Interesting topic. These are thoughts I've struggled with over the years. I've reached a few general conclusions though.
How do you balance saving and looking after your future with philanthropy
I provide thoughtful, targetted financial help where and when it can have the greatest impact, within the constraints of my own individual FIRE goals.
In concrete terms, I allocate a non-fixed portion of my yearly income to 'philanthropy' and then simply use it up during the course of the year as/when the need arises.
The giving includes people on the street, friends/family in an emergency, disaster relief like donating to the Australian bushfire recovery efforts and longer-term projects like blind societies, cancer, etc.
In the case of family/friends I set a hard limit on how much I give them and stick to it. I don't want them to depend on me but I also don't want to treat them unfairly if they are in an emergency and really need the money. That policy seems to have worked well.
By limiting all giving to a certain portion of my income and no more, I ensure that I always continue to save most of my income and meet my FIRE goals.
I feel so guilty looking at all the poverty around me.
Why feel guilty? It's not your fault they're poor – it's not their fault either.
Guilt isn't a constructive motivator, better motivators are ambition and gratitude.
Ambition - Maybe you can start a small project, like a teaching program or a small charity fund or an investment fund or something of that kind. That said, you have to also be realistic. Those small projects only work in certain situations and with certain types of people. You may or may not be suited to that job. You shouldn't feel guilty if you can't do much to help. But if you think it's worth a try, and might be fun for you and the people you do it with, by all means!
Gratitude - The only reason the wealthy countries are wealthy is because they harnessed natural resources and built institutions that enabled their people to cash in on those resources. It's not luck or 'privilege'. It took a hell of a lot of blood, sweat & tears to get to this point. We can be grateful for being beneficiaries of their hard work, planning and care.
and knowing you can help everyone?
Poverty is just one of many 'wicked' problems facing humanity which include climate change/adaptation, trade tensions/wars, racism, sexism, cyber-espionage, etc.
These problems are of a scale that can only really be solved at a societal and inter-governmental level. They are not the kinds of problems that can be solved by 'each individual doing his/her part for the greater good', as much as we might find that ideal emotionally appealing.
These wicked problems require experts, high-level goals, coordination and lots of complicated pieces fitting together in the public and private sector.
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If it makes you feel better and genuinely helps the people you give money to, then sure, give all you can. Just remember that if/when you run out of money, you're on your own and can't expect them to cover your ass in return!