Warren Buffet does it. Bill Gates does it. Do you do it?
I’m talking about giving a healthy chunk of your fortunes away to charity. But why you’ll ask? Especially when like the rest of us, you’re trying very hard to make ends meet. And I think its a valid question.
People are philanthropic for many reasons, from a genuine wish to see a better world by funding the search for cures to some ulterior business motive. While the reasons may vary, the relief they bring does not so I believe its positive either way.
Maslow’s hierarchy of needs will provide a clue as to why people behave this way but does it make good business sense though? From a returns perspective I’d say a big YES if you can afford it. There’s a selfish and non-selfish part to it.
The selfish part is all about personal branding. When the world press broadcasts the fact that you’re giving away billions, it sends a message about you. You have arrived. Philanthropists form an elite group among billionaires, a club within a club. Membership in that group gives you clout that the others don’t have. There’s nothing like having a Rockefeller Foundation under your name to earn the favor of Presidents, not just for you but for your generations. In America, this branding concept has developed into an art that extends to infant naming. A name like John Forbes III will open doors in ways that names like Tan Ah Kow won’t, no matter how rich he is.
The non-selfish part is the more mundane role played by the contribution. Gates and Buffet’s money funds the search for an AIDS vaccine. Whether they will find it in their lifetime is uncertain but it serves their CSR or Corporate Social Responsibility nonetheless. In civic minded societies, your business success has a strong correlation to your CSR rating. Europeans for example shy away from products whose manufacturing causes harm to the environment. It’s no longer a battle for mindshare but for heartshare (branding pros – fugure that one out). That’s how CSR works over there.
But seriously, do you need to be rich to give? My answer is no. We have all given back to society in our own way at one time of another, probably not to brand ourselves but as a reflex to the natural human condition. Giving is good because subconsciously you know you’re sowing seeds that will benefit you later. The Buddha once said that if people only knew the value of giving as he does, they would not take a single meal without sharing their food with others. I am a strong believer in that.
Hi Bryan,
This post sends me thinking about whether or not I had contributed towards the people in need, and I am glad to say that I have. I don’t really think that giving away to charity needs to be defined with reasons, as long as the society benefits from it, it is already a good enough reason. However, it’s sad to say that whenever I give, I always comfort myself by thinking that I will receive something better in the future. Is that bad?
So you are thinking like an investor, what I put in today will give me something tomorrow
What I try to do is when I give, I’ll say to myself I give because its best for whomever I’m giving it to. When you focus your thoughts on the recipient at the moment of giving, you won’t think about the benefit to you. I learned from branding class that the wonderful thing about the human mind is that it can only accomodate one thought at a time.
Haha, that means whenever I give away something to charity, I should think of myself? Because I want myself to be the ultimate recipient.
That’s so selfish of me.
Well, honestly, I do think for those who receive the aids, but sometimes I wonder is it really going to end on them or part of the money has gone mysteriously elsewhere? That thought alone puts me off.
Yeah I know what u mean. I follow the Buddhist principle which says that what’s important is intention. If your intention is noble but the recipient never receives it, its ok. You still get the blessing. Apparently that’s how karma works.