The Rolling Stones rock classic (I can’t get no) Satisfaction released in 1965 has become one of their most popular songs. The lyrics express frustration with commercialism and the inability to find satisfaction in life.
This week Mick Jagger, the frontman of the Rolling Stones, suggested that his share of the band’s back catalogue, which is worth around $500 million, will be donated to charity instead of being left to his eight children. He believes his eight children don’t need $500m to live well. His decision is part of his plan to do some good in the world… to practice philanthropy.
The origins of philanthropy
The word philanthropy, from the Greek “philia” and “Anthropos”, simply means love of mankind. The meaning of the word has evolved over time, but from the time of the great liberator Moses, human civilisation has depended on kindness directed towards strangers. Jesus summed it up in the simple command to love your neighbour.
In the 12th century, rabbi and philosopher Moses Maimonides articulated the beliefs that underlay many of these ancient practices when he established the “Golden Ladder of Charity”. Giving unwillingly is at the bottom of the ladder, while giving anonymously to an unknown recipient is at the top. As advisers to businesses and families it is interesting that his highest level of giving is to “Anticipate charity by preventing poverty. Assist the reduced fellow man, either by a considerable gift of a sum of money, or by teaching him a trade, or by putting him in the way of business so that he may earn an honest livelihood and not be forced to the dreadful alternative of holding out his hand for charity. This is the highest step and summit of charity's golden ladder." Paraphrased, the greatest philanthropy is to give a poor person work (or to loan them money to start a business) so they will not need to rely on charity. The giver doesn’t help the recipient for a short time but helps them for the rest of their life.
Philanthropic deeds are part of a legacy of giving that has defined and improved the human experience for millennia. Throughout millennia philanthropists have demonstrated the power of giving to create powerful, meaningful change… bringing satisfaction!
Philanthropy today
Philanthropy today is more organised, professional and impactful than ever before. At UHY Hacker Young we help people prosper, bringing satisfaction. One road to prosperity is the practice of philanthropy both for giver and receiver. We advise individuals, families and businesses (and not just the super wealthy) on philanthropic strategies which have meaningful impact, are tax efficient and bring satisfaction.
The next step
If you would like can help you bring prosperity and satisfaction, please contact Michael Fitch Managing Partner UHY Hacker Young Fitch m.fitch@uhy-uk.com 028 9032 2047.
