Philanthropy is a term that has been around for quite some time. It is defined as the love of humanity, but it’s also more than that. In fact, it’s about giving back to the world around us.
If you’re looking to become a philanthropist, there are several things that you can do in order to make this happen. First, consider why you would like to become a philanthropist. There are many reasons why someone might want to give back, such as wanting to help others or even just having a desire to give back in general.
Once you have decided on why you want to become a philanthropist, then consider what type of charity you would like to support. You will need to choose something that resonates with your heart and soul; otherwise it won’t feel right when donating money or time towards this charity or organization.
Some popular charities include: Red Cross, Habitat For Humanity (which helps build houses), World Wildlife Fund (which helps protect endangered species), United Way (which helps people in need throughout communities), etc… There are so many options out there today!
How To Become Philanthropist
Many organizations, particularly in the non-profit sector, perform philanthropy. Working as a philanthropist can take a variety of forms beyond just donating money. Understanding the different opportunities available for philanthropists can help you effectively navigate your charitable giving. In this article, we explain what a philanthropist is, describe the types of philanthropy, provide steps for becoming a philanthropist and answer frequently asked questions about working as a philanthropist.
Related: What Is Corporate Social Responsibility?
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What is a philanthropist?
A philanthropist is typically an individual who provides money, time or other resources free of charge to a group, person or organization in need of assistance. While philanthropy is often associated with wealthy individuals who donate large sums of money to various charitable organizations, anyone can practice philanthropy by donating any amount of money, time or other assets to groups or people in need.
Philanthropists operate in a number of different ways. Some work as individuals outside of an organization, while others perform philanthropy as part of a company or business’s charitable giving department. Anyone can be a philanthropist by establishing a personal philanthropy plan and executing it.
Related: Social Responsibility: Definition and Example
Types of philanthropy
Generally speaking, there are three types of philanthropy, or three ways in which aspiring philanthropists can support charitable organizations they believe in:
Money
The most common type of philanthropy is donating money to a charitable organization or group. Some philanthropists provide a one-time lump sum payment and might support multiple organizations, while others contribute regularly to the same organization and may even bequest a certain amount of money to the group after their death.
Time
Offering time and labor is another avenue of philanthropy. For those who want to contribute to an organization’s mission but don’t have the financial resources to make a donation or who have a specific skill that can benefit the group, volunteering time is a valuable way to support the organization. Like with financial funding, some volunteers offer their time or services once, while others regularly volunteer their time over a period of months or years.
Resources
Finally, some individuals or organizations donate resources rather than money or time to charitable organizations. Resources can vary depending on the needs of the organization, but might include providing furniture, food or vehicles for the organization to use to further its mission.
Related: Types of Social Responsibility
How to become a philanthropist
If you’re interested in becoming a philanthropist, consider these steps to implement charitable giving in your personal or professional life:
1. Identify a cause
Start by identifying a cause you believe in and want to support. Think about organizations or practices that you feel connected to, like the environment or education, for example. Make a list of a few you’d consider supporting based on your own personal connections or interests.
2. Consider the outcome
Think about what you’d like to achieve through your philanthropy. For example, you might identify a specific, measurable outcome, like providing desks for an underserved school, or you might have broader, less structured goals like giving a certain amount of time or money to your chosen cause each month or year.
3. Determine a contribution
Establish how much you want to give to your cause. Some philanthropists donate money, while others donate time or resources. Think about what you’re willing and able to donate and what course of action will best align with your pre-determined outcome goals established in step two.
4. Look for potential opportunities
With a thoughtful framework including potential causes, contribution amounts and desired outcomes, you can begin researching and vetting specific organizations or groups as the focus of your philanthropy. Look into potential organizations’ leadership, use of funds and outcomes to ensure their mission aligns well with your goals.
5. Establish a philanthropy plan
Once you’ve selected an organization to devote your philanthropy efforts to, set up a plan for how you’ll regularly support the group. You might determine a percentage of your income to donate each month or year, set aside one day each quarter to volunteer for the organization or help gather necessary resources on behalf of the group.
6. Think about long-term giving
Evaluate your philanthropic plan at regular intervals, like once a year. You might find a different organization you want to work with or you may have the means to increase your giving. Additionally, make long-term plans to continue your philanthropy by establishing a trust or fund for the organization or cause after your death.
7. Engage your network
Another way to further your philanthropy is to share your work with others in your personal and professional networks. Talk about the cause you support and how you provide time, money or resources for it. You might inspire others to join your efforts and increase the positive outcomes the organization can provide.
Related: What Is Cause Marketing?
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FAQs about becoming a philanthropist
If you’re interested in learning more about becoming a philanthropist or philanthropy in general, review these answers to frequently asked questions:
What makes someone a philanthropist?
While many people often associate the term philanthropist with a wealthy individual who donates substantial sums of money to non-profit organizations, anyone can be a philanthropist regardless of net worth. A philanthropist is any person who donates time, money or resources to a charitable cause.
Do you need a degree to be a philanthropist?
There are two types of philanthropy—personal philanthropy and corporate philanthropy. Personal philanthropists donate their own money, time or resources independent of their professional affiliations or obligations. People who donate their own personal time or money do not need any degrees to do so.
Corporate philanthropists use company money to help fund charitable organizations. Employees who work in a business’s charitable giving department often have bachelor’s degrees at a minimum, while some have graduate level degrees depending on their specific duties.
Can you get paid to be a philanthropist?
Personal philanthropists, or people who use their own money or time to help finance or support charitable organizations, do not get paid for providing funding or labor. However, companies that perform regular philanthropy may employ a full-time employee or team of employees to oversee the business’s charitable giving and maintain the appropriate oversight and documentation. These professionals do receive a wage or salary for their work in charitable giving.
