The Art of Giving: A Lifetime Endeavour
For many, the concept of wealth distribution is often considered posthumously, as part of a will or a legacy left behind. However, I strongly advocate for a different approach: giving generously during one's lifetime, or what I like to call "giving with a warm heart, not a cold hand." This approach not only transforms the lives of recipients but enriches the giver's experience, making their lives more meaningful and fulfilling.
The Immediate Impact of Warm-Hearted Giving
Seeing the Difference
One of the most compelling reasons to give during one's lifetime is the ability to see the impact of your generosity. Unlike bequests or end-of-life giving, donating while you are alive lets you witness how your contributions help family, change lives, support communities, or drive progress in causes you are passionate about. This immediate feedback can be incredibly rewarding and can even guide further giving, shaping it to be more effective and impactful.
Building Relationships
Giving fosters connections with those you are helping. Whether it's through charitable organizations, community projects, or individual support, you become part of a story of change and improvement. These connections can deepen your understanding of different life experiences and build bridges across communities.
Financial and Tax Benefits
Smarter Giving
Understanding the financial implications of giving can also encourage a more hands-on approach. By strategically donating, you can enjoy tax benefits while still alive, potentially allowing you to give even more. Charitable donations are deductible and immediately removed from an estate, providing a financial incentive to give now rather than later.
Trusts and Foundations
For those with substantial wealth or a deep desire to give back, setting up a charitable trust or foundation can be a way to manage how your assets are used for good, ensuring a lasting impact that reflects your personal values and goals. I work closely with the Essex Community Foundation to help people set up their own charitable foundation to support local causes.
The Psychological Benefits
The Happiness Factor
There's a profound sense of joy and fulfilment that comes from giving. Studies have shown that altruism not only benefits the receiver but significantly boosts the happiness and health of the giver. This phenomenon, often referred to as the "helper’s high," arises from contributing to the wellbeing of others, reinforcing the concept that generosity is as good for the giver as it is for the recipient.
Legacy in Action
Giving now allows you to craft and witness your legacy in real time. This can be particularly meaningful for those who want to ensure that their wealth is doing good according to their principles and vision. It's a way to shape how you're remembered, not just in terms of wealth, but in the values you championed and the differences you made.
Ethical and Moral Considerations
The Responsibility of Wealth
For those who have accumulated 'more than enough', there's a growing debate about the moral responsibilities that come with it. By choosing to distribute wealth throughout your life, you're actively participating in reducing inequality and addressing immediate needs, rather than hoarding resources until after death.
Conclusion
Giving with a warm heart, not a cold hand, isn't just a philanthropic strategy; it's a lifestyle choice that can enrich the giver's life immeasurably. It breaks the traditional mould of wealth distribution, encourages active engagement in societal improvement, and brings a host of emotional, psychological, and financial benefits. By choosing to give now, you're not just investing in others — you're also investing in a richer, more fulfilling life experience for yourself. So, why wait? The time to make a difference is now, with a warm heart that truly feels the joy of giving.
