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How to create effective philanthropy: Three questions to guide donors

Earning money is a very difficult thing to achieve and that is why not everybody is a billionaire. However, did you know that spending money can be equally difficult, especially if you have strict goals that you need to achieve. One area that proves that spending money can be difficult is philanthropy. There are many obstacles and difficult choices involved in being a philanthropist and this article will present you with some questions that you should act as a guide if you can answer them correctly. The role of philanthropy is to create true and measurable impact in various parts of the world. There are way too many problems that even with huge financial commitments from philanthropists in the world; individual contribution often feels like just a single drop in a bucket.

Simply put, philanthropy is a complex affair and the kind of decisions that one needs to make are even more complex. Let us take a look at some of the questions you should ask yourself first before you invest in a philanthropic cause.

What are my values and beliefs?

Philanthropic efforts are used to support all kinds of causes around the world and that can be a great strength. However, philanthropists are just regular people like everyone else and as such, it might feel like a waste of resources if one doesn’t start by clearly clarifying their aspirations. There are many causes in the world that are worth supporting, but due to the limited nature of resources, it is important to define personal beliefs and values so as to make the most impact.

You will need to start by defining your motives for giving. Defining why one wants to give will help them determine how they want to give their resources away to charity. This will also help one to choose how much they want to be involved in giving. Beliefs and values help to anchor philanthropic involvement and efforts.

What is “success” and how can it be achieved?

Philanthropy is like a business. Therefore, one must define success depending on what and how they give. Success is a very personal thing and how it is defined by different people usually differs. You should know what you are trying to achieve through your philanthropic efforts. Philanthropists such as Bo Parfet  are very clear with what they are trying to achieve with their philanthropic efforts. For instance, through Denali Ventures philanthropy, Bo is very categorical with what he intends to achieve. It is this kind of specificity that helps one to stay on target.

It is important to start by researching the issue you are trying to invest in deeply so that you can understand the various issues that surround it and how to best overcome them in order to achieve results.

What am I accountable for?

Being realistic with your philanthropic efforts is very important. No matter how rich you are, you want to ensure that you don’t overestimate your philanthropic efforts. You should know that you can’t solve all the problems in the world and that how much you can do will always be limited.

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