With all of the press Warren Buffett received after giving away a large sum of his wealth, I have begun to think about the responsibility of serving humankind. What would I do with a billion dollars. Would it be irresponsible to leave none of it for my offspring? Should I drop an endowment at FAMU or BTHS? There are some that would argue that offering up cash to squelch world hunger is more noble than affecting change domestically. Nonetheless, I believe that if I had that large sum of loot, it would be my choice alone. I would agree that that it is unlikely that any of the donation offered to the Gates Foundation would actually trickle down to inner-cities. However, if Buffett decided to drop a few million in say, Detroit, would it be synomous to pouring water through a sieve? I dunno.
What is clear is that the days of getting wealthy through the silver-spoon route are numbered. In fact, I would assert that the majority of people who classify themselves 'millionaires' didn't get it from an inheritance. They were likely very frugal and extremely industrious. Don't get it twisted, athletes, entertainers, and their ilk are aberrations and that sort of wealth is often _not_ sustained.
Rest assured, if I were a billionaire, my immediate family would be comfortable. If I had children, they'd have to earn it the old-fashioned way. No economic outpatient care (EOC).
I agree with your analysis that the silver spoon approach route is limited.It seems that as the differential between the wealthy and the poor becomes more drastic, it seems our society is returning more to a strict concept of rugged individualism. I can't say it's really a bad thing for the offspring of the wealthy, such as Buffet and Gates's children, who aren't left much by their wealthy parents. AFter all, they will still have received the best education and have great connections because of their parents so in the end they will be fine! It's the rest of the world that I worry about so I commend Gates and Buffet for doing the best thing for mankind.