SUSTAINABLE GIVING FOR BETTER LIVING

ARE YOUR DONATION DOLLARS MAKING LONG-TERM POSITIVE IMPACT?

The secret to living is giving, but what are the best ways to give? Maybe you volunteer or make regular donations. But does this help create systemic change or solve the real problems creating poverty and need? What are sustainable, productive ways to help others surpass their need for outside aid and thus, in turn, start giving back to others?

To put it another way, one persistent problem with charities is that if they succeeded in their missions – as in their clients no longer need what they have to offer – they then put themselves out of business. Worldwide conversations about unconditional basic income and government subsidies raise questions about creating dependency. But to assume people need help because they are lazier or less motivated than others is a mistake.

Take these three models of giving, all aid types that help people break free from the cycle of poverty, supporting the creation of lasting change in their communities as a result.

DIRECT GIVING

Evidence has been mounting about the effectiveness of cash aid over traditional aid to the poor, such as food or seeds, for years, reports NPR. But evidence and data still must fight against preconceptions about what aid should look like.

Today most aid comes as “in-kind” donations, meaning the aid providers decide what poor people need most, whether that’s schoolbooks, certain foods, or other assets. But what happens when the people who need help decide what they want to spend money on?

A recent study in Zambia looked at how people spent cash they were given with no strings attached through two government programs. They found the cash had an incredible multiplier effect. Household spending increased by over 50% more than the government aid. In other words, if someone got $150 from a program, that same year they spent $300 more than they had before. People used their free money to make more money, boosting the overall economy as people spent their money at local shops and businesses.

With such incredible returns, scaling this program seems like the logical next step. Yet persistent beliefs about who should get aid – the elderly, people who can’t work – instead of able-bodied people living in poverty means this particular initiative is only growing slowly.

Other organizations like GiveDirectly have also found lasting impact from single-time donations to poor people with no strings attached. People often use the money to start small businesses or invest in their children’s education, leading to lasting improvements in their quality of life.

TRAINING INSTEAD OF DONATING

Other initiatives strive to create local job opportunities through training programs. Warby Parker’s “Buy a Pair, Give a Pair,” works through this model. Instead of donating frames to communities in need, the company partners with organizations like VisionSpring to train people who then sell ultra-affordable glasses.

The benefits here are twofold: people who sell the glasses can earn a living and people with untreated vision problems can get back to working and learning now that they can see. VisionSpring calculates that glasses can increase a person’s productivity by 35% and their monthly income by 20%.

FEEDING TO FUEL CHANGE

What about need in the USA? Food insecurity (a lack of consistent access to food to support an active, healthy life) impacts an estimated one in eight Americans; that’s 42 million Americans, including 13 million children. Without consistent access to food, it’s difficult for people to live productive, healthy lives. But feed someone and they have the energy to live in a high quality way.

“In this country we have a large empathy gap,” explains Diana Aviv, chief executive officer of Feeding America. “A lot of people think that because we have a low unemployment rate, at the moment, that the problem of hunger is poor people are lazy and anybody can get a job if they like. That’s just not the case. Well over 50% of the people who are part of our system are kids, seniors, peoples with disabilities or working families.” Feeding America fights to end hunger with their national network of food banks and meal programs, aiming for a hunger-free America. It’s why Tony Robbins himself supports their cause so strongly, with annual 100M Meals challenges every year where he matches all donations – with the goal of providing one billion meals by 2025.

TAKE SUSTAINABLE ACTION

Ready to add your contribution and help make lasting change? No matter how you give, do your due diligence to see how the organization manages its resources. Charity Navigator and GuideStar both give you a closer look at how organizations use your donations. The best organizations are transparent about their contributions and expenses as well as their vision for breaking the cycle of dependency, improving life for us all.

Source: https://www.tonyrobbins.com/leadership-impact/sustainable-giving-better-living/

Paying Inheritance Tax in the UK

The current UK inheritance tax is a debatable subject among the taxpayers. Most of us think that a person who paid all the taxes on the earnings in his or her lifetime than the government has no right to levy the tax on that money for a second time once the person has died. This is the reason that this type of tax is also known as "Double Tax" since the possession is taxed two times. Because of this double tax, there are many people who disapprove it and are submitting a petition against the inheritance tax so that the government may drop this tax. If someone is in a position of obtaining any inheritance, then that person must know that, what inheritance tax is and how it is paid.

The inheritor must verify whether the tax on the inheritance is liable under the Inheritance (Provision for Family and Dependants) Act 1975 and Inheritance Tax Act 1984. Inheritor is not required to pay the tax on such inheritance, which is left by the late spouse. Every person can pass on £325,000 before their heirs pay inheritance tax, which is 40% on anything above that amount. This is called the inheritance tax 'nil-rate band'. If you're married, you can inherit any unused allowance from your spouse or partner. That means that married couples and civil partners can pass on £650,000.

If the inheritor is liable, then know how much tax will be levied. Beneficiaries are required to pay the tax on their inheritance share. Estate will owe tax at 40% on anything above the £325,000 inheritance tax threshold when a person die (or 36% if someone leave at least 10% to a charity). Dealing with it is one of the biggest thing you can do, as some simple actions can save you £100,000s.

How you can save paying huge amount of Inheritance Tax

Following is a simple and easy to understand guide to avoid inheritance tax:

First, choose the assets you want to be kept in trust. Mostly, Settlers decide to keep a small amount in the beginning and with time they continue to add more assets. However, you can also do a large contribution in the beginning as death can come any moment.

You must name your trustees. Trustees are those who decide the distribution of trust assets to the beneficiaries. In many jurisdictions, it is permitted to become trustee yourself but you will have to choose an independent trustee, one who is not from your extended and immediate family. If you fail to do so, the trust might be rejected by the court.

To avoid Inheritance tax you must hire trust solicitor who is well-experienced and can draft your deed of trust. This deed must state the name of the starting assets in trust, trustees, and beneficiaries. You must also clarify the roles and power of trustees; describe the rules for financial management, verify the decision making power of the trustees and verify the laws for the investment of the trusted assets. In the end, the deed must be notarised and signed to form the trust.

Start selling your own assets to the trust of your family over a period of years and slowly forgive your debts from the trust by using the notarised and signed papers.

Give something to friends or family members. A friend or a family member who is not your spouse or civil partner, so that you no longer get any benefit from it. It won't be taken into account when calculating the Inheritance Tax liability when you die.

Get expert advice on your inheritance and guidance in contesting a will, contact Going Legal Ltd today.

Article Source: https://EzineArticles.com/expert/Satya_Ranjan_Patra/313643

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Ideal Legacy Planning Strategies for Businessmen

Business owners work hard to build a successful business. Why? Because they want to provide for themselves as well as their loved ones, create employment opportunities, and give back to the community. But imagine if you were forced to retire from your business because of a sudden disability or health issue. What would happen in your absence? Would your business run smoothly without your constant supervision and input? Irrespective of the nature of your business, you are either building a legacy or leaving a liability for the future generation. Your business will be truly successful when it can operate independently, and your existing employees and management team can pick up where you left off. The correct legacy planning services can help you achieve the same.

Honor Your Legacy

You have spent years developing and running your business, so it makes sense that you would want the new generation to remember what's come before. You want them to preserve what makes your company unique. That involves passing key information to your senior staff, so they can keep these qualities alive. A legacy planning advisor evaluates your business so that it can keep on running with a moral compass in the foreseeable future.

Learn to Let Go

Successful business owners often have a strong 'aggressive' approach to their goals, and though this helps them stay on top of things, it also creates problems when the time comes to let things go. They lack confidence in the next generation's ability to run their business successfully, and this creates further problems. Conflicts between siblings are another potential hurdle to successful legacy planning. These family affairs can get quite messy. It is the job of a legacy planning advisor to guide you through these tricky waters. They help you come to terms with the final fate of your business.

Manage Your Emotions

Legacy planning is not easy for businessmen. You need to ask yourself some tough questions and take unpleasant decisions - all for the good of the company. No wonder, so many business leaders postpone or ignore legacy planning altogether until it's too late. You need to keep your emotions in check and create a sustainable plan for the future. A legacy planning advisor helps keep things within the realm of reason. While you focus on your desires and the things that matter to you, these professionals will remind you of the business and financial principles you need to follow.

For example, a lot of businessmen suffer from the misconception that businesses should rightfully go to the next generation. But longevity is not why you set up your business in the first place; the driving forces were profit and growth. Thus, you should always keep an open mind to the prospect of selling your business. Remember, succession planning will occur with or without you. So, you need to curb your controlling impulses and plan for the future while you still have a say in the matter.

Handing over the reins of a business to another individual is more than a mere financial transaction. Along with the transference of wealth, you must address significant emotional issues. And nobody is better equipped to deal with all this than you. So, you should hire a legacy planning service provider and take care of all these aspects while you're still healthy and in control.

Article Source: https://EzineArticles.com/expert/Gerald_Baum/2431041

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How to Raise Funds Using Crowdfunding Sites

To be able to give back and help people who are in need is one of the best things that you can ever do in your life. If you have the time and the resources, you should do your best to do some good and donate to charitable institutions. If you do not have the funds one of the best ways to raise them is to use crowdfunding or crowdsourcing sites.

New Term

Crowdfunding is no longer a new term. People have been using it for a long time now and it has grown in popularity ever since the increase of people's use of the internet. Through these crowdsourcing sites, people from around the world can connect with other people and ask them to help fund their causes.

Help Your Charity

To use these sites to help fund your charity, the most important thing you need to do is to create compelling content. This type of content does not have to move people to tears with an extremely sad story. Rather it should be able to stir some compassion from anyone who reads it. When compassion is triggered, people become more amenable to donating funds for your cause.

Content

Your content should have the right mix of text and pictures that will captivate and compel the audience enough to make a contribution to your cause. If you are planning on raising funds for people who have been struck by a devastating calamity, you should include pictures of homes that have been destroyed and people who have been displaced from their homes. Do not go too far and post pictures of dead bodies lying on the ground. These can sometimes make a person feel uncomfortable instead of feeling compassionate.

Your content should detail the reasons why you are raising funds through the crowdfunding site. It should include your plans and how you intend to use the money that you have raised. This gives people an idea as to where their contributions would go.

Incentives

Offer a nice inexpensive incentive to convince people to make a contribution. Some people would give a token or a product that is symbolic of the cause. Keychains are among the most common giveaways given for every donation made.

Questions

Answer queries and concerns about your fundraising campaign. People will want to know what the cause is and why you need funding for it. Naturally, they would ask you questions about the campaign. You should be ready to answer all kinds of questions as people will surely be sending them in.

Promotion

Lastly, you should try to find a way to promote your fundraising campaign. Back in the day when people were not so addicted to the internet, in order to promote something, people would need to pay huge amounts of money just to advertise on print and on TV ads. They also did not have a wide range of viewing gadgets that people enjoy today. There are no such things as online followers, retweets and regrams, and sharing of content.

Easier

Nowadays, it is easier than ever to reach out to more people and spread the reasons for your cause. Use social media, tap media influencers, and get word out there about your fund raising campaign. Do not forget to tell your audience where and how they can donate. Campaigns for raising funds are definitely more effective with the use of sites that have a wide reach like crowdsourcing sites.

Rob Hillman is a Crowdfunding Enthusiast. To find out more about all types of crowdfunding, please visit http://www.crowdfundingdiy.com/

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Jim Rohn: How to Solve Your Money Problems (Law of Attraction)

Jim Rohn: How to Solve Your Money Problems (Law of Attraction)

Here is an exciting thought! Why not work full time on your job and part time on your fortune? And what a feeling you'll have when you can honestly say, "I'm working to become wealthy. I'm not just working to pay my bills." When you have a wealth plan, you'll be so motivated that you'll have a hard time going to bed at night.

So if you will indulge me, I would like to share a simple formula for creating wealth. Here’s my thought on how money should be allocated.

The 70/30 Rule

After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on. Then, it’s important to look at how you allocate your remaining 30 percent. Let's allocate it in the following ways:

Charity

Of the 30 percent not spent, one-third should go to charity. Charity is the act of giving back to the community and helping those who need assistance. I believe that contributing 10 percent of your after-tax income is a good amount to strive for.

The act of giving should be taught early, when the amounts are small. It's pretty easy to take a dime out of a dollar. But it's considerably harder to give away a $100,000 out of $1 million. You say, "Oh, if I had $1 million, I'd have no trouble giving $100,000." I'm not so sure. $100,000 is a lot of money. Start early so you'll develop the habit before the big money comes your way.

Capital Investment

With the next 10 percent of your after-tax income, you're going to create wealth. This is money you'll use to buy, fix, manufacture or sell. The key is to engage in commerce, even if only on a part-time basis.

So how do you go about creating wealth? There are lots of ways. Let your imagination roam. Take a close look at those skills you developed at work or through your hobbies; you may be able to convert these into a profitable enterprise.

In addition, you can also learn to buy a product at wholesale and sell it for retail. Or you can purchase a piece of property and improve it. Use this 10 percent to purchase your equipment, products or equity—and get started. There is no telling what genius is inside you waiting to be awakened by the spark of opportunity.

Savings

The last 10 percent should be put in savings. I consider this to be one of the most exciting parts of your wealth plan because it can offer you peace of mind by preparing you for the “winters" of life. Let me give you the definition of "rich" and "poor”: Poor people spend their money and save what's left. Rich people save their money and spend what's left.

Twenty years ago, two people each earned a $1,000 a month and they each earned the same increases over the years. One had the philosophy of spending money and saving what's left; the other had the philosophy of saving first and spending what's left. Today, if you knew both, you'd call one poor and the other wealthy.

So, remember that giving, investing and saving, like any form of discipline, has a subtle effect. At the end of the day, the week, the month, the results are hardly noticeable. But let five years lapse and the differences become pronounced. At the end of 10 years, the differences are dramatic.

And it all starts with the same amount of money—just a different philosophy.

*CREDIT

Jim Rohn

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