fbpx
U

The Big Give

December 20, 2013

 

giving

This week we dig into charitable giving, it’s a perfect topic for this time of year. Brian and Bo cover donor advised funds as well as some cool tax tips. We also discuss our goals for 2014 and give you a sneak peak of what to expect from us in the coming year.

Money-Guy News

Our social media sites are still fairly young and are quickly becoming one of our main focal points. So, we have decided to reward our followers with some really cool gifts. The Money-Guy crew is also going to team up with a charity that supports autism. Brian announced our apparel line, which will start with a couple of t-shirts. Brian is going to pay for the shirts up front and as they sell we are going to donate 100% of the proceeds. We are also looking for someone to volunteer some of their time if you are experienced with graphic design or printing t-shirts.

Charitable Giving

If you are donating clothes make sure that you are documenting the items you are giving and ask for a receipt that notes the clothes are in at least good condition. Always have a bank record or written verification from the receiving organization that details the amount given and the date of the gift.

Donor advised funds are always a great way to gift money or appreciated stock to charity. We are most familiar with Fidelity Charitable Gift Fund and Schwab Charitable programs.  If you need a large current year tax deduction a bigger donation can be made to the account this year and then you can grant the money or stock to the charity of your choice in later years. Essentially, when you make a gift to the charitable account you are making an irrevocable donation and are allowed to take the deduction in the year of the transfer. The down side is that if you grant the money to your charity in years following the transfer, there is no tax deduction because it has already been claimed upon the transfer.

FILED UNDER: Featured, Podcasts

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...