We all want to help our kids financially, but how much is too much? Businessman billionaire Warren Buffet was quoted in a 1986 Fortune article that, even if you had ample wealth, one should leave your kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.†Bill Gates, Warren Buffett, and other philanthropists in the U.S. and abroad have pledged to give the majority of their wealth to charity. Through their inspiration, more than 200 … [Read more...] about How Much is Too Much?
Giving Back
There are many ways to give back. Some give back through donations of cash or property. Other people give back by donating their time or expertise. Some people do both. When you give cash to a public charity, for example, you can deduct your contribution up to 60% of your adjusted gross income. For example, Mary Smith had an adjusted gross income of $100,000. She made a contribution of $60,000 to her alma mater. This resulted in Mary being taxed on $40,000 instead of $100,000, which cut her … [Read more...] about Giving Back
Being Thankful and Sharing Your Blessings
As we gathered around the Thanksgiving table last week, we saw the faces of our loved ones and probably contemplated how grateful we are for them and for all our blessings. “We must find the time to stop and thank the people who make a difference in our lives.†– John F. Kennedy, 35th President of the United States. “If you are really thankful, what do you do? You share.†— W. Clement Stone, businessman, philanthropist, and author. There are different ways we can share. We can share … [Read more...] about Being Thankful and Sharing Your Blessings
