At the Alchemia Group we are helping our clients think & act differently in regards to their wealth and its impact on thier family - because we know it is more than just numbers and plans, it's the Balance of Art & Science with Pragmatism and Vision.
Over the last year I’ve had literally hundreds of conversations about philanthropy. These have been with families, attorneys, gift officers, educators and philanthropic consultants. The phrases ‘giving it away’ or ‘giving my money away’ almost always come up. I believe we need a new vocabulary. Philanthropy based on ‘giving it away’ is empty philanthropy. In my mind real philanthropy is about impact. What do you want to impact? Clean water for more people, more open space for nature, broader access to education, keeping the free enterprise system strong? Define your impact then decide how to realize it. Financial wealth serves to amplify the impact. It is not the impact itself. So let’s wait to ask ‘Who to ‘give it to’?’ until we have asked ‘What do we want to impact?’
Final thought. Will your children say ’They gave most of their money to their college’? Or will they say ‘Mom and Dad significantly impacted access to higher education. I hope I can impact something I care about that well.’