Tips on Becoming the Change You Wish to See in the World
Women are poised to change the face of philanthropy. More than 90% of high-net-worth women gave money to charity.1 Since women often play key roles in educating and other family members in giving, their philanthropic influence may extend far beyond their individual efforts.
Engaging in philanthropy—as an individual or as a family—can be one of the most meaningful and transformational aspects of your life. The benefits of charitable giving are not just measured in the dollars you donate or the financial benefits you may receive. When charitable giving is tied to issues, values and causes that are collectively important to you and your loved ones, it becomes more than a gesture or a transaction. It enables children, parents and grandparents to work together toward addressing real problems in your local community or in the world at large. In this way, giving becomes a family affair, or even a family tradition, that is passed from one generation to the next.
Getting Started with Effective Philanthropy
Every dollar you put into the world has an impact, but how do you ensure that your charitable giving aligns with both your values and the change you hope to see in the world? Here is a quick roadmap for practicing strategic giving and maximizing your impact.
Step 1. Find your philanthropic passion. The first step in your giving journey involves finding your philanthropic passion. Start the process of purposeful philanthropy by considering what matters to you and what you hope to accomplish. Ask yourself the following questions:
· What fields of interest would we like our philanthropy to address?
· What criteria will we use to identify which organizations to support?
· How important is having control over how our gift(s) are used?
· How will we measure our impact?
Creating individual or family mission and vision statements around philanthropy helps ensure that your giving is guided by a consistent set of values and goals. Once you’ve established your guidelines for giving, you will want to identify causes, issues and organizations that you would like to support. Charity-ranking organizations such as Charity Navigator or BBB Wise Giving Alliance can be useful for assessing a non-profit organization’s financial health, operational transparency and accountability in reporting on progress.
Step 2. Choose ways to give. There are many ways to give back, whether you choose to give money directly to a charity, create financial vehicles to facilitate giving or donate your time to volunteering for a non-profit organization. Each of these ways has their advantages and disadvantages, and your Financial Advisor can help you determine which method(s) of charitable giving will allow you to practice purposeful philanthropy while still pursuing your other financial goals.
Step 3. Practice strategic giving. You want your giving to count, and you want to know that your charitable dollars are making a meaningful difference. To maximize your impact, you may want to consider pooling your giving with that of other like-minded individuals and families who support the same cause. Or, you can choose to tie your gifts to specific programs or initiatives so you can track the effectiveness of your philanthropic dollars. It’s also a good idea to stay engaged with the non-profit organizations you support by requesting impact reports or even communicating with their leadership to understand their progress.
If you’re interested in engaging in effective philanthropy but aren’t sure where to begin, your Morgan Stanley Financial Advisor can connect you to professionals who can help you translate your philanthropic vision and values into a results-oriented, strategic giving plan.
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June 22, 2022 at 09:00PM
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Becoming The Change You Wish To See In The World - Forbes
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