Ten Ways to Involve Your Children in Philanthropy
Ten Ways to Involve Your Children in Philanthropy
Derek Ferriera and Martin Johnson
Updated: 5/23/2013
Through your own philanthropic generosity—whether volunteering, supporting a charity as a benefactor, attending fundraisers or setting up a family foundation—you are educating your children about your values and teaching them to be generous. While you may identify your philanthropic values more formally in a family charitable mission statement, children learn a lot through observation.
Introducing your children to the philanthropic projects you support is the first step toward building a family unit that knows what resources you have, and will work together to help reach financial goals. In the long term it will help your children preserve your assets and share the wealth in a philanthropic way.
Studies show that participating in charitable activities can help boost your children’s self-esteem, build confidence and help shape their values. Doing charitable works is enriching, valuable and self-perpetuating; kids learn that helping others can be fun and makes them feel good. Children also feel positive about wealth when they see the effects of charitable giving on the world at large. Philanthropy helps children learn to manage the family wealth and realize the benefits of the family working together to support common interests. This can help ensure that the legacy you leave will be cared for by your heirs.
Encouraging Philanthropy
Working with your children to support philanthropic projects is an important way to put your family values into practice, build relationships with your children and to teach them how they can impact others in a positive way. Here are 10 ways to get started:
Give away used items. Set aside time to go through your children’s rooms with them to select gently used toys or clothing to donate. Help your children box up the items, and encourage them to come with you to deliver the items so they might see the need their donation fills.
Donate part of an allowance. Encourage your children to contribute a percentage of their allowance to charity, or to purchase an item from savings to donate to a charity. Charity is something that must be taught. It can be hard at first for people to give money away.
Adopt another family. During the holidays many charities sponsor “angel” projects. You could select needy children in the same age group as your children to make shopping easy and fun, or adopt a whole family.
Hold family meetings on charity. Discuss how much money the family will donate this year and review what charities you’ve supported in the past and the impact of the contributions. Involve your children in the decision-making process of where this year’s charitable donations will go, or helping to create the mission statement of the family foundation. You may wish to allocate age-appropriate amounts from your total charitable contributions so that each child can select a charity to support.
Research charities together. Research the Web with your children to identify projects they would like to support with donations or time.
Volunteer. Help your children contact, visit and explore a community cause that interests them.
Support school and community activities. Support your child’s involvement in charitable projects sponsored by the school, church or community centers. Working together with their friends to benefit others reinforces the values you are teaching at home.
Start or join a local charity chapter. You may wish to contact a local organization that can identify resources in your area and helps you get started.
Organize a fundraising project. Encourage your children to identify a charity they would like to promote and help them organize a fundraising project.
Take a philanthropic vacation. Working to help build a school or well in another country will give your children a new perspective on the world at large, the needs of others and how to help. You can send them on their own or make it a family activity.
Your Charitable Mission Statement
Introducing your family’s charitable mission statement to your children at an early age supports communication, individual interests and family needs, and helps strengthen the focus and impact your family has on others. It may be helpful to talk with your kids about the following questions to help them develop their values and understand yours:
What’s important to this family?
What impact has our charitable works and contributions had on the family and the world at large?
What do each of us feel passionate about supporting?
How can we fulfill any social responsibilities we feel are important?
You can help preserve your family wealth by educating your children during family meetings—specifically the financial benefits of planned gifting—and answering questions about long-term estate planning.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Seven Signs Your Noncompliance Will Be Considered Willful
Seven Signs Your Noncompliance Will Be Considered Willful There are many ways taxpayers can get the attention of the IRS. Although a lot of people make innocent mistakes when they file their tax returns, there are others who willfully look for ways to skip out on the taxes they owe. The IRS does treat those…
Make Sure Your Heirs Inherit What You Want
Make Sure Your Heirs Inherit What You Want. The saying goes that their only two things that are certain in life: death and taxes. While people can generate endless amounts of money when they’re alive, they can’t live forever and they can’t take that wealth with them when they die. However, they can have a…
Will Taxing the Rich Even More Improve Inequality?
Will Taxing the Rich Even More Improve Inequality? It’s been the cry of democratic lawmakers and many of the less fortunate for years: “We need to tax the wealthy even more.” “The rich have to pay their fair share of taxes, too.” The problem is the rich already pay a huge portion of the country’s…
It Pays to Be Rich for These Five Tax Breaks
It Pays to Be Rich for These Five Tax Breaks Although it’s true that the ultra-wealthy are heavily taxed, and in many cases unfairly, there are also some tax break advantages that favor the upper class more than those in the middle. Let’s take a look at some of these breaks. Most common and first…