31–36 of 36 posts
I wonder why they do not start giving a way money while still alive, SO ( I would expect) they can see some of the transformative effects of their giving ?
https://www.cnbc.com/2024/06/28/buffett-donates-another-5poi...
Bill’s sex life may cost the world a $100B+, as Warren’s kids don’t appear to be on the same required wavelength.
Earlier quoted context omitted.
Pulling back from that foundation, sure, but starting his own org from scratch with no experience, and puts his 3 weird kids in charge? That's ludicrous.
It is not optimal, but the article implies that some of his kids do have some experience at charitable organization. Nothing remotely on the level of his wealth, but then few (if any) do. He might just be making a mistake, but it is also possible that the longer he looked at charitable organizations generally, the less impressed he was. Also, he may not have much time, and having something in place now is better than…
Whats more surprising, imo, is that anyone is surprised by this.
Yup. It's an all too common tendency for rich people to presume that they're better than everyone else and so don't have to follow any particular legal or ethical code.
Technically the best thing to do with the money might be to burn it. That would free up the government to issue money for whatever things it figues best for society, hopefully in a professional manner rather than arbitrarily.
Personally I think the best use of such a fortune, 100bn say, it to invest $1m into $1m high potential new small businesses and startups.
That would create the most wealth for the most people.
You could even decide to pick one poor country with reasonable governance, and use 10 percent of the money for oversight and assessing merits of which business proposals to fund.
Imagine a million new businesses across Africa, or across India or across countries like Vietnam, Cambodia, Philippines each got funded with 1m usd.
Imagine how many jobs would be created, how much long term economic impact there would be.
Even assuming 80 percent of the funded businesses fail, 200,000 successful new businesses, plus another 800k entrepreneurs who all learned a valuable lesson and gained a ton of experience.