"The generous will prosper; those who refresh others will
themselves be refreshed.”

King Solomon, Proverbs 11:25

For thousands of years,

ancient wisdom literature has cautioned against chasing after riches. We ascend to this belief proclaiming, “It is better to give than to receive,” but our actions often shout, “Get rich or die trying.” We wake up early in the morning and go late to rest “chasing our tail” in the “rat race” of our careers wondering where time went as we wave to our kids now leaving for college and feeling like it was “just yesterday I turned 18.” King Solomon, the wealthiest and wisest King in recorded history, has a lot to say on living “the good life” with money. In Proverbs 1:19, he cautions, “Such is the fate of all who are greedy for money; it robs them of life.” Likewise, in Proverbs 23:4, he warns, “Don’t wear yourself out trying to get rich. Be wise enough to know when to quit.” And finally, in Ecclesiastes 5:10: “Whoever loves money never has enough; whoever loves wealth is never satisfied with their income.”In a surprise twist, he advises listeners to “give freely and become more wealthy” stating that “the generous will prosper” and “those who refresh others will themselves be refreshed.” Proverbs 11:24-25. This is strange. Solomon suggests that if we want to exit the rat race, “be refreshed” and even become “more wealthy,” we are to be “generous” and “give freely.” Generously giving without expectation unlocks the heart to become a joyful giver.

This leads to true wealth which is more than just money. He continues in Ecclesiastes 5:18 “…that it is appropriate for a person to eat, to drink and to find satisfaction in their toilsome labor.” Taken together with the earlier proverbs, the richest and wisest person in history claims that “the good life” is found in enjoying wealth and giving wealth away. At 25, we can testify to this. We enjoy wealth and generously give wealth. In fact, the more we give away, the less control our possessions and wealth have over our lives. The less control they have over our lives, the less responsive we are to their demands. We now come home for family dinner instead of taking “just one more meeting.” The more family dinners, date nights and community we have, the more laughter, joy and peace of mind we obtain. We pass this peace of mind to our clients by remaining emotionally healthy and clear-headed when investigating investment opportunities, caring for our client’s comprehensive needs and remaining stable in uncertain times. But the benefits of generosity do not stop with us. There are real needs that are unmet that require our attention. 25 has partnered with several organizations that we believe are aligned with our mission, vision and values. We invite our clients to join us in supporting the following organizations with not only your wealth but also your time and expertise as a physician by joining us for a short-term medical humanitarian trip. Contact a 25 advisor today to ask how you can partner with the following organizations:

There are two noteworthy changes to charitable contributions in CARES. First, taxpayers may take an above-the-line tax deduction for charitable cash contributions of up to $300 for the tax year beginning in 2020. This is obviously not a large amount of money, but since it is “above-the-line” deduction, it means that all taxpayers can deduct this amount even if they do not itemize (90% of taxpayers do not itemize but claim the standard deduction).

For highly paid doctors in the 37% tax bracket, this is $111 tax savings. Consider gifting $300 to a favorite charity when they likely need it the most and receive about $100 back on your taxes in 2020. This provision (accidentally?) does not have a sunset provision and so therefore, as written, might be permanent. Keep your eyes open for this strategy for 2021 and beyond.

Second, CARES suspends the 60% of your AGI cap for cash charitable contributions. This means you can completely wipe your income out for 2020 by giving away 100% of your income. In fact, you can give away more than your income and carry over the charitable deductions up to 5 years.

Randolph World Ministries

In 2000, Randolph World Ministries, Inc. began operations through a partnership with one Haitian clinic laboratory by providing training and materials to improve their laboratory services. Today, Randolph World Ministries, Inc. serves the people of Haiti in nine primary areas: (1) provide a full range of medical services to over 20 Haitian clinics through training, materials, consultation, and personal visits to each facility (2) conduct mobile clinics in remote areas of Haiti where healthcare is unavailable (3) conduct mass screening efforts to provide free laboratory testing to patients during medical mission trips (4) develop and implement small business start-up companies to elevate individual families and grow a local economy (5) provide medical education in medical vocational schools and universities (6) provide emergency relief following natural disasters and other types of urgent need (7) provide the manpower and resources for small building rehabilitation projects (8) conduct eye clinics to fit glasses for vision correction and train local medical personnel in eye examinations (9) conduct medical research to advance the medical knowledge and the practice of medicine in Haiti.