Publication: Business Standard; Mumbai Date: March 27, 2011
How to ensure that your money is used for the right cause.
With great wealth comes great responsibility. This is because money, if utilised appropriately, has the power to do many great things. Hence, wealth creators have an unsaid responsibility of utilising a portion of their wealth for the betterment of society. This act of promoting the welfare of society is called philanthropy. However, you don’t have to be a billionaire to start your philanthropic activities. And there is more than one way to go about it.
REASONS FOR GIVING:
There is a long-held belief that having wealth comes with a responsibility towards the less fortunate. Other reasons why people decide to do philanthropy: To address business or social obligations, to address social problems, to teach sound financial and human values to children, to give some purpose to their lives or to influence public and private policies.