Fairport Women

The Pursuit of Happiness

By Fairport Wealth

“We hold these truths to be self-evident, that all men are created equal, that they are endowed, by their Creator, with certain unalienable rights, that among these are life, liberty, and the pursuit of happiness.”

– The Declaration of Independence

As we prepare to celebrate the 4th of July, making plans to watch fireworks or sifting through recipes to make for a barbecue, consider why we commemorate this date. Independence Day recognizes our unalienable right to “Life, Liberty, and the pursuit of Happiness,” but the way we pursue happiness, from getting together with family and friends to long-term considerations like how we utilize our wealth, is up to us.

According to Yale University professor Laurie Santos, who has taught nearly five million people “The Science of Well-Being” (Yale’s happiness course), oftentimes the things we think will make us happy, such as material objects or vanity goals, typically do not have a long-term impact. Instead, seeking meaning in your life and practicing gratitude, taking care of your physical and mental health, and nurturing social connections can lead to more sustainable joy. 

Fairport Women can assist you in your quest for happiness through:

Strategies for giving back: In addition to helping give your life meaning, giving back is good for your health. The Cleveland Clinic shares that when you help others, your body releases serotonin, dopamine, and oxytocin, the “feel good” hormones that reduce stress, lower your blood pressure, and potentially help you live longer.*

There are many ways to support charitable causes financially, but some of these strategies can be complicated. For example, donating appreciated stock or other assets can help reduce the tax you pay on capital gains, allowing you to give more. Or, if you are 70 ½ or older, you can make a tax-free qualified charitable distribution (QCD) from your IRA, up to a specified amount annually (double for married couples who are both over 70 ½); and if you are over 73, your contribution counts toward your required minimum distribution. If you are not certain how best to give, Fairport Women works with you to evaluate your philanthropic giving options and determine the strategy or strategies that make the most sense for you. 

In addition, you may want to help loved ones financially, providing funds to pay for college, throw a wedding, or support their other financial goals. The 2024 annual gift exclusion is $18,000 per recipient ($36,000 for a married couple), below which you are not subject to gift tax. The lifetime gift and estate tax exemption for 2024 is $13.61 million per individual ($27.22 million for a married couple), but this amount is schedule to reset to about half that at the end of 2025. Your Fairport team can provide guidance on tax-efficient strategies for giving. 

Planning for the good things in life: Wealth planning encourages you to think about your financial goals and invest for the experiences you look forward to enjoying, such as buying a vacation home to share with your children and grandchildren, or achieving your life purpose, whether that means launching an entrepreneurial venture or pivoting careers to become a teacher. Having a financial plan that is regularly reviewed gives you the peace of mind that you will achieve your life’s ambitions, and makes you feel grateful when you do. 

A welcoming community: Fairport Women provides financial guidance, wealth and well-ness resources, and events that bring women together to support, learn from one another, and make valuable connections that can help bring you joy.

Fairport Women helps women (and men) pursue happiness and achieve their “why” through wealth management, sharing stories, tips, and insights that inspire. 

Follow Fairport Women on Facebook, LinkedIn, Instagram and Twitter or join our mailing list, and be part of a community focused on helping women achieve their goals.

* Why Giving is Good for Your Health, Cleveland Clinic, December 6, 2022