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Money Can’t Buy Happiness…Or Can It?

They say money can’t buy happiness. But that’s only if you’re trying to buy your own happiness. It turns out, what you do with your money can actually buy happiness . . . both for you and for others. A recent study found that spending more of your income on others has more of a positive impact on you than spending money on yourself.1  Another study found the same to be true in both rich and poor countries.2 

While more money can help alleviate some of life’s stressors like paying off debt, making the rent or mortgage payment, or buying a reliable car, it doesn’t increase your happiness when you spend it on yourself. But the opposite is true when you choose generosity.

Three Benefits of Donating to Charity

The concept of generosity seems radical these days with inflation and the cost of living continuing to rise. But thankfully, that hasn’t discouraged people from contributing what they can. Last year, Americans gave $499.3 billion to charity.3 That’s a huge testament to the role generosity can play in creating a culture of giving. 

At SageSpring Wealth Partners, giving is at the heart of what we do. Our most meaningful work is getting the opportunity to advise our clients on how to give both purposefully and effectively. We’re proud to say that last year, 343 of our accounts contributed to nonprofits and charities. This year, we’re hoping that number continues to grow. 

Here are three benefits of donating to charity you can experience this year: 

1. You can make a difference in the lives of others. 

You can’t necessarily buy happiness for yourself, but you can absolutely help others experience that through financial gifts. By donating to charities, foundations, nonprofits, and even churches, you can make a huge impact on the lives of those in your community and around the world. Is there a cause that breaks your heart? Is there a foundation that’s working to find a cure for a disease you or someone you love has been affected by? You won’t have to look too hard to find someone who could use a helping hand financially.

2. You’ll gain more happiness.

As we previously mentioned, multiple studies have found that generosity begets happiness. As the giver, you’ll receive far more joy through your generosity than if you were to spend that money on yourself. It’s time to start dreaming: How can you increase your joy this year through your financial gifts?

3. You can receive tax deductions. 

With your generous donation before the end of the year, you can receive a charitable giving tax deduction on your 2023 taxes. Before you give, check to see if your donation qualifies for deductions with the IRS here. There are many different ways to give: donor-advised funds, stocks, and even bundling your donations. If you’re unsure of how you can best utilize your charitable tax deductions, we’d love to help. 

Want to learn more about how you can give wisely this year? Contact a SageSpring Wealth Partner today. We’d love to help guide you as you use your finances to impact your community and increase your joy this holiday season.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Jeff Dobyns is President and Founder of SageSpring Wealth Partners. Passionate about serving his clients, he strives to truly get to know them, understand their goals, and provide them with financial confidence before developing and executing ongoing, strategic financial plans. 

In order to meet the highest standards of professionalism and ethics in the industry, Jeff is a CERTIFIED FINANCIAL PLANNER™ professional, a Chartered Life Underwriter, a Chartered Financial Consultant, and a participant of the Dave Ramsey SmartVestor referral service program.

Jeff has held executive positions with financial planning firms for more than two decades. He served as VP of Investments of Lykins Financial Group CPAs before founding SageSpring in 2002. Jeff has been recognized for his unwavering commitment to his clients, and as a leader among Raymond James financial advisors, earning membership in Raymond James Chairman’s Council every year since 2008.

Jeff devotes considerable time and resources to a number of causes. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. He is on the advisory board of The Signatry of Middle Tennessee, which works with families to increase their charitable giving to their favorite causes, as well as the advisory board for Halftime Institute of Nashville, an organization that coaches marketplace leaders to discern and engage in their life purpose. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. He is a past board member of Porter’s Call, a Nashville charity that provides free counseling for musicians and their families, and the Martha O’Bryan Center, which empowers those in poverty to transform their lives through work, education, employment, and fellowship.

Jeff and his wife, Amy, are grateful to be raising their four children, Gracyn, Hunter, and twins Tanner and Logan at Christ Presbyterian Academy. Jeff enjoys being outdoors with his family- boating, hiking, skiing, hunting and fishing.

Ramsey Solution’s relationship and agreement is between SageSpring Wealth Partners only. Raymond James Financial Services, Inc. is not affiliated with the solicitor arrangement between Ramsey Solutions and SageSpring Wealth Partners.

Membership is based on prior fiscal year production. Re-qualification is required annually.  The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of an advisor’s future performance. No fee is paid in exchange for this award/rating.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.