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"My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well. I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate's distribution of long straws is wildly capricious."
The above quote from Warren Buffet is contained in his recently released philanthropic pledge. Buffet and Bill Gates, two well-known billionaires, are partnering to encourage fellow billionaires to give away at least 50% of their wealth. Buffet, for his part, has pledged to give away 99% of his net worth either during his life or upon his death. According to an article on this partnership in Fortune magazine, this could double the donations made by the wealthiest people in the US. Several people have signed onto this pledge, and it's clear, at least to me, that this will result in substantial increases in giving. This cannot be a bad thing.
Although we don't have any billionaires here at Ascension, the motivations behind "the $600 billion challenge" apply to us as well. What does it take to live? Are we doing children any favors by leaving funds that may keep them from reaching their full potential? While we might not have to address the latter question, the former is critical. If we provide for our current and future needs, while leaving something for the kids, what other priorities do we have? Is it providing a scholarship for your favorite university? Supporting a local civic light opera? Contributing to a special fund here at Ascension? Buffet and Gates have done us a favor by posing questions about planned giving that all of us should at least consider, even if we aren't billionaires.
Glenn H.
Jr. Warden
Click here to read from past Son Rises.
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