Being wealthy does not always mean you are rich in time. Some of my philanthropist clients are in a position to give significant time to their philanthropy and it can even become like a full-time job. But other clients find themselves time poor – having too many things to do and not enough time to do them in. It is not usually a case of lacking time for basics like sleep and exercise, nor the time committed to essentials like parenting or running a business. What gets squeezed out is the discretionary time where you get to pursue your chosen passion and interests. This can mean that there is a desire and intention to be philanthropic but not the time to make this happen. And because philanthropy is a voluntary act it can easily fall to the bottom of the ‘to do’ list.
In my advising practice I make sure I ask my clients about the time they have available for their philanthropy early on in the process. This is because it is a significant parameter toward the success of any giving plan. Where time pressure is a constraint, it is still possible to be philanthropic. Here are four ways to be a philanthropist when you have very little time:
1. Not surprisingly my first suggestion is to engage a Philanthropy Advisor. Yes, you will need some time to select the right person and to have initial conversations to determine the best way ahead. After this initial investment, a good advisor can take on the implementation of your philanthropy: conducting research, identifying opportunities, brokering relationships, attending events, monitoring the progress of funded partners.
2. Embed your philanthropy in the tasks you already make time for. Make sure it is part of your conversations about managing your wealth or planning your estate. Make sure you talk about it when meeting with your tax advisor or family office. Make it a part of family meetings – whether a formal annual review or a conversation over breakfast. That way it becomes a decision and action amongst others rather than a completely separate task.
3. Do your philanthropy once – or at least until you have more time. So set up regular donations or payroll giving, so that once they are started they carry on without your input. You can also make the decision just once as to who to make a bequest to in your will. Or make one big donation – what Philanthropy Advisor, Alex Johnston, calls “One and Done” where you give all your philanthropic resources in one gift.
4. Give through others. There are a whole host of infrastructure organisations and intermediaries that can help you distribute your donations. You could give your funds to another philanthropist or grant-making organisation, or a Community Foundation, or a re-granter, or a collaborative.
A Philanthropy Advisor can help with all these options. What is important is that you don’t let your lack of time get in the way of your desire to do good or delay the movement of available funds to help meet urgent needs and impactful opportunities.
More reading if you are interested in the ideas of time poverty and time affluence:
Giurge, L. M., Whillans, A. V., & West, C. (2020). Why time poverty matters for individuals, organisations and nations. Nature Human Behaviour, 4(10), 993-1003. https://doi.org/10.1038/s41562-020-0920-z
Photo credit: Ray Shrewsberry on Unsplash