“How can I live a life full of joy and happiness?”
While our clients at TruStone Wealth Management do not typically ask our advisors this question outright, they are often seeking our services because they want professional guidance on how to financially support what makes them happy.
Whether it’s purchasing a lake home, paying for their grandchild’s education, traveling around the world, or buying a new car, every financial decision they make reflects their perspective, goals, and beliefs.
Our team at TruStone Wealth Management educates each of our clients that there are four ways they can spend their money: to live, to give, to owe, or to grow.
When consulting them on how to allocate their resources into each of these groups, we first try to gain a full understanding of how they prioritize each of these categories. By digging deeper into their spending habits, patterns emerge that tell us what our client values in life and what types of charitable causes they could support to bolster the “give” category of spending.
In this article, I want to discuss how you can make a positive impact in your life and your community by living generously.
Channeling Our Generosity
Many people associate “giving” or “generosity” solely with religious values, but there are studies that encourage people of all faiths and beliefs to consider altruistic endeavors on a consistent basis. Researchers who performed these studies have found that spending money on other people may have a more positive impact on happiness than spending it on yourself (1).
This concept is also discussed in “Gross National Happiness,” a book in which the author suggests that once basic needs are met, the amount of money that remains allows people the opportunity to create a better world by donating to causes they care about, which can cultivate a little extra happiness in their lives (2).
Of course, people can choose to use their money to buy a new laptop or splurge on an expensive dinner – which they have every right to do. However, true happiness often comes when people strike a healthy balance between supporting their basic needs, funding their personal interests, and giving back to their communities with their money, time, talents, and other resources available to them.
Through our work in the financial planning sector, our advisors at TruStone Wealth Management have witnessed firsthand the strong correlation between giving and personal contentment. We’ve seen how being generous can foster an attitude where joy can flourish, no matter a person’s personal background, beliefs, or circumstances. When people are not concerned about “keeping up with the Joneses,” they can open their minds to new ways to give back to their communities and increase their chances of true happiness.
How to Give Strategically
Now that we’ve established the “what” of living generously, let’s discuss the “how.” As you consider your giving options, I recommend being intentional, thoughtful, and strategic. Start by asking yourself, “How much is enough to meet my family’s daily needs? What causes matter most to me? What are options I should consider?”
As you reflect on these questions, you may be unsure of which strategies to implement in your effort to be more generous. Our financial advisors at TruStone Wealth Management are intentional about making space for charitable giving in financial plans for people who want to help facilitate positive change.
Some giving strategies we can implement are Qualified Charitable Distributions, Donor Advised Funds, and gifting stock or land directly to recipients. However, there are many other options that may be available to you, depending on your situation.
Our experienced team is ready to help you navigate these strategies so you can live a more purposeful, altruistic lifestyle that benefits you and your community. Giving is a very personal conversation, and as we develop personal connections with our clients, we love seeing this come to life.
If you have any questions about how to channel your generosity, we would love to walk with you on this journey. Schedule an appointment with our team today to get started!
(1) Elizabeth W. Dunn, Lara B. Akin, Michael I. Norton (2008). Spending Money on Others Promotes Happiness. Science 21 March 2008: Vol. 319, Issue 5870, pp. 1687-1688.
(2) Arthur C. Brooks (2008), Gross National Happiness: Why Happiness Matters for America–and How We Can Get More
Together, we can work to keep you on-track towards your financial goals.
Request a consultation with me to learn more.
Read more articles by Paul D Hensrud