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Money Meets Medicine Podcast

MMM #33: Charitable Giving: Pre-Tax, Post-Tax, or Not at All?

Should you be giving to charity? And is there a right or wrong way to go about it? Should you do it pre-tax or post-tax? Bet you never thought there would be this many things to consider when it came to giving to charity. Keep reading to figure out all of the answers!

What You’ll Learn:

In this episode of Money Meets Medicine, “Charitable Giving: Pre-Tax, Post-Tax, or Not at All?,” You’re going to learn…

  • Why you should give to charity!
  • What things specifically apply to physicians when it comes to giving.
  • Whether you should give pre-tax or post-tax.
  • Why charity is a great way to making money an idol.
  • All about the great tax benefits.
  • And more!

Resources from the Episode:

Should I Tithe Pre-tax or Post-tax (or at all)?

Should I Tithe or Should I Build Wealth?

This Episode’s Sponsor

For years, Neil has been helping physicians and dentists achieve their dreams of homeownership.  From start to finish, he can help guide you through the process beginning with a consultation to determine your options, to painlessly uploading your documents digitally, Neil will be there to assist and guide you during the entire process.  

Whether you’re a first-time homebuyer, looking to purchase a second home, looking to refinance or purchase an investment property, TD Bank, N.A. has solutions designed for Doctors and an efficient process that makes getting a mortgage easy. Reach out to Neil on his direct line at 212 933-9900 or email him at [email protected]

https://financialresidency.com/tdbank

Listener Question of the Week:

This episode’s listener question comes from Dr. RW:

“Are all of your savings accounts high-yield savings accounts? Do you have any savings accounts that are regular bank savings accounts?”

Each episode, we are going to start including listener questions as they are provided to us.  So, if you have a specific question you’d like answered on the podcast reach out to us!  Email [email protected] or [email protected]

TPP

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One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.

This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.

There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.

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Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.

In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.

One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.

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There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.

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