BlingWatch! (beta)

July 16, 2010

I saw this article about the world’s richest people committing half their wealth to charity, and it got me thinking about how the wealthy (and the average individual for that matter) should give away their money while minimizing unnecessary sacrifices and maximizing effectiveness.

Maybe there should be some sort of investment fund where people place the portion of their income they’re interested in donating into an account that is committed to charitable causes and from which they can withdraw interest periodically. Upon death, the total balance would be donated to the foundation with any earmarks that were specified by the philanthropist.

This could create a large foundation with wisdom and significant buying power. People could rate and promote charitable causes and if they found a pressing cause before their death, they could petition the foundation to invest using the money of those that have already passed. On special occasions, they could also donate directly from their personal accounts. These transaction would be monitored and taxes could be managed automatically.

At predetermined points before their death (e.g. quarterly) they could withdraw any money they please, similar to a money market account. While they remain invested in the foundation they could participate in directing the funds collected from those who have already passed. That way, while still living, philanthropists could benefit from the interest on their charitable contributions and be an active member of a philanthropic community. Upon death, their balance would be added to the general fund which would then be managed by the living members in perpetuity.

Let me know if anyone has seen something similar to this or has any other suggestions!

6:34pm | URL: http://www.blingwatch.org/post/821251433/thoughts-on-effective-philanthropy
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July 6, 2010

Interesting counterpoint to the previous post.

8:23pm | URL: http://www.blingwatch.org/post/779023414/interesting-counterpoint-to-the-previous-post
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July 6, 2010

Great excerpt from the film “Examined Life” that features Cornel West and Peter Singer.

8:04pm | URL: http://www.blingwatch.org/post/778960330/great-excerpt-from-the-film-examined-life-that
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July 6, 2010

The Singer Solution to World Poverty

This is a very important article concerning some of the ideas behind BlingWatch. For instance, what burden do each of us bear and how is it different for the wealthy? You may be surprised by his answer.

I’d like to hear a dissenting opinion if anyone has a good rebuttal. My initial reaction is that this type of giving could lead to at least three ills:

1. Charities expanding and perpetuating themselves in ways that are not in the best interests of the philanthropist or those they intend to help.

2. Deceleration of the innovation processes that takes place in capitalist economies, thus leading to fewer long term solutions appearing for the types of problems all us face, including the sick and needy.

3. Creating an illusion of prosperity in poor nations that leads to unsustainable population growth and destructive investment habits.

7:35pm | URL: http://www.blingwatch.org/post/778863443/the-singer-solution-to-world-poverty
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FILED UNDER: Singer Philosophy Charity

July 3, 2010

Bentley Continental GT > Saftey Of Haiti’s Children + Honda Accord?

$171,285 Vs. $150,000

Haiti’s future is in your hands

It will soon be six months since the Haiti earthquake devastated a nation already dependent on humanitarian aid. UNICEF in Haiti has been providing disaster relief since the day of the quake to prevent added catastrophe— outbreaks of disease, epidemics of malnutrition, widespread trafficking of unaccompanied children.

No less than $150,000 is needed to prepare for the coming hurricane season—to cover basic health needs; to supply clinics and medical centers in advance of tropical storms; to feed children in need should the distribution of food supplies be disrupted.