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Mother Teresa has serious competition if there’s someone in this soul crushing job giving away the majority of their money.
It might be more common than you think...a portion of the EA community chooses careers based on how they can make the most money to donate. Hard to make more money than banking!
I think that many MDs give more than most people realize. At the several boutiques, I interned at MDs would write checks left and right to give. Now this might be a little bit of maybe there's a deal out there that we can find, but with that said I still think they gave good chunks of change to the community.
Mother Teresa has serious competition if there’s someone in this soul crushing job giving away the majority of their money.
I'm a big fan of the movement but for my personal risk tolerance, I am more inclined to give money away in old age than as I go. I do make an annual donation on a smaller scale, in the past typically 5% of my bonus. In the future when my bonus represents a higher percentage of my income that will be lower however.
I would imagine this is most EA line of thinking. If you could build a large protfolio and give significant portions of Dividends away every year that would ultimately be a big game changer
.
Great point and totally agree
Isn't this what taxes are for
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Personally I think it's naive to give away a significant proportion of your cash today when you can invest it and grow at circa 8% average return compounded over the next 20 years, at which point you will have enough money to really make a difference.
Invest now, give later
On the other hand, the money you give away today can have an impact now versus 20 years later.
when the thesaurus goes wrong
It's a complicated question, but here are a few considerations:
what if ROI on charity investment compounds at higher than your rate of return (ROI here is quite subjective as you're trying to quantify social impact but still)
Might be an unpopular opinion, but giving your time to help someone is more effective than giving money. If you have the opportunity to teach someone something that they can apply to improve their circumstances, I'd rather give my time even if it's just an hour a month.
You’re the type of person to go on mission trips and think you made a difference, huh? Give me a break.
No - you get no breaks. Get back to work.
Give a man a fish, he eats for a day
Teach a man to fish, he eats forever
Pay for an altruistic man's fishing boat and he can feed his entire village + trade with merchants to better the community
Coming from a poor family (living under the poverty line during childhood/teenage years), I wholeheartedly believe that money is the best superpower you can have. It's an effective tool if used correctly.
There's only so much good you can do with your own time; if you have the proper amount of money and fund the right kind of people, you can make a MUCH bigger impact
While I shitpost on this forum, I joined the EA community. As an analyst I don't see myself donating much. However, If my compensation ever exceeds 300k, I fully intend to donate around 5%+ each year no matter what.
I get the most joy from giving gifts to relatives and friends and seeing their reactions.
I know that Wall Street attracts a disproportionately high amount of greedy narcissists and sociopaths, but I urge all of you to atleast pay things forward for others who are less fortunate if you have no intention of pursuing philanthropy.
God bless you Bumble Bee
Not a banker, but I donate to givewell (highly recommend) a good chunk annually
I thought this said effective autism
Don’t currently have plans to but I’m a bit of a bleeding heart so have massive respect for people who do. Maybe I will if people convince me to! I come from a pretty lower middle class family so it’s just hard for me to imagine giving away money so soon in my career, but maybe I’m just being greedy. Have lots of friends getting crushed by student loans or low paying jobs so it’s difficult to say.
If you're able to compound money significantly above market avgs then you should not donate until you retire. This is what most of the self-made HNWI I know do.
If you're only able to compound at 8% like a poster above, then you should be donating actively IMO. This is what a lot of the FO HWNI types seem to do.
There's only so much you can spend money on. There's good reason every religion advocates practicing charity, it's good for you.
I am so curious in what you actually do M1
Turnaround -> minority + control
Growth -> Flip positions as fast as possible via secondary offerings. Low hold = low risk of blowup during the VC bubble. Trading mindset VS long-term investment.
Right now mostly stuck as C-level at one of our portfolio companies since CAGR is still good. Will hire my replacement in the next 8 - 12 months.
Plan on giving away ~10% of all bonuses post tax going forward. Guess im posting it here to help hold myself to it.
Maybe itll give me some karma in the market, who knows. Feels good anyway.
Matthew 6:1
“Be careful not to do your ‘acts of righteousness’ before men, to be seen by them. If you do, you will have no reward from your Father in heaven.
So when you give to the needy, don’t announce it with trumpets like the hypocrites do in the synagogues and on the streets to be honoured by men.“
Terrible advice. Thoughtful discussion about effective giving is likely to boost overall giving.
Bruh, shut the fuck up. This is an ANONYMOUS forum for fucks sake. It's ironic that you're the one having a holier than thou attitude
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