Give Money to Earn Money?

When you sit down with your financial advisor, one thing that might surprise you is that he or she might actually encourage you to donate money! That’s right—you might actually be advised to give away money, for free. That may seem counterintuitive, especially if you’re trying to save as much as you can or are working toward some lofty financial goal, but it’s true that, in the end, donating money can actually help you.

See, when you donate money to an approved cause, that donation is considered tax deductible. What that means is that you can deduct the amount you donated from your income—it’s like that money never existed! So, you get to give and you get a nice little bonus for yourself!

Now that you understand why smart giving should be a part of any financial planning strategies, go out and find some worthy causes you can give to. If you need help figuring how much to give, knowing where to allocate your funds, or just figuring out how to get tax credits for them, contact Platinum Financial Services of Naperville.