Saturday, February 29, 2020

Famous Last Words--I'll Give It All Away

Steve Jobs' widow says:
"“I inherited my wealth from my husband, who didn’t care about the accumulation of wealth,” she told the New York Times. “I’m not interested in legacy wealth buildings, and my children know that. If I live long enough, it ends with me.” [emphasis added]
IIRC Andrew Carnegie wanted to give away all his money.  He didn't accomplish that.  As the article at the link observes, there's still a Carnegie Foundation which gives away money each year.

Wjhy iis it hard for the rich to give away all their money (those who want to, like Carnegie and Jobs)?
  • money has this way of earning more money, You have to run faster just to stay in one place, much less lower the stock of assets.
  • those who manage the money as the donor grows old and after they die have a vested interest in keeping the flow of money going. 

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