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Money is one of those things we’re not supposed to talk about. It’s often considered in poor taste; a habit attributed to people who don’t know any better. How much we make, how much we spend, how much we have saved… those questions tend to be intrusive ones that we address only among those we’re closest to. I have never been one to keep to those rules. If you ask me how much money I make, I’ll tell you. If you ask me how much I paid for my home or my car or my shoes, I’ll tell you that too. If you ask me how much money I have saved… I’ll probably also tell you unless I think you might be trying to con me out of it. I tend to talk about the money I’ve made, and lost, with relative ease. Sometimes I want to share my excitement or disappointment (kind of the way you would at a Vegas roulette table), and other times I want to court the advice of someone I respect (I tend to be very good with money in some ways and absolutely clueless in others). I often wonder why my impulses are so skewed in this regard, and my conclusion is that beyond a certain point, money is simply not all that important to me. I grew up with parents who were alternately poor and well off; first among children whose parents could often be seen with food stamps, and later with kids who had summer homes in the Hamptons and French Alps. And I guess I finally came to the conclusion that people are people whatever they may have. So unlike many I know, I consider money to be nothing more than currency for goods and services. It isn’t a true measure of success for me (excellence is, not earning power… and I think the two aren't necessarily congruous), and having more rather than less of it is not something I find impressive. As a result, it’s not something I’m particularly secretive about. On the flip side, the effect of my attitude on people who are otherwise very shy about their finances tends to be that they feel pretty open with me. They know from my history that I value people far more for their ability to charm and thrill than I do for their wallets! Which brings me to Michael…

Michael is a smart, down-to-earth 31 year-old New Yorker who called me recently in a near panic. He’s about to inherit a large sum of money. So large it makes him downright nervous. Until now, he’s done just fine for himself and likes his life the way it is. He has a job he finds satisfying. His friends are close and true. His girlfriend loves him for all the right reasons. Now about to experience a $70 million windfall, he’s worried about how his life, his ambitions, and most importantly, the social sincerity of those around him, might change. So, after weeks of agonizing, he’s decided to do something unusual. He’s giving it away. All of it. Before he even has a chance to touch it. The big question is how to do it in a manner that is both meaningful and effective. While I’m no expert in this regard, I’m trying to help him figure it all out. And as I do, I figured I’d open it up to you guys to weigh in on too. A few parameters to keep in mind:

1) He wants to give it all away in 10 years.

2) He wants to give it away in the United States only – no overseas donations.

3) He doesn’t want to give any money to schools. He thinks that’s the government’s job.

4) He doesn’t want to give anything less than $1 million at a time – so no small grants.

On a specific note, how do you think this money would best be donated?

On a more general note, how would you characterize your relationship with money? Is it important, and if so, in what ways? Do you think that you are often assessed by your financial picture, and if so, how does that make you feel? Finally, does the amount of money someone else has effect how you view them?

Leelila_Strogov's Blog

Giving Away $70 Million

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