Austan Goolsbee wonders in the NYT today why billionaires don’t give more of their money away, given that they can’t spend it (there’s just too much of it to spend) and that even their children can’t realistically spend it either: “their fortunes are growing far faster than their number of heirs, so each of the children will have the same problems spending the money that their parents had”. He concludes:
In a few weeks, you will see the list of the world’s wealthiest people and how vastly their wealth has increased. Warren Buffett will probably be the only one pledging to give his fortune away. The other billionaires will probably think he’s crazy, but it may make him the most rational person on the list.
Greg Mankiw points out that Goolsbee is assuming that billionaires’ wealth increases at a rate of 10% per year, which might not be realistic, especially after accounting for inflation and taxes:
At a more modest return, say 4 percent, providing for heirs is a somewhat more plausible motive than Austan gives it credit for being. Remember that the number of heirs is approximately doubling every generation–a rate of about 3 percent per year. So consumption smoothing among you and your heirs would allow you to annuitize your wealth at a rate of only 1 percent. And if you want your family’s consumption to grow over time, the annuitization rate would be even lower.
But I see the question slightly differently. The real question facing billionaires, as I see it, is whether to give their money away now or later — specifically, after their own death. Buffett has clearly found a compelling use to which he wants his money to be put, and given the specifics of that use — poverty reduction, mainly — it makes sense to front-load the spending while he’s still alive. Other billionaires, by contrast, might not be nearly as convinced that they know today for certain where they want their money to go.
So the solution is to write a will. Your family gets what you want them to get, your favorite charities likewise — and if you ever change your mind, you can. You can increase your expenditure today and leave less money for your beneficiaries; alternatively, you can invest your money today and, if all goes according to plan, leave more money for your beneficiaries. If the fancy takes you, you can even do something halfway between the two, like trying to buy the LA Times — newspapers in general being very bad investments, but very gratifying toys for the ultra-rich. Meanwhile, as Goolsbee says, you get to “lord it over the other families who have less”.
Bankers never say they’re doing nothing; they say they’re “preserving optionality”. Maybe billionaires think the same way.
Just wanted to know if any of the millionaires or billionaires would be willing to help out someone in need by giving me money or at least loan it to me to be paid back when I make it big in business or in investing the money.
How great would that be! I could use some myself to buy my first house…I doubt anyone like you or me would ever get that chance.
I have been married 32 years in A loving fun filled life.Pamila and I would like to spend the rest of our life teaching the poor children of Mexico.But of course we need money to do that.if anyone would care to help the world well be a better for it. Rand and Pamila Massingham 541 232 9191 541 543 1984 Thank You
I have been married 32 years in A loving fun filled life.Pamila and I would like to spend the rest of our life teaching the poor children of Mexico.But of course we need money to do that.if anyone would care to help the world well be a better for it. Rand and Pamila Massingham 541 232 9191 541 543 1984 Thank You
Brother in Christ,
I am a Christian Young Man. I have no ability to maintain my family. So I am suffering with my 6 member’s family. God’s give you His blessing. You have enough. So if you wish to give me some money I can maintain my family. Would you help me?
God bless you.
Simon
Brother in Christ,
I am a Christian Young Man. I have no ability to maintain my family. So I am suffering with my 6 member’s family. God’s give you His blessing. You have enough. So if you wish to give me some money I can maintain my family. Would you help me?
God bless you.
Simon
Brother in Christ,
I am a Christian Young Man. I have no ability to maintain my family. So I am suffering with my 6 member’s family. God’s give you His blessing. You have enough. So if you wish to give me some money I can maintain my family. Would you help me?
God bless you.
Simon
I do not have a car, I cannot afford to buy a car without financial assistance from a millionaire or a billionaire, please send me a check to help me purchase a car. The car is needed so that I can go to the doctor on a regular basis, etc. Thank you very much. If you need any other personal information concerning my plight, plese send to me the necessary forms.
looking for some help in a dieing ecomony to where i cannot find a job in this little town and i cant go out of town because i cant afford a car or means of transpertantion, i need a car or a loan till i can get on my feet to get a car or a truck, if someone will donate me a cheap car or anything it would be a blessing. please help me i have not worked in three years…….my number is 828-453-8301 or email me at ricki_dale@ yahoo.com please answer my prayers for once in my life….
I know it really “SUCKS” to be poor and this has been a reality since time has began for
man. When I was young, I had the choice of going to school or learning a trade, and so I
chose a trade (Tile Installation) worked with a contractor for 14 years before I left him and moved on with my life.. I never loved a man as I loved this guy (Bobby Joe Stegal),
he became my very best friend, the brother I never knew and of coarse he was my boss..
I learned alot from this man, and he said that I would never meet another person in my life time like him and he was right like always about what he shared with me .. He asked me one time how many friends I had and I replied 10, he replied back to me “Horseshit” you’re lucky to have 2 maybe 3 and I know damned well that I am one of
friends and I am number 1# .. I was 24 than, started working with him when I was 16
and I am much older now 53, he died 1995 Kaiser Oregon of a heart attack ..
I knew this man 20 years, worked for him 14 , he was the best employer I have ever
worked for, he shared with me one day how he looked forward to dying and I asked
him why would he desire such a thing ? He explained that he was old school and the up
coming generation was keen on not respecting older people and they were unruly in all
their ways to the point he would not be able to tolerate such behavior having been raised to respect your elders .. Don’t get me wrong this guy was super cool like, James
Dean, John Wayne, Robert Mitcham, Kirk Douglas, Frank Sinatra all rolled into one. He was your best of friends or your worst of enemies, I could write a book on this man
but thats not why I am here ..
I worked my ass off for this (1974 – 1988, 16yrs – 30yrs) man, done other work apart from doing tile installations, but in 1999 – 2005 I became a licensed, bonded and
insured Tile /General Contractor .. My company was called ” White Light Tile and Restoration ” (138645 CCB ) I enjoyed doing what I was taught by Bobby Joe and I
also loved the fact I worked for myself, had a five man crew under me .. We worked well with each other and we were becoming known thru out the NW for the quality of
our work.. My first year in business I grossed $85.000 apart from my guys income and the future was looking bright, if we continued to work as we were, the company could expect by the following year to gross over $100.000 .. I and many others that
were self employed did not see what was about to happen to us and that was the terrible event of 9/11 … My heart went out to those that lost loved ones in that ugly
day but as I needed to continue on in my world, it also was affected seriously by this
tragedy .. I had seven clients back out on the work that they agreed to have done in
their homes even tho they had signed contracts .. They believed the worst was yet to
come, so they wanted to put everything on hold, I wanted to hold them to their signed contracts but if you’re not wanted in their home, what kind of shitbird would I be to force them to comply .. My guys said you can force them to honor the contract and I
shared that yes I could do this but it would be like ” walking on egg shells ” and as apologetic as I was I did not push the matter .. By these clients backing out of their
contracts I lost approximately $47.000 and I tried to conjure up other work as fast as
possible to keep my guys working but only received remnants here and there, also got
other work that no other contractors wanted.. In 2004 I was faced with filing for bank-
ruptsy due to lack of work and the economy at that time was also sluggish, by 2005
it was official my company was no more… I managed to do side jobs and to keep bills
paid but I was challenged each day to locate work, than one day my sister and husband
approached me, I didn’t even know they were around but was asked by my unknown
brother-in-law if I could put them up for few weeks, so they could get on their feet ..
I had to ask my roommate which was helping out on expences and he said they’re family, so I allowed it, two weeks later my roommate is moving out explaining he’d
had enough of them sleeping till noon, there went $450.00 out the door.. My brother
and I had a heart to heart, find a job or hit the road Jack .. By the time they both got work, everything was a month and a half behind, started catching up on things and he
was arrested for an outstanding warrant … Now its just me and my sister and one
month later she lost her job because she was late twice, now I am expected to carry
all the bills and burdens, from that point everything went to “Hell” .. First the cable
for the computor went off, next was the electricity and finally after being three months
behind on rent, I was asked by the landlord to vacate the premises .. The first time I ever was evicted was because of things beyond my control .. You know what happened
next we both ended up on the street, my sister of coarse called her daughter and went
and lived with her and her husband, myself I have been on the streets ever since being
that I am 53 years old no body wants to hire me, I know I have tried since Feb 2009
to find work with no luck … I presently live in a broken down van, that needs all kinds
of things done to it but I have insurance and good tags only due to the fact that I sell
a street paper called StreetRoots (211 NW Davis St. , 503-227-3117) I am known as
Kacy Michael .. Finally getting to a request of my own, I would like someone with a
good heart and spirit out there in cyberspace that can afford to shell out some money
that would’nt hurt them one bit …. I am really tired at 53 of being forced to live on the
streets of Portland and really would appreciate a helping hand up not out, in getting up off the street .. My need is for the amount of $4.000 to go toward a newer van, to finish what I started, building a web presence on the internet for self support, since I
am unwanted by this ” Throw Away ” society that we live in today ! Try and find my sister and make amends with her she is my only family left in this world .. If this is
too much to ask for from a fellow human being that has been blessed mightily in their
life and is not experiencing the kind of suffering and pain that I currently am going thru, than all I can say to you is, enjoy this life, for the next will not be so promising
when you stand before “Almighty God ” and have to give an account for your self centered whims and wants ………
Kacy Michael
503-954-9971
Ptld,Ore
grrr this makes me mad. Everyones asking for money for themselves. What about the starving people in Africa?????? They dont Have anything. Cant you help them??
My family and I put our trust in our Lord and Savior Jesus Christ, when
tribulations and trials come I know God uses others to Bless those less
fortunate, but I just feel like…………..
I CAN’T go on by myself anymore!!!!!… I feel like there is a lot on
me. My husband wanted to take his life, but I was able to encourage him
not to give up! My husband was let go on a job he loved, right before
his 90 day evaluation on April 3rd. It
took him 3.5 years to get a job, since both of our job losses in 2008.
I was a store manager at Sears and my husband was a warehouse manager
at Sears, we both made good money together, until our store closed. My
husband finally gets a real job, only to be let go from it for no
reason. My husband worked at temp places, but nothing permanent ever
happened. We thought since my husband was Blessed with this job in Jan
2012 that this would be the job, but it did not last(I still say it was
a Blessing whether it lasted or not.’..The Lord giveth and the Lord
taketh away)… we can’t pay bills, get toiletries/necessities, things
for our girls, etc…The Lord must have something else in store for my
family:
Have been Blessed to get expedited food stamps, so now we can
eat…Praise God….Have three girls that have been through alot
their house taken in 2010 and had to move to a bad area, but Blessed to
have a home.
My husband said he did everything right…just don’t understand? Girls
have no church clothes,
shoes, or enough underclothes, neither do I, but
I don’t care about me…we were trying to get stuff for them gradually.
I’m hurt right now been praying and praying and asking for God’s high
favor for my family. My husband is trying hard to find a job. God’s
high favor will get us a financial Blessing, as well as a spiritual
one, and right now our spirits are broken. I would love to thank you
for all your kindness and giving. My family and I are also cheerful
givers, so I know the high that you feel when you know you have done
something special for someone, it is a great feeling, so I want to
thank you for being in the cheerful givers club….it is an awesome
place to be! If you do not have it in your heart to Bless my family at
all, I still thank you for being a giver, we need more true givers in
this world…Praise God he gave my family and I a giving spirit. If you
would like to be a Blessing to us, I will let the amount be between you
and God…we are GRATEFUL for whatever God Blesses us with:)
My email is mlab022@aol.com
My husband’s and I anniversary is May 16th…married 12
yes!!!!!….Praise God!!!!
God Bless,
The Lamb Family
I been married for 5 years and my husband worked in Ihop for 2 years and his boss not able to keep him job any longer. Me and my husband have alot of dept loan need to pay and we need money real bad.I am unemployment not able to work.