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Please Tell Warren Buffet for me

I have somehow misplaced Warren Buffet's8217;s home phone number. Should anyone reading this happen to see him over the next few days, please shake his hand for me and tell him, 's8220;Carol says, 's8216;Well done, Warren!'s8217;'s8221; (Don's8217;t be surprised if he denies knowing me. Warren doesn's8217;t like to name-drop).



In the meantime, let me explain to you why I's8217;m so proud of my dear friend.



You may have heard recently that Warren has planned to donate about $37 billion of his personal fortune to The Bill and Melinda Gates Foundation. (News like that tends to get around.) That's8217;s super, but Warren's8217;s decision wasn's8217;t just generous; it was smart. Here's8217;s why:



1. He didn's8217;t start a new nonprofit. There are already about 1,600,000 nonprofit organizations out there. Rather than create a 1,600,001st, Warren chose to invest in a well-functioning organization that mirrored his own values, run by people he respected and trusted. (It probably didn's8217;t hurt that Warren and Bill play bridge together.) This is so much wiser than starting a new nonprofit, and is consistent with how Warren made his money: spotting talent and buying in.



Why do so many people want to start their own nonprofits For one thing, it is easier to start a new nonprofit than to change an old one. Anyone who's8217;s ever been a long-time member of the Rotary or the Junior League knows how difficult it is to change the entrenched rules and culture of an organization 's8211; even if change might be vital to the group's8217;s survival.



Another reason is ego. No matter how much money you offer to the American Cancer Society, they's8217;re probably never going to change their name to that of a loved one you's8217;ve lost. If you start your own organization, you can name it in honor of anybody you want 's8211; but the long-term good you could do may be limited, because you don's8217;t possess the organizational know-how to make the nonprofit thrive.



A third reason is control. When you found your own nonprofit, you get to hand-pick your board of directors. And as long as you have your own monetary flow and don's8217;t need them for fundraising, you can pretty much run things the way you want. Diverse opinions make decision-making more difficult, but in general, diversity results in better decisions.



2. Warren wrote a will in which he made his intentions clear to his heirs. This might seem like a simple thing, but most Americans neither have a will, nor do they discuss their charitable gifts with their children. I have earmarked money towards my favorite charities in my will for three reasons. One, I don's8217;t plan to die. Two, I don's8217;t miss the money today. Three, I don's8217;t want my husband's8217;s next wife getting my dough. Sharing your charitable intent with your kids will give you an opportunity to discuss with them what you value and why you made those choices. Ultimately, as much as any of us want to leave our kids a few bucks, we want to leave them with our values even more.



3. Warren went public with his gift. Many of us are conflicted about whether to donate anonymously. I believe that, ultimately, sharing your thoughts and generosity leads the way for others to do the same. And if some young show-off decides that to lead a full life, he or she has to be publicly generous, I can live with it.



So when you see Warren, pass along the well-wishes from me, and tell him Carol says don's8217;t be a stranger.



Carol Weisman, MSW, CSP, Mom is the author is Raising Charitable Children. To get your copy, www.RaisingCharitableChildren.com or to book Carol as a speaker, call her toll free at 888-500-1777.

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