255. The Power of Generosity and Its Impact On Your Finances

In this episode of A Wiser Retirement® Podcast, we're joined by Missie Beach, CFP®, CDFA®, to discuss the power of generosity and its impact on your finances. Together, we delve into strategies for making charitable giving both tax-efficient and meaningful. Discover how to maximize tax benefits through techniques like donating appreciated securities and utilizing donor-advised funds. We also discuss the advantages of bunching deductions and the power of qualified charitable distributions from IRAs for individuals over 70½. Tune in to gain valuable insights on how the act of giving can transform both your financial well-being and the lives of others.

Related Podcast Episodes:
- Ep 196: Your Year-End Financial Planning Checklist
- Ep 190: Year-End Tax Moves: Planning Ahead for a Stress-Free Tax Season

Related YouTube Videos:
- Reduce Your Taxes and AGI by Giving to Charity
- What is the best way to take your RMD?

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- Schedule a Complimentary Consultation: Discover how we can help you achieve financial freedom.
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This podcast was produced by Wiser Wealth Management. Thanks for listening!

Transcript

The Power of Generosity in Finances

Speaker 1 0:00

Everybody obviously defaults to money. You know they think you're a generous person if you're generous with your money. But it's so much more than that. You know. It's your time, it's your heart, it's your kindness, it's your resources that you have, you know, outside of just your money. So it's you as a person.

Speaker 2 0:30

Welcome to. Why Is it Retirement? We believe the best financial advice should always be conflict-free. I'm your host, Casey Smith. Guiding you to financial freedom today is the award-winning world's best financial planner, Missy Beach.

Speaker 1 0:40

Hi Casey, hi Missy.

Speaker 2 0:44

All right. So we record our podcast typically about a week, week and a half out, and when it gets closer to the holidays we start recording sooner. Yeah, because, thinking this is an episode on generosity, I like to reward my team with about a week and a half off, or two weeks in some cases, over Christmas break.

Speaker 1 1:06

Very generous.

Speaker 2 1:07

Because that's the quietest time of year. All the clients are focused on their family and we should be focused on ours. So it's kind of weird, because this is the first episode that we've been able to talk about the election, which happened last night.

Speaker 1 1:23

So this is.

Speaker 2 1:25

This is this is when this is being recorded, and thinking about the holiday week, and maybe this is a time to reach out and be generous to people who maybe didn't vote the same way as you, or maybe we just keep our mouth shut so we don't ruin Thanksgiving for mom.

Speaker 2 1:42

Yeah, Know your audience, Know who your audience is. Just smile and move on through the week. I will say, from an economic standpoint last night I watched on two feeds I watched Fox and I watched CNBC, and I favored CNBC because that's all I'm really concerned about when it comes to elections is economics really Absolutely. And people have other issues. I vote down uh economic line and and I think I have to do that for this is what I do for a living right, absolutely so.

Speaker 2 2:12

So I thought it was very interesting to watch. The futures market at the beginning of the night was certainly favoring a trump win. Uh, crypto, specifically crypto, specifically Bitcoin skyrocketed probably in the second hour. Like by 8, 9 o'clock at night. It was through the chart. I was like holy crap, and then Parlay. So the betting size.

Speaker 1 2:35

This is kind of new this year. Oh yeah, that's so intertwined with elections.

Speaker 2 2:40

Yes, and mainstream media really won't reference it a whole lot, and I wouldn't either. I mean it's, it's, you know, I, my impression of it is probably just a bunch of white. See what happens in future, future years. But, um, just just be sure that you uh, uh, you reach out and and and uh, don't gloat too much, or, if you're very sad about the outcome, it's going to be okay. We have uh several podcasts where the king of data, andrew, has done uh all the data on this and if you only invest when your political, your favorite politician or party is in office, you lose big time, republican or Democrat, it's.

Speaker 2 3:35

The best thing is to stay invested and for everyone who was selling because they're concerned about a Trump win, you've lost a double digit gain, right. And then if you're concerned about about the future, you know what? It just doesn't matter. It just doesn't matter.

Speaker 1 3:54

Look at the history of the market.

Speaker 2 3:56

This is why I love watching the CNBC feed. If you look at the S&P 500 CEOs, those are very global companies now they all have ways of making money, no matter who's in office, because that's their mandate from their shareholders is to make sure that they turn profits.

Speaker 1 4:12

Absolutely.

Speaker 2 4:13

Right.

Speaker 1 4:14

So no one wants to lose money, everybody wants to rise up.

Speaker 2 4:18

Correct and the economy was in great shape. I did think from like a demographic standpoint, it was very interesting that the Republican Party seems to be the party of the working class people.

Speaker 1 4:29

Yeah, there's been a big shift.

Speaker 2 4:31

I saw that in Michigan especially. That's a big change. So we'll have to see how all this plays out over the next few years. Hopefully it just won't be four more years of litigation. It won't be for the first two. We know that. Nope, although the house is still too close to still too close to call. But when it comes to managing assets, you just got to participate in those really long graphs, that where the market's moving up drastically from the left to the right, and you only do that by staying invested and and not having any type of stock play that that tries to favor one party over another, another party. In the end, the S&P 500 is the hardest index to beat.

Speaker 2 5:17

Less than 2% of people do it, and it doesn't matter who's in office, so keep that in mind as you go into Thanksgiving week. It doesn't matter who's in office, so keep that in mind as you go into Thanksgiving week. All right, so let's talk about the power of generosity and the impact of your finances. We have we touched on this a little bit earlier to episode 254. This is episode, so this was our last episode Closing the year strong, key financial moves before year end. I did that with Shauna and it's going to touch on some of the things we'll talk about here as well. So first of all, missy, let's just define what generosity is.

Speaker 1 5:53

Oh well, everybody obviously defaults to money. You know they think you're a generous person if you're generous with your money, but it's so much more than that. You know. It's your time, it's your heart, it's your kindness, it's your resources that you have, you know, outside of just your money. So it's you as a person.

Speaker 2 6:19

Yeah, if you think about just kindness, it doesn't really cost you anything.

Speaker 1 6:26

No, it doesn't. It's so easy to be kind. Well, it should be.

Building Generosity for Financial Success

Speaker 2 6:30

I guess it should be yes, so I'm going to going back to our political theme here. I'm in the neighborhood of the opposing person that was running for president was.

Speaker 2 6:43

Signs are everywhere. And I'm the lone, my guy sign, okay, yes, right. And uh, I was watching and we have new neighbors next door, we have a lady who moved out. She'd been there for decades, um, so we have new, new, young, very young neighbors, young, child, I'm the old guy, all of a sudden Right. So I, I see, uh, I see the husband out there. He's, he's got, um, he's got his, his party sign. And then he did some kind of crude things with the skeleton, making fun of the candidate that he uh, opposes. And so I saw him outside trying to rake his yard with a rake.

Speaker 2 7:26

I'm like, first of all, we all have lawn services yeah, like no one has, but I do have a bat pat blower because I have a lot of trees and it gets really bad in between. Yeah, sessions.

Speaker 1 7:36

You like a tidy yard?

Speaker 2 7:37

yes, so uh, so I filled up the the bat pat blower and I walked it over there and I said, hey, you can use this. He said we have the same size yard. I'm like you'll, you'll get done about two hours, a few hours sooner.

Speaker 1 7:53

Did he use it?

Speaker 2 7:54

Yes, and he was like shocked that I came over. You know cause I'm the cause.

Speaker 1 7:58

You were from the other side Cause.

Speaker 2 8:00

I'm from the other side Right and the wife came out and talked and met the daughter and we had a nice little conversation.

Speaker 1 8:05

But see people can be friends In the end.

Speaker 2 8:08

We're all Americans.

Speaker 1 8:16

I mean, I don't take this stuff personally, but other people do.

Speaker 2 8:18

I thought he was going to give you a lecture about ruining the environment with the gas-powered leaf pack. Oh yeah, I know, right, yeah. I think someone might think that until they realize they're going to be raking their yard for like three hours and I do use that fuel that's biogradable Like- corn stuff. I don't know it comes in a can.

Speaker 2 8:37

You don't buy it at the store. I mean, you don't buy it at the gas station, you buy it at the hardware store, so it's eco-friendly, even though it's a way to go. I know right, I'm just lazy, I don't want to do the mix, okay, um, but anyway, so that that's just as an example. I'm not trying to pat myself on the back, that's just an example of just being kind to people. Um, if you see, see that people need something, you know help them. I'm probably the worst at driving. You know you're driving down the road and people are trying to get out, let them in.

Speaker 1 9:07

What does it matter? But you know what, if you let someone in, how about the little hey, thanks, man, that's all I want in return? I'll let you in all day long. Just give me a little a little wave.

Speaker 2 9:21

I feel like everyone has tinted windows Now you can't see them anyway.

Speaker 1 9:24

That's what John says. My husband says, missy, they're waving at you behind their tinted windows. Trust me.

Speaker 2 9:30

If they have a truck, like every truck I see on the road now has these dark tinted windows. You can't see anybody inside.

Speaker 1 9:35

Yeah, I know.

Speaker 2 9:36

Or the sports cars for that matter.

Speaker 1 9:37

But you know what?

Speaker 2 9:47

It's all about science of generosity that it like makes you feel better and like releases endorphins and it's good to be generous.

Speaker 1 9:51

So this person's in need. I have to help them. I know Like I'm sorry you made that poor decision to get over six lanes on 75,. You know, at the last minute but sure, Let me help you bud.

Speaker 2 10:01

Well, okay, let's just be clear. When we're, when we're crawling up, you know the neighborhood streets happy to let people in. On the interstate it's a little bit different because we're moving so fast.

Speaker 1 10:10

Survival of the fittest. Yes.

Speaker 2 10:12

Survival of the fittest on the interstate, All right, Because I have to slow down and then you know after my car accident any time, which one. No, I was only in one.

Speaker 1 10:21

Oh, okay, but the really bad one.

Speaker 2 10:23

And so anytime I'm on the interstate and people are stopping my shoulder's tense, I'm waiting to get you know be the sandwich again. But yeah, it's just little things. Understand that you know your neighbor's spouse passed away or you know what can you do to help them. Maybe that's where you can step in and take care of the yard for the widow.

Speaker 1 10:42

Yeah, exactly.

Speaker 2 10:43

It's the little things that that make, I think, make a difference in people's lives. Uh, one one thing that uh we can go back to science on this is a it's a term called the helper's high. So you know you help someone and it actually benefits you, um by by being the person um helping. Uh, you think about generosity through relationships A lot of times. They're time. I think that the younger generation as a whole probably doesn't do the best job of listening to the older generation. I'm not talking about us, but, like our grandparents, our parents, their grandparents.

Speaker 2 11:19

There's just so much wisdom there of a life well-lived. Why don't we tap into that more? Why aren't we connecting people with younger generations? You? Know, in some families I think it's a very tight is a very tight um sense of mentorship. But I don't see that as common in our culture now where it is in other cultures.

Speaker 1 11:38

Yeah Well, asking the right questions to our elders. You know, like, what did you do? What would you have changed? You know how did you approach this, why did you make that decision versus this decision? To understand you know what challenges they faced and why they did what they did.

Speaker 2 11:57

We face it here. You know, you and I have two long career, hard careers in financial services and me upstarting a firm and you trying to navigate the industry as a woman.

Speaker 1 12:07

Yeah.

Speaker 2 12:07

You know, we won't say how many years ago, but it's a while ago.

Speaker 1 12:10

Thank you.

Speaker 2 12:13

But just telling our 23 to 24 year olds now is like you guys got it made, because we built this for you.

Speaker 1 12:20

Exactly.

Speaker 2 12:21

They have no clue. No, they know. They think this is normal. We built this for you Exactly. They have no clue. They think this is normal. So, yeah, so let's talk about financial generosity in terms of wealth building. So you think that if you give away a dollar, you have a?

Speaker 1 12:36

dollar less. Yeah, I know that's a common misperception. I think that some people have, when it's time to give, they're like, oh well, if I give 10,000, that's less 10,000 in my brokerage account. They forget about, like that happy feeling that they're going to get by, what that 10,000 does on the other side.

Speaker 2 12:59

Yeah.

Speaker 1 12:59

You know? Sure, but 10,000 less on their account statement. But what does that really mean to them? In most cases it means nothing to them. But it means so much on the other side. So that's what you focus on and you're not giving, because of you know, some economic benefit to you. You're giving out of the goodness of your heart.

Speaker 2 13:22

Yeah, and I would say an overwhelming majority of our clients are church going Christians that are. We see them at least on their tax return or giving 10%. Oh yeah, and so with those families that I see that give. They seem to be getting more like these. It's like these, these uh, I got this new business deal, or I got this, whatever, and it just seems that it comes right back to you.

Speaker 2 13:50

Oh yeah, hard for me to explain that, but, uh, for those families that are that are doing that, I don't think that they're ever without need. No, exactly, and most of them are without want.

Speaker 1 14:02

It's amazing how it all just works out like that, and you know every new income item. Their first thought is always like well, take the 10% off and then, like you know the net to me, like without hesitation, they always do that and so they just have this giver's heart. That's just inherent, and I love it.

Speaker 2 14:24

Yeah, and then a lot of times the families go above the 10. They believe that the 10 is what is asked of them and then above that is what they give extra with their heart. So, thinking about that in your own family, if that's important to you, we certainly see that being successful for many families.

Maximizing Charitable Giving Tax Benefits

Speaker 4 14:53

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Speaker 2 15:38

Let's talk about, you know, giving money from just from a pure tax benefit standpoint. So let's forget about the good feelings, the heavenly rewards, the earthly rewards of giving. You put all that aside and you're just a spreadsheet guy and you just want to look at this spreadsheet. Is it worth giving something?

Speaker 1 16:01

Yes and no something um, yes and no. Yeah, you know, with the standard deduction so high these days, a lot of people aren't itemizing. So maybe that you know five hundred dollars to the cancer society isn't going to change your tax return right, but and how would you know that?

Speaker 2 16:19

so, if you, so, if you're not getting above the standard deduction, which is Close to $30,000 for me For 2024?.

Speaker 1 16:27

Yeah.

Speaker 2 16:29

So if you're not deducting more than $30,000, chances are you're not getting it right off for your Exactly your charitable contribution.

Speaker 1 16:36

Yeah, and state and local taxes are still capped at $10,000. So that's all the Georgia tax. You pay all your property tax that's all limited at 10,000 right there.

Speaker 2 16:48

Right, so you just have a pretty big mortgage.

Speaker 1 16:50

Yeah, you'd have to have a lot of mortgage interest and most people these days have locked in a low rate so they're not racking up a lot of mortgage interest. So it's really common for people just to take the standard deduction and that's not a bad thing. So it's really common for people just to take the standard deduction and that's not a bad thing. So it's great that it's so high. It's simplified a lot of people's tax situations. But then, yes, you're not itemizing, so you're not really taking charitable deductions. You know line for line. So that's not the end of the world and it shouldn't disincent you from giving to charity.

Speaker 2 17:24

Yeah, but in some cases, uh, if you give enough, you're gonna get over that amount. Oh, yeah, and so you might think about maybe okay, this year I'm going to put $30,000 into the giving category, or $40,000. So you're now over the exclusion plus the other stuff. So you're probably well over the exclusion at that point.

Speaker 1 17:44

Well, and that's a good point, casey so maybe you bunch your deductions every other year and maybe you give a lot in 2024, so you get over the standard deduction and you give a lot to charity that one year so you can itemize. And then 2025, you don't itemize, you just take the standard and then you give your big charitable deduction the next year. So it's every other year. But then another point for listeners to take in is that even if you're not itemizing, a good way to give assets to charity is appreciated securities. So even if you're not going to itemize it on your tax return, you can give your gift of appreciated securities to your eventual charity because you're not going to pay tax on that gain. So say, you bought Coke shares back in, you know who knows when. For a thousand dollars they're worth 5,000 now. Well, just give those shares directly to your church and they'll get $5,000 of market value. You'll get a $5,000 charitable deduction and you won't pay tax on that $4,000 of appreciation.

Speaker 2 19:02

And neither will they, because they're a nonprofit.

Speaker 1 19:04

Exactly so. Even if you're not itemizing, you've just avoided $4,000 of long-term capital gains.

Speaker 2 19:11

Yeah, and that's just in brokerage accounts, by the way you couldn't do that with your IRA.

Speaker 1 19:16

No, oh, IRAs. Whole new opportunity though.

Speaker 2 19:19

Yeah, if you're the right age, right.

Speaker 1 19:21

Yeah, 70 and a half. So if you're 70 and a, half or older, you could gift. So when you have her older, you could gift Up to $105,000 from your IRA directly to the charity and avoid all ordinary income tax on it, which is huge. So if you've got a large charitable intent, that's the way to get all these dollars out of your IRAs.

Speaker 2 19:46

For a lot of these families that are giving 10%. They do it out of their social security and their pension or whatever. What we're telling them is hey, let's give money out of your 401k or your IRA and just give it to the church annually.

Speaker 1 20:00

Yeah.

Speaker 2 20:01

And they're like yeah, but they're not. They're going to wonder why I'm not putting money in the offering plate every Sunday. It's like no we'll just make a phone call. Just make a phone call, knock it all out. I'm going to give it annually now.

Speaker 1 20:11

Yeah, churches are pretty excited when they lock in that gift all at once.

Speaker 4 20:15

That's true.

Speaker 1 20:15

Which is much better than the weekly offering plate.

Speaker 2 20:19

So if your RMD required minimum distribution is $5,000 and you gave $5,000 to the church, then that RMD is no longer counted as income.

Speaker 1 20:28

Exactly, and married spouses can each do $105,000. So if you have a husband and a wife, each with big IRA balances, they each could dump that out. Another cool thing with all these baby boomers that are inheriting IRAs from their parents and don't have a need for the income that they've got to take slowly over 10 years, as long as you're 70 and a half and you've got to take an RMD from an inherited IRA, you could also do that as this qualified charitable distribution. So you just got to meet that magic age requirement of 70 and a half.

Speaker 2 21:12

Makes sense. Another thing you do is donor advised funds. We have lots of podcasts on this in our 255 episodes, but basically donor advised fund is just a brokerage account. You can do that we use Charles Schwab, you can do it through other organizations as well but you basically you give all your money in one time. So let's say you give 30, 40, $50,000. I think the minimum is 10, I believe, to get into the program. That money can be invested and you get a one-time donation of whatever you put in that year. The money goes into the account. It can be invested. You could take the income or all of it if you wanted to and donate that to any 501c3.

Speaker 1 21:56

Yeah, over any time period, so it doesn't have to be all the year that you fund it.

Speaker 2 22:02

So we've worked with some clients that have retired young, that have young children, so upstart business, sole business. Now they don't really have to work. They do different projects or they're attempting to redo what they did the first time make more money. Um donor advised fund is something that they use with their kids. So they put all this money in there and then they go to their kids every Christmas or the holiday season and they say, okay, the earnings from this account were X and we want you to pick out one organization each. We want you to volunteer three to five hours at that organization and then we're going to give them the Christmas donation for that year. So it's a great way to teach your next generation about generosity.

Speaker 2 22:47

I've often thought about that with grandparents too. A great way to put something in there and then say, hey, we're going to volunteer and do this. I was on a roll with that with my family for a little while and covet absolutely wrecked it. We used to do the um santa for uh, salvation army oh yeah, we would actually all go out and go shopping.

Speaker 2 23:06

And it was a it was the it was a dollar gift to the kids from the grandparents and we would actually all go out and go shopping. And it was a it was the it was a dollar gift to the kids from the grandparents that we would go shopping with that and buy it for the whole, for a whole family. So we buy a whole family's Christmas and then, after, after COVID, they got weird about that, don't you?

Speaker 1 23:24

Yeah, it hasn't been the same, it just changed. But that is impactful when you do a physical volunteer thing coupled with a monetary donation, because then it's, it makes it real. Yeah, you're right. Right, I mean kids can relate to that versus saying, yeah, sure, send some money to make a wish.

Speaker 2 23:44

Yeah.

Speaker 1 23:44

You know, that's just kind of.

Speaker 2 23:46

I've always wished I could do a mission trip with my children to a third world country.

Speaker 2 23:52

It never quite happened, but that was something that was in the back of my head. It's like I just need to put them on a plane. We're going to fly to Haiti and we're going to help other families and I don't know if that, you know, maybe make an impact, maybe not, but those are things to think about. Maybe make an impact, maybe not, but those are things to think about. So, in the end, you know I don't know that unless you're selling a business or you have a large influx of cash I don't know there's a huge tax case for making donations.

Speaker 2 24:22

Oh yeah, I mean, that was one of the criticisms in the past was that the government was taking away the incentive, the incentive to give. People still give clearly.

Speaker 1 24:32

Absolutely.

Speaker 2 24:33

I think also, too, is a legacy. Think about what you want to do to create a legacy.

Speaker 2 24:39

You know for me. I'm I'm passionate about a couple of things, but one of them is the students at Berry college as a college I went to. One of them is the students at Berry College. That's the college I went to, and so I put the seed money in for this called the Dean's Endowed Opportunity Fund. So the fund will live forever, but the earnings from the fund go to students to get opportunities above and beyond the classroom.

Speaker 2 25:08

So we have two kids right now young adults they're all kids Two young adults that are working on their CFA Chartered Financial Analyst designation so that they would do level one while they're in college. Well, they don't have the resources to do that on their own. We have students that want to go interview for an internship, but they don't have the right clothing. Kids today don't have suits and ties, and a lot of people at Berry college uh, I was shocked by this when I saw the stack. I went to the school I didn't feel like it was this way when I was there, but a lot of our first generation students and they come from families that are working hard to get them there.

Speaker 1 25:48

Okay, right.

Speaker 2 25:56

So it's not. It's not your, it's, I wouldn't even say it's middle-class upper families. There's a. There's a lot of people that are struggling to be middle-class that are going there and they're hoping, you know, they get an education, they'll go back home to the rural part of the state or whatever, and go back to work.

Speaker 2 26:06

Agriculture is a big degree there, businesses too, but ag program for sure. So, anyway, this opportunity fund is something that will live forever. It's not in my name. I didn't want it to be in my name and I'm just the seed money and someone's already matched me. But these are things that you can do to go back to your organization and say, hey, I want to do something to help. I think we have so many airline pilots here. What could you do with your alma mater or wherever you learn to fly, to help someone pay that tuition, to get over the hurdle, to go to school?

Speaker 2 26:39

Yes, what are things that you can do to help the person behind you? How could you volunteer your time to help people as they want to pursue their love for?

Speaker 3 26:51

aviation or finance, or whatever right.

Speaker 2 26:54

So these are different things that you have to think above and beyond yourself. I often think about Donald Miller. You know his whole message has always been so. He's the guy that we model a lot of our marketing off of. But he has written other books as well. He's written a lot of books, actually, but he has one called hero on a mission and then the hero in a mission book he talks about.

Speaker 2 27:17

He has written his eulogy, which is weird, but he's written his eulogy and every morning he wakes up and he reads his eulogy because this is what he wants to be remembered for making an impact in people's lives. And blah, blah, blah, blah. And he's a dad now. So I'm sure he's added something about being a father in there, but it it's. It's kind of. It's kind of a neat way to live your life. And you're thinking about the end, and what do you have to do now to make sure the end is the way, is the end that you think you're going to have? And I think that's where all this generosity and talk about giving and of your time and resources comes into play.

Speaker 1 27:51

Yeah, how you want to be looked at in reverse.

Speaker 2 27:55

Yeah, think about it. All right, missy. Thank you for doing this with me, and I will say that these are generosity, and being kind is something that we should focus on over the holidays.

Speaker 1 28:11

Kindness is free.

Speaker 2 28:15

Despite some interesting family conversations. If you'd like to learn more about Wise Wealth Management and work with one of our award-winning financial advisors, you can do so by going to wisenirinvestorcom or follow the show notes here. Thanks for listening and we'll see you guys next time.

Speaker 3 28:31

Thanks for listening to a Wiser Retirement Podcast. We hope you enjoyed today's episode. Make sure to subscribe wherever you're listening. That way you don't miss any new episodes. We'd also appreciate if you could leave a rating and review. If you have any questions about anything that was discussed today, head to wiserinvestorcom and reach out.

Speaker 3 28:54

This episode was produced by Rachel Dotson. This podcast is strictly for informational purposes only and is not to be considered as investment advice or a solicitation to buy or sell any financial products, securities, digital assets or any other investment vehicles, or a basis to make any financial decisions. Wiser Wealth Management Incorporated is a registered investor advisor with the SEC. The host and or guests may personally own securities, digital assets or other investment vehicles mentioned on this podcast. Neither the host nor guests of the show are compensated for their participation and no referral fees are paid to or received by any host or guest for clients, listeners or similar interests. Investments involve risk and, unless otherwise stated or not guaranteed, be sure to first consult with a qualified financial advisor, tax professional, insurance professional and or legal professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.