Reply to When is it okay for rich people to spend money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]A lot of DCUM posts talk about how it is in poor taste for rich people to flaunt their money on nice houses, trips or the one I read recently, on a bar mitzvah.

We are rich. We try to teach our kids good values and humility. Certainly there are many things that they want that we don’t let them have.

But we have considerable money. We [b]donate generously[/b], volunteer our time generously and try to be good people.

If you aren’t rich, when and on what, in your opinion, is it okay for us to spend commensurately with our means?[/quote]what do you consider to be generous?  [/quote]

I’ve said this before but I’ll say it again - if you’re not familiar with the tax code for the rich, it’s easy to be bamboozled by private family foundations that are actually estate tax work arounds. You might see someone giving a bunch of money through a private foundation and think, wow, they are really generous! And it’s possible! But it’s as or perhaps more likely that setting it up was part of someone’s estate plan and now it’s this pot of kind of free money they get to give away however they want. In fact they have to give away a certain amount every year. And it’s really fun thanks to the development industry. [/quote]

What sort things are you talking about? Like throwing a galas for yourself with foundation fund? 
Or that Effective Altruism vacation villa? [/quote]

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