“Leave the children enough so that they can do anything, but not enough that they can do nothing," these wise words are from the greatest investor Mr. Warren Buffet.
In a recent interview with Mr. Buffet mentioned that 99% of his wealth will be donated to unprivileged people, and only one percent of his wealth will be divided among his three children Susan, Peter, and Graham Buffet.
Recently, the 89-year-old billionaire has donated $2.9 billion worth of shares of Berkshire Hathaway Limited, to the charitable institution, and will continue to be active in social works until he has donated almost all his fortune. To date, Mr. Buffett has donated $37 Billion.
Warren Buffet is also known as the “Stock Market God”. Buffet’s $37 Billion donations are probably the highest donations ever made by any private company in the United States. The amount is so huge, it is probably the largest donation in the world.
Although Buffett has humongous wealth, he lives a simple life. It is reported that Buffett is never picky about what he eats. His favorites are the burgers, French fries, and Coke and that’s what generally people eat in America. He still lives in a house bought in 1957 for $31,500, which is almost the same as ordinary people's dwellings.
The greatest investor of all is now running in the race to be the greatest Philanthropist.
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This is not the first time someone took a big step like this, earlier, Bill Gates also announced to donate 95% of his fortune, to charitable institutions, and for social help services.
The Gates Foundation believes that Buffett’s donations can greatly reduce the financial pressure of donating to AIDS, tuberculosis, and malaria-affected areas on the one hand, and can have more sufficient funds to more effectively prevent the recent rise of Pandemic in the world.
Buffett’s decision to donate this time was pioneering work. He broke with traditional practices and decided to give most of his wealth to an existing organization instead of setting up his charitable foundation like other "tycoons".
Buffett does not deny that donating money to the Gates Foundation is an investment. He said: "This is a good investment strategy: give your assets to the most trustworthy people to manage, and let them make decisions freely to make the most use out of it." He also appealed to his other wealthy individuals to follow this model. "I hope they will take action now and don't hesitate."
Buffett himself said that those who have obtained rich wealth through the operation of global capital should help the unfortunate in the world.
"We really should give back to society."
Society created Warren Buffett and Bill Gates, and they gave back to society in their way. Whether as a rich man or as a philanthropist, all should fulfill their social responsibilities.
This major step by Mr. Warren Buffet and Mr. Bill Gates also encourages other business tycoons, and billionaires to take their social responsibility and work together to make society a better place for everyone.
Many economic experts also pointed out that the charitable foundation of Buffett and Gates has formed a new method of fundraising, transforming the ruthlessly competitive business model into a way of cooperation.