I was recently asked about the issue of charitable giving. I have written two blogs on the incompetence and futility of the Gates foundation.
I was challenged as to what one should do with too much money.
This is actually not subject on which I have written, or given much thought. I was president of several foundations and the futility of giving is incorporated in The Seven Laws of Money. If there is a positive side other than supporting people you know to be effective in the world and who are willing to accept charity, I have not seen anything else positive.
Does this mean you should let your money accumulate and pass it on to your heirs?
Definitely not. You can only harm your heirs with large amounts of money.
I see a number of good examples. In one case, a friend used his vast inheritance to bring Indonesian and other South Asian music to the United States. He spent all his money on this type of venture while he was alive. Great example.
Another case is the John M. Olin Foundation that gave money to the donor’s free enterprise interests and dissolved a few years after his death. He knew his money would be co-opted by Lefties just as has happened to every major foundation.
My third case example is where the person doesn't use the money for charity, but establishes prizes and goals for the accomplishment of the donor’s interests. The race to space is an example. There were many early examples of prizes including the first plane flight to Europe.
If you can think of any other examples, please let me know.