Philanthropy is a term that comes up quite often, especially when one is looking for ways to give back to the community. For many, it is used interchangeably with the term charity, which isn’t entirely accurate.
Charity is giving to those in need, usually directly responding to an immediate situation or need. For example, donating toys each year so that less fortunate children can have a happy holiday.
On the other hand, philanthropy tries to deal with the actual root of the problem. For example, instead of funding relief for a natural disaster, a philanthropist would set up a foundation to provide more extended aid or find ways to prevent future disasters.
Now that you understand what philanthropy is let’s discuss its benefits of it.
Tackles Issues Directly
Naturally, the most significant benefit of philanthropy is the ability to tackle important issues more directly. Philanthropists have the potential to change the world if they put their minds to it. Remember, their goal is to create lasting change. Consider the above example of philanthropy. Concerned citizens could use this method to fund new initiatives that would shorten response time to natural disasters, which would directly help those in need (and potentially save lives due to the reduced timeframe).
Improves the Community
Philanthropy, when done right, can change and improve the community. Let’s use another example: building a hospital will naturally save lives and improve the health of those around. However, it has even more reaching effects than that. A new hospital will provide jobs, volunteer opportunities, and even educational moments. All of which can help better a community.
Personal Improvements
The desire to give back to the community can help make us better people. There are other personal benefits, too, believe it or not. Whether donating or volunteering, giving back helps our mental and physical health. We feel more rounded and confident – and generally experience less anxiety when doing something good with our time or money.
Other surprising (personal) benefits of philanthropy include tax breaks, a better reputation, more social connections, and even work experience. All of which can help make us feel more fulfilled.