Did You Hear?

For several weeks, the news has been dominated by oils spills, a "rogue" general, and the 2010 World Cup; however, while few were looking, the Gates and Buffet families decided to lead the largest philanthropic charge in history (a more detailed explanation of their goals can be found here). Buffet, who has pledged 99% of his wealth, has long differed from many of the world's richest people by asserting that he is not inherently deserving of his vast wealth. Finding a like-minded spirit in Bill Gates, they have dramatically changed the face of philanthropy. Now, given the recent economic downturn, they are becoming more evangelistic in their approach.

Already, the challenge has created significant results - the Broad family has pledged 75% of the family's wealth. The Broads, already a major player in the philanthropy world, bring Buffet and Gates closer to their goal of raising $600 Billion from the world's richest people. Yes, with a B. Buffet has long felt that the richest (or, as he would say, luckiest) have a greater obligation to contribute to the needs of the disadvantaged. Specifically, he feels like they sacrifice the least, in terms of quality of life, when giving away significant amounts of money.

This is not to say that this approach is flawless. By funneling so much money through large foundations, those funders gain immense power in determining which valuable community programs will get funded. This is specifically troubling, because so many of these major funders focus on "proven" models that take an efficiency-focused approach to problem solving.

Frankly, in many ways, I think Buffet lets the rest of us off the hook. Giving back is also about sacrificing luxuries (It's shocking to me how many people report that they don't have the financial flexibility to give back, yet they were picking up their iPhones this morning!). That being said, in a world where the financial sector created an economic crisis while hot shots collected multi-million dollar bonuses, it's exciting to see Buffet pushing the world's wealthiest to give more. All of us - every. single. one. - can do more.

Let's hope that Buffet's words encourage others to give back. Without resources, great ideas are simply the dreams of passionate people. We have so much left to do!

Thanks, as always, for reading.

Mark

Extra Thought: Buffet's biography, "Snowball," is a fascinating read.