If you had $50 billion, what would you do with it?
For several billionaires in our society, the answer to that question recently became a lot more straightforward.
In early August, Fortune magazine announced that Warren Buffet and Bill and Melinda Gates, along with several other wealthy individuals, had pledged to donate at least half of their net worth to charitable causes either before or after they die. The philanthropic group plans to recruit more billionaires to join the movement, known as the Giving Pledge, and to publicly acknowledge their decision to give the majority of their wealth away to charitable causes in order to spark further action and conversation. For instance, T. Boone Pickens, another wealthy individual and signatory of the Giving Pledge, has already donated roughly $800 million to a diverse set of charitable organizations and intends to give away at least $1 billion during his lifetime. The Giving Pledge will have the potential to change the landscape of philanthropy for a long time to come.
The billionaires who have joined the Giving Pledge initiative all offer various explanations as to why they are electing to part with the majority of their fortunes, but these wealthy donors also recognize that what they do with their monetary resources can have a far greater effect on the rest of the world after their deaths than the numbers listed on their bank statements.
A soft spot for charity is not just limited to wealthy individuals. According to the National Philanthropic Trust, nearly 90 percent of U.S. households give to charitable causes, and the vast majority of total charitable contributions in any given year come from individuals.
So, how can a cash-strapped college student make a difference? A few small donations or purchases here and there just might do the trick.
TOMS, an American footwear company, gives a new pair of shoes to a child in need for every pair purchased by a customer. According to a May USA Today article, Panera Bread launched a full-service café, in the St. Louis metro area, that links food to charitable causes. The store uses a donation box instead of a traditional cash register, and a portion of each purchase funds organizations that offer services ranging from free meals for the less fortunate to educational programs focused on reaching at-risk youth.
Even without making monetary donations, people can still help transform their communities through volunteering. In some cases, lending a helping hand might be just as valuable as writing a check to a local charity. The Independent Sector, a leadership forum for charitable programs, estimated that the value of one hour of a volunteer’s time in 2009 was worth approximately $20.85. Time really is money after all.
About 600 million children in developing countries live on less than $1 a day, according to UNICEF. These children can barely afford a nutritious breakfast, clean drinking water or a toothbrush with toothpaste, which makes the $2.50 surcharge on the ATM machine less of a newsworthy gripe.
Mother Teresa once said, “If you can’t feed 100 people, then just feed one.” Although most of us may never amass the fortunes of the wealthy individuals who have chosen to join the Giving Pledge, we all have the potential through our time or money to support the worthwhile causes we cherish.
Donate comments or a list of your favorite charities to Isaiah at isaiah.mccoy@asu.edu
