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Gates Makes Largest Donation Since 2000 with $4.6B Pledge

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Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#71

Post by teamhappy »

elmar wrote: post #57
dopamean wrote: post #32

Pledging to give away so much of your wealth has interesting side benefits. You get to keep your money out of the hands of the government and if you're donating to your own charity then you also get to keep your family in control of the money. I definitely don't mean to diminish the contribution of the Gates Foundation though. I often hear that they're one of the good ones.

probably the money is more wisely spent by the private institution than the government.

The argument usually is that by donating your money to a charity that you control instead of paying taxes you effectively undermine democracy.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#72

Post by seattle_spring »

Alupis wrote: post #56
sillypuddy wrote: post #31

Earlier quoted context omitted.

The man that inspired them... "Over the course of his life, Feeney has given away more than $8 billion.." "As of 2016, he lives in a rented apartment in San Francisco, with a remaining nest egg of $2 million" https://en.wikipedia.org/wiki/Chuck_Feeney

> Feeney is known for his frugality, living in a rented apartment Seems like renting isn't that frugal in the long-term though... it's unlikely cheaper long-term than owning a condo or small home, ie. you're either paying your own mortgage or someone else's mortgage + rental profits.

San Francisco has insane rent control. He's probably paying something like $300/mo if he's been there for decades.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#73

Post by revelation »

slackoverflower wrote: post #29
revelation wrote: post #25

Read: has donated shares of Microsoft to his own foundation. Maybe we can give Gates the benefit of the doubt but for everyone else, this is just a tax scheme.

You do realize his foundation helped eradicate polio worldwide. Some of you HNers can't give people a break.

Maybe we can give Gates the benefit of the doubt

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#74

Post by 0xbear »

hbk1966 wrote: post #45
2_listerine_pls wrote: post #33

He is donating it to The Bill & Melinda Gates Foundation, which is controlled by himself. Isn't it just a different form of ownership?

It's a non profit so no one owns it. He is still in control of it though,

That's a common misconception. Nonprofits _do_ have owners. And also, while they can't make money directly, they can spin off for-profit companies if e.g. they invent a cure for cancer or something.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#75

Post by vidarh »

Alupis wrote: post #56
sillypuddy wrote: post #31

Earlier quoted context omitted.

The man that inspired them... "Over the course of his life, Feeney has given away more than $8 billion.." "As of 2016, he lives in a rented apartment in San Francisco, with a remaining nest egg of $2 million" https://en.wikipedia.org/wiki/Chuck_Feeney

> Feeney is known for his frugality, living in a rented apartment Seems like renting isn't that frugal in the long-term though... it's unlikely cheaper long-term than owning a condo or small home, ie. you're either paying your own mortgage or someone else's mortgage + rental profits.

It's not that straightforward. Because the capital generally appreciates too, the rental costs can be driven down below mortgage costs in some cases. But even without that, most mortgages require deposits, and to compare that against rental you also need to compare potential return from investing that deposit instead.

You can certainly profit by buying - I have profited substantially that way -, and buying serves as a hedge against outsize increases in rental costs, but there are also many situations where you can profit by renting.

Calling it out as a demonstration of frugality on the other hand is a bit odd.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#76

Post by peter303 »

jcranberry wrote: post #41
adventured wrote: post #23

Earlier quoted context omitted.

Gates and Buffett have, for many years now, publicly pledged to give away basically 99% of their wealth. Buffett's premise on not giving much of his wealth to his children, goes back perhaps 40 or 50 years now based on what he has said. According to Gates, an article that Buffett wrote for a business magazine, published ~25 some years ago now, informed and altered Bill's thinking on the detriment of giving such immen…

Andrew Carnegie was the OG give-all-my-wealth-away-before-I-die incredibly wealthy person. I read an essay by him in high school where he though, philosophically, he shouldn't give his money to his kids rather than donate it.

Famous for a library in every town- over 2500 of them. Many still operating.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#77

Post by peter303 »

jcranberry wrote: post #41
adventured wrote: post #23

Earlier quoted context omitted.

Gates and Buffett have, for many years now, publicly pledged to give away basically 99% of their wealth. Buffett's premise on not giving much of his wealth to his children, goes back perhaps 40 or 50 years now based on what he has said. According to Gates, an article that Buffett wrote for a business magazine, published ~25 some years ago now, informed and altered Bill's thinking on the detriment of giving such immen…

Andrew Carnegie was the OG give-all-my-wealth-away-before-I-die incredibly wealthy person. I read an essay by him in high school where he though, philosophically, he shouldn't give his money to his kids rather than donate it.

Famous for a library in every town- over 2500 of them. Many still operating.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#78

Post by toomuchtodo »

teamhappy wrote: post #71
elmar wrote: post #57

Earlier quoted context omitted.

probably the money is more wisely spent by the private institution than the government.

The argument usually is that by donating your money to a charity that you control instead of paying taxes you effectively undermine democracy.

The majority of federal income tax receipts go to military spending [+] (ignore social security and healthcare, those are funded out of compulsory payroll taxes, which is distinct from federal income tax); you're doing more social good (in general) by diverting wealth to charities that promote social welfare than giving that money to the federal government (I'm sad to say).

Sometimes democracy is wrong. More social programs, less F35s.

[+] http://www.usgovernmentspending.com/

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#79

Post by peter303 »

2_listerine_pls wrote: post #33

He is donating it to The Bill & Melinda Gates Foundation, which is controlled by himself. Isn't it just a different form of ownership?

You have to spend at least 5% of your assets a year. Unless you are a church or college, then there is no amount. Some people want the 5% to apply to colleges too.

Re: Gates Makes Largest Donation Since 2000 with $4.6B Pledge

#80

Post by peter303 »

Pigo wrote: post #12
zitterbewegung wrote: post #9

I am not sure if I recall correctly but wasn’t there a reason where gates wouldn’t donate all of his wealth at once and needed to do it in stages ? Also, maybe they can’t utilize all that cash at once. Therefore it would be best to be illiquid until you need the liquidity.

I don't know why, but I always worry when I see huge donations that poor management will see most of the money end up devious hands. But I imagine with that much money, there's a ridiculous amount of attention as to where it's going, and plenty of good people willing to manage it. But I assume everything is The Big Short and House of Cards out there.

Zuckerbergs hundred million to Camden NJ was squandered. Too much money too soon. Plus a corrupt organization. Plus no one really knows how to make minority schools better. Its not from lack of trying.
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