Thursday, April 17, 2008

What would you do if you had $70 Million??

(photo source: Tracey Olson)

So here's a premise that made me realize that giving away money is about as hard as getting it. You can weigh in on this debate yourself here. Still, here's a gist:
What would you do if you had $70 million??

This is the dilemma faced by Michael, a 31-year-old who will soon inherit a large sum of money.

For reasons that the truly wealthy will immediately understand, Michael has been advised to set up a foundation. “I have to donate about $70 million over the next decade,” he laughs. “Or maybe it’s $50 million. I can never remember.” [...]

So here's what happened:
[...] If he followed the traditional path, Michael would set up a charity, and then donate about 3 to 10 percent of his endowment each year. But, he says he wants to exercise his charity in a slightly different way:

1) I want to give it all away in ten years.
2) I want to give it away only in the U.S. — I can’t stand these people who give money overseas when we need it at home.
3) I won’t give a penny to schools. I think its unconscionable that Gates is paying for schools; that’s the government’s job.
4) I don’t want to give anything less than $1 million at a time. Meaning, no small grants.

So what says you?? Give your input here.

No comments: