• Sunday, February 25, 2024
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BusinessDay

Beyond wealth creation

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Bill Gates has for the last twenty years been amongst the richest men on the planet. Currently worth Eighty Billion Dollars he has also earned the distinction of being the planet’s greatest giver. Bill and Melinda Gates Foundation have given to date more than Twenty-Nine Billion Dollars to worthwhile causes.

One of the most touching aspect of this extraordinary individual is that he has created another passion and hobby that drives him. This drives him even after he made stupendous wealth; the desire to make this world a better place.

Warren Buffet, in his citation for the Forbes Philanthropy Award to Bill Gates recently remarked that the Gates’ work long hours on their foundation.

In fact, their foundation is not just a whim; they manage it just as they would their business, spending long hours and putting in lots of effort.

Now Mr. Gates has been able to do what lots of billionaires have been unable to do, which is to answer the question – What am I going to do when I have more than enough, more than I will ever need? Many wealthy people are driven to amass wealth. Wealth creation is a worthy goal,but they need to also look beyond wealth creation, retiring to invest in other meaningful pursuits.

Aside from the foundation, Bill teamed up with Warren Buffett to establish the Giving Pledge Organization, an initiative to get the world’s richest people to pledge to give half of their fortunes to help society. Currently one hundred and ninety three billionaires have signed the pledge committing themselves to a lifestyle of selfless giving to worthy causes.

This “second career” of one of the world’s richest men inspired Warren Buffet to make one of the most surprising decisions – turning over the bulk of his own billions to Bill Gates for distribution to worthy causes. Usually when it comes to giving many wealthy people prefer to set up their own foundations under their control to do this. Even though Mr. Buffett has a foundation he has been sufficiently impressed by his fellow billionaire’s efforts.

My admonition to you is to learn from Bill Gates and begin to plan what you will do after you amass wealth. There is more to life than being driven by fortune.

You can still make a huge and meaningful impact to your community and the
world at large when you achieve your financial goals.

The world is full of crisis. There is crisis of leadership, wrong values, money and health crises are amongst other ills plaguing our society.

We can’t depend on governments to make all the desired change, the world needs people to step to the plate and stand for something. This is not limited to wealthy people only but they have a better chance of making impact because scarce resources are required, which they control.

Don’t stop at planning what you will acquire with the huge fortunes you wish you had, ensure to back your wishes with actions to achieve this goal.

Plan ahead also to determine to use this wealth to improve society. Don’t let the money go to your head. According to Diana Ross’ song, “Reach out and touch, somebody’s hand; Make this world a better place, if you can.”

So on the day you finally amass reasonable wealth and you are asked what your next priorities would be, remember Bill Gates and Warren Buffet, whose next priorities are to, “give it all back.”

“Kenneth promotes Moneytalk, an organisation committed to empowering people with financial intel ligence to achieve financial freedom. Followhim on Twitter (@moneytalkng),
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E- mail (money@moneytalkng. com) or call
080 2312 2649.