#198 Charitable Strategies for Physicians To Make a Huge Impact ft. Dr. Peter Kim
In this episode, Dr. Peter Kim shares valuable insights on charitable strategies for physicians to make a huge impact in giving. Explore the six effective approaches and get a free downloadable resource to enhance your philanthropic journey and maximize your contribution to the community.
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!
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- The Concept of Giving as a Physician
- Setting an Aspirational Budget
- Finding Causes that Resonate With You
- Understand the Impact of Giving
- Regularly Assess and Course Correct
- Embrace the Benefits
- The Physician Philanthropist Guide
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
The Concept of Giving as a Physician
Peter discusses the idea of giving back as a physician and the conflict between providing care as a job and giving care as a charitable act.
He discusses the potential for feeling disconnected from giving due to professional and personal obligations, which can lead to feeling trapped or burnout. Peter suggests a six-step process to ensure that the passion for giving benefits both the doctor and the recipients.
“Many of us feel like we have to do it, which kind of takes away from the sense of giving or demonstrating kindness.” — Peter Kim, MD.
Setting an Aspirational Budget
Dr. Kim continues by sharing that in charitable giving, it’s important to set an aspirational budget, as it sets intention and consistency behind the act.
He reasons that setting aside a specific amount intentionally helps make a more significant impact and ensures that the giving is not forced or obligatory. This intentional effort, even if it involves some sacrifice, allows for a more meaningful and genuine contribution.
“Set that budget whatever it is that makes you comfortable, but at the same time, recognize that you’re making an intentional effort and a little bit of sacrifice to help somebody else.” — Peter Kim, MD.
Finding Causes that Resonate With You
Dr. Peter emphasizes the importance of finding causes that resonate with you when giving to charity, aligning with your values and interests.
He shares that this practice ensures that your contribution, whether it’s time, expertise, or money, will have a meaningful impact and leave you feeling proud of your involvement.
“When you give, you want to make sure that there’s an impact. You want to find causes that your giving to that you make you feel proud to give.” — Peter Kim, MD.
Understand the Impact of Giving
Peter talks about the importance of understanding the impact of charitable giving and the need to ensure that donations are effectively used and not just allocated to administrative costs.
Dr. Kim suggests conducting due diligence by inquiring about the percentage of donations directly contributing to the cause. He also encourages everyone to join The Leverage and Growth Summit 2024 for physicians, an event where we share stories of doctors doing amazing things outside of medicine.
“If you’re gonna give consistently to a certain cause, you want to know everything about it. You want to know that money is not just being flushed down the toilet.” — Peter Kim, MD.
Regularly Assess and Course Correct
Dr. Peter continues by emphasizing the importance of regular assessment and course correction in philanthropy, as it’s an ever-evolving journey.
He notes that changes in your financial situation, passions, and life circumstances may affect the amount and recipients of charitable giving. However, he assures that these philanthropic organizations treat funds like a business, regularly checking on charitable causes, asking for reports, and seeking results.
Regularly checking in to ensure that your contributions make a difference is especially important, more so for physicians who want to see the impact of their hard-earned money and time.
“I think it’s important to us, especially as physicians, to know that what we’re doing makes a difference. Because that’s hard-earned money, time, and capital. ” — Peter Kim, MD.
Embrace the Benefits
Dr. Peter proceeds by outlining the advantages of charitable giving, including tax benefits, personal rewards, and the challenge.
For the tax benefits, he advises documenting contributions to take advantage of the government subsidies. He also suggests discussing tax benefits with a CPA to maximize contributions without impacting personal finances.
In terms of personal rewards, he emphasizes the lasting sense of fulfillment, pride, and connection to a community of gratitude. He presents giving as a way to combat negativity and reconnect with core values.
As for the challenges of giving, he shares his story of financial constraints during residency and the evolving demands of a medical career. Peter also highlights the difficulty of finding the mindset and means to give, emphasizing the importance of instilling the habit of giving to instill gratitude and a sense of leaving a legacy, especially when faced with increasing obligations and lifestyle changes.
“With my kids right now, I’m trying to instill giving, so it becomes like a habit. It can be small, but just understanding its importance, being grateful, learning from the experience of sacrifice, and giving makes you feel like you’re leaving a legacy. That’s really important.” — Peter Kim, MD.
The Physician Philanthropist Guide
Dr. Peter concludes by emphasizing the evolving nature of philanthropy and the impact of teaching children about giving. He mentions personal growth and learning through the process of giving, highlighting the importance of incorporating elements beyond medicine to make a broader contribution to the world.
Lastly, he offers a free resource called The Physician Philanthropist Guide, a downloadable that will greatly help in your philanthropic journey.
Click here to download The Physician Philanthropist Guide!
“I think it’s important to us, especially as physicians, to know that what we’re doing makes a difference. Because that’s hard-earned money, time, and capital. ” — Peter Kim, MD.
