What would you do if you had $59B tucked away somewhere?

RE: So, what would you do if you were Slim and you had a $59-billion fortune? Would it solve problems? How would this amount of money change the way you live?

Slim has openly expressed his objections over Gates and Buffett giving out bulk of their wealth to philantrophy, believing that generating businesses and jobs has done far more to uplift lives from poverty than any amount of charity has ever did.

Paradigm shift taking place as well?

re generating business and jobs in conjunction with charity, i think this can be done by setting up loan facilities for SMEs just like what that Nobel peace prize winner did (correct me if i'm wrong).

SMEs drive the economies of developing countries like ours. Problem is most entrepreneurs don't have the finances to start their own business and most banks don't give them the time of the day.

but hachiko, you didnt answer my question :).

I think Slim is too greedy. I hope new millionaires don't follow the principles he espouses.

Hmm...i can see Slim's point.

As the saying goes, "Give a man a fish and you have fed him for today. Teach a man to fish, and you have fed him for a lifetime".

Create more jobs. Establish livelihoods. (Lower the prices of original softwares!!!)

Greed is insatiable. It has no end. Until the grave, a greedy man is crying for more. The only anti-dote to Greed is GIVING!

@ Salve I think those comments give a hint as to how Slim wants to change the world. He simply believes it makes more sense to use his fortune to generate jobs and employment. Not really sheer greed, just a firm believer perhaps in the "fish for a lifetime" saying.

follow-up: it pays to recall that Russia, China etc. have failed in this altruistic charitable system known as socialism. Where jobs and social security are guaranteed for life but economy is stagnant.

Then Deng Xiaoping declares "to get rich is glorious", ends the generosity of state firms, so now China has the world's 2nd largest economy, they produce all our cellphones, and we can't get enough of their Colgates and White Rabbits :D hehehe.

Even there in China citizens openly admit (without fear of censorship, mind you!) Mao's era was an economic failure, nothing to wear but Mao suits and nothing to eat but kamote. This "welfare through jobs" saying make some sense for at least 1.3 billion people, I think.

slim is rich because his telecom company monopolizes mexico's telecoms industry. it's like at&t in the US before it was broken into smaller companies. he once said that's it is alright to share fruits of your labor but never share the tree itself. hmmm...i think that summarized his personality. what will i do with if i have $59billion? i'm not sure, that's too much money to think of.

creating more entrepreneurs is a very good idea. but there are times that charity or philantrophy may be the only way, like for sick people or abandoned elderly. i think these two areas are where my $59B, or part of it, will go, if i had it.

Salve, like what we've heard in those CSR dialogues, Slim can follow what Phinma is doing - investing in businesses that make life better for the poor, like low-cost quality education and low-cost quality housing. I think Phinma has a "profit cap" with these ventures. Charity and philantrophy aren't the only ways to give back, and while they're essentially good, they're also unsustainable.

$59 billion can finance a whole lot of schools, hospitals, microfinance institutions, etc. With a "profit cap" - like no more than 5% returns - that money can do a whole lot of good.

i will lend it to the government of the philippines to solve its problems. in return i will ask them to provide my immediate members of my family to live comfortably for the rest of their lives.(this includes the incoming generations to come)

I have always been an advocate of YSK or yamang sapat sa kailangan, or perhaps a little more than YSK. But since Sim has named me his sole heir to his wealth worth $59B, I might as well steward this well. I will arrange to set up a counterpart financial institution like the world bank and deploy this wealth for availment, at very low interest, by distressed countries in need of financial assistance.At this level of wealth, it will be impractical for an heir to personally attend to its disposition, hence I will empower that institution to run it professionally. I will attend to my YSK and enjoy the peace and security of living with friends and loved ones.

If I have a $59B fortune, I'd hire the best people in the world and come up with a doable action plan that would make all countries , starting with ours , be 1st world economies in the next 10-20 years...

Philantrophy by Gates and Buffett are for tax evasion purposes, also for PR purposes, good publicity, and if one look into the institutions that they gave out, most went back to white researchers and the crumbs that they gave out to poor are alms...Slim is right about giving jobs to poor people rather than give out rice and fish, better teach them to plant rice and raise fish!

No number is so big or so small just as long as it is channeled into something that positively change the society as a whole.

I will put half of it in trust funds where only the interest earnings will be utilized to finance the schooling of deserving students to study agriculture, mathematics, and physics. The world needs more people on these fields. The other half will be used to put up more businesses to create jobs; more irrigation infrastructures to our farms worldwide. More people need food to eat.

I will build my own university that can match the best universities in the world. It will be free for all bright minds, but it will put a bond to graduates that they must serve the Philippines for 10 yrs before they can get away this country. Then I will ran for president and hire people from my university. By that time, the Philippine economy will be the best in Asia!

What to do with $59B? I'll keep $1B for myself and give $29B to Dr. Yunus to put up a Grameen bank here, and $29B to the Missionaries of Charity for distribution to their missions worldwide.

babait naman ng mga kabayan ko : )

if a very charitable pinoy did have $59B, it wont be 5 seconds after he makes his plans to donate a chunk of it (in any way, shape or form) to the masses public (something that big can never be anonymous) before every greedy, corrupt piece of sh*t in the government will be calling him/her to try and get a piece of th pie.

hmmm.... why don't you guys give me that $59B first then I'll think about next on what to do about it...

@omski

"And when everyone is super, no one will be." - Syndrome

@Peter,

"Create more jobs. Establish livelihoods."

Do you think that creating more jobs and livelihood will not eventually lead to a 1st world economy?

@omski

No, I was reacting on your comment about making ALL countries 1st world.

hmm, there are more people interested in giving money to the poor etc etc than paying taxes. hmmm, VERY VERY interesting! :-). Paki analyze nga hehe

simple, kasi, tax evasion sila, they gave out peanuts naman....tapos maganda pa ang pangalan nila, pilantropo daw!

i'd probably produce a new Randy Santiago album and sell it over the internet....

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