Before I die, I would like to give away over half of my wealth.
With that goal in mind I’ve been thinking of ways to give away my wealth effectively.
Especially when I hear news similar to what one research institution in Bangladesh found of the more than 30 billion in foreign donor assistance received in the past 26 years 75% was not spent in Bangladesh. It was spent on equipment commodities and consultants from the donor country itself. It makes me very cautious to give to most charities.
Recently, I read the book “Banker To The Poor” by Muhammad Yunus. This man is a rockstar and rocked my world of how to eliminate poverty and give your wealth in an effective way.
He makes a great point that experts on poverty alleviation insist that training is absolutely vital for the poor to move up the economic ladder. But if you go out into the real world, you cannot miss seeing that the poor are poor not because they are untrained or illiterate but because they can not retain the returns of their labor. They have no control over their capital.
“Charity only perpetuates poverty by taking initiative away from the poor.”– Muhammad Yunus
He’s solution: empower the poor to have control over their capital with micro loans.
His foundation allows you to be a part of the solution, which I became a part of today!