when the rich say 'ill give 95% of my billion away over my lifetime' explained - page 2.

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

also the % interest is usually more than 6% but they only give 5% to meet their humanitarian/altruistic hustle pledge

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

Good to know this, I haven't really thought about this and when I read that rich men give 95% of their wealth, I would think it is their whole net worth value.
But I would still be confused while such rich men don't go bankrupt. Now I know what happens, thanks.
That will also mean they might not be able to pay taxes because of the charity they do with their interest.

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Quote from: dunfida on November 21, 2023, 07:16:15 AM

Quote from: franky1 on November 19, 2023, 11:17:51 PM

-snip-

They are all doing this just for them to get that kind of good image and to those people who doesnt know on how they do play out then they would really be able to believe that those billionaires
are really that indeed generous or really that minding about the humanity but to those who do know the truth then they would really just say "meh". Good thing that you did
make out some explanation on which it is really that something that really good to look at that people at least aware on what are those kind of claims and whatever charitable works that
they've been doing. Wink

It is really just that a good thing to imagine if you are into those billionaires shoes if you would really be considering on doing such thing or not.
For me then it wont really be that bad since you are really just sharing with the interest that you are getting.

Oh wow - you sniff out the motive well, mate.
The main motive is because people like that just really want their image as rich people to improve. It doesn't matter to me at all regardless of how charitable they want to be and how they make money for charity - but when they claim to be the best among other charitable people, then that is the problem.

Rich people will keep getting richer because of the system and the way they maintain and build their wealth. They can do charity without reducing their wealth - in fact the value will continue to increase as they do charity, that is the power of money from the wealth they have.

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Quote from: avikz on November 20, 2023, 11:43:13 AM

Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

also the % interest is usually more than 6% but they only give 5% to meet their humanitarian/altruistic hustle pledge

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

That's fine! What's the problem in that? At least they are giving out towards philanthropy. Definitely some people do it as a publicity stunt to increase their reputation and to make their brand more visible. But there are some billionaires who does all this philanthropic works without letting the media know.

It's impossible to find things which are straight as arrow. At the end of the day everything boils down to the business.

I think franky1 mentioned something that is important to note when making up our minds about someone claiming to be most philanthropic philanthrop in the world. When Bill Gates says that, everyone should know that he is building an entire corporate empire around agriculture, pharmaceutics, gene-editing businesses and many others.

Please note that this is no criticism Bill Gates is supporting these industries. It's great, someone should do it and someone has to do it for the sake of enabling people around the world to live a better and longer life.

But it is often portrayed as being an act of altruism and this is where franky1 now chimed in with some important info. There is nothing bad with bringing this up because I am sure that most people read headlines about billionaires giving away their fortune exactly as franky1 implied they would read it.

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that's what people say that "the rich will remain rich, and the poor will remain poor". even in donating they do not intend to donate completely. they still think about how rich they are and don't really care about how other people feel.

the donations they actually make are like "tricking" other people into pity and sympathy for what they do, but behind it all they only do it to increase their exposure and to make people think that they are like angels from heaven. everything rich people do is only for their own interests, it is not true for humanitarian action and concern for others.

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

I usually compare these super-rich individuals in the US with some wealthy businessmen in my country. I see some indigenous billionaires are greedy because of the Giving Pledge founded by Warren Buffett, Bill Gates, and his ex-wife Melinda. I thought these men had pledged to give away a majority of their wealth to help society. But this is an eye opener that what they are giving back to the people are profits that were earned from the people. This has proved the fact that there is no free lunch even in Freetown.

Many other billionaires are so greedy that they don't consider society. They keep on profiting from the community without helping. They will always flaunt their wealth by showcasing luxurious cars, private jets, and yachts. So this set of billionaires has done well for even considering giving back to society. It is their wealth, hence they have the right to handle it the way they want.

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

also the % interest is usually more than 6% but they only give 5% to meet their humanitarian/altruistic hustle pledge

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

They are all doing this just for them to get that kind of good image and to those people who doesnt know on how they do play out then they would really be able to believe that those billionaires
are really that indeed generous or really that minding about the humanity but to those who do know the truth then they would really just say "meh". Good thing that you did
make out some explanation on which it is really that something that really good to look at that people at least aware on what are those kind of claims and whatever charitable works that
they've been doing. Wink

It is really just that a good thing to imagine if you are into those billionaires shoes if you would really be considering on doing such thing or not.
For me then it wont really be that bad since you are really just sharing with the interest that you are getting.

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It’s most likely to avoid paying taxes, to protect their children from obscene inheritance taxes. Nobody gives away money of that multitude without an agenda. Look at Bill Gates, he’s one of the least trustworthy people around.

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Quote from: Upgrade00 on November 20, 2023, 03:19:11 PM

Quote from: Lucius on November 20, 2023, 12:03:39 PM

If someone has $200 billion (regardless of how he earned it), why do millions of people admire him, and at the same time struggle to survive from month to month? If that person wants to be a great man, let him distribute 90% of his wealth to the poor and make a difference in the world, and he will still be an extremely rich man.

Humans admire successful people. It's a natural instinct.
I do not think a wealthy person needs to give up a chunk of there wealth to be great.

I don't admire those people, nor would I ever want to be in their shoes, because I'm pretty sure that most of them are not happy people who wake up in the morning without a twinge of conscience that with their way of life make the world the way it is today. People who consider it a success in my opinion have a big problem in distinguishing the good from the bad.

I think that these rich individuals should not give anything and show themselves to the world that they are better than they are, because the facts speak for themselves. Anyone who thinks they need billions of dollars to be happy and successful while at the same time half of humanity is literally starving and has no basic medical care is to me personally someone to be despised not admired.

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Quote from: Fortify on November 20, 2023, 03:26:47 PM

I've never really heard it put like that, it's always been "I'll give away x amount of my wealth during my lifetime" and not a fixed number like a billion. The reality is though that most billionaires may only donate after they die because they've become accustomed to reaching ever higher, it becomes a sort of accumulation competition and they feel like they're stuck in some global ranking. There may be the odd billionaire that worded it the way you suggest, but they're generally not stupid people and don't necessarily care to deceive anyone. Even if they were giving away that money while keeping their wealth, they are still making a massive charitable donation compared to the average person which should be applauded and encouraged.

ok think of it this way..
warren buffet, bill gates, zuckerberg made pledges YEARS ago. so they should be many pegs lower of their wealth compared to pledge date..
now go look at their positions
2010 2023
warren buffet 47bill 118bill
bill gates 53bil 116bill
M zuckerberg 6bil 118bill

point is when they say giving away most of their wealth, but never lose any wealth.. but then you see the small % they do give is a below investment interest amount and is also classed as a taxable write off.. its not all as it seems

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Quote from: Upgrade00 on November 20, 2023, 02:05:05 AM

At the end of the day it's still their wealth which they acquired and can choose to spend whichever way they want. Acts of altruism or humanitarian services can be done willingly and should not be excessively scrutinized.

Hear, hear. My initial thought was that if the ultra-wealthy give anything away to a decent cause, it's a net positive. Whether they're lying about it or not....meh. I've never been the type of person to rage against the rich in general; I have way more of a problem with people who've got too much power and lord it over those of us who have much less, and while it's true that powerful people are often quite wealthy there are rich folks who don't have too much power or at least aren't power-tripping assholes.

I haven't read the entire thread yet. Is Warren Buffett lying about what he's going to do with all his money when he dies? I'll go back and read after I post this (bad habit, can't seem to break it).

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

also the % interest is usually more than 6% but they only give 5% to meet their humanitarian/altruistic hustle pledge

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

I didn't think about it this way. If rich people are actually doing this it's still a great help for people who need it. 50 million can be a small amount compared to 1 billion for that person but how many rich people would have done something like that? What most of them do is spread business and give motivational speeches on podcasts and tv shows.

By the way, what is the percentage of people who have wealth greater than this and want to donate from its interest? I guess not so many and to be honest i didn't heard any billionaires say something like this before. I know they donate a percent of their wealth to charitable organizations, but all of them don't want to publicize it.

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

also the % interest is usually more than 6% but they only give 5% to meet their humanitarian/altruistic hustle pledge

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

I've never really heard it put like that, it's always been "I'll give away x amount of my wealth during my lifetime" and not a fixed number like a billion. The reality is though that most billionaires may only donate after they die because they've become accustomed to reaching ever higher, it becomes a sort of accumulation competition and they feel like they're stuck in some global ranking. There may be the odd billionaire that worded it the way you suggest, but they're generally not stupid people and don't necessarily care to deceive anyone. Even if they were giving away that money while keeping their wealth, they are still making a massive charitable donation compared to the average person which should be applauded and encouraged.

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Quote from: Lucius on November 20, 2023, 12:03:39 PM

If someone has $200 billion (regardless of how he earned it), why do millions of people admire him, and at the same time struggle to survive from month to month? If that person wants to be a great man, let him distribute 90% of his wealth to the poor and make a difference in the world, and he will still be an extremely rich man.

Humans admire successful people. It's a natural instinct.

I do not think a wealthy person needs to give up a chunk of there wealth to be great.

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Rich people don't give if they don't expect something in return... with interest. It's always about investing, rich people "invest" in charities so they have some benefits from that from the other side. In the end, they are in profit and their wealth is growing over time, do we need more facts?

If millionaires/billionaires gave away their money, there would be no hungry and poor people... but the fact is that there are more and more hungry and poor people around, so this story doesn't work anymore.

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So it's all about the interest that earns from their principal amount whether it's deposited in the bank or it's worth of their stocks. I have never thought that it is like that coming from these wealthy people, however I am aware that this is how you make money if you've got a huge money sitting somewhere else and you want to make the most of it. Usually these also go to their foundations, the ones that they have setup and they will even be the one to decide where to deposit and send it for all of their charity works. This is another way for them to avoid taxes depending on the country and how the ruling about taxation and charities on where they are going to do it.

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Does anyone around them see the changes caused by the fact that the richest people in the world give money to charity? I just see that ordinary people have less and less, and that those who call themselves philanthropists have more and more - and naive people admire them because they throw crumbs from their table. I can't call it anything other than calming their conscience, because deep down they know that all the wealth they have accumulated has denied many people a normal life.

If someone has $200 billion (regardless of how he earned it), why do millions of people admire him, and at the same time struggle to survive from month to month? If that person wants to be a great man, let him distribute 90% of his wealth to the poor and make a difference in the world, and he will still be an extremely rich man.

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Yes that's how ultra rich people gain the Messiah sort of image by statements as such which a common person fails to understand and beyond understanding of average person.

But I have never seen any billionaire or businessman keep such a huge amount in their bank account as they usually diversify their investment into different verticals because the interest rate which they get from banks are peanuts and don't catch up with the kind of inflation we are getting to see. Maybe they have much more than that and it's just a part which they hold in their bank account.

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

also the % interest is usually more than 6% but they only give 5% to meet their humanitarian/altruistic hustle pledge

enjoy that thought next time the rich try to make it sound like they are going to give up their wealth for humanity.. because reality is they are not.

That's fine! What's the problem in that? At least they are giving out towards philanthropy. Definitely some people do it as a publicity stunt to increase their reputation and to make their brand more visible. But there are some billionaires who does all this philanthropic works without letting the media know.

It's impossible to find things which are straight as arrow. At the end of the day everything boils down to the business.

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Quote from: _act_ on November 20, 2023, 03:47:15 AM

But please can you give me some links I can read about this? I have noticed that rich men are very wise when it comes to money and wealth. And this is another example that rich people are just using to fool people.

you can easily google things like warren buffets "giving pledge" which he "says" will give 99% of his wealth.. but when you look at the details he actually says "distribute" 4% annually the amount of the shares he retains"

well when you look at berkshire hathaway, it offers more then 4% profits on investments... he's not getting poorer..
..
bill gates says he pledges to charity.. the charity ofcourse is a foundation.. the bill and melinda gates foundation (donates to himself) to then fund project that then make profit as a separate trust he can benefit from

_act_

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Quote from: franky1 on November 19, 2023, 11:17:51 PM

when the rich say 'ill give 95% of my billion away over my lifetime' they do not mean if they have $1b today they will be at $50m at death. what they actually mean is:

they have $1b in a bank account at 6% interest
meaning it earns $60m a year.
they give just $50m yearly interest away for the next 19 years ... (totalling the $950m pledge)
yet keeping the $1b lump plus earning $10m of personal spending per year

I was thinking how are some rich men thought they are wise but foolish to me for saying that they will give almost all their wealth to charity, I did not know that the money they earn after when they said it are not added. Which means they will even still make more money becuase they are business tycoons. But please can you give me some links I can read about this? I have noticed that rich men are very wise when it comes to money and wealth. And this is another example that rich people are just using to fool people.

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