At the end of each year, we give money way. Even though I’m trying to pound cash into investments, I think it’s important for a few reasons:
- It’s good to help people.
- It’s good karma.
- It’s tax deductible.
Beside that, it presents a good opportunity to teach my kids both about other people in the world and about money.
Our system is this – I sit down with the kids and we review a list of nonprofits. (my wife and I divide our contributions in half – she gives her half away in a different way.) The kids and I look at groups in four buckets: international; domestic anti-poverty groups; the arts; and political/advocacy.