My father exemplified leadership through his actions. Though he rarely articulated lessons about the importance of service, he consistently demonstrated it in subtle yet impactful ways. One specific memory stands out from a childhood road trip when we stopped to refuel. Somehow, my father learned of another gentleman’s need, so he generously paid for the man’s gas and even bought him a cup of coffee before we resumed our journey. He didn’t mention this act when he returned to the car, but it left a lasting impression on me.
By Ryan Blair | Contributor
Among the values that parents strive to instill in their children, the spirit of charitable giving—whether through time, service, or financial contributions—is perhaps the most effectively imparted through action. Having collaborated with families for over a decade, and now raising my own children, I have witnessed the profound effects that charitable giving can have on everyone involved. Here are some steps to engage your entire family in the process:
Step 1: Define your family’s charitable objectives
Start by asking your family what causes they wish to support. Are you interested in enhancing educational opportunities, supporting faith-based groups, or contributing to health-focused nonprofits? Personal experiences, such as a family member battling illness or a friend’s encounter with a disaster, can often inspire a deeper commitment to a particular cause.
Step 2: Craft a family mission statement
Stephen Covey, a well-known author and motivational speaker, defined a family mission statement as “a collective expression from all family members reflecting what your family represents—what you aim to achieve and the principles that guide your family dynamics.” Strong family units thrive because they possess a clear identity. Hence, while selecting a charitable focus, ensure it resonates with your family’s values.
Step 3: Select a Charity
Decide on which organizations or causes you wish to support. Conduct thorough research on local, national, and international charities to find those making a tangible impact within your specified area of interest. Platforms like guidestar.org and givewell.org can provide insight into nonprofit efficiency and how funds are allocated. Local volunteer centers can also be valuable resources for finding nearby causes.
Step 4: Decide on your giving amount and funding method
Consider consulting a financial expert to determine a suitable percentage of your income to allocate to charitable endeavors. Balancing the potential tax advantages of donating with your family’s financial aspirations is something many clients rely on me for. This is a wonderful opportunity for children to learn about budgeting by dividing their allowances into spending, saving, and giving categories. Some clients have opted to let their children decide how to donate or have matched their contributions to foster the spirit of generosity.
For substantial contributions, donor-advised funds (DAFs) are an excellent way to accumulate funds gradually through a foundation that channels money to your chosen charities. These funds are particularly beneficial for families looking for a sustainable, multi-generational giving strategy, as they allow parents to name their children as successors.
Step 5: Assess your charitable contributions periodically
As your financial landscape and priorities evolve, set aside time to reassess your giving habits. You might find that you are in a position to increase your contributions or that new causes have emerged that resonate with your family. There is always an opportunity to make a meaningful impact.
Engaging in charitable giving not only nurtures compassion in your children, but doing so as a family reinforces the importance of giving back. While monetary donations hold value, giving your time can be equally rewarding. Organizing a family volunteer day fosters camaraderie and creates cherished memories. Ultimately, working together as a family to make a difference in the world is invaluable.
Editor’s Note: Ryan Blair is an established wealth manager and financial strategist at SFMG Wealth Management. For inquiries, contact him at ryan@sfmg.com or 972.960.6460.
