Philanthropy Is a Big Word, But It Doesn’t Require Big Wealth

I believe in the power of giving, in part because I’ve benefitted greatly from receiving.

Years ago I was a young single mother with a mortgage I could barely afford. One month, I was stunned by a $600 electric bill. I had to make a choice: Keep the lights on or buy groceries? I was used to financial binds, but this one was a doozy.

Fortunately, there was a church organization that worked with the electric company to help financially strapped people in the community. This organization stepped in at just the right time. The money I received not only covered part of that big electric bill, but it also gave me peace of mind—and I am thankful to this day.

I think about that gift often—when I serve my community, when I teach my children about helping the less fortunate, and when I speak to clients about increasing the impact of their charitable giving.

Increasingly, giving is a topic people I meet want to discuss. At Fidelity, I work with many financially successful clients who struggled early in their lives. All of them worked hard to get where they are today. They also share an impulse to help others, whether by supporting a community organization or by promoting a cause that has personal meaning for them, like cancer research or fighting poverty. Though they might not consider themselves as such, they are philanthropists.

Philanthropy is a big word, but it doesn’t require big wealth. All that’s required is finding ways to support others. There are many ways to do it—and to make it a family affair. (It helps, too, that charitable donations can be deducted from taxpayers’ adjusted gross income.)

To make it a family affair, you can start by paying attention to your kids’ interests. My younger daughter, for instance, is very sensitive to the growing homeless population she sees in Dallas, so we’ve started putting care packages in our car—food, toiletries, gift cards, uplifting messages. That way we are always prepared and can offer a little help and encouragement to people we see who need it. When the pandemic restrictions ease, we plan to volunteer at homeless shelters and food banks.

Helping children is meaningful to us, too. We particularly enjoy working together on projects that benefit local schools. For one program we loaded ten backpacks with school supplies for students in a disadvantaged neighborhood in our area. For another, we brightened the hallways in a nearby school by painting canvases with the school colors. (My daughter did a much better job than I did!)

Image: Jessica putting the finishing touches on a local school color canvas as part of a Fidelity virtual family volunteer activity.

Making philanthropy a family affair is a joy, and I love to see people make giving a priority at home. Some even create mission statements: What does our family stand for? Where will we put our time and energy? In many families, the last thing kids need is another toy. Why not let them help decide where $50 or $100 or more can be donated?

Many of us also have time we can share with others through volunteer work. That might include planting trees in a city park or driving seniors to doctor’s appointments—or mentoring, a great way to give back in the workplace. Early in my career, I was finishing up an accounting degree and had an internship in a trust and estate-planning department. I had no experience or knowledge in that field, but the manager saw something in me. His coaching opened a whole new world for me. He didn’t have to do it, but he did. I wouldn’t have the career I have now if he hadn’t taken me under his wing.

It’s easy to forget others in the grind of work, raising a family, paying the bills and putting something aside. But no amount of money in an account is as satisfying as the feeling of helping someone who needs it. I’ve experienced giving from both sides. There is real delight in giving back, whether it’s with money, time, expertise—and those you help will be forever grateful. Trust me on that.

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