Giving Some Back: Is Philanthropy Only for Millionaires?

By Matt Torney – originally published in 2021, edited and re-published 2024.

You don’t have to be Gina Rinehart, Twiggy Forrest or Gerry Harvey to be a philanthropist. In fact, philanthropy can be a strong consideration for anyone headed for retirement, particularly as you transition from work which may have provided you with significant meaning and purpose for a few decades. And remember, donations are tax-deductible when given to an approved charity.

But what if you really can’t afford it right now?

Well, even if you don’t have much spare change, you might consider allocating money in your will for your favourite charity. That way, you can pass on a gift when you no longer need your savings.

Other Ways to Give

Although philanthropy is categorised as donating money, the true meaning of the word is “the desire to promote the welfare of others”. Here are some other ways you can contribute without making financial donations.

• Volunteer your time for something you believe in
• Help an elderly neighbour by running errands for them
• Visit isolated members of your community

Or just be fully present the next time you chat with a stranger or catch up with a friend. The greatest gift we can give sometimes is our undivided attention to someone else without reaching for our smartphones.

Mental Health Benefits

Some might consider all this giving stuff a bit ‘woo-woo’. We can tell you that is not the case though. Altruistic giving of yourself or your resources has long been acknowledged as having beneficial health effects.[1]

When you are distressed, mentally unwell or psychologically at risk, there can be a great tendency to fold inward and become self-focused. We understand. Life can be challenging at times, particularly in challenging economic times. It’s not that we don’t care about others, it’s just the worries and sadness for ourselves and our own lives can grow so big in comparison.

A way to help undo that pattern is to focus on others though. Focusing on others can help you get out of your own head and build a sense of connection. It is very therapeutic. In fact, multiple studies have identified ‘connectedness’ as a key component needed for recovery from mental ill-health. But it works well for everyone, no matter what headspace you’re in.

Given the benefits, if donating money to charity is something you’ve never considered before then now might be the time.

[1] https://health.clevelandclinic.org/why-giving-is-good-for-your-health/

A Worthy Cause in Your Local Area

If you have no idea where to start when it comes to giving, then perhaps consider the Philanthropy 500 (P500) collective giving group in Geelong. Many of our clients are from Geelong and the surrounding area so this charity could be a great way to give back to your local community.

Their strategy (for which Muirfield Financial Services helped develop) is to make one primary grant each year and to grow an endowment fund collectively.

The following video highlights how the program works a collective giving concept.

In 2023, 278 P500 donors contributed $500 each to enable a $79,000 grant to be awarded to Tiny Dots Early Intervention to expand the free screening clinic to areas of greatest need within the region.  The grant will fund staff to improve community awareness of the importance of access to early intervention therapy, how to access therapy in the region and research liaison with Deakin University.

Donating is easy, and can be done online by clicking here

Choose Wisely

The P500 program is a great way to provide a lasting gift to our community. The world is most certainly your oyster when it comes to finding and donating to the charity of your choice.

Just know that even the smallest donation can make a huge difference for your local community or charity of choice. It’s not about millions of dollars. It’s about dollars and sense.