Warren Buffett and Bill Gates [ Images ], two of the wealthiest people in the world, are urging rich Americans to pledge at least half of their wealth to charities.
Legendary investor Buffett along with Microsoft founder Bill Gates and his wife Melinda Gates are leading an initiative asking wealthy Americans to commit majority of their wealth for philanthropy.
"Now, Bill and Melinda Gates and I are asking hundreds of rich Americans to pledge at least 50 per cent of their wealth to charity," Buffett has written in a letter titled 'My Philanthropic Pledge'.
The letter was posted on the website of 'The Giving Pledge' initiative, being led by the three of them.
The US has more than 400 billionaires, according to the Forbes magazine. Well known for his wise investment decisions, the 79-year-old Buffett is the chairman of conglomerate Berkshire Hathaway that has invested in diverse companies.
"More than 99 per cent of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day," the billionaire investor said.
I think we get better odds of philanthropic help by attending Oprah shows on the off-chance of winning the car. It seems that charities are as riddled with red tape as government. Maybe the best thing to do is for philanthropic Americans to each start a reality show and change someone's life to advertise their incredible generosity, and thus allow all us wannabes to invade their privacy and cry tears of joy. Isn't that the new American Dream?
When the wealthy "donate" their(or parts thereof) wealth, then most of the time they donate to only what they feel like supporting, which means they are connected in some other fashion.
Example: Bill Gates donated $7 BILLION to his and his wife's Foundation for Cancer Research.
Upon donating he was allowed the tax deduction, while his and his wife's foundation received more money. This may seem like a great idea, but the implementation was weak, because the Foundation used less than 1%(regulators are suppose to monitor a minimum 5%) toward what was claimed that the foundation did.
Keep in mind that not all of Buffet's or Gate's wealth is "actual" Some of it's projected/estimated. It's easy to give away "theoretical" money. In my mind, it would mean more if they stated their actual "LIQUID" wealth and gave half away. Otherwise they are simply self premoting.....