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High Income and Charity
Posted on 12/9/22 at 8:45 am
Posted on 12/9/22 at 8:45 am
This is a topic that has always fantasized me... and I thought it a good Friday MT topic.
I consider high income to be married filing joint making $400K a year or more of AGI, or single making $300K AGI.
If you are in those brackets, what are your thoughts about charitable giving?
In my position, I see so many different thinkgs. I see people making 500K a year, giving away 100K a year. I see people making 900K a year, giving away 2K a year. I see some high income people giving tremendous amounts to a church, and some not giving any at all.
In my almost 20 years of practice, there doesn't seem to be any sort of a pattern here. Except one small pattern... those with kids at very expesnive colleges don't seem to donate much to charity (I guess because they are paying those 50K a year tuition bills).
Some people feel a desire to share their success with others. Other people feel that they should reinvest and keep the money in the family, to create / preserve generational wealth.
Just curious how some of the MT posters feel about this.
I consider high income to be married filing joint making $400K a year or more of AGI, or single making $300K AGI.
If you are in those brackets, what are your thoughts about charitable giving?
In my position, I see so many different thinkgs. I see people making 500K a year, giving away 100K a year. I see people making 900K a year, giving away 2K a year. I see some high income people giving tremendous amounts to a church, and some not giving any at all.
In my almost 20 years of practice, there doesn't seem to be any sort of a pattern here. Except one small pattern... those with kids at very expesnive colleges don't seem to donate much to charity (I guess because they are paying those 50K a year tuition bills).
Some people feel a desire to share their success with others. Other people feel that they should reinvest and keep the money in the family, to create / preserve generational wealth.
Just curious how some of the MT posters feel about this.
20
Posted on 12/9/22 at 8:49 am to LSUFanHouston
I'm single and have that type of AGI income. Honestly, don't donate to charity at this point. But I plan on starting a dog/cat rescue on 5-10 acres in the next few years.
Also have considered sponsoring a struggling family overseas
Also have considered sponsoring a struggling family overseas
Posted on 12/9/22 at 9:00 am to LSUFanHouston
quote:
In my position, I see so many different thinkgs. I see people making 500K a year, giving away 100K a year.
I assume a lot of this is tithing? We are in that general range and typically donate about 2K a year to various charities.
Posted on 12/9/22 at 9:06 am to LSUFanHouston
quote:
In my position, I see so many different thinkgs. I see people making 500K a year, giving away 100K a year
For real?
Posted on 12/9/22 at 9:09 am to LSUFanHouston
Not that I'm in either category, but why $400K for married and $300K for single? Should it not be $200K for single?
Posted on 12/9/22 at 9:38 am to LSUFanHouston
Without turning this into a religious conversation, for those who haven't been a part of it, some religions, such as Southern Baptists preach pretty hard on tithing.
No matter your income, "the Bible teaches" that you should tithe, which is typically defined as 10% of your income (and arguably before or after taxes). That could explain why you see relatively large numbers from all income groups.
My donations vary from year to year. I prefer to give to a needy family rather than to an organization. Some years I cross paths with a needy family, and some I don't. No doubt, I should do more to seek those out.
No matter your income, "the Bible teaches" that you should tithe, which is typically defined as 10% of your income (and arguably before or after taxes). That could explain why you see relatively large numbers from all income groups.
My donations vary from year to year. I prefer to give to a needy family rather than to an organization. Some years I cross paths with a needy family, and some I don't. No doubt, I should do more to seek those out.
Posted on 12/9/22 at 9:46 am to LSUFanHouston
Besides donating all the shite I buy to goodwill and the occasional round up for charity I don’t donate.
I’ve adopted dogs and spent money to get them back healthy.
I’ve adopted dogs and spent money to get them back healthy.
Posted on 12/9/22 at 10:00 am to LSUFanHouston
Not quite in the defined high income bracket, but before we had kids in Catholic school, the only charitable donations we would do is the yearly purge to Goodwill type stores, or if we know someone that lost a lot on flood/fire, we'd help out when we can. Now that we have kids in Catholic Schools, we give to the church because it actually saves money. Give $500 or get $700 added to tuition per child.
My goal is to create the generational wealth and build the future for my kids. I grew up poor in a single parent household. We would get the weekly box of food before food stamps became a thing. Had to pay for my own school clothes/lunches in high school (even had to pay the occasional electric bill) which meant working after school. But I also had to be involved in after school activities (did sports), keep my grades up, and be home by 10pm on school nights. So, while many view me not giving more as selfish, I have a hard time giving money away considering my upbringing.
My goal is to create the generational wealth and build the future for my kids. I grew up poor in a single parent household. We would get the weekly box of food before food stamps became a thing. Had to pay for my own school clothes/lunches in high school (even had to pay the occasional electric bill) which meant working after school. But I also had to be involved in after school activities (did sports), keep my grades up, and be home by 10pm on school nights. So, while many view me not giving more as selfish, I have a hard time giving money away considering my upbringing.
Posted on 12/9/22 at 10:10 am to LSUFanHouston
We have 2 strong incomes and donate ~10% of our take home pay each year split evenly between our church, a local homeless mission, and a global medical mission. We do it for religious and moral reasons, but if I'm being honest, it feels pretty good to stiff the government. They essentially "match" $1 for every $2 we donate as that incremental income is taxed at ~33%. I'll take that deal to keep it out of the hands of the incompetent feds.
ETA - we donate appreciated stock instead of cash which further increases the tax benefit.
Money, religion, and politics all in one post - boom.
ETA - we donate appreciated stock instead of cash which further increases the tax benefit.
Money, religion, and politics all in one post - boom.
This post was edited on 12/9/22 at 10:19 am
Posted on 12/9/22 at 11:06 am to LSUFanHouston
400k is not high income with a family. Maybe 700-800k would be considered high income but even then I wouldn’t put in the categories of HNWI and UHNWI unless they started with family money. Generally as people get older and their financial future is more secure the start giving more to charities. And if you’re a HNWI and UHNWI then you go the foundation route to live you’re social life tax free. Biggest tax scam IMO.
This post was edited on 12/9/22 at 11:08 am
Posted on 12/9/22 at 11:41 am to LSUFanHouston
Being under 40, we save a lot for ourselves, give a bit to a charity, and are loose with entertaining friends and family so we can enjoy company. With so many years ahead of us, there is plenty of uncertainty ahead of us. Closer to retirement I suspect charitable donations will grow.
I saw a term called something like, high income not rich yet. I can see why those people may not donate much. Lawyers and doctors with student loans, business owners with loans to pay back and enterprise risk etc.
I saw a term called something like, high income not rich yet. I can see why those people may not donate much. Lawyers and doctors with student loans, business owners with loans to pay back and enterprise risk etc.
This post was edited on 12/9/22 at 11:42 am
Posted on 12/9/22 at 11:51 am to MusclesofBrussels
quote:
I assume a lot of this is tithing? We are in that general range and typically donate about 2K a year to various charities.
A solid chunk. Definetly not all.
People in this group seem to donate to certain causes they are close to, donate to causes they serve on the board of, and donate a lot to the university they graduated from.
Posted on 12/9/22 at 11:52 am to AUHighPlainsDrifter
quote:
Not that I'm in either category, but why $400K for married and $300K for single? Should it not be $200K for single?
I evalulate clients that way becuase it's not too often you have two high income earners married to each other.
An individual making 200K a year is not that wild these days.
Posted on 12/9/22 at 11:55 am to LSUFanHouston
All charity is a scam. It’s a bunch of rich dudes wives paying themselves “administrative fees” and give pennies to the “poor people”
I already pay for the houses and food stamps and medical care of the “less fortunate” what else could they possibly want?
I already pay for the houses and food stamps and medical care of the “less fortunate” what else could they possibly want?
Posted on 12/9/22 at 11:57 am to Teddy Ruxpin
quote:
I saw a term called something like, high income not rich yet
Oh there's absolutely a category of people who make good money but have high debt loads. It's hard to build wealth while still servicing that debt. Even in real estate, the wealth accumulation doesn't really start to take off until you get the debt down.
Posted on 12/9/22 at 11:59 am to Grassy1
quote:
Without turning this into a religious conversation, for those who haven't been a part of it, some religions, such as Southern Baptists preach pretty hard on tithing.
No matter your income, "the Bible teaches" that you should tithe, which is typically defined as 10% of your income (and arguably before or after taxes). That could explain why you see relatively large numbers from all income groups.
10% is a good guideline.
Posted on 12/9/22 at 12:39 pm to TigerDeBaiter
quote:
400k is not high income with a family.
what alternate universe are you living in dude?
Posted on 12/9/22 at 12:46 pm to TigerDeBaiter
quote:
400k is not high income with a family.
MoneyTalk always delivers
Posted on 12/9/22 at 12:47 pm to Teddy Ruxpin
quote:
saw a term called something like, high income not rich yet..
Henrys.
High earner not rich yet.
Posted on 12/9/22 at 1:17 pm to TigerDeBaiter
quote:
400k is not high income with a family
Nonsense. It’s not top tenth percentile, but it’s pretty fricking high.
quote:
even then I wouldn’t put in the categories of HNWI and UHNWI
Everyone making $400K outside of the ten biggest cities will either end up as an HNWI or fricked up pretty bigly.
Almost no one making $400K will end up as UHNW without some significant luck or inheritance, or being someone who started and sold a company.
quote:
And if you’re a HNWI and UHNWI then you go the foundation route to live you’re social life tax free. Biggest tax scam IMO.
It’s almost as if money influences the law and gives the appearance of fairness rather than focusing on being fair, i would agree.
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