Few people realize how large the economic impact of charities has become in our country. The media tends to paint a picture of a "big, bad America who takes but never gives", yet the United States is unquestionably the most generous nation the world has ever known. Ameircans give and are happy to do it.
Do charities, churches, and non-profits have a positive effect on the economy? Without charities and non-profits and the work they do, America wouldn’t shut down, but the effect on the economy would be huge because government red tape would never be able to keep up with the speed that Charitable organization exhibit in handling pressing problems—from day care for working moms, to after school programs for teens, to food to feed the hungry, seven days a week.
Last year, total giving was more than $358 billion from records provided by Giving USA Foundation numbers, which tracks total philanthropic activity. Steve and Sinclair explore the impact of charitable giving on the economy, and which parts of the country give more than others.
In the Q & A segment, CFP® Murray Titterington with IQ Wealth joins the A-Team to talk about required minimum distributions from traditional, inherited, and roth IRAs.
Happy New Year!