Time, Talent, Treasure: How to Make Charitable Giving More Meaningful

When clients tell me they want to be more generous but don't feel like they have much extra to give, I often remind them of something important: generosity isn't just about writing a check. In fact, there are three traditional ways to give back: time, talent, and treasure. And chances are, you're already giving at least one of them without thinking of yourself as a philanthropist.

Give Your Time

Time may be the most personal thing we have to give. Once it's gone, we can't get it back. That's part of what makes giving our time so meaningful.

For some people, giving time means getting directly involved, whether that be mentoring a young person, serving meals at a food pantry, volunteering at a shelter, or helping with a community organization.

For others, it might happen behind the scenes: helping organize a fundraiser, stocking shelves at a local food bank, assisting with an event, or lending a hand when an organization needs it. It doesn't have to be a huge commitment to make a difference.

This is something we've been reminded of throughout our 25th anniversary year at WellSpring Financial. As part of our 25 Acts of Kindness for 25 Years campaign, our team has been intentionally looking for ways to give back to the communities we serve. We've donated money and collected supplies, but we've also shown up and given our time—volunteering, participating in charitable events, and working alongside organizations that are making a difference in our community.

For us, the campaign has been a great reminder that giving back isn't always about how much you can give financially. Sometimes, it's simply about being willing to show up and help.

Some people take their generosity a step further by dedicating significant time to managing a charitable organization or private foundation. That can be incredibly rewarding, but it also comes with an ongoing commitment of time and responsibility. Whatever form it takes, your time has value.

Share Your Talent

Talent is probably the most overlooked form of giving. Think about the skills you've developed throughout your career and life. What if you could use those skills to help someone else?

A physician might volunteer at a free clinic. An accountant might help a nonprofit with its finances. A financial professional might serve on a nonprofit's investment committee. A coach might mentor young athletes. A business owner might help a local organization develop a strategic plan.

The value isn't simply in the hours being donated; it's in the expertise. Sometimes an organization needs a particular skill that it couldn't otherwise afford to hire. Sharing your knowledge can fill that gap and make a meaningful impact. And you don't have to be a professional to have something valuable to offer. Your life experience, hobbies, relationships, and personal skills can all become tools for giving back.

Give Your Treasure

This is probably the form of giving we think about first. Cash donations are the most familiar, but charitable giving can take many forms. Depending on your circumstances, you may be able to give securities, real estate, artwork, or other assets.

For people who have established a private foundation or other charitable organization, there may be additional ways to put resources to work, including grants, scholarships, and other charitable programs. And charitable giving doesn't have to follow one particular schedule.

Some people prefer to make regular donations throughout the year. Others give when a particular need arises. Some make larger charitable gifts during retirement or as part of their estate plan. The right approach depends on your resources, your goals, and the causes that matter most to you.

You Don't Have to Choose Just One

What I like most about the idea of time, talent, and treasure is that it takes some of the pressure out of charitable giving. Not everyone has significant financial resources available to donate right now. But almost everyone has something they can give. Maybe it's an hour on a Saturday morning. Maybe it's a skill you've spent decades developing. Maybe it's a financial contribution to an organization that's close to your heart. And for those who have the ability to give in all three ways, the question isn't necessarily which one to choose. It may be how to combine them in a way that fits your life and creates the greatest impact.

Making Your Giving More Intentional

Charitable giving can also be an important part of a broader financial plan. For some people, that might mean incorporating charitable donations into their retirement income strategy. For others, it could involve donating appreciated investments, establishing a charitable giving strategy, creating a foundation, or including charitable organizations in an estate plan.

The important thing is to make sure your generosity aligns with both what you care about and what your financial plan can support. You don't have to wait until you have "extra" money to make a difference. Give your time. Share your talent. Give what you can.

There is no wrong place to start. If you're thinking about becoming more intentional with your charitable giving—whether you're simply looking for ways to give more thoughtfully or considering a larger commitment such as a private foundation—I'd love to talk it through. It's one of my favorite conversations to have with clients, and there's no wrong place to start.

FAQs:

What are the three ways to give back?
The three traditional ways to give are time, talent and treasure. Time means volunteering, talent means sharing your skills or expertise, and treasure means giving financial resources or assets.

What is charitable giving?
Charitable giving is the voluntary donation of money, assets, time or skills to support a nonprofit organization, charitable cause or community.

Can I give to charity without donating money?
Absolutely. Volunteering your time and sharing your skills or expertise are both meaningful forms of charitable giving.

What assets can I donate to charity?
Depending on the organization and your circumstances, charitable gifts can include cash, publicly traded securities, real estate, artwork and other assets. Some charitable strategies may also offer potential tax benefits, so it's important to consult appropriate financial and tax professionals.

How can charitable giving fit into a financial plan?
Charitable giving can be incorporated into retirement income planning, tax planning and estate planning. The appropriate strategy depends on your financial circumstances, charitable goals and the assets you're considering giving.

What is a private foundation?
A private foundation is a charitable organization generally established and funded by an individual, family or organization to support charitable purposes. Establishing and maintaining one involves additional legal, administrative and financial responsibilities.