What we can learn from Warren Buffett's giving 85% of wealth

[Dennis Ng]

Do not envy or be jealous of people who are rich or super-rich like Warren Buffett and Bill Gates. According to Napoleon Hill who learned from Andrew Carnegie (the richest steel magnate in U.S), there' this "law of compensation" which states that a person will always reap what he/she sow.

So if you're not satisfied with your "current harvest", it shows that you have not "sowed" enough. The more you "sow" (give), the more you will "reap" (receive). This is a profound truth that I discovered from Napoleon Hill's books and workshop.

That's a sidetrack, let's look at what Warren Buffett and Bill Gates said about their giving (you can read the details in Sunday Times 2 July 2006 yourself):

1. Warren Buffett: you really have a few choices, leave it to government (estate duties); choose to give to some people with the most of the rest still goes to estate duties; or you can elect to do it through a philantropic organisation.

Warren Buffett chose the 3rd choice becos in his view, it will do a far better job in terms of maximising the good that comes out of that money, than would happen if it were dropped into the government treasury.

2. Bill Gates: Philantrohpy is a choice. We want to show people philantropy can be a lot of fun and we want to encourage more philantropy (which is why these 2 gentlemen public announce their latest move).

3. Melinda Gates: the more you get involved in philantropy, the more you see the needs and the inequities out there, the more you want to do for these causes.

4. Warren Buffett: a rich man should leave his children enough so they can do anything, but not enough so they can do nothing.

5. Melinda Gates: to whom much is given, much is expected. (so she feels getting more involved in philantropy is their responsibility since they are given alot (Bill Gates is richest man in the world).

6. Warren Buffett: just like investing, in philantropy if you want to participate, you should look around and see if some people can give it away better than you can, you should turn your money to them rather than start your own foundation.

Like I said, what these 2 richest men in the world did, in my opinion will have an astounding impact and influence globally. It will start many wealthy people thinking about what they can and can choose to do with their wealth, giving away so to "maximise the good that comes out of wealth", than just passing it down to their next generation. "Give enough so that your children can do anything, but not enough so they can do nothing".

I salute both Warren Buffett and Bill Gates and it really start me thinking:"How can I give more to society than whatever I'm already doing now?" And I'm sure I'm not the only one that start thinking about this since the news of this historic donation broke.

What about you?