Why Give?
Exploring the benefits of charity at any financial stage
On Sunday, May 19th, billionaire Investment Banker Robert F. Smith (pictured above) shocked seniors and staff at the Morehouse graduation ceremony by announcing that he would pay off all of their student loans. Dwytt Lewis, a formerly homeless senior in attendance that day, could not believe what Smith had just announced. Inspired, he remarked that, “when someone of his stature is just willing to impact someone’s life like that, like it just…It sets a fire in you to just want to be the change in your community and other communities around.”
Other successful black athletes, entertainers, and businessmen and women have contributed a significant amount of time and money to communities in need. TV Personality Oprah Winfrey has donated $13 million in scholarships to Morehouse College, helping 415 men to graduate. NBA star Lebron James founded the I Promise School (IPS) in 2018 for at-risk students in Akron, Ohio. According to USA Today, IPS has made significant strides in helping its 240 elementary school students read and do math at or above grade level. Ursula Burns, former Chairman and CEO of Xerox, has used her power as a founding board member to guide Change the Equation, an organization dedicated to improving America’s STEM education.
It is evident that many of our successful role models have given back, but what does this mean for us? Should we give? Many of us are currently working to get on our feet financially. We are building businesses, investing, and looking for opportunities to grow in our areas of expertise. No matter what financial stage we are in, it is important for us to give back. Here are three reasons why you should practice charity now:
1). Maintaining Personal Values
In the song, “Thank you,” Big Sean states, “I never really met nobody who was truly successful that wasn’t thankful.” Giving helps us to maintain the humility, remembrance of where we came from, and gratitude that many of our role models possess. In addition to emulating those we admire, maintaining personal values can play a role in increasing our emotional intelligence (EQ) or our capacity to identify with and understand the emotions of others along with our own. Applying EQ effectively to group interactions and problem solving can facilitate efficient processes for growing our businesses and personal networks. Don’t let pride get in the way! Pay your success forward.
2). Personal Money Management
Setting aside either a specific dollar amount or a percentage of your income for charity can help you to maintain a balanced budget. You will be more motivated to check your bank balance and limit unnecessary purchases if your mission is to remain a steady giver. I know I would feel terrible if I passed up on an opportunity to provide shelter for a family in order to do something trivial like order fast food. Give and prioritize. It makes a big difference.
3). The Need is High
Poverty, pollution, legal injustice, struggling schools, and so many other issues broadly affect America, but disproportionately impact communities of color. When it comes to pollution, we find that the air we breathe as Americans is not equal. According to a recent study, black people are exposed to over 50% more pollution than is caused by their consumption. African Americans are more than twice as likely as non-Hispanic Whites to face hunger. They also face poverty rates twice as high as that of non-Hispanic Whites. Activists in many parts of America are still fighting for greater police accountability as the number of deaths of unarmed black men rises. I could go on and on, but the bottom line is this: We need us. With a donation of just a few dollars, you can help an organization address one of the many issues plaguing our communities.
Resources
Organizations Empowering Black Communities
Black Lives Matter | Black Girls Code | Trayvon Martin Foundation | Color of Change | WE ACT | and more…
Organizations that Can Help You Make Informed Donation Decisions
GuideStar |GiveWell | Charity Navigator |Center for High Impact Philanthropy |CharityWatch | Grapevine
