He's Giving It Away!!

Billionaire Warren Buffett is giving his money away!!!

Now, I'm sure a lot of you don't know who the hell Warren Buffett is. The only reason I know him is because of my degree. Warren Buffett is like the investment guru. This guy has probably the most diversified portfolio in the world. He owns hundreds of stocks (by which I mean MILLIONS of shares) and this is how he mitigates his risk. He just owns stock in so many companies that if one goes belly up, he doesn't even feel it.

He's giving away 85% of his wealth...which let me remind you still leaves him with approximately $6.6 Billion. All the money is going to philanthropy. Five organizations are benefiting:

• Bill and Melinda Gates Foundation - world health programs and US education
  
• Susan Thompson Buffett Foundation - reproductive health, family planning pro choice, anti-nuclear weapons (I don't get how that one fits in, but there it is!)
• Susan A. Buffett Foundation - education for children of low-income families
• Howard G. Buffett Foundation - covers 42 countries, protection of wildlife habitats, clean drinking water, food relief, the plight of children, other humanitarian areas
• NoVo Foundation - education, reverse environmental degradation, uphold human rights, improve understanding and respect among different cultures and ethnicities

I'm sure these organizations will enjoy splitting that $37.4 Billion. Each organization will begin receiving shares this year until all the money has been distributed. However, they also must follow certain criteria to continue receiving the money. I'm not going to bore you with how he's converting his shares, etc. You just won't know what the hell I'm talking about. Here's an example:

The Bill and Melinda Gates Foundation have been allotted 10 million shares. They will receive 5% of this each year until the foundation has received all 10 million. So, in year 1, they get 500,000 shares. In year 2, they get 475,000 shares. Etc, etc.

This is a huge deal. So much is said about the split between the rich and the poor. And it's great to see someone finally giving away their money. Warren Buffett is a smart guy. He knows that he doesn't need this money. And he's raised his family to know how to make their own money. They don't need $40 Billion.

Kudos to you Mr. Buffett.