This is the dilemma faced by Michael, a 31-year-old who will soon inherit a large sum of money.
For reasons that the truly wealthy will immediately understand, Michael has been advised to set up a foundation. “I have to donate about $70 million over the next decade,” he laughs. “Or maybe it’s $50 million. I can never remember.”
I occasionally advise young philanthropists, and so Michael asked me for suggestions. But, as an avid reader of this blog, he wanted me to ask the Thugz and you (the general readers). You may recall that I watched season 5 of The Wire with the Thugz a few months ago. Michael enjoyed my discussion with the ex gang members and he wondered what they would do with the money.
He also liked the irreverent, witty humor displayed by the readers of the blog.
I met Michael at Harvard, in the late 1990′s. He was part of a small group of twenty-somethings who came from very privileged social backgrounds.
They were “blue bloods” who fit the classic mold of the upper-class Northeast W.A.S.P.: educated in private schools, raised in Manhattan, summer homes in the Hamptons and French ski resorts, fitted with all the dressings of American aristocracy.
I spent a few years observing their maturation. It was a fascinating experience that I am hoping to write about in my next book.
Photo by Alix Smith.For those who are interested, this American tribe has been captured beautifully by Alix Smith, a photographer raised in this insular world. Her website reveals her peers in sharp, stylized portraits.
If he followed the traditional path, Michael would set up a charity, and then donate about 3 to 10 percent of his endowment each year. But, he says he wants to exercise his charity in a slightly different way:
1) I want to give it all away in ten years.
2) I want to give it away only in the U.S. — I can’t stand these people who give money overseas when we need it at home.
3) I won’t give a penny to schools. I think its unconscionable that Gates is paying for schools; that’s the government’s job.
4) I don’t want to give anything less than $1 million at a time. Meaning, no small grants.
I’m going to ask the Thugz for their comments, but what say you?
and 
. You can also watch it on 
I am filling out my 501(c)3 forms for my new Charity right now……
Any Habitat for Humanity affiliate in the U.S. would love a donation of at least $1 million. My local affiliate is doing some groundbreaking things with multiunit, multifamily affordable housing construction due to soaring costs for land in urban areas and soaring costs of construction materials, and a donation of that size would help fund their PUD (complete with condos, townhomes, & single family homes, some at market rate to help raise funds) in our city.
Fund those from lower economic backgrounds so that they may obtain college degrees. More educated people walking around will produce more of a benefit than anything else I can think of.
No less then $1 million, must stay in the US and can’t go to schools. Well instead of just paying for schools why doesn’t he set up a fund to help recent grads from college pay off there student loans. That would help a lot of new working class Americans start off with out any debt. I know I’d love someone to come in and buy out my debt once I graduate. He could do it for any number of people to get it to any amount he wants.
Please ask Michael to reconsider the ‘only in the US’… The money will go a lot further and have a greater effect if invested in community level projects in (say) Africa. The existing programmes to cure catracts/river blindness and get people back to work; providing toilets; loans to buy animals; small food growing projects… Money going direct to communities which generates health, income and jobs has an enormous effect.
Well, I’m sure more than a few people will post a comment along the lines of “I’ll be happy to take some $10 Million of your hands”….
I guess as someone who has worked in small business most of his career and even worked on my own from time to time, I would suggest at small business fund. Sure there are bank loans and whatnot, but most banks won’t look at you until you have two years of steady business under your belt. That’s two years of funding your own business via any kind of credit you can get your hands on, home load, credit cards, etc…
I suggest an immediate cash infusion to the NJ chapter of the Legion of Dynamic Discord (LDD) to help us grow our golden apples throughout the garden state.
Seriously – by schools are we talking public primary and secondary schools, or colleges and universities too? First thing I would do would be to set up a scholarship to help with tuition and housing for students if my alma mater.
Healthcare. Found a clinic, offer scholarships and grants to recent med school grads as an enticement for them to become GPs rather than specialize, fund sex ed, partner with your local hospital(s) to promote preventative care… I could go on and on, but it’s his money.