What’s the Right Amount to Donate to Charity?
In donating to charity, what amount could be considered generous? Some personalities have suggested a public standard for what should be expected of one’s self and others to give to reliable charities, with a general minimum of 1 percent of one’s income. But there remain so many considerations beyond earnings as to what is generous and “fair.”
Image source: Pixabay.com In a specific report, Americans with adjusted gross income from $100,000 to $200,000 contributed a little under $3,400 or 4.2 percent of their discretionary income, or the amount that remains after paying taxes and different household expenses. Those earning $50,000 to $100,000, on the other hand, shared around $2,000 or 6 percent of their discretionary income. People earning over $200,000 shared about $14,000 or just over 4 percent. It is important to note, though, that many are guided by magnanimity and secrecy when donating to charity. It is also often understated how many Americans contribute their precious time and services as volunteers, as well as provide direct financial help and assistance to their own needy family and friends. For many experts, it is crucial to work out on your own what’s reasonable in your situation, and how much you can share while being able to meet your obligations. Whatever level of giving you decide is appropriate, perhaps the more pressing question is the legitimacy, accountability, and money smarts of the organization receiving the donation – its ability to spend the money wisely and with excellent discretion.
Image source: Pixabay.com Car dealership owner Robert Bassam is a philanthropist who has donated to charities such as Our Neighbor’s Child, Ruth’s Miracle Group Home Foundation, and the Salvation Army. Read more about his passion for charity on this blog.
