Buffett's advice on charitable giving · Transcript · BuffettMungerGPT

WarrenIf you're compounding your money at a rate greater than people generally do, you are in effect an endowment fund for society. And, you know, all kinds of organizations in the nonprofit area have endowment funds, and they think it's wise to have it. And they do that in order to get standard returns usually. And if you can compound it more and you're going to give it back later on, let somebody else take care of current giving, and you can take care of giving in 20 or 30 years. You know, when my wife had a baby, we hired an obstetrician. I didn't try and do it myself. I mean, when a tooth hurts, you know, I don't have Charlie fix it. I go to a dentist. So when I had money to give away, I believe in turning it over to people who are, and I've got five different organizations, including my three kids. And I believe in turning it over to people who are energized, working hard at it, smart, you know, doing it with their own money, the whole thing. And I get to keep doing what I like doing. I'm concerned I haven't given away a penny. I haven't changed my life at all. I don't want to change my life. I'm having a lot of fun doing what I do. And, you know, it's just a bunch of stock certificates that one way or another, they're going to go someplace. And what I really want to do is keep doing what I enjoy doing and feel that the claim checks that I accumulate that comes about for this are going to get used effectively for the same general purposes that I want to, would want to use them for, if I really had the energy and the interest in doing the job myself. But somebody else can keep doing the work.