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Personal values play an important role in many aspects of our lives and have become more prominent recently in how we think about and manage our finances. More and more investors are asking how they can support the causes they care about through their financial decision-making.
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Charles Schwab's latest Modern Wealth Survey found that 69% of Americans say that supporting causes they care most about is a top consideration when it comes to their financial decisions. If you count yourself among them, consider starting with a financial plan to ensure you stay on track toward your long-term goals while also staying true to your personal values.
Define your saving and spending goals
The best way to start is by translating your dreams into concrete financial goals. Identify your most important goals and commit to saving toward each. Write things down so you can build confidence, stay focused and refine your plan over time while prioritizing both your own financial wellness and the greater good.
For example, we recently had a client looking for ways to maximize her charitable donations with a limited budget. After pinpointing the causes that she connected with most - the environment and medical research - we laid out a three-year charitable-giving budget. This helped her stay on track with her long-term plan while mixing in creative ways to give back, including ongoing gifts through a donor-advised fund supporting cancer research and volunteering for weekend river cleanups.
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