#191 The Benefits of Living a Generous Life ft. Peter Kim, M.D
In this episode, Dr. Peter Kim explores the benefits of living generously and discusses the science of giving and adopting generosity as a lifestyle. Discover how to integrate generosity into personal and professional life, building it as a habit and using it as a tool for growth.
Are you a physician looking to make a positive impact in your community? Download our FREE Physician Philanthropist Guide to learn how you can use your skills and resources to give back and make a difference.
This comprehensive guide is filled with practical tips and strategies to help you become a more effective philanthropist.
Click here to download The Physician Philanthropist Guide!
Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining us in our Facebook communities such as Passive Income Docs and Passive Income MD.
Like what you heard? Subscribe and Rate Us!
Episode Highlights
Now, let’s look at what we discussed in this episode:
- Generosity as a Lifestyle
- The Science Behind Giving and Being Generous
- Financial Benefits of Generosity
- Developing Generosity as a Habit
- Applying Generosity To Your Business
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
Generosity as a Lifestyle
Peter begins by addressing the difficulty of balancing personal financial security with the desire to be generous.
He acknowledges the pressure to give in various circumstances. While also facing the challenge of overcoming a scarcity mindset, where one believes he must have enough before being generous. Dr. Kim also highlights how surrounding oneself with a community of generous people, regardless of their wealth, can inspire a lifestyle of generosity.
“I know during this season, we all get hit up for so many different groups and opportunities to give. Now it’s always a challenge, because we always want to be known as giving and good generous people.” — Peter Kim, MD.
The Science Behind Giving and Being Generous
Dr. Peter discusses the concept of generosity and uncovers five scientifically supported benefits of giving.
He mentions that generosity has numerous positive effects on well-being, such as lowering blood pressure, decreasing the risk of dementia, anxiety, depression, and chronic pain. Furthermore, being generous triggers the release of endorphins, dopamine, and oxytocin, leading to increased happiness. Generosity also reduces stress, enhances relationships, and fosters stronger connections with loved ones.
Studies also indicate that generosity may contribute to an extended life expectancy, possibly due to reduced stress and a sense of abundance.
“When you’re generous to those you love, it creates a stronger relationship. And when everybody’s doing that for each other… well, that’s when magic happens.” — Peter Kim, MD.
Financial Benefits of Generosity
Peter goes on to talk about how generosity also has monetary benefits, with tax deductions available for intentional financial gifts.
The government provides a deduction for directing taxes towards causes that one is passionate about. A donor-advised fund is introduced as a way to donate appreciated assets like stocks or bonds, taking a full tax deduction and deciding when to make the actual donations. This strategy allows for a significant tax deduction.
When stocks appreciate, moving them into a donor-advised fund allows for a tax deduction based on the appreciated value, providing flexibility in deciding when and how much to donate. This strategy can be used for budgeting charitable donations and offers the advantage of locking in the value at the time of donation.
“Not only we can use that money to try and create better outcomes in this world for whatever that’s important to you in terms of your passion, but the government also in terms of the tax code gives us a deduction to be able to do that. ’” — Peter Kim, MD.
Developing Generosity as a Habit
Dr. Peter Kim further discusses how being around generous individuals can be inspiring and result in financial advantages.
Developing a routine of allocating funds for investing and giving before using the remaining income for living expenses can help overcome a scarcity mindset and guarantee financial security. This mindset also led him to incorporate generosity as a habit within his business practices.
“After surrounding myself with people who are generous and motivated me, once I found the research behind how powerful it can be in terms of improving my life, knowing that there’s a financial benefit … It (generosity) became a matter of how was I going to do that and build that as a habit in my life.” — Peter Kim, MD.
Applying Generosity To Your Business
Peter concludes by describing how he started incorporating generosity into his business strategies.
He was inspired by the TOMS shoes’ model of giving back with each purchase and applied a similar approach to his real estate and podcast ventures, directing profits towards constructing orphanages and supplying meals through Feeding America. Dr. Kim also stresses the importance of instilling a sense of generosity in children through practices of saving, spending, and giving.
Lastly, he acknowledges the emphasis on gratitude and generosity during the holidays and expresses appreciation for the community’s shared stories of integrating generosity into their lives.
“I’m inspired by so many of you who have shared stories of how you’ve built generosity into your own lives. Thank you.” — Peter Kim, MD.
