For Warren Buffett, the most admirable philanthropists are those who give time and personal effort.
Photo: JOHANNES EISELE / .
Yesterday Warren Buffett wrote that with his annual contribution of Berkshire Hathaway stock to five foundations for $ 4.1 billion, you are halfway through the commitment you made in 2006 to distribute all your company shares to philanthropy, published CNBC Make It.
Obama’s oracle noted that in June 2006, he owned 474,998 “A” shares of Berkshire Hathaway and that he now owns 238,624 shares, worth about $ 100 billion and that all will be used for philanthropy.
Warren Buffett is determined to achieve his goal, which means he does not plan to share his excess wealth with his children.
The legendary and great connoisseur of money issues reiterated that his “incomprehensible” patrimony will have a better purpose by going to philanthropic causes than to your children’s investment portfolios.
“After a lot of watching from super-rich families, here’s my recommendation: Leave the kids long enough so they can do anything, but not enough that they can’t do anything,” Buffett said.
“I am delighted that my three sons, now in their sixties, do philanthropic endeavors that involve both money and time. More importantly, they are happy that they can be involved in helping others. They have the genes of their mother ”, added the American millionaire.
What Warren Buffett wrote does not mean that his children are left adrift, since each of them is already over 60 years old and they own foundations with more than $ 2 billion dollars financed by their father.
“For many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do”Said the money sage. “I have not made any sacrifices and my family has not. Compound interest, a long runway, wonderful partners, and our amazing country have just worked their magic. Society has a use for my money; I do not.”
For Buffett, giving away his enormous fortune is not enough, since he considers that the most admirable philanthropists are those who give time and personal effort and in his own words he has done little of that.
“Those who give their love and time to directly help others, perhaps by adding a monetary gift that forces them to forego the purchase of something meaningful for their own use, are the heroes of philanthropy. The United States has millions of such donors”Warren Buffett wrote in his letter to investors.
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