Isn't it refreshing to see a story about someone giving back?

Not every wealthy person is Ebenezer Scrooge, clutching every penny for himself. Some of the wealthiest people on Earth also realize how fortunate they are to have been so blessed, so they share the wealth. When they open their pocketbooks, they aren't stingy.

Just look at Jeff Bezos, who recently announced he was donating $100 million to food banks to help America get through the coronavirus. Wow! That's so much money, and he's just giving it away! It's way more than you or I or several families put together are likely to earn in our entire lifetimes! It's more money than you could fit in your fridge in stacks of $100 bills—unless you're Nancy Pelosi.

If you had that much money in a bank account with just 1% interest compounding annually, you and me and those several families could easily live off that interest without ever touching the principal! Forever! Come to think of it, it's kind of more money than any one person could ever need or even spend on anything reasonable.

Sure, if you want your own private jet to shuttle you around the world eating dinner off the naked bodies of a series of celebrities, you could spend that much pretty easily, but if you just want to have a good, satisfying life, $100 million in the banks isn't much better than an $80,000 salary—depending on factors like your debt burden and the cost of living where you live.

So why don't any one of these mega-billionaires like Mark Zuckerberg, Bill Gates, Elon Musk, and Michael Bloomberg—if they really are as generous as they seem—just give away their riches and secure a place in history as the person who personally ended world hunger or homelessness in America? They could even keep a few hundred million to continue living like kings (or at least like Warren Buffett).

Surely it must not be that simple? Because if this was just a matter of private greed preventing that kind of transformational change, governments would surely have used their ability to levy taxes for the public good to seize that fallow wealth and make the world a better place. There has to be some reasonable explanation for why they don't just give it all away. Surely...

In this series we'll look at myths around philanthropy, including the notions that it's possible for billionaires to be generous, that their "wealth" is substantially different than money, that their private foundations do a lot of good, and that they are patrons of the arts.

But to start things off, let's look at one of the simplest explanations for this disconnect.

Myth: Charity Is Actually Better Than Taxation

What you'll hear

Government intervention is a blunt instrument, and charity is a scalpel.

The government is okay at helping people, but charity is really the way to go. Private individuals aren't hampered by government bureaucracy and can respond more efficiently and directly to needs as they occur. Over time we should try to shift toward a more voluntary charity-based model of social assistance, rather than relying on big government.

Why It's wrong

Actually the opposite is true.

During economic downturns, when the need is greatest, government assistance like unemployment, food stamps, and welfare kick in automatically to help those in need. They're called automatic stabilizers, and they help to mitigate the impact of these crises and make it easier to shift toward recovery.

Automatic stabilizers | National income and price determination | AP Macroeconomics | Khan Academy www.youtube.com

Meanwhile the wealthy are often anxiously tending to their own floundering finances or businesses amid the tumult and aren't as likely to open their checkbooks for charity. What this means is that charitable giving actually declines when people need it the most.

On top of that, as bad as politicians often are at being responsive to the needs of their constituents, at least they have constituents. By contrast, there's nothing to stop the wealthy from holing up in their gated compounds, beholden to no one and only responsive to the needs of the rarefied elites they know—donating to foundations developing a cure for gout or gene therapy to treat Habsburg Jaw.

To the extent that they are aware of the plight of others, it's often connected to their religious affiliation, which is why religious charities—that often spend money on churches and missionary work and who proselytize to the needy—are among the largest charities in the US.

If you don't mind someone else's idea of God determining which causes are important and who gets helped, then charity is a great way to go. For the rest of us, higher taxes on the wealthy—and reducing the amount they can dodge those taxes through, say "charity"—would be better.

In this sense, a blunt instrument is often exactly what we need—just a flood of money going to everyone who might realistically need it. And while government bureaucracy is annoying and should be cut where possible—particular when it comes to overzealous means testing—the fact that the federal government deals with such massive sums of money actually makes it possible to consolidate administrative overhead.

All this means that the government can actually use its resources for the public good far more efficiently than a bunch of disparate charitable foundations. In other words: Taxation and government handouts are (generally) much better than charity.

Charity: how effective is giving? | The Economist www.youtube.com

While charitable donations have the added value of making rich people feel good and earning them some good PR, they aren't actually better for the world—or even nearly as good—as a robust social safety net. That means we should really limit the amount of taxes that can be written off through charitable donations.

Of course, without that tax incentive a lot of charities might receive substantially less in donations from the ultra-wealthy. But in that case we would have to ask: Are Billionaires really that generous? Check out our next installment to find out.

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I’ve been feeling very British lately. Not in a Union-Jack-obsessed, “Keep Calm and Carry-On” way. I went through that phase in 2012 with everyone else… no thank you. And it’s not even a surge of patriotism catalyzed by the Queen dying — I’m firmly team Diana and team Meghan.

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Quiet Quitting is the latest trend among Gen-Z TikTok that encourages setting boundaries at work

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Toni Morrison has an anecdote about her first ever job, which was cleaning some neighborhood woman’s house. The young Toni arrived home after work one day and expressed her troubles to her father. But he didn’t provide the sympathy she expected. Instead, he gave her something better — his advice:

“Listen. You don’t live there. You live here. With your people. Go to work. Get your money. And come on home.”

Years later, she wrote about this remarkable experience for the New Yorker and said, in hindsight, this is what she learned:

1. Whatever the work is, do it well—not for the boss but for yourself

2. You make the job; it doesn’t make you

3. Your real life is with us, your family

4. You are not the work you do; you are the person you are

What Morrison so eloquently articulated was setting boundaries. I revisited this piece during the pandemic when working from home ramped up in earnest. Back when work was one of the few things that anchored my day.

Without a physical office, the pandemic shattered the work/life balance for many people. There was no more of that physical separation that Morrison talked about. There is no coming home from work physically. There is no real life to come back to — just a manufactured commute to your laptop in your makeshift home office.

But, par for the course, Gen Z are navigating this boundaryless era using TikTok. While internet gurus promote hustle culture and constant online availability since you’re not getting face time with your managers, there’s a trend in town — “quiet quitting.”


@zaidleppelin On quiet quitting #workreform ♬ original sound - ruby


The trend arose from the depths of the pandemic. Layoffs, salary cuts, and furloughs proved that their employers did not care about their hard-working employees.

The Washington Post dubs quiet quitting as a fresh trem for an old phenomenon: employee disengagement. In many cases, it’s a response to burnout. For much of Gen Z, it’s a way of establishing healthy boundaries in the office and resisting the pressure of the rat race. After all, why work yourself to the bone for a company that just proved it’s ready and willing to let you go?

Despite the term’s negative connotations, Quiet Quitting can provide an empowering shift in thinking for employees.

For far too long, employees have been indoctrinated with a slew of toxic workplace advice. Faced with these old misconceptions and lacking job security or clear paths for advancement, Gen Z is untethering their identities from work.

Quiet quitting — therefore — might be a bit of a misnomer. These employers aren’t completely disengaged. They’re certainly not launching Flight Club-esque sabotage attempts on their employers. NO. Contrary to media panic, Gen Z understands the value of a job — the fickle market they entered ensured that. But they also understand the value of life.

They’re doing what they’re being paid for. Nothing more, nothing less.

According to Chief, a private membership network focused on connecting and supporting women executive leaders, older generations should learn from this approach.

“Gen Z has already endured the largest seismic shifts to the career landscape than any previous generation, having started their careers in the middle of a pandemic that changed office culture forever and a gig economy that makes piecing together work more viable. They’re taking both those realities and therefore demanding more autonomy and flexibility than any other generation.”

Gen Z are less attached to job titles and statuses. They’re more concerned about their lives. Sure, this can lead to problematic outlooks on money and experiences — see the “I can earn my money back” TikTok trend. But it’s better than hustling for no reward. Besides, as some Gen Z-ers put it on TikTok, the office isn’t even a vibe.

“With the ability to work from anywhere and for more than just one place, Gen Z-ers are forging their own paths that don’t rely on old patterns set by previous generations and are redefining what “career success” looks like. Gen Z can take note, as more and more leaders are similarly pursuing multiple income streams of their own through the form of a portfolio career. The way in which work looks like and where it happens is evolving.”

With less single-minded focus on one job, some TikTok business gurus advocate shutting your laptops precisely at 5 pm. And then jump onto your side hustle. Do nails or lashes on the weekend. Become social media managers for your phone. Sell soap on Etsy (again … perhaps not in the Fight Club way).

But this valorization of side hustles is not about hustle culture, either. They say job security isn’t guaranteed. Learning new skills and develop an alternate income stream/s to keep you afloat. Just make sure you’re not left in the lurch. BTW inflation is here. So every little bit helps.

But where do you start? Watching TikToks can only get you so far. Try a course on LinkedIn Learning to sharpen up your skills and learn new ones that you can turn into a verifiable side hustle — or leverage in your job search if quiet quitting leads to … real quitting.

Learn on your own time with bite-sized videos or in-depth courses. Watch them after work, before you clock in, or on your lunch break. Then, after your courses are complete, you’ll have certificates prominently displayed on your profile that prove your skills.