The big news in the US, over the last two days, is Warren Buffett, second richest man in the world, announcing that he is beginning to give away almost all his wealth to charity, with a bulk of it going to Bill and Melinda Gates Foundation, and some smaller packets going to charities managed by Buffett’s kids and one started in the name of his late wife. That current value of his wealth that will be given to charity is about $37 Billion.
Some of his comments reported in Fortune/Time/CNN today are interesting, since this is a topic that is close to my heart as well. The issue is dynastical wealth. In Pakistan, we have a huge cultural tendency of wealth transferred from generation to generation. Some people go to extreme lengths to preserve the family wealth (e.g. marrying off their daughters to Quran, and repeated cousin marriages etc). The idea is to leave all the family wealth to your own kids. Most charity is (and now I am merely speculating) the one that is enjoined by the religion, and even there, most people will have no scruples to submit a false certificate to ensure the bank doesn’t deduct the 2.5% for zakat.
Here are some nuggets from Mr Buffett.
“I’m not an enthusiast for dynastic wealth, especially when the alternative is six billion people much poorer (than we are) having a chance to benefit from the money.”
“When they (Buffett’s children) were growing up we weren’t known as a fabulously rich family,” said Buffett. “They live very well but they consider themselves very lucky.”
*]Buffett called the decision “logical,” saying he wanted to allocate his wealth to people he feels can do a better job of dispersing it than he can. He said he was impressed with the Gates’ enthusiasm for the foundation and how the organization is run.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
^ you have no idea how much philanthropic work ppl do in Pakistan. Abdul Sattar Edhi started his charity work after a businessmen donated all his money to him which he used to set up the Edhi foundation. More than that, Punjabis are known to be large-hearted(and it is known all over the world)- punjabis donate money towards zakat etc.. Jawad Ahmed is yet another example- he does lot of work helping poor and destitutes. BTW, Warren Buffet's money will be used in world's poorest countries like India. It is becoming fashionable to blast Pakistan and Pakistanis by expatriats but when you visit Pakistan you see lot of happiness...
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
quas unkil, lets not get into who has how much idea about philanthropic work done by a few high-profile examples of individuals. I know all these and more. Question is about the concept of "dynastic wealth", and balance between expectations of children and donations.
What are your view about dynastic wealth? Do you expect your folks to leave all their wealth to their children? Do you plan to leave all your wealth (or bulk of it) to your children or to philanthropic causes? The question is not focused on you, but rather just to jog your mind about some of these questions.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
What are your view about dynastic wealth? Do you expect your folks to leave all their wealth to their children? Do you plan to leave all your wealth (or bulk of it) to your children or to philanthropic causes? The question is not focused on you, but rather just to jog your mind about some of these questions.
Hain? At 23 I become an unkil? Khair, Islam teaches us to make donations to help the poor. I guess ppl in Pakistan try to preserve their wealth and prefer to pass it on to their kids cuz the culture is to save money for the kids and look after them till one dies- It is not the same in the west where ppl want their kids to become independent and earn their fortune instead of wanting them to hang on to abba-ammi ki kamai... But times will change in Pakistan too.. Inshallah.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
"It is not the same in the west where ppl want their kids to become independent and earn their fortune instead of wanting them to hang on to abba-ammi ki kamai"
^ Exactly, now you get the point.
So, purely from an argumentative stand point, what is the message you will give to your future children about dynastic wealth? When you start thinking about it, and decide, that I'd rather give good education and values to my kids so they can earn their way to a comfortable living on their own, and whatever excess wealth I have, I will leave for charity, that may just change your whole perspective about your own life and priorities. Don't you think?
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
^ I would want my kids to learn the value of hard work and the happiness it brings to the life. Hard work also teaches us the value of life and maybe shows us new ways- as they, "Luck favors the brave". Generous moves by the likes Warren Buffet and Bill/Melinda Gates do change my move but thinking of Pakistan, I think there are good initiatives being taken by some organizations but yes, we have a lot to do... we have miles to go and for that we have to change the culture too.. what do ya think?
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
Most kids who grow up with trust funds are rich spoiled brats who LEAST deserve any money/luxury/riches. They haven’t done a single thing to earn taht money, except being born into a well-off family, and I dont think i need to bring too many examples to illustrate my point.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
I don't think that we have a dynasty of wealth in Pakistan. Arrange and cousin marriages might be because families know each other very well, their background and the person they are looking to include in their family.
About the charity thing, Pakistanis are not that rich to begin with, we have zero billionaires. If you want to criticize the rich than Saudi and Arab billionaires fit the bill. They have money of all kind and most of them keep or spent it on big masions and palaces. If they happen to donate some, most of the time it is politically motivated. Muslim world is very poor and the countries like Pakistan, Afghanistan and Indonesia can really benefit from what people like Warren Buffet, Bill and Melinda Gates are doing, which is philanthropy. If the rich Arabs spent some money in reducing diseases like malaria, TB and others by donating some money to the Muslim world, not only it would end the epidemic but also cost very little.
In Islam, giving most of the money to the poor is encouraged, it is sad and ironic that the people in the west are following the message more than us.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
Hats off to Buffett. May God give him place in jant-ul-Firdaus no matter what mullas say. This is a very human act. All the celebrities should learn from it and give back to the community. I'm very touched by this man's generosity. I'm sure his kids need to be equally commended for letting their dad go ahead with his decision. This is what life is all about..you leave everything behind eventually. That's the big picture....don't go crazy after money people!
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
Bill Gates and Warren Buffy have pooled their monies, the Charity will be worth 66,000.000.000.00 dollars.
Imagine how much good it will do. MY highest esteem to Mr. Bill Gates and Mr. Warren Buffy, their parents taught them both well and they inturn their children.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
LOL…
What jazbat and knowledge…
Jannat-ul-Firdaus is reserved for Prophets and Shuhada…And as long as his charity is not for the sake of Allah :swt: it is not accepted…Specially if it’s announced on national TV for the world to know…It’s as if his whole charity was dropped in the gutter…
I know, I know, it’s very boorish, Mullah like and ignorant and bigoted and hate filled and whetever of me to say this…But it’s true…
True, people will benefit from his deed, but no benefit in the afterlife…
No proper Muslim will be caught dead announcing his charity to anyone…
I guess you are quite ignorant about a lot of things regarding Islam…And I am not talking about anyhting made up by Mullahs or any human…I am talking about Quran…And if you wish, I can quote it…
If he had given 5 cents in secret hoping for a reward in the afterlife, it would have been better than the 37 B he gave out in front of the world…
But it’s the times…Most Muslims are swayed and wooed by the glitter and glam of media while Islam teaches its followers to wear the robe of simplicity…
That’s why, no proper Muslim would donate and announce it…It would take away the very purpose of giving…To serve God by serving humanity without any hint of worldly gain…
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
God bless Buffet!
Having said that, these super-rich stepping up to solve world's problem highlights failure of govts. and bureaucracies (all over the world) in solving problems like malnutrition, disease etc. With Gates and Gates at the helm of such endeavors, there will be results that others' have failed to achieve. God speed to these smart, effective people who'll again (gates with m-soft) change the world for good.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
It is great to hear of such generosity, someone else got my money and dreams (less about money here more aboud dream:D).
It is rarity to see someone leaving everything all for the charity, never heard of such thing in Pakistan true! but how many times have you heard that in US? 1, 2, 3? You can probably count, right? (The ones who donate all cuz they don’t want to give to their children cuz they don’t like/love them are not counted). There is “dynastic” concept in Pakistan to accumulate as much wealth as possible for yourself and next generation(s) (saat pushtayn beth ke khayen) but where does this concept not exist? We are just buncha followers, really.
I do day-dreaming of accumulating wealth so I can go back to Pakistan and help/train poor so they can also earn a better living which they were not able to because they didn’t have enough money to goto school. I really wish I could achieve it, but atleast I dream it. May Allah swt help anyone with these dreams, give such dreams to those who already have such wealth…
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
I know, I know, it's very boorish, Mullah like and ignorant and bigoted and hate filled and whetever of me to say this...But it's true...
True, people will benefit from his deed, but no benefit in the afterlife...
I bet he doesn't give a rat's arse about the "truth".
If people benefit from it, great! As for the afterlife, you should maybe stop being god's personal secretary.
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
What about the pakistani guy who feeds his 30-odd relatives and relative's relative ad infinitum on a coolie's salary. Is this kind of pakistani extinct now?
Re: Leaving it all for charity - Comparison to Pakistani culture of holding tight
First of all alms giving is a major part of the Islamic teachings/tradition n all... But as far as one's will is concerned ,muslims just cannot leave everything in the name of charity or others leaving their own sons/daughters and relatives out, because that is obviously done out of vengance and thus regarded a sin. It is one of the main reasons why people leave money to their children in their will.
The best way to do it is to spend all one's money during one's life time. I think that's the best approach as well.
(less about money here more aboud dream:D).
