Charitable giving must be part of your financial planning
If you've ever thrown money at a problem or a person with problems, you'll know that imprudent giving can have harmful consequences. The same can be said of charitable giving in the absence of a financial plan. Charles Pitt, a private client wealth manager at Alexander Forbes Wealth, says good intentions can throw off long-term wealth planning. The most recent edition of the Nedbank Private Wealth Giving Report revealed that while 88% of local high-net-worth indivi-duals donated money, time or goods to the combined value of R7-billion to charities in 2015, more than half of these givers did not have a budget or planned approach to their giving. "While benevolence of any kind is admirable, indiscriminate giving can be ineffective - both for that of the charitable cause and the aspirations behind the reason to donate," says Kerrin Land, CEO of Old Mutual Wealth. Land says high-net-worth individuals should seek advice from an accredited financial planner who can help them ensure that t...
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