By Daniel Korleski, MBA
If you’re like many folks, you know life isn’t just about saving and piling up money; it’s about being responsible and doing something impactful with that wealth. Whether you want to support your loved ones, help your favorite charities, or honor God with your wealth, there’s a fantastic way to make that impact: tithing and charitable giving. Many of my clients find meaning by using their money in these ways, and it can be a wonderful way to leave a legacy with your wealth.
In this article, I want to share how to fit tithing and charitable giving into your financial plan. By considering this option, you can align your values, morals, and religious beliefs through your spending. Keep reading to learn more ideas on how to include this important piece into your overall personal wealth plan.
Talk it Over With Your Family
Discuss your tithing and charitable contribution goals with your spouse and family. Are they on board? Do you all have a clear vision for how you’ll use your money to accomplish your philanthropic and faith-based goals?
Maybe you want to give 10% of your money to your church through tithing. Maybe you want to use additional funds to support local organizations in your community that are helping fight homelessness and poverty.
We’re all called to different purposes. Whatever your purpose is, set aside some time to discuss it with your family. Wealth is a special gift. Use it to support the causes and organizations you’re passionate about.
Discuss Charitable Giving and Tithing With Your Financial Advisor
Once you’ve got the family on board, it’s time to discuss your tithing and giving goals with your financial advisor. Ideally, your financial advisor is of the same mindset as you and supports your decision to continue tithing and giving even if you’re still paying off debt or saving for retirement.
At Cobalt Private Wealth, we won’t ever tell you to limit your giving just to grow your net worth. If charitable contributions and tithing are important to you, we’ll help you build that into your cash flow analysis, so you can have the funds available to fulfill those goals each month.
Depending on your situation, a donor-advised fund, qualified charitable distribution, or charitable trust may be a great way to fulfill your legacy and estate planning goals.
Include Tithing and Gifting in Your Cash Flow Analysis
We’ve all heard the saying “Pay yourself first.” But what about “Pay yourself second”? If tithing and giving are at the top of your list of financial priorities, consider dividing up your paycheck in this order:
- Set aside part of your paycheck for tithing and charitable contributions.
- Set aside a portion of the remaining funds for your savings and debt pay-off goals.
- Use the rest for monthly expenses.
Earmarking funds for tithing and giving first helps hold you accountable while progressing toward your goals. You can always go back and adjust the numbers in any three categories if you feel your money isn’t stretching as far as you’d hoped.
We’re Here to Help You Make an Impact
At Cobalt Private Wealth, we understand that you’re not just focused on growing your wealth, but also want to make sure your money does some good in the world. If you’re thinking about how to weave charitable giving into your financial plan, let’s talk!
Reach out to me at danielkorleski@cobaltprivatewealth.com or 719-332-3863 to schedule a meeting. We look forward to helping you make a difference while staying on track with your goals.
About Dan
Daniel Korleski is the President & CEO for Cobalt Private Wealth, where he helps his clients grow, manage, and protect their wealth so they can work toward a stronger financial future. With over 30 years of experience in the financial services industry, Dan has served as the managing director for Investment Trust Company, chief investment officer for the Wealth Management Group at American National Bank in Denver, and regional investment manager for the Greater Colorado Region of the Private Bank at Wells Fargo, where he oversaw the management of over $2 billion. In 2008, he was appointed by the mayor of Colorado Springs to the City’s Investment Advisory Committee. Dan holds an MBA in investment management from Midwestern State University in Wichita Falls, Texas, a Bachelor of Science in Finance from Florida State University, and is a member of both the CFA Society Colorado and The Financial Planning Association.
Dan loves to give of his time to his community and is currently serving as the Board Chair of Catholic Charities of Central Colorado and oversees the Homebound Ministry at St. Paul Catholic Church. He has also served as Chair of the Board of Trustees of Pikes Peak Hospice Foundation, President of the Broadmoor Rotary Club, and Vice President of the Board for the Pikes Peak Chapter of Trout Unlimited. Dan was born and raised in Spain and is fluent in Spanish. To learn more about Dan, connect with him on LinkedIn.
