Social Impact Insights
Our blog provides insights for social impact professionals in business and nonprofits. We offer advice on making the greatest impact in your organization by giving clear real-world advice on important topics of today.
Are You Good At Making Money? That Doesn't Mean You'll Be Good At Giving It Away.
Philanthropic giving may seem like an easy process. Many who get involved have the ability to make significant impacts on the causes and nonprofit organizations they are helping. But, simply having the desire to help others doesn’t necessarily mean you will be effective at it. There’s plenty of forethought that goes into charitable giving. This is why creating a strategic philanthropy plan allows you to be intentional with your donations and guides you through your decision making.
How to Give Money Away...Strategically
The following questions will help you determine the best way to distribute your income.
What are you and your family’s values, concerns, and beliefs?
Figuring out what you care about is one of the first steps when it comes to philanthropic giving. You want to have a clear understanding of why you are doing what you’re doing and that starts with anchoring your philanthropic efforts in ideas, beliefs, and values that are important to you and your family. This helps you begin your process in solving complex problems. Once you’ve determined this you can go about looking for organizations or issues you hope to impact. This is also the time to see what others in the field are working on and the types of aid a specific issue needs.
What does success in philanthropy look like to you?
Success can look different to everyone. This could mean seeing the organization you are funding reach their goals, you reaching your own philanthropic goals, or even just being able to actively contribute your time and money to the cause you care about. The main focus is understanding what you would like to see yourself achieve. Take time to think about potential outcomes and research whether or not your goals are feasible.
How will you go about giving?
This is the stage where you map out the type of resources you can bring to the table and how you will go about contributing them. If it’s money you are looking to donate, look into how often and how much you are willing to give as well as any risks involved. Giving can also be done through other avenues such as through volunteering, mentoring, or creating connections for the organizations. Divide up your time and resources into something that makes sense for you and stick to it.
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