By Armik Aghankhani
As a CPA who has worked with entrepreneurs, high-net-worth families, and business leaders, I’ve seen firsthand how wealth can be more than just a financial measurement. True wealth has the power to create opportunity, strengthen communities, and leave a legacy that extends far beyond an individual’s lifetime. One of the most meaningful ways this happens is through philanthropy.
For me, philanthropy is not just about giving money, it’s about giving with purpose. When businesses and individuals align their giving with their values, they create ripple effects that benefit both society and their own legacy.
Why Philanthropy Matters Beyond Charity
Many people view philanthropy as simple charity, but it goes much deeper than that. Charity often addresses immediate needs, feeding the hungry, providing shelter, or responding to a crisis. Philanthropy, on the other hand, looks toward the future. It’s about building sustainable solutions, creating opportunities, and empowering communities to thrive long term.
When I work with clients, I encourage them to see giving not just as an expense but as an investment. It’s an investment in people, in education, in healthcare, in innovation, things that strengthen the very foundation of our communities.
The Business Case for Philanthropy
Philanthropy is not only the “right” thing to do, it’s also smart business. Companies that invest in their communities often see measurable returns, both financially and culturally.
- Brand Reputation and Trust: Customers and clients want to support businesses that care about more than profits. A strong philanthropic presence demonstrates integrity, and integrity builds trust.
- Employee Engagement: People want to work for organizations that stand for something. When a company actively gives back, employees feel proud, motivated, and more connected to their workplace.
- Networking and Relationships: Philanthropy often brings together business leaders, community organizations, and government. This creates opportunities for collaboration and growth that extend beyond traditional business transactions.
In other words, giving back isn’t just good for the heart, it’s good for the bottom line.
Personalizing Your Legacy
One of the most fulfilling aspects of philanthropy is the ability to personalize your giving. Whether you are passionate about education, healthcare, the arts, or supporting underserved communities, your philanthropic efforts can reflect your personal values and your family’s story.
I’ve worked with clients who set up foundations to fund scholarships, others who focus on advancing medical research, and still others who invest in programs to mentor young entrepreneurs. Each of these initiatives not only created meaningful change but also told the story of what mattered most to them.
For families, philanthropy can be a powerful way to pass values from one generation to the next. Teaching children and grandchildren the importance of giving instills responsibility, compassion, and perspective, qualities that transcend money.
Strategic Philanthropy: Giving with Intention
Just as financial planning requires strategy, so does philanthropy. Writing a check is good, but aligning giving with a larger vision is great. This means identifying causes that resonate deeply, measuring the impact of donations, and ensuring that your giving is sustainable.
Some of the ways I help clients think about strategic philanthropy include:
- Creating a Philanthropy Plan: Outlining goals, values, and long-term impact.
- Establishing Trusts or Foundations: Structuring giving in ways that maximize both financial and social returns.
- Integrating Tax Strategies: Taking advantage of charitable deductions, donor-advised funds, and other tools that make giving both impactful and efficient.
When giving is intentional, it transforms from a simple donation into a legacy.
Philanthropy as a Leadership Tool
One of the most overlooked aspects of philanthropy is its role in leadership. Entrepreneurs and business owners who lead with generosity set a powerful example. They show that leadership isn’t only about driving profits but about creating positive change.
Philanthropic leaders inspire loyalty, not just from employees but from their communities. They are remembered not only for the businesses they built but also for the lives they touched.
In many ways, philanthropy is the highest form of leadership, it requires vision, courage, and the belief that success is measured not by what you keep, but by what you give.
Building a Legacy That Outlives You
At the end of the day, wealth is temporary, but the impact of philanthropy can last for generations. When businesses and individuals embrace giving as part of their legacy, they ensure that their influence extends far beyond their lifetime.
For me, this is what true wealth is about. It’s not just about financial numbers on a balance sheet. It’s about the trust you build, the people you empower, and the communities you strengthen.
By giving back with purpose, we create a cycle of generosity that builds stronger businesses and stronger societies. And in doing so, we leave behind something far greater than money, we leave behind a legacy of impact.
Final Thought
Philanthropy is not an afterthought; it is an integral part of building a meaningful life and career. Whether you are an entrepreneur, an executive, or a high-net-worth individual, giving back offers a way to align your success with significance.
As I often remind my clients: wealth is measured not by how much you accumulate, but by how much good you create.