January 27, 2021

Why is philanthropy important?

  • by Michael Finn
  • 3 Years ago
  • Comments Off

Many people want to get involved in philanthropy, but they don’t know how to get started with it. They don’t know what to do to participate in their communities in any meaningful manner. It can be quite tricky to get involved in philanthropy, especially if you don’t know what it is about exactly. For instance, before you think of being involved, you need to understand the difference between charity and philanthropy. These two terms are completely different even though people often confuse them for the same thing. In this article, let us try to explore what philanthropy is and how it differs from charity.

Philanthropy vs. charity

When the term charity is mention, what comes to the minds of most people is giving money for various relief missions or feeding homeless people. Donating to charity provides an immediate solution to a problem in a community. On the other hand, philanthropy looks to provide a long term solution to a problem in a community. The purpose of charity is to eliminate or reduce suffering that people in a certain community go through due to social problems in their area. On the other hand, philanthropy targets the social problems in a community, which cause suffering to people.

Thus, philanthropy is a long term project that looks to solve community problems over a long period of time. As such, philanthropists tend to get involved in the works they invest in as opposed to charity where people who give have little or no involvement in the works they fund. For instance, Bo Parfet founded Denali Ventures as a way to solve social problems in his community. He commits a lot of time to his philanthropy together with his wife Meredith.

Why is philanthropy important?

When considering the importance of philanthropy, at least a dozen reasons come to mind. Like we have seen above, philanthropy works to solve social problems that people face and while doing so, it creates opportunities for other people. a good example is a philanthropist who decides to provide grants for research in whatever industry like Bo does. Bo provides grants to students who emerge as winners in climbing programs so that they can do any research that is related to healthcare. This way, Bo is able to provide a long-term solution to health problems in his community.

How to get involved

To get involved in your community as a philanthropist, you will need to think about the problems that matter to you. If you care about education for younger people, you might consider working with organizations that help people in underserved populations to gain education. Working to solve problems you care about will give you the satisfaction and feeling that your money is going towards a good cause. You need to do a lot of research into the organization you intend to invest in before doing so because not all organizations are the same. There have been many cases of philanthropy organizations misappropriating funds from philanthropists in the past. You will need to look into the history of the organization before making any decisions.

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