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Billionaire Seeks To Rid His Last $1.5b
Across from a television set with the obsolete girth of a model bought 20 years ago, beneath the grandchildren’s crayon artwork taped to the wall, to the left of an abandoned hula hoop, Charles F. Feeney sits in an armchair and explains how he will get rid of his last $1.5 billion, give or take, by 2016.
Just as he did with his first $6 billion, it will all be awarded through Atlantic Philanthropies, the group of private foundations he created in 1982 and managed to run anonymously for its first 15 years, even though it was one of the largest sources of grants in the United States, Ireland, South Africa and Vietnam.
He buys clothes off the rack — “I’m a shabby dresser,” he said — and until recently, flew coach as he traveled among four or five continents. “They decided as part of my 75th-birthday celebrations that I would be entitled to fly first class,” Mr. Feeney said, sounding a bit embarrassed. “I’ll be honest, I’m not good at flying anymore. To my credit, I can stretch out on two coach seats.”
http://www.nytimes.com/2012/08/08/ny...roke.html?_r=2
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If I had $1 billion disposable dollars, I'd lend it all on Kiva. I don't trust charities and I would not want to give my money away more than $50 at a time.
And when I get my $980 million back, I'd lend it over and over again, on autopilot, until all the money is gone.
Or something. I dunno.
195 kph
I'd never run out of money. I like business too much to stop. Id help other entrepreneurs realize their dreams by putting together a nice VC firm. Of course this will most likely make me more money.
I hesitate to give money to causes I think might just give the money to poor people. Me giving money to poor COMPLETLY depends on why you are poor. Some totally deserve to be poor. Others really have problems... Cancer in the family, lost the bread winner in the war etc...
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I'm sure the man has great intentions so hopefully the money is being used properly and not wasted and stolen by the corrupted people involved in most charities. If I had that type of money, I'd create institutions, industries in poor countries to help the people develop and create jobs. Giving money to charities is not the most effective way to make a difference.. If I ever accumulate $100+ million, I have plans to build multiple institutions and industries in a specific underdeveloped country.
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Do you guys sometimes worry about spoiling your children with wealth? Im not wealthy yet, but I think about this sometimes lol. If am wealthy, I mean whenOriginally Posted by hatterasguy
I am, I think I might have to find a way to prevent spoiling my kids. Maybe do what I saw in this Korean movie, where the dad told his right-hand man when he died that his son has to get to a certain point of financial wealth by himself in order to get the inheritance.
Giving straight up to charities is great, but I really think those people who give by teaching is also pretty awesome ("Give a man a fish and he won't starve for a day. Teach a man how to fish and he won't starve for his entire life.")
20 Under 20: Transforming Tomorrow - CNBC
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Thinslicer. That is a worry sometimes, if I have kids that is. I dont think spoiled children of wealthy parents have the same drive to become independantly wealthy that others have. I would encourage entrepreneurship and making their own money.
I probably wont have kids though unless I really find a country worth bringing a kid up in.
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