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Donate half your wealth: Buffett, Gates tell rich Americans

  1. pisean282311 profile image61
    pisean282311posted 7 years ago

    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.

  2. Origin profile image61
    Originposted 7 years ago

    It's a great idea big_smile

    1. pisean282311 profile image61
      pisean282311posted 7 years agoin reply to this

      even i thought so...

  3. Misha profile image76
    Mishaposted 7 years ago

    Smells like a PR campaign...

  4. Daniel Carter profile image74
    Daniel Carterposted 7 years ago

    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?

    Obviously I feel a bit jaded about this subject.

  5. Cagsil profile image61
    Cagsilposted 7 years ago

    Concept? Sounds good in theory only.

    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.

    I'll agree with Misha....it's PR B.S.

  6. Good Guy profile image88
    Good Guyposted 7 years ago

    They are doing something that money cannot buy them.  This is wisdom and cleverness together.  Win-win scenario!

    1. Cagsil profile image61
      Cagsilposted 7 years agoin reply to this

      It's a one-sided WIN as you say. wink

      1. Good Guy profile image88
        Good Guyposted 7 years agoin reply to this

        Let's hope the other side wins!

        1. Cagsil profile image61
          Cagsilposted 7 years agoin reply to this

          The only ones that benefit from the wealthy giving their money in donation form is them. wink That is how it is a one-sided win.

          The donation actually does very little.

  7. profile image59
    C.J. Wrightposted 7 years ago

    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.....