What is a philanthropist?
We hear a lot about philanthropy these days, but what exactly is it? In short, philanthropy is the act of using your resources – whether it’s time, money, or expertise – to help others and support positive change in society overall.
It has its roots in altruism, as philanthropic giving is typically defined as selfless generosity. In fact, the word “philanthropy” comes from the ancient Greek word meaning “love of humanity”.
That leads us to the next question: what is a philanthropist? Philanthropists have historically been wealthy individuals who fund public services or institutions like schools, libraries, and hospitals. Today, however, the definition has expanded to include any person who contributes meaningfully to causes that promote the common good.
At its heart, philanthropy is about impact. Whether you’re donating $10 or $10,000, giving up your time to volunteer, or championing causes online, every action contributes to a ripple effect of help, hope, and change.
What it means to be a philanthropist
A philanthropist is someone who intentionally dedicates resources to support the well-being of others. While generosity is a key trait, being a philanthropist goes beyond making one-off donations. We like to think about it in terms of the four Ts:
- Time: Philanthropic giving can come in the form of showing up – volunteering or serving on a board, for example.
- Talent: Share your skills free of charge – managing social media accounts or creating newsletters are great ways to do this.
- Treasure: Donate money or non-cash items like stocks or cryptocurrency.
- Ties: Use your network by bringing a friend along to volunteer with you.
Causes and motivations for philanthropic giving may vary, but there are plenty of ways to give. And thanks to new tools like GoFundMe Giving Funds, it’s easier than ever for everyday individuals to organize their charitable efforts and become philanthropists themselves.
Types of philanthropists
We’re all different and that means philanthropy can look different for each of us. We can give and share in distinct ways, depending on our circumstances, values, and life experiences. Here are some examples of how we can help each other through philanthropic giving:
Individual philanthropy
Many individuals set aside part of their income for giving. Some leave legacies through wills or set up charitable trusts.
As an extension of individual philanthropy, families also often give together, guided by shared values. This approach allows for intergenerational impact and teaches children the value of helping others.
A donor-advised fund (DAF) is a great tool for this and lets you set aside money for future giving. With a DAF like GoFundMe Giving Funds, anyone can now centralize, track, and invest their charitable dollars for greater impact, either individually or together as a family.
Find out more about individual giving in our useful guide to deciding how much to give to charity.
Corporate philanthropy
Both large and small companies can also take part in philanthropic giving. Today, many businesses see social responsibility as a core part of their mission. To achieve this, they may sponsor events, support local causes, or match employee donations. No matter how big or small, corporate philanthropy plays a significant role in community development.
Social impact investing
Investments can also be a form of philanthropic giving. Social impact investing is a strategy that allows people to financially support funds, organizations, and companies working for positive social change while also potentially generating a financial profit for the investor.
Community-based philanthropy
Perhaps one of the oldest forms, community-based philanthropy, involves local groups pooling their resources for a common goal. In this way, locals take the development of their communities into their own hands when traditional funding falls short. Whether it’s a giving circle, community fund, or mutual aid effort, it’s all directly invested into local development and can be one of the best ways to see immediate results.
Why practice philanthropy?
We can all work to make the world a better place by donating a bit of our time and resources. Whether it’s small or big, philanthropic giving can:
- Tackle social issues
- Help those in need
- Create a ripple effect of positive change
Popular philanthropic causes
There are numerous causes today that need our attention, each of them equally important. All you have to do is choose the one you’re most passionate about – here are some key examples:
- Access to healthcare and medical research
- Education and literacy
- Environmental efforts and climate change
- Arts and culture
How to practice philanthropy: Meaningful ways to give
No matter your schedule or your level of wealth, there are plenty of ways to become a philanthropist. Here are some ideas for how you can contribute financially or non-financially:
- Cash or asset donations
- Set up a foundation or trust
- Fund large-scale initiatives
- Create legacy gifts
- Join initiatives like The Giving Pledge, where billionaires commit to giving away the majority of their wealth
- Create a donor-advised fund (DAF) – head to our blog to find out more about setting up a donor-advised fund
- Volunteer your time
The impact of philanthropy in the modern world
Today, philanthropic causes are broad and the modern philanthropic landscape is constantly changing. Thanks to the wide availability of technology, the impact of modern philanthropy can reach even further, better serving individuals, communities, and wider society.
Strategic philanthropy
This more modern type of philanthropy is mutually beneficial – it affects positive social change while also fulfilling a company’s business objectives or even generating a profit. It can also be seen on an individual level with social impact investments, which generate a financial profit for the investor.
Data-driven philanthropy
Thanks to today’s technology, research data is more accessible than ever. Philanthropists can then use this data to donate time and resources in a way that’s projected to have the biggest impact and results.
Collaborative philanthropy
This type of modern philanthropy allows individuals, organizations, or companies to collaborate on solutions and ways of giving that have a wider reach than they would if they were just working alone. This is a great way to share expertise and increase the impact of donations.
Systemic philanthropy
This direct approach to philanthropy tries to tackle social issues at their very core. This can include working directly with institutions or systems to improve operating procedures or providing grants to create positive social change. As change is affected in the systems that govern and support communities, change also ripples out into the wider world.
Philanthropic giving with GoFundMe
Whatever your philanthropic goals might be, GoFundMe can help. GoFundMe Giving Funds is a powerful tool that can democratize opportunities to contribute your wealth. With no minimum contribution and donation capabilities starting at $5, anyone can build a giving legacy – no billionaire status required. This tool also allows you to manage your charitable giving all in one place. You can set aside funds, invest them to grow your giving power, and discover timely causes.
GoFundMe Giving Funds also lets individuals create and manage their own donor-advised fund – making strategic giving easy and accessible, even for new or smaller donors.
Philanthropy is for everyone
Being a philanthropist isn’t about how much you give. It’s about how intentionally and impactfully you give.
Whether you’re reacting to a crisis, investing in long-term social change, or looking for a better way to organize your charitable life, GoFundMe Giving Funds provides an easy, powerful, and trusted way to make your generosity go further. You don’t need a financial advisor or a foundation team – you just need the desire to help, and a tool that makes it possible.
With GoFundMe Giving Funds, you can:
- Support verified charitable organizations
- Discover timely, high-impact causes
- Set aside and grow charitable dollars tax-free
- Share giving moments with your friends, family, and community
- Start your journey to becoming a philanthropist today
Practicing philanthropy: FAQs
What makes a person a philanthropist?
A philanthropist is anyone who gives unselfishly of their time and/or resources to bring about positive social change.
How much do you have to give to qualify as a philanthropist?
There is no set amount you have to give in order to qualify as a philanthropist. You could donate $5 or $500, or even just offer some of your time.
What are the four Ts of philanthropy?
The four Ts of philanthropy are Time, Treasure (money or material wealth), Ties (your network), and Talent (your skills and expertise).
What’s the difference between philanthropy and charity?
Philanthropy and charity are very similar. Charity, though, tends to provide short-term, immediate relief to those in need, while philanthropy is a more strategic, long-term solution with the goal of affecting lasting social change.
Who are the most famous philanthropists?
The most famous philanthropists today are Bill and Melinda Gates, Warren Buffett, and George Soros.
How can GoFundMe help me become a philanthropist?
You can use the tools available through GoFundMe Giving Funds to raise money, create a donor-advised fund (DAF), connect with verified charitable organizations, track and manage your funds, and much more.