Charity vs. Philanthropy and the Purpose of a Family Foundation

Charity is maybe where we give to someone else, and that is being charitable, which I would hope we all are. Philanthropy, in our case, I see that as much more defined by impact. I don’t mean impact investing, in my case, I mean the chance that we can be involved as a family, or as individual within a family, in making a difference in their lives. Well, for my family, maybe that’s the best way for me to answer this, it firstly allowed each one of my children to touch and feel their higher purpose. Secondly, it allowed us then to enable that, or activate that, purpose, both individually and as a family through our family foundation. It also became the platform, I would say, for our legacy for the future. They were tremendously responsive. We clearly had described the fact that our vision was not, they just receive large amounts of wealth, but rather we would have a responsibility and an obligation. It was very encouraging to me as they sat around the table and began to describe the fact that we had a lot in common in terms of us reaching out and making a difference in people’s lives.