#198 Charitable Strategies for Physicians To Make a Huge Impact

Hey everyone, this week we're going to be talking about charitable strategies. Yes, charity is something that you do and you give. There are so many benefits to it as you as well, so you don't have to feel like it's completely giving. Yes, you do that out of your own heart. But there are benefits as well too. There are strategies behind this as a physician. So stay tuned. We're going to be talking about all these things. Welcome to the Passive Income MD podcast where we talk about creating your ideal life through multiple streams of income. If you enjoy hearing about this stuff, make sure to hit subscribe. Now let's get on with the show. Now, we all know this concept of giving back is important. As physicians, I think a lot of us went into medicine, in fact, I would say most of us, if not all of us, went to medicine because we wanted to help people, we wanted to heal, we wanted to feel like we're making a difference giving back. And so most of us, I think, think that we're doing it on a daily basis, which we are. And we think that that is our charitable donation. But let's be honest, we're doing it because we love to do it, but we're also building our businesses, we're supporting our families. And sometimes when you're getting paid to do that, sometimes feeling like you're doing charity is actually not really in the mind. In fact, so many of us feel like we have to do it that it kind of takes away from this sense of giving or kindness. And in some ways what we do can be almost the trap that binds us to the point where some of us even feel burnout. And this is for something that we feel like we're doing good in the world for that we're making an impact, that we're helping people. So this week I want to talk about that concept of giving as a physician, how to do it right, some strategies behind it, and how you can ultimately make it payback in so many ways that will benefit and enrich your life. So here's that six step process to making sure that your passion for giving is doing the most benefit for them, for you, and in the way you're thinking about things. Number one, you wanna set an aspirational budget. Sure. Giving is not just time, but what we're talking about today is charity that involves opening up your checkbook. All of us have done this in some way, whether it's intentional or not, whether it's small or big, there's no judgment here. That's not what it's all about, it's about the intention and consistency behind all of this stuff. But what I found is really helpful in terms of making an impact in terms of your charity giving. When it comes to the dollar amount, it's really important, in my opinion, to, to be intentional about it, to set it aside, to mark that money as something intentional, that you're going to go for a specific benefit. And for that you have to set a budget for it. You have to decide when it comes to your finances, how much do you want to participate in these causes. In that case, it feels like you're willing to do it, like you're giving, not being forced to. Every one of us has felt that sense of when you feel kind of forced or obligated to give and it just doesn't feel good, well, then what's the point of giving? So set that budget, whatever it is that makes you comfortable, but at the same time, you recognize that you're making an intentional effort, perhaps a little bit of sacrifice to help somebody else. The second step of the process is an obvious one. Find causes that resonate with you. Again, there have been those times where you've just been asked to give and you just give it. You don't really connect with the actual end receiver. That cause may not align with your values or interests. And that's probably the worst way to give. When you give, you want to make sure that there's an impact, right? You, you want to find ones that you feel that you're giving and that you feel proud to give to. So understanding these different causes, finding their values, interests, asking them, looking for alignment there is absolutely important. So when you care about that cause, when you care deeply about that, your contribution, whatever amount it is that you give, you're going to feel good about it. When you give your time, when you give your expertise to these things too, and you donate that, that will matter. Number three, you want to understand the impact of your giving. I don't know about you, but I personally want to know that when I give that it's actually going to do something, that it's not just going towards administrative costs. There are ways to find this out. With every giving that you do, you find out what percentage is actually going to the actual cause that you're fighting for. And if you don't know that and you're thinking about donating to a certain cause, ask them how much of each dollar actually goes to making a difference, making that impact. That again, you're getting behind. There is a little bit of due diligence. But if you're going to give and give consistently to a certain cause, when you want to know everything about it, when you want to know that money's not just being flushed down the toilet, so do your due diligence, ask and give. Hey, everyone, wanted to pop in here real quick to let you know that the annual Leverage and Growth summit, I think it's our fifth one this year. It's happening on February 26th through March 1st, 2024. This is a virtual summit. It's for physicians. It is definitely one of my favorite events of the year. And the reason I love it is that it's all about stories. It's about stories of physicians doing some really amazing things outside of medicine, leveraging their medical degrees and all of that ambition and skills that they've grown and cultivated throughout their medical training, and then using it for some other venture. These are doctors that are creating their ideal lives, that are living life by design. We've had tens of thousands of physicians who have participated in this in the past, and it's such a cool experience. I know you're going to have a great time, so. So mark out that time, put it in your calendars, look out for it. And the best part is that it's completely free. It's a free summit. So plan to join us on February 26th through March 1st. Look out for that and see you there. The fourth step is to regularly assess and course correct. I would say this whole concept of philanthropy, it's an evolving journey. How much you give might change over time. You might be in a different financial situation. You might, your passions might change, life circumstances might change. And you still got to figure out is what you're giving to that charity that every year is maybe getting a certain amount of your funds or income. Does it still resonate with you? Is it making the impact that you had hoped for? When you hear of all these philanthropic funds, these nonprofits that give out all of these, you know, all of this money, I will promise you they treat it like a business. They understand their funds make a difference. So they're regularly checking up on these charitable causes. They're following through, they're asking for reports, finding out what's actually happening. And they want to see the results of what they're giving. I know that you don't want to feel like you give for a purpose or result, but again, I think it's important to us, especially as physicians, you want to know what you're doing makes a difference because that's your hard earned money and time and capital. And of course, you feel grateful for having that and you want to give that to others. But again, you want to make sure at the right time, the right place, that all of this is going to a good cause. Now, number five, I really like this one. And this is where the benefits come in. You got to embrace the benefits. Let's talk about what some of those benefits are. Number one, there are tax benefits, obviously, which is why it's absolutely important to document and get the documents from everything that you're giving to. Again, we're not doing it for this, but the tax code is written in a way that you can contribute to a certain cause. The government essentially subsidizes part of that. So talk to your cpa, talk about the tax benefits. It might allow you to contribute in a more meaningful way, which doesn't impact your bottom line, doesn't impact your family. And of course, there's a personal rewards that go beyond any sort of finances. I don't know about you, but when you get something, of course it feels great. But when you give something, you see an impact. I would venture to say that impact on you, that feeling of feeling proud of yourself, good, that lasts for so much longer, you get that sense of purpose, of, of fulfillment, connection to a larger community of gratitude. And those things are really priceless at the end of the day. It's a way to combat all the negative stuff that's happening and again, reconnect to the core values of things that are important to you. Another benefit is it can be challenging. I mean, I remember being a resident and you're barely scraping by. You've got all these loans, all these obligations. I don't know about you, but I lived off of the free food at the hospitals. I found ways to go to different cafeterias and pick up free food and drinks all over the place. And then thinking about giving out of that, I'm sure from a mindset perspective, it was the furthest thing from my mind. And so, to be honest with you, I struggled with donating or being charitable. Sure, I give my time, but again, I was a resident, I didn't have much time either. And I definitely had this mindset of, oh, when I have more money, I'll donate. But the thing I've learned is as you get further in your career and you have family and more obligations, in some ways it becomes harder to give. Your lifestyle has inflated, your expectations are different. So with my kids right now, I'm trying to instill that, like it as a habit. And it can be small, but just that understanding of it's important to give of yourself, right. To be grateful. All that learns when you sacrifice and you give makes you feel like you're leaving a legacy. And that's really important. All right, so those are six charitable strategies. I hope I numbered those right. Again, this is just a list of considerations for you, you know, as you start thinking about this topic, because again, many of you are not only doing for yourself, you're teaching your kids. And it's something that's been on my mind lately. And I have to just say this is an evolving process for me. I've learned so much. Sometimes it feels like it hurts, but I've never regretted it on the back end. And it's again, it's a growing and learning process for me. And so many people have asked me about it. And so I thought I'd share that with you. And in the show notes, I'm just gonna link to a credible resource that guides you through a lot of this process. If you're interested, go ahead in the show notes, you can download that. I just think it's a great resource and happy to share that with everyone. So as we wrap this up, just remember that philanthropy and medicine is about obviously, everything we do in medicine makes an impact. Giving is amazing, but adding elements outside of that will help you grow and make an even bigger contribution to the world. Thanks for everything you do. Appreciate you and hope to see you soon. Let's talk again soon. Thanks, everyone. Enjoy the show. Let me know by dropping a review in the podcast app you're listening to us at. And if you haven't already, make sure to hit subscribe. Join thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. Learn more at our website, passiveincomemd. Com. Thanks again for allowing me to be a part of your journey. See you next time.