Philanthropy is an essential part of the fabric of modern society, and it is often driven by successful business owners who shift their focus after making their fortunes. For example, there is a prominent Jewish leader from Russia who has become well known for his generous donations, as well as his promotion of tolerance between different people. Religious tolerance is another subject dear to his heart.
His work provides a good model for other philanthropists, who can learn from his strategic approach. An example of his method is his multi-million-dollar gift to an organization that has been successful at helping adults and children who struggle with problems relating to mental health.
What Distinguishes Philanthropy?
If you ask the dictionary, ‘philanthropy’ refers to the generous giving of financial assistance to good causes. There is often a distinction made between philanthropy and other business activities, which have financial gain as their end. Another common mistake is to mix up philanthropy and redistribution by governments, whose motivation is to render assistance and facilities to the public.
A tougher problem is distinguishing it from charity. Generally, there is a high degree of overlap, but not all philanthropy counts as charity, and vice versa. According to some, charity has to do with alleviating the suffering that is caused by some social challenge. On the other hand, philanthropic giving is directed at the higher-level cause of the challenge itself. That said, it could be argued that there is not much difference between the two at all.
This type of giving has caught on so well that It has become second-nature to see billionaires giving away most of their assets near the end of their lives. Considering the growth of the extremely wealthy, it might not be a huge shock that … Read More ...