Too Much Money? These Gen X-ers Give It Away
Sharna Goldseker, 32, joined the board of directors of her own family's foundation, the Goldseker Foundation in Baltimore, when she was 29. At the time, she felt there was a shortage of resources for young people preparing to lead family foundations, so she helped found 21/64, a New York-based division of the Andrea and Charles Bronfman Philanthropies. The organization develops exercises to help young people think about their funding priorities. One, which she'll use at a retreat for young philanthropists in Baltimore at the end of the month, involves ranking a stack of 25 cards representing values, such as leadership, recognition, and pleasure. "After doing the exercise, they'll say, 'I spent a year walking around with the top value here in my purse,' " Goldseker says.
As part of 21/64, Goldseker also manages Grand Street, a group of 18-to-28-year-olds who meet to talk about what it means to lead a family foundation and how they can continue their family legacies. "They often don't have peers with whom to discuss related issues, so just meeting gives them a great network," says Goldseker. A group of Grand Streeters traveled to Argentina in 2005 and Poland in 2006 to learn more about international philanthropy.
That kind of hands-on involvement is more common among gen X-ers than their predecessors, says Bob Long, vice president for programs at the W. K. Kellogg Foundation in Battle Creek, Mich. Because they grew up in an era when volunteering was usually expected, if not required, young people with wealth often like to donate their time, along with their checks. "When they get fired up, they almost always give more than their money," he says.
They also like to be able to see the results of their donations, says David Stillman, coauthor of When Generations Collide. "It's a generation that's extremely skeptical. ... During their formative years, they've seen every institution called into question," he says.
Enjoyment is another prerequisite. "[Gen X-ers] like to use philanthropy as an excuse to socialize, where [funding] can fit easily and unobtrusively into their lives," says Neil Howe, a historian and economist in Great Falls, Va.
Darfur. In 2004, a group of wealthy 20-somethings in Los Angeles launched the Society of Young Philanthropists, a nonprofit that holds social functions to raise money for various causes, because "there was a sense that there wasn't a niche that [young] people could go to," says Dana Corddry, a vice president of the group. Last year, the group raised $60,000 to help build a clean water system in Chad for refugees from Darfur. It currently has about 2,000 members and is opening offices in New York and San Francisco.
Meanwhile, baby boomers, who are now in their mid-40s to early 60s, are also working to make sure the next generation is ready to receive its inheritances. The Ford, Kellogg, and Surdna foundations have funded Resource Generation over the past several years. "By educating them about philanthropy, we can help young people launch a lifetime of giving," says Susan Berresford, president of the Ford Foundation.
Tracy Gary, who donated all of her $1.2 million inheritance before turning 35, founded Inspired Legacies, a Houston-based nonprofit that coaches wealthy families and matches their philanthropic goals with nonprofits in the field. Now 55, Gary says when she was looking for advice on philanthropy in the 1970s, she couldn't find any mentors. "So I decided I'd become one," she says.
As for Pittelman, does she ever worry that one day she'll wish she hadn't given away her trust fund? "Maybe I'll wish I had a giant yacht," she says, briefly considering the thought. "Then I'm glad I did it now."
More on gen X-ers and giving:
• User's Guide to the New Philanthropy
• Gen X-ers: Stingy or Strapped?
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