Warren Buffett is an American business magnate, investor and philanthropist, better known for his role as chairman, CEO and largest shareholder of Berkshire Hathaway. This article highlights how much importance Buffett places to philanthropy in his life.
Buffett says that he doesn’t have a problem with guilt about money. The way he sees it is that his money represents an enormous number of claim checks on society. If Buffett wanted to, he could hire 10,000 people to do nothing but paint his picture every day for the rest of his life. And the GDP would go up. But the utility of the product would be zilch, and he would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. He doesn’t use very many of those claim checks. There’s nothing material that he wants very much. Therefore, Buffett is going to give virtually all of those claim checks to charity when him and his wife, Susan Buffett die.
Buffett decided to give his Berkshire Hathaway stocks to philanthropic foundations including the Gates Foundation. He believes that he has enough money to take his family on holiday, for entertainment purposes and educating his children, so he will never have to make any sacrifices. The USD 58.5 billion billionaire still lives in a 3-bedroom house in mid-town Omaha that he bought over 50 years ago. And he still drives his own car himself.
Furthermore, Buffett quoted that he will annually distribute about 4% of the shares of Berkshire Hathaway that he retains so that those who are in need of the money will receive the maximum amount. He will continue giving money to different charities through his own goodness, and has asked many rich Americans to pledge at least 50% of their wealth to different charities.