Monica, 68, knew that artistic success doesn’t come easy. In addition to raw talent and grit, it takes the right resources at the right time: inspiring professors, dedicated practice space, and state-of-the-art (pardon the pun) facilities.
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In the early sixties, my parents decided that their Brooklyn children should have a life that included the country. My frugal dad, who never believed in mortgages, saved enough to buy a small house in Columbia County for summer weekends replete with frog catching, hiking and mandatory Tanglewood concerts.
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We all pay more for the essential services provided by local, state and federal governments because tax revenue is lost by the special tax treatment afforded religious nonprofits. It’s time to ask some very important and difficult questions.
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Is family philanthropy a false god? In my opinion, no — it’s just hard. When it comes to ambitious goals, I believe hard is good, and easy is bad. It’s a good thing, too, as researchers have found that the most durable, profound pleasure comes from activities that require effort.
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Philanthropy is one of my favorite things. I have dedicated many hours to it for myself, and my clients, over the past 25 years. But, as Andrew Carnegie said, “It is more difficult to give money away intelligently than to earn it in the first place.” Philanthropy — it’s a messy business. And, in philanthropy even more than in investing, far too often we (including yours truly) are still ruled by our caveman brains.
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When it comes to charitable giving, good intentions alone do little good, and money alone does even less. Effective philanthropy starts with the heart, but has to be shepherded by the head — that is, reliance on tried-and-true metrics, which demonstrate whether a charity is actually doing what it claims to do. Here’s how — and why — it’s so important to look before you leap, and make sure your money is actually the impact you intend.
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