The article actually says he says he will give 90 pct of his money away. This is not the same as having done so.
Hopefully not a clever scheme to avoid inheritance tax... Doubt if India has inheritance tax.
Manoj Bhargava, richest Indian in US commits 90% earnings to charity
11–20 of 21 posts
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#12How is this tech or startup related?
In the sense that general business stuff overlaps with startups.
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#13He is giving the money to his own charity. With this guys track record, I wouldn't chalk this up to anything more than a clever tax-avoidance strategy. http://www.forbes.com/sites/clareoconnor/2012/02/08/manoj-bh... Bhargava claims to have given away $1 billion in 2009, with a letter to FORBES from his attorney, David Lieberman of the Michigan firm Seyburn Kahn, to back him up. Tax returns of Bhargava’s U.S. charity,…
That puts it into perspective and now this topic becomes startup worthy ...
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#14He is giving the money to his own charity. With this guys track record, I wouldn't chalk this up to anything more than a clever tax-avoidance strategy. http://www.forbes.com/sites/clareoconnor/2012/02/08/manoj-bh... Bhargava claims to have given away $1 billion in 2009, with a letter to FORBES from his attorney, David Lieberman of the Michigan firm Seyburn Kahn, to back him up. Tax returns of Bhargava’s U.S. charity,…
Supported by his comments that governments "get in the way"
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#15Earlier quoted context omitted.
Submissions need not be tech or startup related -- http://ycombinator.com/newsguidelines.html
On-Topic: Anything that good hackers would find interesting. That includes more than hacking and startups. If you had to reduce it to a sentence, the answer might be: anything that gratifies one's intellectual curiosity. Off-Topic: Most stories about politics, or crime, or sports, unless they're evidence of some interesting new phenomenon. Videos of pratfalls or disasters, or cute animal pictures. If they'd cover it…
Seems on-topic to me. See how subjective life is?
It concerns someone who is a founder, personal wealth and its relation to society. That's pretty interesting to a group of people.
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#16He is giving the money to his own charity. With this guys track record, I wouldn't chalk this up to anything more than a clever tax-avoidance strategy. http://www.forbes.com/sites/clareoconnor/2012/02/08/manoj-bh... Bhargava claims to have given away $1 billion in 2009, with a letter to FORBES from his attorney, David Lieberman of the Michigan firm Seyburn Kahn, to back him up. Tax returns of Bhargava’s U.S. charity,…
This is nothing new.
Looking at BMGF (bill gates foundation) annual reports for 2010. Total assets: $37b. Grants: $2b (barely over 5% minimum mandated by law)
http://www.gatesfoundation.org/annualreport/Pages/annual-rep...
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#17He is giving the money to his own charity. With this guys track record, I wouldn't chalk this up to anything more than a clever tax-avoidance strategy. http://www.forbes.com/sites/clareoconnor/2012/02/08/manoj-bh... Bhargava claims to have given away $1 billion in 2009, with a letter to FORBES from his attorney, David Lieberman of the Michigan firm Seyburn Kahn, to back him up. Tax returns of Bhargava’s U.S. charity,…
This is nothing new. Looking at BMGF (bill gates foundation) annual reports for 2010. Total assets: $37b. Grants: $2b (barely over 5% minimum mandated by law) http://www.gatesfoundation.org/annualreport/Pages/annual-rep...
The BMGF operates through endowment, which a lot of organizations do. Basically, they don't expect many regular small donations (like a lot of smaller charities do), they expect just a couple of very big ones. Because the donations don't come every year, they need to last. So they invest the money, and use the interest for operation costs and grants. This way, they can give that $2b a year[1], in perpetuity. Another big donation means that they only give out slightly more per year, but that the donation will basically last forever.
There may be a better model, but this is a well respected method for making a big charitable gift last.
[1] more in years when the economy does well. E.g., in 2009 they gave slightly over $3B.
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#18Harsh and cynical comments in this thread.
I'm waiting to hear how much you've committed to give away once you've made your first million (never mind billion).
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#19Earlier quoted context omitted.
This is nothing new. Looking at BMGF (bill gates foundation) annual reports for 2010. Total assets: $37b. Grants: $2b (barely over 5% minimum mandated by law) http://www.gatesfoundation.org/annualreport/Pages/annual-rep...
The BMGF operates through endowment, which a lot of organizations do. Basically, they don't expect many regular small donations (like a lot of smaller charities do), they expect just a couple of very big ones. Because the donations don't come every year, they need to last. So they invest the money, and use the interest for operation costs and grants. This way, they can give that $2b a year[1], in perpetuity. Another…
Giving $2b/yr in perpetuity is definitely not the mission of the Gates Foundation. They have set it up to run out of money within X years (10 IIRC) of Bill and Melinda's death.
Re: Manoj Bhargava, richest Indian in US commits 90% earnings to charity
#20He is giving the money to his own charity. With this guys track record, I wouldn't chalk this up to anything more than a clever tax-avoidance strategy. http://www.forbes.com/sites/clareoconnor/2012/02/08/manoj-bh... Bhargava claims to have given away $1 billion in 2009, with a letter to FORBES from his attorney, David Lieberman of the Michigan firm Seyburn Kahn, to back him up. Tax returns of Bhargava’s U.S. charity,…
This is nothing new. Looking at BMGF (bill gates foundation) annual reports for 2010. Total assets: $37b. Grants: $2b (barely over 5% minimum mandated by law) http://www.gatesfoundation.org/annualreport/Pages/annual-rep...
Did you just equate 5% (close to a standard annuity rate) with 0.4% (close statistical noise)?