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A letter to our daughter

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Re: A letter to our daughter

#231

Post by sliverstorm »

agorabinary wrote: post #72
prezjordan wrote: post #2

> We will give 99% of our Facebook shares -- currently about $45 billion -- during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others. Ninety. Nine. Percent.

Will this ~$45 billion go to efficient use? Based on his track record of $100 million to newark and how effective that was, I am skeptical. Good intentions in philanthropy are a dime a dozen, actual results are less common.

If the Newark experiment winds up being a catastrophe, we do still walk away with a postmortem teaching us interesting things about the problems we face, and debunking the notion that all schools need is more money.

Re: A letter to our daughter

#233

Post by scoot »

Swizec wrote: post #173
ucha wrote: post #169

Earlier quoted context omitted.

Frankly, I find this is a very cynical approach to the lecture of this letter. Most everyday Joes might not have the means to change the world but it is certain that when turn into billionaire, they rarely pledge the quasi-totality of their fortune to improve the well being of others. If this is narcissistic, just let it be and be appreciate that for once, a great deal of money will be put to good use. The world is f…

As my mum used to say "It's easy to shit when your butt is full". How hard is it, really, to give away 99% when you're still left with enough to comfortably sustain 5+ lifetimes? Bill Gates said it well here: http://imgur.com/gallery/YDuoHdr That said, I hope that if I ever get into a position like that, I too will be able to look beyond my personal greed and desire to increase the high score.

5 lifetimes? That's $90M per lifetime. Comfortable is one word for it!

Not to detract from the generosity of giving away the $44.5B of course...

Re: A letter to our daughter

#234

Post by sliverstorm »

ryandrake wrote: post #63

Something's always bugged me about relying on philanthropy as a source of funding the public good, as opposed to the public funding the public good through taxation and the democratic process: In the former case, the public doesn't really have much of a say about where the help goes. We must rely on the judgment (and personal values) of a few rich people and hope they pick charities that maximize the benefit. Would t…

It's not really "as opposed to". We have both, and I figure that's good.

Each model has its strengths, weaknesses, and problems it is most suited to, just like public vs. private industry.

Re: A letter to our daughter

#236

Post by nandemo »

gordon_freeman wrote: post #15
anonu wrote: post #8

Earlier quoted context omitted.

Crazy. Even crazier when you realize that that 1% is $450 million....

so Max will still be (half) a billionaire once she grows up.

She'll be way richer than that.

They'll donate 99% of their shares along their lifetimes. In the meantime, they'll get cash in several ways: dividends, salaries, bonuses, etc.

Re: A letter to our daughter

#238

Post by beccasanchez »

sytelus wrote: post #217
AndrewKemendo wrote: post #39

Earlier quoted context omitted.

>I mean, what else are you going to do with $45 Billion? You are thinking about it the wrong way. You don't spend $45B on stuff for yourself. You spend $45B on changing the way governments and populations live work and how power is balanced. When Bud Fox asked Gordon Gekko "How much is enough" Gekko knew immediately that Fox wasn't in the same league. Money isn't about stuff, it's about power and influence.

I strongly feel this power, influence, giant houses, jets, personal cruise ships etc are old generation stuff - something that grey haired Gekko will personify. The "new rich" is dramatically different and for the better. Today's centi-millionairs wants to stay anonymous, don't want to have butlers, have houses that they can manage without permanent staff and often prefers travelling first class or renting Yatch inst…

These people you're describing are no different than the old aristocracy. Aristocrats have always attempted to live a comfortable, quiet life of idle pleasures. A Rockefeller or Ford figure that works really hard is the exception--and they are a very American invention who were raised with the protestant work ethic.

Re: A letter to our daughter

#239

Post by gradstudent »

tertius wrote: post #226
ethanbond wrote: post #221

Earlier quoted context omitted.

Since when is wealth synonymous with comfort? There are people in America who are within the top 1% of global wealth but struggle to feed themselves, or to keep themselves healthy, or to shelter themselves, etc.

> within the top 1% of global wealth > but struggle to feed themselves Wealth means assets. If you can't feed yourself you do not have assets and therefore you don't have wealth. There is extreme lack of poverty in the U.S. (not complete, and compared to all countries). There is no reason for anyone to go without food.

> There is extreme lack of poverty in the U.S. There is no reason for anyone to go without food.

I'm not sure which US you're referring to but it's not one I recognise. There is massive inequality in the US that I know and the results of that are visible everywhere that I visited. Homeless people abound like nowhere else in the developed western world that I've been to (Europe, Australia) and there is a real edge of desperation to the countless number of working poor. For example, in my experience, money is a topic of conversation that pops up way more frequently in the US than elsewhere. If it's not in the context of income (usually being too low) then it's about prices and taxes (usually being too high). Americans seem to think about these things A LOT. Also, looking around, it seems to me like everyone is always hustling for the next dollar. It's sufficiently weird and alien to me that I find it remarkable.

Re: A letter to our daughter

#240

Post by Swizec »

scoot wrote: post #233
Swizec wrote: post #173

Earlier quoted context omitted.

As my mum used to say "It's easy to shit when your butt is full". How hard is it, really, to give away 99% when you're still left with enough to comfortably sustain 5+ lifetimes? Bill Gates said it well here: http://imgur.com/gallery/YDuoHdr That said, I hope that if I ever get into a position like that, I too will be able to look beyond my personal greed and desire to increase the high score.

5 lifetimes? That's $90M per lifetime. Comfortable is one word for it! Not to detract from the generosity of giving away the $44.5B of course...

Yeah. If you want a salary of 100k/year for 90 years, you need ... $9M. Okay I'm bad at zeroes, it's enough for 50 lifetimes :)
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