Anonymous
Post 12/09/2023 13:58     Subject: Re:Charitable Giving by Income/NW
Anonymous wrote:
Anonymous wrote:150k/10M/1k

We’re paying off student loans and have twin babies so not giving much unfortunately


$10 million net worth with a $150,000 income? And you can only afford annual charitable giving that amounts to 0.01% of your net worth? Yeah, I’m calling BS all around.


DP here with similar numbers to the PP, although our HHI is a little lower and our NW is a little higher. Inherited wealth. Not BS.
Anonymous
Post 12/09/2023 13:53     Subject: Charitable Giving by Income/NW
Anonymous wrote:
Anonymous wrote:Last year we were 500k/600k/8k. (Before people jump at us, we’re in our 20s and paying off law school debt..)


Why don’t you take some savings to pay off your student loans? Or is it all in a house
trying to buy a house, and we’re almost done with the payments now.
Anonymous
Post 12/09/2023 12:28     Subject: Charitable Giving by Income/NW
Anonymous wrote:Wow, it’s shocking to me how many high earners and high net worth give nothing and are proud of it. Or come up with excuses like non profits are wasteful. It’s really not that hard to find good organizations doing good work.

Our HHI is 300k, NW 2.5M, and we have donated between $8-12k a year for many years. Included in that is my alma mater, church, DC local orgs to help low income people, legal aid orgs, and some environmental groups. The 300k income is recent - we should probably up our giving.


$1M/$4M/$20k

I'm neither proud nor ashamed of my charitable giving. I know I'm a good person, a loving parent, a loyal spouse, a caring child to my aging parents, a good friend. I also work my a## off in my career to achieve my income. I don't feel obligated to donate nor did I grow up where charitable giving was particularly valued (though my parents made far less than I do). Generally, my only charitable giving is due to professional obligation.
Anonymous
Post 12/09/2023 10:42     Subject: Charitable Giving by Income/NW
Anonymous wrote:
Anonymous wrote:How are we valuing volunteer hours here?


I don't assign a money value to volunteering. 10% is the money; the time is on top of that.


That's not how economics work. I work at a higher paying job that pays more so I can give more money.

If I had more free time and less income I'd volunteer more and donate less money.
Anonymous
Post 12/09/2023 10:31     Subject: Charitable Giving by Income/NW
Anonymous wrote:$130K / $300K / $8K

I would like to be higher (around $15K) but I’m paying two daycares right now so things are a little tight.


You should be saving that 8K. You are not in position to give (yet). Fine line between being generous and financially irresponsible.
Anonymous
Post 12/09/2023 10:10     Subject: Re:Charitable Giving by Income/NW
Anonymous wrote:We give around $25k/year. About $10k is to my DH's church. A good chunk of the balance is to schools and colleges which we do through a donor advised fund.

The DAF allows us to donate appreciated stocks to the fund and then direct it where we want. That makes up for the fees on the account. Also we can do a big contribution to the fund to maximize the tax benefit, and use it when we want (which is better than giving to charities every other year as a PP suggested).


You didn't answer the question.
Anonymous
Post 12/08/2023 23:04     Subject: Charitable Giving by Income/NW
$500k. give $20,000-$30,000 annually to charities for people in need.
We are blessed.
Anonymous
Post 12/08/2023 21:22     Subject: Charitable Giving by Income/NW
$600K, $9M (tho 90% is in real estate and retirement accounts we can’t touch), about $30K, which is a low year for us.
Anonymous
Post 12/08/2023 21:13     Subject: Re:Charitable Giving by Income/NW
Anonymous wrote:150k/10M/1k

We’re paying off student loans and have twin babies so not giving much unfortunately


$10 million net worth with a $150,000 income? And you can only afford annual charitable giving that amounts to 0.01% of your net worth? Yeah, I’m calling BS all around.
Anonymous
Post 12/08/2023 20:56     Subject: Re:Charitable Giving by Income/NW
Anonymous wrote:150k/10M/1k

We’re paying off student loans and have twin babies so not giving much unfortunately


Even with 10M net worth? Why not just pay off the loans and donate to charity? Is it all in real estate or otherwise inaccessible?
Anonymous
Post 12/08/2023 20:54     Subject: Charitable Giving by Income/NW
Anonymous wrote:How are we valuing volunteer hours here?


The question was amount given to charity, so not in this thread.
Anonymous
Post 12/08/2023 20:53     Subject: Charitable Giving by Income/NW
Anonymous wrote:How are we valuing volunteer hours here?


I don't assign a money value to volunteering. 10% is the money; the time is on top of that.
Anonymous
Post 12/08/2023 19:50     Subject: Charitable Giving by Income/NW
How are we valuing volunteer hours here?
Anonymous
Post 12/08/2023 19:47     Subject: Charitable Giving by Income/NW
$130K / $300K / $8K

I would like to be higher (around $15K) but I’m paying two daycares right now so things are a little tight.
Anonymous
Post 12/08/2023 19:40     Subject: Re:Charitable Giving by Income/NW
We give around $25k/year. About $10k is to my DH's church. A good chunk of the balance is to schools and colleges which we do through a donor advised fund.

The DAF allows us to donate appreciated stocks to the fund and then direct it where we want. That makes up for the fees on the account. Also we can do a big contribution to the fund to maximize the tax benefit, and use it when we want (which is better than giving to charities every other year as a PP suggested).