When exploring the world of wealth, much is focused
on the accumulation or the source. Today we dive into how to spend it!
Literally you can dive into it via a luxury yacht, but for now we will look at a
much more meaningful approach. Yes, the subject in question is philanthropy.
Whether it is through an already established
charitable foundation or a newly formed one, the affluent class has donated hundreds
of millions to billions each and every year. These foundations range from
education to health, environmental causes to the arts, and religious groups to
social services. These philanthropic societies today run on contributions from
various sources. Corporate sponsorship and government grants comprise of a
portion of these foundations. However, one of the main sources comes from the donations
of affluent individuals and families.
Many have heard of the Giving Pledge started by Bill
and Melinda Gates. The pledge specifically seeks billionaires to donate half of
their wealth or more to philanthropic causes. An interesting note about the
pledge is that it is a moral commitment and not a legal contract. Each
signatory takes this pledge publically and is accompanied by a letter
explaining their reason to give along with the causes they wish to contribute.
The inspiration for this pledge comes from the idea
that with great wealth, comes great responsibility to use that wealth to create
a better world. In their letter, Bill and Melinda Gates explained the mere
foundations of life for children comes from having the necessary health care and
education, yet these two luxuries are deprived from children around the world. Easily
preventable diseases, such as rotavirus, take the lives of half a million
children every year. Contributing to school systems that pave the way for kids
to enter college well prepared. That is why they give. Since the founding of
this idea, others have joined the pledge with 92 signatories including Warren
Buffet and Mark Zuckerberg being major contributors.
On the other side of the coin, a noble gesture such
as this has met with much scrutiny. Many critics argue that the underlying
motivation lies in the tax incentives that the wealthiest individuals are receiving
by making donations to philanthropic organizations. I would argue that in
addition to the money, these foundations are getting much exposure and awareness
through media and association with these individuals. Moreover, these
incentives are designed as means of efficiently promoting philanthropy and the
spirit of giving back to one’s community. An emphasis is placed on the cause
and the world issues they are promoting. A selfless act turned sours when
critics divert the attention back to the individual rather than the cause.
When you have accumulated enough wealth to purchase just
about every possibility in the world, what else do you hope to accomplished?
What kind of legacies will be left behind? How does the rich become richer? Through
making a difference in the lives of millions of people. Through changing the
world for the better. And finally, through a positive impact unquantifiable by
a numerical value.
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