‘Tikkun’: New Money and Philanthropy

Members of the baby-boom generation have the potential to transform philanthropy as they inherit money from their parents and decide how to spend their own money, writes Stephen Goldbart in Tikkun magazine. But, he says, too many of the people who grew up as part of the ‘60s counterculture are so uncomfortable with their financial riches that they are “trapped in angst and indecision” about how best to channel their dollars into good work.

Mr. Goldbart, a psychologist and co-founder of the Money, Meaning and Choices Institute, in Kenfield, Cal., says he is worried that unless more wealthy people overcome their anxieties, much of their wealth will end up wasted and little social change will be accomplished.

He urges all people, rich and poor, to help wealthy people realize that their charitable donations are valued — and to emphasize the importance of being an effective philanthropist.

“Because our culture supports individual achievement while offering relatively little reward for social activism,” he writes, “it’s often too easy for the wealthy to use the statement, ‘I do it because it feels good to me’ as a good-enough reason for philanthropy. We as a culture should not accept that reasoning. Instead, we need to support those with wealth who really care about the impact of their philanthropic dollar on the projects they fund, not just the impact of philanthropy on the bottom line of their 1040 returns.”

Information about Tikkun magazine is available on the magazine’s Web site at http://www.tikkun.org.