[anemic]

How about donating to charity? If you don't need the money, there are people in the world who are struggling to get clean water.

Spend some time to verify that your money goes to a good cause and not to scammers.

You could start by donating to a local sports team to buy equipment to those who can't afford if, for example. Then go see their games to see what you've accomplished.

[capableweb]

Donating excess profit (from self-run business and/or employment) to local non-profits/small organizations is the single most satisfying thing I've ever done. Not only does it feel great to donate the funds to them, but to be able to afterwards tell the change you're able to help them achieve is invaluable.

[Cwizard]

Do you have any advice on finding/selecting the right charities? Each year I give away a portion of my salary but always struggle to find good charities to give to. Perhaps I am overthinking it, but any tips on this would be appreciated.

[4887d30omd8]

https://www.givewell.org/ Is a good site for finding charities that create the most good per dollar. That’s what I care most about.

[ryanmercer]

Find some charities that interest you then hit up a site like https://www.charitynavigator.org/ and see if they are in the database, if they are see how they are rated, make sure they aren't spending 95% of what they raise on salaries and advertising expenses, etc.

[capableweb]

> Do you have any advice on finding/selecting the right charities

I don't donate to international/national organizations but local ones, or even local businesses I like but who struggle with something. My tip for finding those is to participate in the local business/events landscape in your province/city/neighborhood, and talk to people.

[brightball]

Yep. Always fun to sponsor a kids sports team and get your logo on the jerseys. :)

[smeej]

If you want, you can also arrange things as "sponsorships" of various things for the nonprofits you support, which may allow them to be considered a business expense, saving you that money on taxes (last I checked, LLCs don't get tax deductions for charitable donations).

If your company's name is on the jersey of the Little League team, for example, it's an "advertising" expense, and the team gets jerseys.

[herlitzj]

This. But I'd say don't just donate the whole sum. Talk to whatever accountant you find about creating a foundation and building an endowment. At $20k+ per month in seed you'll quickly ramp up to millions of dollars in the endowment and can build a foundaton that runs in perpetuity to enrich the lives of a lot of people less fortunate than you.