Becoming The Change You Wish To See In The World

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Tips to be the change you want to see in the world

Women are ready to change the face of philanthropy. More than 90% of high-net-worth women gave money to charity.1 Since women often play a significant role in educating and giving to other family members, their philanthropic impact may far exceed their individual efforts.

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Engaging in philanthropy – as an individual or as a family – can be one of the most meaningful and transformative aspects of your life. The benefits of charitable donations are not measured only in the dollars you donate or the financial benefits you receive. When charitable donation is associated with issues, values ​​and causes that are collectively important to you and your loved ones, it becomes more than a gesture or a transaction. It enables children, parents and grandparents to work together towards solving real problems in your local community or the world at large. In this way, giving becomes a family affair, or even a family tradition, passed down from one generation to the next.

Getting Started With Effective Charity

Every dollar you put into the world has an impact, but how do you make sure your charitable donation aligns with both your values ​​and the change you see in the world? Here’s a quick roadmap for practicing strategic giving and maximizing your impact.

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Step 1. Find your philanthropic passion. The first step in your giving journey involves finding your philanthropic passion. Begin the process of purposeful altruism by considering what matters to you and what you hope to achieve. Ask yourself the following questions:

In which area would we like to take interest from our philanthropy?

What criteria will we use to identify which organizations to support?

How important is it to have control over how our gifts are used?

How do we measure our impact?

Creating a personal or family mission and vision statement around philanthropy helps ensure that your giving is guided by a coherent set of values ​​and goals. Once you’ve established your guidelines for giving, you’ll want to identify the causes, issues, and organizations you want to support. Charity-ranking organizations such as Charity Navigator or BBB Wise Giving Alliance can be useful for assessing a nonprofit’s financial health, operational transparency, and accountability in reporting on progress.

Step 2. Choose a method of giving. There are many ways to give back, whether you choose to give money directly to a charity, volunteering your time or donating your time to a non-profit organization to create a financial vehicle. Each of these methods has its advantages and disadvantages, and your financial advisor can help you determine which method of charitable giving will allow you to practice purposeful philanthropy while pursuing your other financial goals.

Step 3. Practice strategic giving. You want your donations to count, and you want to know that your charitable dollars are making a meaningful difference. To maximize your impact, you might consider merging your donation with other like-minded individuals and families who support a similar cause. Or, you can choose to tie your gifts to specific programs or initiatives so that you can track the effectiveness of your charitable dollars. It’s also a good idea to stay connected with the nonprofit organizations you support by requesting impact reports or even communicating with their leadership to understand their progress.

If you’re interested in engaging in effective philanthropy but aren’t sure where to start, your Morgan Stanley financial advisor can connect you with professionals who will deliver results-oriented, strategic planning for your philanthropic vision and values. can help you translate.

1 Milken Institute. Milken Institute report examines ultra-high net-worth philanthropy, provides recommendations for incentivising, June 15, 2020.

Disclosure:

Article provided by Morgan Stanley and courtesy of Morgan Stanley Financial Advisors.

Rupa Jack is a wealth advisor at Morgan Stanley Smith Barneys LLC in Napa, CA. He can be reached by email at [email protected] or by telephone at 707-254-4432,[HerCaliforniaandArkansasInsuranceLicense#0C75735Herwebsiteis[HerCaliforniaandArkansasInsuranceLicense#0C75735Herwebsiteis[उसकाकैलिफोर्नियाऔरअर्कांससबीमालाइसेंस#0C75735।उसकीवेबसाइटहै[HerCaliforniaandArkansasInsuranceLicense#0C75735HerwebsiteisSonoma Wealth Management Group | Napa, CA | Santa Rosa, CA | Morgan Stanley Wealth Management,

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