications. Hank holds a Master’s Degree in Finance and a graduate certificate in personal financial planning. Email him directly at Hank[at]MoneyQandA.com.


Hank Coleman has written 586 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.


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{ 6 comments… read them below or add one }

Bryce @ Save and Conquer

We give directly to education, our son’s school and our alma maters, as well as the local food bank. I just couldn’t be happy knowing there are hungry people in my area if I didn’t do something about it. And education is one of the keys to prosperity. We also give a lot to UNICEF. My wife and I don’t expect anything in return other than the hope that we are making the world a better place for someone.

Reply

Levi Blackman

I give a lot to organizations I am close to. The American Diabetes Association and the American Heart Association. I also give to many of the local education institutions like the University and different library groups. I think donating makes me feel like I am doing something with my life and my wealth. I don’t need as much if I can give to others. It really does help a lot.

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dojo

I don’t like to have a set percentage to give each month since my main focus is MY family. If giving to charity this month means I won’t be able to pay for something important for us or feed my child, I’ll chose our needs before everything else.

This doesn’t mean I’m a meany who doesn’t give to charities, it means I do it when I feel like it (and have some extra cash), not because of a rule. I also help directly the ones involved or small local charities (where I can clearly see what’s being done with my money) instead of big charity trusts. If I help, I’d like to know I’m not buying someone a new Mercedes, but that my help goes directly to those in need.

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Jack @ Enwealthen

We set aside a percentage of all our income to give to charity. It’s always organizations we have a connection to, either support groups, alma maters, etc. as a way to help the organizations help others in the ways they have helped us in the past.

Of course, being married we compromise on how much we give and to whom, but as long as we’re giving back, we’re both happy.

Reply

Fig @ Figuring Money Out

Giving is so important! I don’t give a set percentage right now but want to one day. Right now I just give where I can.

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Michelle

If we cant give financially, we given our time instead.

Reply

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