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Can a rich person be a good person? (kbin.social)

submitted 2 years ago by [email protected] to c/[email protected]

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I don't mean doctor-making-150k-a-year rich, I mean properly rich with millions to billions of dollars.

I think many will say yes, they can be, though it may be rare. I was tempted to. I thought more about it and I wondered, are you really a good person if you're hoarding enough money you and your family couldn't spend in 10 lifetimes?

I thought, if you're a good person, you wouldn't be rich. And if you're properly rich you're probably not a good person.

I don't know if it's fair or naive to say, but that's what I thought. Whether it's what I believe requires more thought.

There are a handful of ex-millionaires who are no longer millionaires because they cared for others in a way they couldn't care for themselves. Only a handful of course, I would say they are good people.

And in order to stay rich, you have to play your role and participate in a society that oppresses the poor which in turn maintains your wealth. Are you really still capable of being a good person?

Very curious about people's thoughts on this.

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[–] [email protected] 4 points 2 years ago* (last edited 2 years ago) (1 children)

In theory, it's defenitely possible. Let's imagine a person who inherited 1 billion dollars. How their parents made that wealth has no impact on the morality of the person who inherited it. The only thing that matters is what they do with the wealth afterward.

While your argument is that a good person would give it away, that's a rather short-sighted approach. If instead, they invest that wealth at a 10% return and donate 99% of the returns to charity after 11 years, they have contributed more than if they would have immediately given away their entire wealth. But they are still considered a billionaire. And they are still making 1 million a year for themselves.

So just because someone has a high net worth doesn’t prevent them from being good. And you don’t have to play any “games” or exploit anyone to stay rich. Obviously, the exact numbers might not match the oversimplified version I presented. So instead of 11 years, it might take 15-20 years to give more than donating everything at once. But if set up correctly this could pay out money to people in need forever. Adjust the payments so that the initial sum keeps up with inflation and you could in theory pay out around 70 million in today's money a year for eternity.

[–] [email protected] 1 points 2 years ago

I think the hazard of temptation that comes from not immediately giving away as much as possible makes this strategy a failure. The longer you have money, the more you get used to having money and acquiring more. How many billionaires have pledged to give away all their wealth, and then surprise! Their kids inherit everything.

Just give it all away ASAP. Get it the fuck out of your hands.