When you get too many charity requests…

What can you do?

With the year-end fast approaching, you’re likely to be bombarded by charitable-giving requests; some of which you may have no interest in supporting.

The good news: Psychologists, along with your Vermillion Advisors, say its fine to decline these requests.

You may not have a personal connection to a particular cause, or you may already be giving to a charity much closer to your heart.

Stick to your spending plan for charitable giving. You can be flexible in your allocations, but do not over-extend yourself beyond the amount you planned (No extra or impulsive monetary gifts!).

Be sure you balance your spending with your ability to meet your own retirement goals and financial objectives. That typically involves paying off all high-cost debt, maximizing contributions to savings plans to build a retirement nest egg, saving for children’s educations, and making sure adequate health, disability and life insurance is in place. You should also build an emergency cash reserve in the event of job loss.

If you wish to keep giving beyond your spending plan, consider donating your time to charity instead of money. While it’s admirable to give, charity often needs to start at home. The best analogy that VFA can give when it comes to gifting is the standard airline-safety protocol: “If there is a sudden loss of air pressure in the cabin, secure your own mask before helping those around you.”

If you don’t focus on your own finances before tending to those less fortunate, you could soon be joining them.

For those donations your making to your favorite charitable organizations, here are Six Tips for Tax-Smart Charitable Giving

Note: The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendation for any individual. Please remember that past performance of investments may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this post serves as the receipt of, or as a substitute for, personalized investment advice from Vermillion Financial Advisors, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed within this newsletter to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. A copy of our current written disclosure statement discussing our advisory services and fees is available for review upon request.