For the final post in this Financial Literacy Month 2022 series, a note about dedicating money and time to others.
You Can’t Take It With You
The previous blog post in this series ended with the line, “You can’t take it with you.” That phrase is not a myth to be busted. All of us are headed to the same place in time: the future. However, we can choose what we leave behind. That goes for estate planning (where your money goes when you die) as well as charitable giving (where your contribution makes an impact).
If you pass away without a will and no next of kin, the money you leave behind goes to the state. If there are family members around but no will, they may deal with confusion or disagreement while sorting out the assets left behind. The South Carolina Bar has an excellent article about why you need a will.
You can also choose to donate money to charitable organizations and make an immediate difference in lives and causes that are important to you. Naturally, you should beware of scams. Sites such as Charity Watch, Give Well, Charity Navigator, and Consumer Reports all research non-profits and attempt to find the most effective and “worthy” organizations from financial and accountability perspectives. Locally, you might seek out “angel charities” named annually by the South Carolina Secretary of State for meeting quality standards.
Time Wealth
Speaking of charities and lending a helping hand, the most valuable resource any of us has is time. That not only means the aid you may choose to give others, but the effect that giving has on you. Contributing time and effort often means a great deal to the giver, along with connections built along the way. Kelly H. has an excellent blog post about how volunteering is rewarding. VolunteerMatch is a good start for finding organizations that could use your time contribution, but feel free to ask local organizations, too, such as the Richland Library Friends and Foundation.
Your wealth and your life do not have to be mutually exclusive. One can enrich the other, including the lives of others.
In Closing and Review
Happy Financial Literacy Month 2022, everyone! I hope these blog posts are useful and give you food for thought about saving, spending, and intentionally using your money.
The previous posts in this blog series are as follows: