Family Conflict I Singapore I Familosophy

Many wealthy families turn to philanthropy to "give back" to society when their personal riches exceeds their needs for the time being.

Charity can be done properly and poorly, and for the right reasons as well as for the wrong motives, just as anything else can be done successfully. These considerations are not necessarily linked; for example, someone may support a humanitarian effort just to satisfy their own ego, despite the fact that it may result in significant social good. Certainly, doing things for the right reasons and in the right method increases the likelihood of achieving positive outcomes to a greater extent.

It is critical for families to question "why?" as often as possible in order to better understand their underlying motives and values. Knowing "why" can also serve as a motivator for what the family want to accomplish. To put it another way, recognizing your beliefs can assist you in articulating meaningful goals.

There are numerous advantages to engaging in philanthropic activities for the sake of one's family. It's commonly known that it's a fantastic approach to engage the next generation and to develop bridges between generations to bring people together.

Another, less well-known advantage is that it can aid in the equalization of the social hierarchy within a family. When it comes to business or investing, some members of the family may have more seniority, aptitude, and expertise, which allows them to be heard more clearly. However, philanthropy may assist in raising the voices of all family members and allowing them to work together to make a meaningful difference in the world.

Consider the following: Is your family aware of the reasons for charitable giving? Is it possible for all members of the family to learn about the space and participate in its activities? Within your family, who 'takes the reins' in terms of philanthropy?

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SOURCE: https://davidwerdiger.com/2021/03/governance-principles/