Why Planned Giving is Essential to Your Ministry Today and in the Future—Part 1 of 3
Part 1 – Are you ignoring 90 percent of your supporters’ wealth?
Whether you’re a church or another ministry, chances are you rely on the generosity of your supporters to sustain your work. While the weekly offering plate or cash donations help keep the lights on, those gifts really represent funds from only 10 percent of a person’s wealth. In reality, this is what the average person’s financial picture looks like:
Most people have about 10 percent of their wealth sitting in a savings or checking account. These funds are what they typically use to support their favorite ministries like yours. But what about the other 90 percent? This portion of a person’s wealth consists of non-cash assets like real estate, stocks, IRAs, businesses, wills, and trusts. Many people don’t think these types of assets can be used to support ministry. This is where education about planned giving comes in.
Have you ever wondered how universities or organizations like the American Cancer Society have enormous endowments or revenue surpluses that continue to grow and pay them in perpetuity? These entities have successfully addressed the 90 percent. Without acknowledging this untapped source of wealth, you are potentially missing out on the largest gifts a person may ever give.
The way people give today is changing. With a little education and available resources, you can provide your supporters with the tools they need to give more than they ever thought possible. Planned giving options provide tax-wise solutions that benefit both you and your donors and, ultimately, God’s Kingdom.
In my next blog article, we’ll dig deeper into exactly how planned giving works to sustain your ministry now and in the future.