At Goodwin Investment Advisory, we’ve always believed that generosity is more than a financial decision; it reflects who you are. It’s the quiet legacy built by those who’ve worked hard, lived intentionally, and now use their resources to create lasting impact.

Many of our clients embody what we like to call “the millionaire next door” mindset. These clients are humble, disciplined, and deeply values-driven. They’ve built wealth through years of steady effort, careful choices, and a desire to provide for their families. And when it comes to giving back, they approach it with the same intentionality that helped them build their success in the first place. Last year, our clients at GIA gave over $500,000 through their donor-advised funds (DAFs). This amount is only a fraction of the generosity of our clients.

A changing landscape with an enduring commitment

According to the 2025 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households*, the vast majority of affluent Americans continue to give generously.

In 2024, 81% of affluent households* made charitable contributions, giving an average of $33,219 to charity. This is more than ten times the giving level of the general population. Even as overall participation has declined slightly over the last decade, this generosity remains a defining characteristic of America’s financially successful families.

What’s behind that continued commitment? The study found that personal values are the strongest motivator for giving, guiding nearly 68% of affluent donors. For many, philanthropy isn’t about recognition, but it’s about alignment with their internal values. It’s about supporting the causes that reflect who they are and what they stand for.

At GIA, we see this every day: the client who quietly gives to their local food pantry, the couple who supports a faith-based nonprofit, and the business owner funding scholarships in their hometown. Their giving is personal, heartfelt, and deeply fulfilling, just as the study found for 87% of affluent donors, who report that their charitable giving brings them a sense of purpose and joy.

* “The 2025 study is based on a nationally representative sample of 1,514 wealthy U.S. households with a net worth of more than $1 million (excluding primary residence) and/or annual household income of $200,000 or more. Respondents reported an average net worth of $2.42 million (median $2 million) and an average income of $571,876 (median $350,000).”

More than money: time, talent, and intention

Wealthy Americans aren’t just writing checks, they’re rolling up their sleeves.

After volunteering rates dropped during the pandemic, they’ve surged back: in 2024, 43% of affluent individuals volunteered their time and talents, averaging 120 hours a year with two different organizations. Volunteers were also found to give two and a half times more financially than non-volunteers.

The connection between giving and fulfillment is something we talk about often with our clients. True generosity engages the whole self — your time, your wisdom, and your resources. It’s not just what you give, but how you give.

The Rise of Strategic Giving

Today’s affluent donors are also becoming more strategic in how they give. Nearly one in four households uses a giving vehicle such as a donor-advised fund, private foundation, or charitable trust to manage their philanthropy. Among households worth $5–20 million, nearly half either have or plan to establish one within the next three years.

These tools allow families to plan their giving with intention, maximize tax efficiency, and involve future generations in the process. Yet, as the study points out, only 13% of affluent families currently include their children or grandchildren in giving decisions — representing an opportunity to extend generosity as part of their family story.

At Goodwin Investment Advisory, we encourage families to make generosity a shared conversation. Passing down wealth is important, but passing down values is what truly lasts.

Generosity in Action

Whether it’s supporting local organizations like Woodstock Arts and the Cherokee Fellowship of Christian Athletes, or global initiatives such as the African Girls Hope Foundation, our team is continually inspired by the impact that generosity can have both in our local Woodstock community and across the world.

We believe wealth has purpose. When aligned with your values, it can create ripples of peace, independence, and generosity that extend far beyond your lifetime.

Live Richly. Give Generously.

As the philanthropic landscape evolves, one truth endures: the most fulfilled individuals are those who give from the heart.
So whether you’re quietly building your wealth, navigating change with purpose, or exploring new ways to give back, know that generosity is one of the most powerful investments you can make.

At Goodwin Investment Advisory, we’re honored to guide families like yours toward financial freedom and meaningful impact. Because living richly isn’t just about what you have — it’s about what you share.

Sources and disclosure:

*Source from 2025 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households, conducted in partnership with Indiana University Lilly Family School of Philanthropy. Philanthropy Panel Study (PPS), IU Indianapolis ScholarWorks, Indiana University Lilly Family School of Philanthropy.

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“Giving vehicles asked about in the report are private foundations, a donor-advised fund, a planned giving instrument, a will with specific charitable provisions, an endowment fund with an organization, a qualified charitable distribution from an IRA, a giving circle, and a charitable LLC.”

This article is designed to provide general information about ideas and strategies related to charitable giving and philanthropy. It is not intended as investment, legal, or tax advice. Please consult with your own attorney, tax advisor, and financial planner before implementing any strategy.

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