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| Andrew Carnegie (Left) and John D. Rockefeller (Right) |
- Philanthropy - "The desire to promote the welfare of others, expressed especially by the generous donation of money to good causes."
- Different from charity because it doesn't have to be given to people in need, but rather just given to organizations in an attempt to better society or improve a specific aspect of the community
- Charity - "An organization set up to provide help and raise money for those in need."
- Carnegie had retired at age 66 as the richest person in the world
- Wanted to give his money away
- Believed in the "Gospel of Wealth" - idea that wealthy individuals morally obligated to give money back to people in society
- Ultimately gave away 90% of fortune
- Founded Carnegie Institution to fund scientific research
- Started a Pension Fund for teachers and donated 10 million dollars
- Donated money to build over 2,000 public libraries in support of education
- Donated 125 million dollars to the Carnegie Corporation for colleges and schools
- Established Carnegie Endowment for International Peace in support of world peace
- Carnegie gave away over 350 million dollars for philanthropy
- Thought that all one's wealth that wasn't used for supporting one's family should be freely donated to the community
- Main goals/interests were education and world peace
- Free public libraries
- Rockefeller donated over 500 million dollars for philanthropy
- Supported education, religion, and science
- Rockefeller was more involved in medicine, science, and religion than Carnegie was
- Carnegie was more involved in education and world peace
- There are 26 Carnegie organizations currently
- Supporting art, education, international affairs, peace, scientific research, etc.
- Carnegie Corporation of New York
- Council for Ethics in International Affairs
- Dunfermline Trust
- Endowment for International Peace
- Carnegie Foundation
- Foundation for the Advancement of Teaching
- Carnegie Hall
- Institution for Science
- Library of Pittsburgh
- Carnegie Mellon University
- Museums of Pittsburgh
- Trust for the Universities of Scotland
- UK Trust
- Hero Fund Commission (US)
- Hero Fund (Belgium)
- Foundation in Denmark
- Foundation in France
- Foundation in Italy
- Foundation in the Netherlands
- Foundation in Norway
- Foundation in Sweden
- Foundation in Switzerland
- Hero Fund Trust (UK)
- Warren Buffett:
- Net Worth of 84.9 billion dollars
- Has donated over 46 billion dollars for philanthropy since 2000
- Formed the Giving Pledge with Bill and Melinda Gates
- Asking the wealthiest individuals to give at least 50% of their wealth for philanthropy
- Pledges he will give 99% of wealth for philanthropic causes
- Use only 1% for family
- Explains that this giving can help others far more, and that keeping 1% of his wealth gives him and his family more than what they need or want
- Donated 2.9 billion, then 2.6 billion more to charities
- Like Bill and and Melinda Gates Foundation and Susan Thompson Buffett Foundation
- Frequently gives to these
- Donated tens of millions to Planned Parenthood Federation of America / National Abortion Federation
- Says he will leave his children 2 billion dollars each
- The rest will be donated for philanthropy
- If I were a philanthropist, I believe I would invest in medical research and innovation that could lead to breakthroughs and solutions in the medical field. That giving could help accelerate cures and treatments for diseases, physical ailments, and all sorts of similar issues. I would be inclined to invest in this way because I am interested in the medical field, and also believe it would be very beneficial to people and families all over the world.
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