Warren Buffett, currently the third richest person in the world, has made no secret of his intent to give away most of his fortune to charity.
Warren Buffett is known for a lot of things. He is a business magnate, prolific investor, and currently the third richest person in the world. However, what most people aren't aware of is that Warren Buffett is also a philanthropist.
In 2006, he announced that he will be giving away 83% of his personal fortune, worth more than US$30 billion. He chose to donate the money to the Bill and Melinda Gates Foundation and urged other billionaires to do the same.
And more recently, he decided to donate a significant amount of his fortune as a gift to 5 charities.
The 87-year-old billionaire donated 17.7 million class B shares from his conglomerate Berkshire Hathaway to charity. He donated it to the Bill and Melinda Gates Foundation, a foundation named after his late wife, and to each of his children's foundations.
His children will be receiving an inheritance from his estate, but it's not as much as most people think.
Buffett famously said,"I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing."
He also made it a point to teach his children his values and work ethic.
The harsh truth of the world is that not everyone is given the same opportunities. Some people are born with a headstart in life, and thus are more successful than others. Meanwhile, some people are born into poverty, and live and die poor.
That's why it's important for people to give back and share their wealth to charities.
Of course, not everyone can share most of their wealth like Warren Buffett. However, setting aside at least 2% of your annual income and donating it to charitable causes can make a big difference.
What's important is that you choose the right charitable organization, and you do your research beforehand.
It's also a good idea to donate to a cause that's close to your heart. If you know someone who's a cancer survivor, why not donate to a charity that helps people with cancer?
Additionally, you don't always have to give money as a donation to charity. You can donate your time and your skills as a volunteer for charitable organisations.
While volunteering won't earn you money, it will give you peace of mind, and it will also make you feel better about yourself.
At the end of the day, it's all about the spirit of giving and not about what you get in return.
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