Philanthropist

Philanthropist. A person who donates time, money, experience, skills or talent to help create a better world. Anyone can be a philanthropist, regardless of status or net worth. In short, donating “time, talent, or treasure” toward doing good.

Greek playwright Aeschylus coined the term philanthropy in the 5th century BCE. It meant “love of humanity.” Today, philanthropy means generosity in all its forms and is often defined as giving gifts of “time, talent and treasure” to help make life better for other people.

One can ‘practice philanthropy‘ by making a monetary gift, such as a donation to a cause one believes in. One can also practice philanthropy by giving their time—serving in a soup kitchen, tutoring a teen, or engaging in any other volunteer activity that aims to improve lives.

The answer to “what is a philanthropist?” is a person who exhibits these behaviors, regardless of how many — or how few — resources that person has.

Some philanthropists are known for giving away substantial sums to aid society—people like John D. Rockefeller and Warren Buffett. Others are known for their good works, such as Mother Teresa and Paul Farmer.

But the vast majority of philanthropists aren’t famous—and many people volunteer instead of or in addition to what they contribute financially. According to a recent study, more than 60% of charitable donors are also recent volunteers.

Many philanthropists are driven by a deep desire to solve social problems and help others. In addition, the U.S. federal tax code incentivizes giving in a variety of ways, providing donors with deductions against income, capital gains and estate taxes for charitable contributions.