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The Trader Who Donates Half His Pay

nytimes.com

11–20 of 193 posts

Re: The Trader Who Donates Half His Pay

#11

$200K in pretax income ... nice.

Keep in mind, he does live in NY and works on Wall St so he likely needs $100k to live a decent middle class life tbh. ---- Since it doesn't want me to reply again [I'm submitting too fast] If you can support a family of 4 in NY with less than $100k while qualifying as middle class, I'm curious how you manage it. :) http://council.nyc.gov/html/action/acpdfs/middle_Class_squee... Fyi: Real median household income for…

That and he's in a field that has volatile pay and employment so extra nest egg is essential. Not sure how he builds up savings (probably lives very frugal) but props to him for donating half his pay.

Re: The Trader Who Donates Half His Pay

#12
post #6

This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.

I agree with this view.

Re: The Trader Who Donates Half His Pay

#13
post #6

This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.

[deleted]

Re: The Trader Who Donates Half His Pay

#14
> Singer himself donates about one-third of his income to charity, he says, and I admire his commitment. Still, I wonder... where do we draw the line?

Peter Singer himself wrote, in the New York Times Magazine, nearly a decade ago, an article titled "What Should a Billionaire Give – and What Should You?"

[1]: http://www.nytimes.com/2006/12/17/magazine/17charity.t.html?...

Re: The Trader Who Donates Half His Pay

#15

$200K in pretax income ... nice.

Keep in mind, he does live in NY and works on Wall St so he likely needs $100k to live a decent middle class life tbh. ---- Since it doesn't want me to reply again [I'm submitting too fast] If you can support a family of 4 in NY with less than $100k while qualifying as middle class, I'm curious how you manage it. :) http://council.nyc.gov/html/action/acpdfs/middle_Class_squee... Fyi: Real median household income for…

I was composing a critical comment, and then realized it doesn't matter that this guy makes. Even if he made only $50K there would be some criticizing how "well off" he is.

The moral here is to make a difference - and don't hesitate to give money (if that is what you have) based on the fear that it will me mismanaged or not help.

Re: The Trader Who Donates Half His Pay

#16
There was a similar story with Jason Trigg, an MIT graduate who went to work for a hedge fund just so he could give money away, also influenced by Peter Singer. See these discussions:

https://news.ycombinator.com/item?id=5800345

https://news.ycombinator.com/item?id=5819762

Here's the top comment from the second link:

Quote from quanticle:

        If you choose a profession that doesn't arouse your everyday passion for
	the sake of serving instead some abstract faraway good, you might end up as a
	person who values the far over the near. You might become one of those people
	who loves humanity in general but not the particular humans immediately
	around. You might end up enlarging the faculties we use to perceive the far
	-- rationality -- and eclipsing the faculties we use to interact with
	those closest around -- affection, the capacity for vulnerability and
	dependence. Instead of seeing yourself as one person deeply embedded in a
	particular community, you may end up coolly looking across humanity as a
	detached god.
Brooks sees this as a disdvantage, but I do not. Frankly, given the levels of irrational thought and behavior we see in the world today, we should be doing everything we can to increase the amount of rationality and far-oriented thinking in the world. I would posit that a world in which people were more like Jason Trigg would be a far better world, on every measurable metric, than the present that David Brooks endeavors to defend. I mean, Trigg, at least, has a goal and a plan to achieve it. The goal is the old utilitarian one of achieving the greatest good for the greatest number. The means is to earn lots of money and spend it on that goal.

        Third, and most important, I would worry about turning yourself into a means
	rather than an end. If you go to Wall Street mostly to make money for charity,
	you may turn yourself into a machine for the redistribution of wealth. You may
	turn yourself into a fiscal policy.
And what's wrong with that? The problem with fiscal policy is not the goal of fiscal policy. It is the coercive means used to achieve it. There is no coercion here. No one is forcing Jason Trigg to give away his wealth. He is doing it of his own volition. Were he older and richer, he'd be lauded as another Carnegie, or another Gates.

        Making yourself is different than producing a product or an external outcome,
	requiring different logic and different means. I'd think you would be more
	likely to cultivate a deep soul if you put yourself in the middle of the
	things that engaged you most seriously. If your profoundest interest is dying
	children in Africa or Bangladesh, it's probably best to go to Africa or
	Bangladesh, not to Wall Street.
That's not true at all. Sure, if you have skills that are needed in Africa or Bangladesh, it's best to go there. But not everyone has such skills. If we all pitched in like Jason Trigg and managed to get a cheap malaria vaccine crafted, say, 3 years from now, we'll have done far more good than if we'd all gone to Bangladesh or Africa volunteering to hand out bed nets. It comes down to the old question: are you worried about doing good or feeling good? If you're worried about doing good, you coldly analyze all the alternatives, and pick the one with the highest impact, even if it has zero visibility whatsoever. If you're worried about feeling good, you do what David Brooks advocates. You go down to Africa, Asia, or where-ever and get warm fuzzies by hoisting the white man's burden.

Rationality is not a sin. Calculation is not a sin. Money is not inherently sinful. All of these things are means, and have the capability to do both great good or great harm, depending on the end to which they're applied. Jason Trigg understands this. David Brooks does not. And that's why I, personally, respect Jason Trigg a lot more than David Brooks.

Re: The Trader Who Donates Half His Pay

#17
post #6

This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.

I am not sure it is an unpopular opinion, but if they had instead spent the money on e.g a sports car wouldn't that have been more selfish?

Re: The Trader Who Donates Half His Pay

#18
post #6

This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.

You may find it selfish but I don't see why they shouldn't go to verify that the money their spending is being used appropriately.

Re: The Trader Who Donates Half His Pay

#19
post #9
post #6

This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.

That's certainly a logical opinion, and I agree that efficiency is key. However, I think it's also important to keep in mind the personal value of traveling on aid trips, which allow for an improved understanding of the need that lies. Perhaps this encourages potential donors to increase the frequency and quantity of their contributions.

I'd liken it to the classic criticism: "charities spend too much money on advertising!"

But how do charities get donations without advertising? How do they let people know why they need the money and encourage them to donate? At some point, yes, a charity can spend too much of its donations on advertising, but advertising in general is a necessary evil.

Same with this. The charities might take in less overall if they "saved" money by scrapping these types of programs.

Re: The Trader Who Donates Half His Pay

#20
If only our government taxed people appropriately and had a system for foreign aid that was well studied and effective. Is whats proposed in this article as effective or better than the alternative? I have no idea but it certainly seems less organized.
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