As a philanthropist, making monetary donations if often a common practice. However, for many active and effective philanthropists, their efforts exceed only monetary donations. When you give back to others, you’re fulfilling you life in a way that can’t be replaced. Here are a few steps to take in your journey of becoming an effective philanthropist:
Establish Your Values
The first step in practicing effective philanthropy is establishing what your values are, and what causes, charities, or other philanthropic organizations fit those values. The impact you’re trying to make should outline your personal values and beliefs. This is also an opportunity for you to establish your goals and what you what to achieve with your efforts and involvement with your causes.
Create a Plan
When you’ve established your goals, your next step is to create a solid plan of action that will outline how you’ll obtain those goals. How do you plan to achieve your goals? You should focus on conducting the proper amount of research on your cause and the different organizations you want to work with. You can also look into what other philanthropists within your space have done to reach their goals. Networking and mentorship is a great way to improve your philanthropic practices.
More than Monetary
While donating money is a great way to give back to various causes, and can absolutely be part of your philanthropic initiatives, effective philanthropist often take their efforts further than making a few monetary donations a year. Consider making a few regular donations, but also look into ways that you can donate your time and physically participate in working with different organizations.
If you are making donations to different charities, its wise to put a budget plan in place so you can keep track of all your charitable expenses. Working with multiple charities can get hard to keep track of, and depending on how much you’re donating and how often, it can be easy to underestimate or overestimate your costs. Make things easier for yourself and keep track of a consistent budget.