It seems as if the world’s billionaires are in a race to see who can give away their money the fastest. Warren Buffet famously pledged to give away 99 percent of his fortune by the time he and his wife are gone, and the younger generations are following suit.
Twenty-nine-year-old Facebook founder Mark Zuckerberg and his wife Priscilla Chan gave away close to a billion dollars to nonprofits 2013 alone.
Why are they doing it? It’s not out of guilt. They have figured out that the laws of our land require philanthropy and even provide incentives for doing it. Giving can be given voluntary or involuntary.
The laws of this land require you to make a choice. You can proactively choose and its voluntary. Delay or never decide to choose and its involuntary.
The problem is most never get-around to choosing!
In what ways will you choose to give and why? Warren Buffet gave his motivation:
“I don’t have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks society. It’s like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GDP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don’t use very many of those claim checks. There’s nothing material I want very much. And I’m going to give virtually all of those claim checks to charity when my wife and I die.”
Will you be a voluntary or involuntary philanthropist? If you don’t decide to give while you’re alive, the government becomes your primary beneficiary after your death through mandatory taxes – on your estate and even retirement money. One way or another, you will be charitable.
You have a choice. So the question is this: If you knew you could give without detriment on your lifestyle or your children’s inheritance, how would you choose to give?
Wealth is more than money. Don’t just plan for your future, live it right now.
Pass it on and share the insights like this that you find valuable.
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“The sole purpose of being rich is to give away money.”
– Andrew Carnegie