Written by Nia Bowers
Mark Henry draws on decades of experience as the founder and CEO of Alloy Wealth, a retirement planning firm that creates customized, written plans to help clients enjoy a sustainable retirement. A certified estate planner, Mr. Henry leads his team in carefully evaluating the finances, goals, and needs of clients, in order to structure their portfolios and estates in a way that provides growth, stability, and guaranteed income in retirement.
Mark Henry founded Alloy Wealth in 2011 to help people protect their retirement savings from wild market fluctuations—like the crash that wiped out his father’s savings on Black Monday in 1987. Through a “three-bucket” approach that focuses on long-term growth, mid-term financial hedging, and short-term income production, Alloy Wealth helps pre-retirees and retirees work toward a comfortable financial future.
Mr. Henry is also a public speaker and thought leader who presents across several different platforms and media. He speaks to audiences in person and online, shares his wealth of knowledge with the public via television and radio, and appears on numerous podcasts. In addition, Mr. Henry hosts a YouTube channel where he discusses a broad range of retirement and personal finance topics. At his Living Large Retirement blog, he offers tips and strategies for building and maintaining wealth.
Don’t Let Your Generosity Make You a Victim
A recent article by Mr. Henry explores how to stay safe when donating online. Charitable donations are a noble way to support meaningful causes and help others, but they also provide financial benefits. They’re an excellent strategy for tax reduction, estate planning, and building an enduring legacy. Unfortunately, there are many dishonest people out there who try to take advantage of charitable givers, so it’s important to follow a few smart tips to protect yourself and your resources.There’s a growing number of fake charities that fleece well-intentioned people out of their money. Scammers are getting better at disguising their fake charities with realistic-looking websites and content. Some impersonate legitimate charities, siphoning donations from them and into their own pockets.
To avoid sham charities, never click on links in emails, social media, or text messages from charities you’ve never heard of—or even those you’re familiar with. Instead, navigate independently to the charity’s website. Look for detailed information about what the charity does, financial reports, and evidence of its impact. If the website only has vague information, that’s a red flag. Also note what turns up when you Google the charity. Look for reports of scams or complaints. You can also try Googling the charity’s name with terms like “scam,” “fraud,” “rating,” or “reviews.”
Before donating, search for the charity on a site like Charity Navigator, Charity Watch, or GuideStar to find ratings, reviews, and publicly available information on the organization. These sites can also tell you what percent of donations actually go to the causes being supported and what percent go to administrative costs and advertising.
In addition, keep in mind that charities requesting gift cards, crypto, or cash donations are likely fraudulent. Real charities are registered 501(c)(3) organizations and must declare donations to the IRS. Cash, crypto, and gift cards are untraceable, which is exactly why scammers seek them out. Real charities will typically accept checks, debit, and credit cards—forms of payment that the IRS can trace.
Be aware that charity scams increase after big natural disasters and other emergencies, as well as during the holidays. Scammers know that people are actively giving during these times and seek to fool as many as possible into sending money to fake groups.
By intentionally seeking out respected charities with proven track records of transparency and impact, you can ensure that your donations are going to the right people—and that you’re receiving valuable tax advantages as well.
To learn more about safe charitable giving, see the Federal Trade Commission’s Consumer Advice website.
