Fit Philanthropy Into Your Business Plan

February 5, 2019

hands holding red heart

© oatawa - iStock/Getty Images Plus

Now is a good time to contemplate how you can integrate charitable giving into your tax-planning strategies for 2019. “Money can be an incredible tool when you align it with your values,” says John Hagensen, founder and managing director of Keystone Wealth Partners. “It enables you to feel a sense of contentment that your money is working hard for you to help you accomplish goals that match your values.”

For real estate professionals in particular, giving back to your community or your favorite local charity will only strengthen your connection to your market and build a brand that values philanthropy. As you look at your 2019 budget, here are three strategies from Hagensen for staying disciplined and setting aside money for your favorite charities.

  1. Write down your values. Spend a few minutes to examine what is important to you, Hagensen suggests. Make sure all your monetary decisions support your values. For example, Keystone Wealth Partners has committed to donate up to $10,000 this year to help create clean-water projects in Africa. That aligns with Hagensen’s values because he adopted two children from Ethiopia and wants to give something back to their native homeland.
  2. Outline your short-term and long-term philanthropic goals. Whether it’s monthly, quarterly, or annually, compare those goals to how you are currently spending your money. “It usually does not take a major financial overhaul to give more to philanthropic causes,” Hagensen says. “It just takes a consistent approach that aligns with your values.”
  3. Spend intentionally. Align your business expenses with your goals and what you value in life. Cut the expenses that don’t align with your core values to make room for your philanthropic endeavors.