Ebenezer Scrooge got it right when he woke up a reformed character on Christmas Day and ordered a turkey the size of a small boy for his long-abused clerk Bob Cratchit.
In doing so, Charles Dickens' famous character was focusing his philanthropic intentions on a cause close to his heart, one that he could get involved with and could continue to follow as the years went by.
Making a money decision based on your emotions is not something financial professionals usually advise. However, the consensus is that it is a good start when deciding which charity you want to donate to - whether as a one-off cash sum or a continuing commitment. Melanie Nutbeam, a director at the financial planning company ipac, said looking at your own values and what you want to achieve in life was one of the best ways to choose a charity.
'Our chosen charities often reflect our values and our life experiences, so where I have clients who had cancer in the family or an autistic child, they are more likely to involve themselves in those charities.'
Following your heart was a good start for anyone considering becoming a philanthropist, agreed Henry Hirzel, managing director of UBS Wealth Management in Hong Kong.
'People are successful in their philanthropy when they choose a [charity] topic that is really close to their heart. That way they really get involved and really understand where the money goes,' he said.