Beautifying Your Financial Picture

Philanthropy & Children: 4 Ways To Set Up For A Giving Future

by Darryl Nguyen

As people manage their wealth and prepare for the future, a large part of that is philanthropy and donating to local causes. Along with giving to charities of your choice, it's also important to teach your children the importance of giving. Knowing that you give to charities is a good way to help, but there four ways to take things one step further. By planning ahead and working with a private wealth management company, you can guide your children into a future of giving and philanthropy.

Child's Namesake

There are a number of donations and philanthropic efforts that you can complete to showcase your child and the importance of charity. By putting a donation in your child's name, the child can feel the value of giving and see how much something with their name on it means to others in need. For example, you can work with a private wealth management company to set up a scholarship in your child's name. This scholarship can be used for years to come to help students get access to college, classes, or supplies needed for school. As the child grows, they will see how many different students earned the scholarship and used it for their education.

Your child's name can also be placed on smaller donations. For example, you can donate a bench and some funds to a local park. The bench can have your child's name on it and become a special place that you visit. As your child gets older, they can see how the bench is being used and the impact the park has on the community.

Personal Gift Giving

When giving to charity, it's easy to click a few buttons online or mail out a check. For children, they may not grasp exactly what you're doing and where the donation is going to. By arranging a visit in person, your child can see the importance of a donation. For example, if you donate to a children's hospital, your child can tour the hospital and see how important donations are. In many children's hospitals, your child can visit to bring old toys, greeting cards, or have social time with the children. Visiting rules vary for each hospital, so it's important to read the volunteer guidelines for your local hospital.

Additional locations you can visit include schools, community centers, or soup kitchens. A child can see how these places operate and the importance of charity for them.

Selecting Charities

Another easy way to get your child involved with philanthropy is by selecting the charity to donate to. A private wealth manager can give you access to a list of accepted charities for tax and deduction purposes. Once you have the list, you can read through it with your child and decide on specific charities that they want to donate to. This will help them pick interests that are close to heart and feel like a big part of the charity process. As the child gets older, they may start contributing to these charities on their own or even actively volunteer to help them.

With the list of charities, you can look up official websites and social media pages to see specific things that the charity does. Photos and videos can really help a child understand what the charity provides.

Holidays & Giving

The winter holidays are often an important time for giving. Use this time to teach your child the importance of giving. One of the easiest ways to do this is with a local toy drive. Your child can go shopping to pick out a few toys for children in need. A toy drive donation can become an annual tradition and really help those in your community.

As the holidays approach, you should recommend that your child sets aside a specific percentage of their allowance to go towards charitable causes. This type of budgeting can carry over to the future and become a standard part of their income. If the child does not receive allowance yet, then you can come up with a list of other ways to give. This includes Christmas crafts, sending out Christmas cards, or visiting different local areas like a church or soup kitchen seeking volunteers.

Even just choosing one of these methods can showcase the positive impact that philanthropy has. Children are often eager to help, so starting early is a good way to guide them towards a successful and giving future.