Giving Compass' Take:

• Page Snow, writing for Forbes, discusses how older individuals can become philanthropists and start to create a philanthropic legacy of giving back. 

• Snow explains that philanthropy is not just about charitable giving, but it can also create opportunities for other ventures or meaningful projects. 

• Read the Giving Compass Family Philanthropy guide for donors. 

Over the years, I’ve had the good fortune to work with a number of extraordinarily passionate, transformative philanthropists. Many of them discovered their interest in philanthropy only after they’d retired from their professional careers. After completing their estate plan, providing for their kids, taking all the trips that they’d dreamt about, and buying all the usual toys, they discovered the one thing that was left to want: To be remembered for something beyond their business acumen or financial success.

As we grow older, we reflect on how we want to be remembered. What aspects of our lives do we want to endure beyond our own lifetime? How do we know that our lives truly mattered? Very few people have the opportunity or financial wherewithal to create their own legacies.

Establishing one’s legacy entails putting a stamp on the future—making a contribution to future generations. A private foundation or donor-advised fund can be a useful tool in adopting such a longer-term perspective. Because both vehicles can be handed down from one generation to the next, they can keep your good works going and ensure that your values and ideas live on.

For those who have both time and means, philanthropy can become a fulfilling, meaningful second career. Those who get involved in post-career philanthropy invariably want to draw upon the business smarts that created their wealth to advance ideas for society at large.

I’ve seen many examples of individuals who, by virtue of their business know-how and professional and social connections, were able to accomplish amazing things—feats that would be impossible for even the professionals at one of the mega-foundations.

Philanthropy isn’t just a great way to give back; it can also open doors.

Read the full article about philanthropy as your second career by Page Snow at Forbes.