Giving while living

Meeting the urgency of the moment

Group of volunteers in community garden.

In May, Bill Gates announced his intent to double his foundation’s giving over the next two decades, giving away nearly all of his wealth before shutting down the Gates Foundation completely. His statement accompanying this announcement reaffirmed his philosophy of “giving while living.” This approach emphasizes urgent needs and current calls to action, in contrast to the strategy of accumulating as much wealth as possible to distribute in retirement, upon death, or over multiple generations.

For donors who want to consider the benefits or accelerate their approach of giving while living, the following outlines the genesis of this movement, the value of marrying a sense of urgency with a desire for effectiveness, and the considerations that can help determine when an accelerated approach might be a good fit for your giving.

“There are too many urgent problems to solve for me to hold onto resources that could be used to help people.” – Bill Gates

“Bold bets, big checks, dramatic impact”

Since entrepreneur Chuck Feeney established The Atlantic Philanthropies in 1982 to give away all of his wealth during his lifetime, this time-bound mission of “bold bets, big checks, dramatic impact” has inspired many foundations to adopt a giving while living approach. Conversations about philanthropy have shifted to focus not only on what to fund, but when to fund an issue to meet the urgency of the moment. This ethos was supercharged in 2010 with the creation of the Giving Pledge—an effort by Bill Gates, Melinda Gates, and Warren Buffett to get the world’s wealthiest individuals to commit at least half of their wealth to charitable causes, preferably during their lifetimes. The Giving Pledge currently has more than 200 signatories.

The practice of giving while living is not only a consideration for the world’s wealthiest but also for everyday donors who seek to make immediate change in the world.

Exploring your ‘why’

When considering whether to join the ranks of those giving while living, it can be helpful to reflect on your values and how you hope to express them through your giving. While the focus of philanthropy is often appropriately on the difference that can be made in the lives of others, donors should consider the following additional potential benefits.

  • Personal growth. Aristotle advocated for practicing philanthropy to build character and hone values. He famously said, “To give away money is an easy matter and in any man's power. But to decide to whom to give it, and how large, and when, and for what purpose and how, is neither in every man's power nor an easy matter.” Mastering the art of giving takes time and requires personal growth in the form of thoughtful consideration, practice, evaluation, iteration, and discipline. This personal growth can only occur during one’s lifetime, and the sooner it begins, the more fulfilling it can be.

    As elaborated upon in the article “The power of philanthropy: We become better humans,” generosity has been proven to make us happier, healthier, more informed, and less lonely. A lifetime of personal growth can make us better philanthropists.
  • Generational engagement. Giving while living affords greater opportunities to share your values and connect with loved ones through meaningful philanthropic work today. As noted in the “Trends 2025” report from the National Center for Family Philanthropy, families are increasingly turning to a spend-down model in which they partner with nonprofit organizations to invest in effective solutions in real time.
  • Stewardship of donor intent. Giving during your lifetime helps you steward funds with care and ensure they are applied in the most impactful way. This can help avoid what has been termed the “dead hand of philanthropy,” in which predetermined gifts are less flexible or accommodating to changing circumstances. For example, circumstances can change in such a way that makes it impossible to honor the donor’s original wishes (e.g., medical advances mean there is no longer a need to invest in a particular disease).
  • Economics. Lastly, the reality of economics can inspire immediate engagement. If you want to achieve the most with your resources, you might compare how the issue you are addressing is growing in comparison to the growth of the dollar. As the authors of “The power of spend-down funds and immediate attention” write, “The short-term focus of these [grantmaking] funds allows the capital to multiply its impact by leveraging early interventions, as opposed to compounded financial return.” To have the greatest impact, consider the issue you are addressing and weigh whether you are actually achieving less impact by waiting than you would if you intervened earlier.

How to give while living

If you’ve decided to give while living, it can be daunting to determine the next step. A few key considerations may help you enjoy the process of this pursuit.

  • Establish a formal agreement that is open and transparent with family members about your intentions to give while living, and how you plan to do so. Formalizing an accelerated timeline or a spend-down approach can prevent conflict or confusion down the road.
  • Be actively involved in the grantmaking process and spend time getting to know the work of grantees. Provide feedback to those who are helping give away your wealth to charitable causes.
  • Share your story with the public and other donors to set an example for giving while living.

Fidelity Charitable offers donor-advised funds for every level of donor who is seeking flexible giving without significant administrative restraints. We are happy to support donors with strategies to make their giving as informed and intentional as possible. These tools and services are prime for donors interested in giving while living, and can help you achieve greater impact while also enhancing your personal philanthropic journey and mission.

As Bill Gates wrote, “I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners.”

Tifany Boyles

Tifany Boyles

Director of Philanthropic Strategies, Fidelity Charitable

Tifany Boyles is a director of Philanthropic Strategies for Fidelity Charitable. She joined the Private Donor Group in 2024 and partners with funders to help identify and align their values with their giving, as well as to design effective giving practices that elevate social impact and create sustainable change. Tifany has a passion for strengthening the social sector through building thoughtful giving strategies, purposeful partnerships, and environments for learning and engagement.

Nageeb Sumar

Nageeb Sumar

Head of Social Impact, Fidelity Investments

Nageeb Sumar is the Head of Social Impact at Fidelity Investments and is responsible for leading an initiative called Invest in My Education. He served for four years in a leadership position at Fidelity Charitable, partnering with the nation’s most generous donors in their efforts to catalyze social change in the U.S. and abroad. Previously, Nageeb worked at the Bill and Melinda Gates Foundation's Washington, D.C., office, where he oversaw an international team that engaged governments, foundations, and philanthropists to improve the overall effectiveness of the charitable sector.

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