Transcript

So why philanthropy?

Well, philanthropy is giving one of these three things: Your wealth, your time, or your talent.

But why give anything at all?

If this life is just five minutes, why not just eat, drink, and be merry for tomorrow we die?

Well, it turns out that the old adage about it being better to give than to receive is actually true when it comes to philanthropy, especially if you can somehow witness its impact.

Here are four reasons drawn from client stories of why other clients have found that to be true.

One of our clients who is a renowned inventor and philanthropist once told us that he had done nothing out of a sense of duty or because he felt he had to, but because it was fun.

That sense of deep engagement and fun that he got out of anything he pursued, was a cornerstone to his entire life.

He found the intersect between his passion and his talent and translated it into philanthropy projects he wanted to support and be involved in during his lifetime. He argued, why give only in your will? Where is the fun in that? I want to witness the effect that the projects I’m involved in have on other people.

Second, because it furthers your status. In the US, philanthropic giving is very much a social phenomenon, a way of networking and socializing, and it doesn’t take close inspection to understand why.

Like-minded people with like-minded values involved in fundraisers or in projects that speak to those values, bring about a social club of sorts, where not only philanthropy flourishes, but for-profit business deals can also take place because it can give you purpose.

For many of us, retirement is a threat. It’s easy to find a sense of purpose in work, and it becomes difficult to imagine a life without work. Many of our clients don’t need to work. They have accumulated enough wealth to last for generations but can’t imagine losing that sense of purpose.

Many of these same clients are highly educated individuals with impressive careers and experience skills that charities are desperately in need of. So, an amazing partnership can be born. They can and do end up joining boards of charities or employing their talent for the good of causes that move them.

This leaves a lasting imprint, an intangible legacy, which benefits both them and the charity or cause that they align themselves to.

Many have said that this sense of purpose had made the post-retirement years far more rewarding than their actual career, because they can work on a passion project which has direct tangible impact on people’s lives because it brings families together united under a common purpose.

Families can and do drift apart, but not if they’re working together. A shared passion to do good can act like glue. Not only that, family foundations or jointly run charitable projects can also be a very effective means to educate younger generations in critical thinking and leadership, in effective financial management or as a means of passing on some of your own core values.

Nedbank Private Wealth can and do form a partnership with you and these educational projects. But the amazing thing is the effect that philanthropy has on the heart of the giver. It gives back, philanthropists light up, they radiate that passion project.

Reflect on your passions. What truly drives you? What causes or issues ignite your enthusiasm or fuel your sense of injustice? Your legacy can be deeply tied to the causes you care about the most. Whether it’s supporting education, environmental conservation, or community development. Align your efforts with your passions. It will enrich your life, and the lives of others close to you. It can be part of your legacy to your family, particularly if it encompasses giving your time, energy, and passion. Philanthropy can be your gift to yourself and to future generations.

If you’re interested in exploring how we can help you with your philanthropic ambitions or would like to examine how, from a practical perspective, the giving of your time, wealth, or talent would affect your financial future, please get in touch. We would love to join you in your philanthropic journey.