Financial Planning Resources

Ancient wisdom, modern relevance

The idea that those who prosper ought to give back is as old as civilisation itself. The Roman philosopher Seneca wrote, “He who receives a benefit should not forget it; he who bestows should not remember it.” And Plato, in his vision of the just society, made clear that wealth without wisdom – and without duty – was a dangerous thing.

From Christian doctrine to Buddhist teachings to Hinduism traditions, there is a universal moral architecture around the idea of sharing your blessings with others. That if you’ve done well – not just by toil, but by grace, luck, timing, opportunity – you owe something to the world beyond your own doorstep.

It’s a perspective that lands with particular weight here in the UK. By accident of birth, many of us have won a global lottery – access to education, healthcare, clean water, rule of law. Warren Buffett has famously described this as winning the “ovarian lottery,” a reflection that has led him to pledge nearly all his wealth to good causes. But while it’s easy to see such generosity as the preserve of billionaires, the principle itself belongs to all of us.

You don’t need to fund a university wing or endow an art gallery to make a meaningful difference. Supporting a charity that aligns with your values, funding a local community initiative, helping a struggling family member, or simply giving someone the opportunity you once received – these are acts of legacy just as rich in meaning.

Philanthropy is not measured in millions. It’s measured in intent, impact, and empathy. And when done thoughtfully, it’s not about losing something – it’s about passing something forward.

The legacy of Victorian philanthropy

We might also do well to remember our own local traditions of giving. The Victorian philanthropists – deeply religious or morally motivated industrialists – understood this social obligation. They believed that business success carried with it a civic duty. Joseph Rowntree, George Cadbury, Octavia Hill – these were people who used their wealth not for grand indulgence, but to build homes, schools, libraries, parks.​

The Rowntree Trust, for example, is still active today, providing affordable housing through what began as the Rowntree Model Village in York. These enduring institutions are monuments not to financial excess, but to purposeful distribution. Their legacies were forged in their own lifetimes – not left to administrators after death.​

On a personal note, when I lived in London I would regularly visit the Tate Gallery and reflect on how it was established through the philanthropy of Henry Tate, of Tate & Lyle fame. His contributions to the arts have left a lasting cultural legacy. A stone’s throw from Tate Britian on the other side of Pimlico sits one of the Peabody Estates, started with a sizeable bequest from the American financier and philanthropist George Peabody, often considered the father of modern philanthropy. ​

Charity as connection in old age

As my client put it, old age often feels like a gradual disconnection. She reminded me how starkly Shakespeare captured it: “Last scene of all… is second childishness and mere oblivion, sans teeth, sans eyes, sans taste, sans everything.” It’s a slow drawing away from the world. But charitable giving – doing good – narrows that distance. It maintains a link to the present, to relevance, to agency.​

It isn’t entirely selfless, either – and nor should it be. Recognition, appreciation, even the warmth of being seen – these are affirmations of personhood, not vanities. For someone whose physical world is shrinking, giving becomes a powerful expression of identity.​

The psychological shift of giving while living

Still, the act of giving is never just financial. It’s emotional. For those who grew up in hardship – in wartime Britain, as many of our eldest did – money represents security, identity, even survival. To give it away while alive, when the instinct is to preserve, takes a psychological shift. It’s one thing to gift money in a will, when you no longer have a use for it. It’s another to part with it now, in full awareness.​

But that’s where thoughtful planning, empathy, and encouragement come in. The shift is possible. And once made, it can be deeply fulfilling.​

A living legacy

What I took away most from our conversation was this: she didn’t want to be remembered only for what she left behind. She wanted to make a difference while she was still here. She wanted to see it. Feel it. Participate in it.​

That’s a legacy not of money, but of meaning.​

And perhaps that’s the real message here – for any of us fortunate enough to have something extra, something to spare: the time to make a difference is now. We need not wait for the solicitor, the will, the quiet words read after we’re gone.​

As the poet Maya Angelou once said, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

For more insights into lifetime legacies, read our article: The Power of Lifetime Philanthropy

ABOUT YELLOWTAIL

Founded by Dennis Hall, Yellowtail are the trusted financial planners who advise affluent individuals & families in the South West and across the UK. Yellowtail’s experts provide the clarity, control and confidence to guide you through financial planning, estate planning, pension transfers and investment management directing your journey towards a prosperous retirement and financial peace of mind.