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Tim Mackay

Lessons in philanthropy

Want to use your wealth to help others? It's worth putting in place checks and balances to measure your impact.

As Australia reels from the bushfire crisis, one positive outcome is the outpouring of charitable giving across local communities. Complementing this are impressive philanthropic pledges, such as from the Paul Ramsay Foundation ($30 million) and from Andrew and Nicola Forrest ($70 million), to fire-relief efforts.

The word philanthropy derives from the Greek for "love of people". Today philanthropy conveys a sense of long-term gifting on a large scale – a strategy to significantly improve the welfare of others.

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Tim Mackay is an independent financial adviser at Quantum Financial.

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    Original URL: https://www.afr.com/wealth/personal-finance/lessons-in-philanthropy-20200110-p53qgi