The Joys Of Becoming An Everyday Philanthropist

The Joys Of Becoming An Everyday Philanthropist
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Is the philanthropic spirit in danger of withering in the United States? Maybe, but the good news is that each of us has the power to do something about that.

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Personal Savings Rate Reach Record Highs

Americans, it seems, are saving like never before, with the personal savings rate reaching record highs during the pandemic, averaging 18 percent from April 2020 through January of this year.

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Yet, even as Americans found ways to keep more of their paychecks, they weren’t as quick to loosen the purse strings and give to those less fortunate. When polled in 2020, 73 percent of Americans said they had donated to a charity in the last year, which on its own sounds good. Yet, Gallup reports that the lowest percentage it’s ever recorded – even lower than in 2009 during the Great Recession.

The pandemic, of course, was underway this time and uncertainty and anxiety ruled, which might not have been the best of circumstances for pleading the cause for charitable giving. In the past, though, research has shown that giving activates pleasure centers in the brain. People often say they feel happy when they give, and science backs them up, indicating that if you want to cheer yourself up and reduce your anxiety level, giving is one way to do it.

I have become something of an advocate for charitable giving. My personal approach is to give away half my income, which I realize not every person is willing to do or even able to do. But just about anyone can take a leap of faith and give more than they are giving now.

So, the question is how to get more people to do so.

Average People Can Become Everyday Philanthropists

We always think of philanthropists as being these extraordinarily wealthy people, hidden behind mansion walls, doling out millions to charity. But I would like to see average people become “everyday philanthropists,” sharing what they have, however meager that might be, to make someone else’s life less bleak. A philanthropist is simply someone who can give away a large percentage of their assets, and anyone can do that.

Yes, your assets are not as big as Bill Gates’ assets, so you won’t match someone like him in sheer dollar amounts of giving. But maybe you can give more this year than you did last year, and give even more next year.

As a financial professional, I can tell you that the adage about money not buying happiness certainly rings true. I’ve encountered millionaires who weren’t happy, even though they had accumulated more wealth than most people could even imagine. A little more philanthropy might have been just what those brain pleasure centers ordered.

Beyond good feelings, charitable giving also provides tax savings for those who itemize their deductions. I find it fascinating that if you give more to charity, you can give less to Uncle Sam. This allows you more control over the impact your money has. Instead of letting Congress and the president decide, you can give your money away at the grassroots level, targeting a cause you truly believe in, and perhaps even seeing the results of your largesse in action in your town or neighborhood.

Of course, I like to think that a tax break isn’t the primary reason people give to charities, that they truly want to do good and to help, and that the tax advantage is just a nice side benefit.

In the financial world, people always seek a return on their investment and in a sense, this is no different. The return on investment for being an everyday philanthropist is that someone’s life becomes more hopeful because you stepped up and made a difference.

Article By Andrew McNair

About the Author

Andrew McNair, an Investment Adviser Representative and insurance professional, is the president of SWAN Capital, an independent financial services firm. He has experience in the fields of retirement income, wealth preservation, and long-term care, and has a strategic partnership with an attorney for estate planning services. McNair is the author of two books, Tithe: A Living Testimony and Don’t Be Penny Wise and Dollar Foolish. He also is host of the radio show “What Your Money Would Say” on WCOA 1370 AM. He has been quoted on financial issues by such media outlets as The Wall Street Journal, Forbes and Fox Business, and has been a contributor to Market Watch.

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Jacob Wolinsky is the founder of, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at) - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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