Giving While Living Benefits

Michael Sonnenfeldt shares insights about the value of early philanthropy versus waiting until death, emphasizing the importance of active giving and leveraging entrepreneurial skills for greater impact during one's lifetime.

Key Points:

• Timing of Philanthropy Matters:

  • The Warren Buffett vs. Bill Gates debate highlights this:
    • Buffett initially favored waiting to give, arguing for capital growth
    • Gates countered with "what's the value of a life saved today versus 30 years from now?"

• Value Beyond Money:

  • Entrepreneurs bring more than financial resources:
    • Skills
    • Insights
    • Contacts
    • These can be leveraged philanthropically

• Active Engagement Benefits:

  • Seeing the impact of giving during lifetime
  • Ability to participate in causes personally
  • Can combine different forms of involvement:
    • Political engagement
    • Philanthropic giving
    • Investment strategies

• Early Giving Advantages:

  • Allows donors to witness impact
  • Enables shared experiences with family
  • Creates opportunity for active participation
  • Provides immediate benefit to causes rather than delayed impact

• Modern Philanthropy Approach:

  • Move away from traditional "leave it all in the will" mentality
  • Focus on immediate impact rather than maximizing inheritance
  • Combine financial giving with personal involvement
  • Use entrepreneurial skills to maximize philanthropic impact