Philanthropy or Philanthropic Giving simply means the effort or inclination to improve the well being of the world’s people. In the modern day, donations are targeted towards a narrowly defined cause with the aim to make a substantial change to social conditions of a community. This is usually done by large donations and financial support over a period of time.
The difference between charitable giving and philanthropy is because of the need for a large financial commitment. Philanthropy Giving is mainly something done by wealthy people where a trust and vow is set up for a specific cause in mind, which they aim to help as much as possible and create a real change.
However, a number of non wealthy people have also dedicated and donated their time, effort and money to charities, but they are not often described as philanthropists. Individual effort is not thought of as creating a significant impact to a single cause, but more as a stepping stone in the right direction which could potentially make a big difference if enough other people get on board. These are typically recognised as charitable workers instead.
Philanthropy has grown a lot over the last few years, which is also known as a development of ‘giving circles’. This is where individuals, usually a group of friends, put together their donations they’ve pledged and decide as a group how to contribute their money to benefit causes they care about the most. Bill Gates and Warren Buffett have played a substantial part in the re emergence of philanthropy, and have applied their business techniques to make as much difference as possible. This is called philanthropcapitalism.
Philanthropic charity can be set up so that other people can donate to the organisation which donates all its funds to a certain charitable cause. This all adds up on top of the other fundraising projects that the organisation has got going. Many charities have already benefited from Philanthropic giving over the past few years.
Some people opt to pledge their funds to those organisations which help people’s health, for example providing them water, food or medicine after a disaster, or simply in a poorer area of the world. Others decide to help by providing long term future prospects for the underprivileged, by building schools or creating job opportunities. Another option is to help with the environment, such as recycling, reducing carbon footprint, or clearing up oil spills. Others may specifically aim to help animal charities to provide shelter or care for abandoned pets, or for a specific disease such as Cancer, where funds are provided to pay for research to fund cures. Ultimately, this will help a lot of people in the future.
Ateeya Manzoor is the Managing Director of Mayfair Management Group.
Ateeya’s commitment to realizing potential extends in her philanthropic work. Through numerous charitable causes, talks, writings and mentorship, she is committed showing those who struggle that there is always a way to ascend. She is currently working on her first book.
For more reading, please click here