Home - Society - 9 Benefits Of Donating To Charity
9 benefits of donating to charity

9 benefits of donating to charity

As far as charity is concerned, people usually think of it in linear terms. Donations help those in need, and it’s normal to believe this is the only goal. But many people are unaware that there is so much more to the act of giving. Lending a helping hand is only one of many benefits of making charitable donations. Individuals who share their wealth may also have rewarding personal, emotional, and mental experiences.

Helping those in need
One of the biggest benefits of donating money is helping those in need. The world isn’t perfect or even fair, for that matter. What makes a difference is a surplus sharing with those who don’t have privileges to bank on.

Providing a positive experience
A National Institute of Health study found that people who chose to donate would activate the pleasure centers in their brains. While there is more research to be conducted to understand this link, sharing is an undeniably satisfying experience.

Taxes are deductible
Donating to charity also comes with the benefit of a tax deduction. If you’ve contributed to an IRS-approved non-profit organization, you’ll get a write-off on the donation sum while filing returns.

Setting an example
Donating to a local or international community allows you to set a good example for the youth in the community. After all, children do what they see.

Making an impact
Charities impact the community at large by uplifting those in need of help. Donations provide a better standard and quality of life, access to education, and even healthcare to improve the community’s standing.

Making life more meaningful
Contributing and sharing your wealth allows you to meet and mingle with other like-minded individuals. You get to share your passions and bring about a positive influence on the issues at hand.

Helping everyone feel happy
Spending your hard-earned money on yourself is thrilling, but sharing your wealth with others can also feel rewarding. Studies have shown that individuals are happier when giving rather than receiving. Volunteering can reduce depression and improve overall mental well-being.

Feeling grateful
Overlooking what we don’t personally experience is easy. But volunteering and donating to a cause can show you different ways of life and make you feel thankful for what you have.

Inspiring others
People are more likely to do something if they see someone else do it. You may inspire your close ones to be generous this way. If you’re interested in donating, you can check out various charities that offer care and support for patients with diabetes, cancer, and other such conditions. St. Jude Children’s Research Hospital is one such charity that focuses on providing cancer care for children. You can offer donations, memorialize a loved one, or even volunteer here. You can also make various contributions to the Diabetes Foundation. This can be in the form of food items, clothes, and even your old car. Habitat for Humanity, Goodwill, and The Salvation Army are organizations that accept car donations.

Latest Articles

5 mistakes to avoid when investing in a high dividend ETF
finance

5 mistakes to avoid when investing in a high dividend ETF

Exchange-traded funds (ETF) have been gaining popularity in the investment sector for some time now. Along with mutual funds, they have been one of the most preferred investment options among investors. With investors having pumped in billions of dollars in ETFs by now, these funds sure seem like a lucrative investment avenue. However, financial experts suggest treading this path carefully so as to avoid unforeseeable losses. Here are a few mistakes that you can avoid while investing in high dividend ETFs: Overlooking long-term investment Looking at long-term goals is the golden rule when it comes to any type of investment. However, seasoned investors invest in ETFs on a short-term basis through a type of trading called intraday trade. This type of trading allows the investors to buy and sell stocks and other investments on the same day. However, if not thought out carefully, investing in high dividend ETFs through intraday trading can result in lower returns and higher trading costs. Buying an ETF simply based on its name This is one of the most common mistakes people make when investing in high dividend ETFs. Investors may think that an ETF’s name provides an insight into its investment reach, i.e., whether the ETF has local or/and global investors. However, this is a ploy that ETF issuers often use to lure investors. Investing in an ETF based solely on its name can lead to disastrous investments. So understand an ETF’s underlying holdings and market objectives before making an investment. Investing in the wrong ETF Like every investment, almost every ETF is vulnerable to market trends and economic slowdowns. However, this does not mean that the particular ETF has failed. When an ETF liquidates, you might still receive some money (termination and other fees might be levied). But this may take a while and you may lose out on the time that could have otherwise been utilized to make other investments.
How to qualify for a reverse mortgage
finance

How to qualify for a reverse mortgage

A reverse mortgage provides the elderly access to equity in their homes and supplements their income. With its flexible repayment option, it gives homeowners more control over their money. However, the government has laid out strict rules and guidelines concerning reverse mortgage eligibility criteria. So, if you’re considering a reverse mortgage, read on to know the reverse mortgage eligibility criteria and the types of reverse mortgages. Reverse mortgage eligibility criteria The first criterion for a reverse mortgage is that the primary homeowner must be at least 62 years of age. If your spouse is under the age of 62, you might still be eligible if you meet other reverse mortgage eligibility criteria. If you’re not 62 or older than 62, then you won’t qualify for a reverse mortgage even if you satisfy the criteria mentioned below. You must be the primary resident of the home you’re seeking a reverse mortgage for. Note that vacation homes or rental properties do not qualify. You must either entirely own the house or have at least 50% equity in it. If you have any mortgage balance remaining while applying for a reverse mortgage, you must be in a financial position to pay off that balance. You must not be late or overdue on any debt from the federal government. This includes income taxes and federal student loans. If you have to pay off such debts, you may very well use the money from the reverse mortgage loan to settle these debts. You must already have enough money, or be willing to use the money from the reverse mortgage loan to pay property taxes, insurance, and home maintenance and repair costs. You must meet a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor to understand how a reverse mortgage works. During the counseling, the counselor will review your eligibility for a reverse mortgage loan and inform you of the financial ramifications associated with a reverse mortgage.
5 benefits of opting for debt settlement
finance

5 benefits of opting for debt settlement

Debt settlement can be a financial lifesaver for many. Managing debt is quite a difficult task. With every advancing payment due date, one may feel their finances getting tighter and tighter. Between paying for a house mortgage, student loans, credit card debt, personal loans, and many other debts, it is quite common to miss out on paying one payment. Although it may not seem like a big problem initially, this is not good for financial health in the long term. This is where debt settlement comes in. There are multiple benefits to availing debt settlement offered by some of the top 10 debt settlement companies. No more bills With debt settlement, no more bills will be incoming in the mailbox. Debt settlement results in the closure of a debt account by the creditor. In such cases, one will not be able to use their credit cards again. However, this can be beneficial since it will prevent further debt in the future. With debt settlement, there is a permanent erasure of debt. No more collection calls With mounting debt, the calls of creditors are always incessant. If one if falling behind on too many bills, they are bound to be subjected to creditor calls throughout the day. This can add to the stress of not being able to clear away all the dues. Plus, many collection departments are not known to be kind on calls. When a debt settlement is opted for, it will stop the incessant calls from the various collection departments. No bankruptcy risk Rather than filing for bankruptcy, debt settlement is a better option. With the bankruptcy filing, credit score can deteriorate quite significantly. In some cases, the credit score has slid down by nearly 200 points, taking a good credit score to bad credit score. The credit score lowers with debt settlement too.