Carlos Slim (is that really his real name? Googling… his real name is Carlos Slim Helú, which is still kind of funny) is officially the richest man in the world, with a net worth* of $74 billion.
But being the world’s richest man in a country as poor as Mexico isn’t easy on your rep. Unlike Bill Gates and Warren Buffet, America’s wealthiest citizens, Slim hasn’t really focused on philanthropy.
Which led Cyntia Barrera Diaz from Reuters to ask, “What could you pay for with that kind of scratch?”
Here are some gems from the list she came up with:
- Enough tortillas for all 112 million Mexican citizens for 11 years
- NASA’s total budget for the next four years
- Mexico’s entire public education budget for ten years
- 1,617 25-carat pink diamonds
What does Carlos think about giving away his money?
“Wealth is like an orchard. You have to share the fruit, not the trees.”
If you’ve been in Europe recently, you’ve probably noticed all those extra digits in the price of “petrol.” In the U.S., we’re horrified at the idea of paying $4 a gallon for gas, but in Norway they’ve already blown past the equivalent of $9.
But… why? Is it harder to pump oil in to Norwegian gas stations? Is greater demand among the Norse driving prices up? Not even.
According to Aaron Smith at CNN, it’s pretty much all about the government. Governments can either charge their citizens extra to buy gas (by taxing it) or the pay them to buy gas (by handing out subsidies, which lower the price per gallon).
Taxing gas is useful because the money pays for government programs. And handing out subsidies is useful if you want to keep your population happy. (You see this a lot in oil-producing nations like Saudi Arabia. It’s hard to be angry at the super-wealthy ruling elite when they’re basically paying for your gasoline.)
The moral of the story: Stuff is only worth what someone says it’s worth. $3 or $10, you still need it to make your Hummer go.
How much do you think you should pay to fill up your gas tank?
TILE showed up for part of the Global Student Entrepreneur Awards at the New York Stock Exchange this October, and we met some young folks who made us feel bad about sleeping through college.
Take Milun Tesovic, for example. He wanted a better way to find song lyrics online, so he messed around on his computer for a few hours and – next thing you know – he’s a CEO and winner of the Global Student Entrepreneur Awards. Check him out.
Watch the oh-ficial GSEA 2010 recap video here. To see all our GSEA interviews, click here.
Congratulations – you’re witnessing history in the making! “Mars Needs Moms” – the 3-D animated Disney disaster that came out last weekend – has had one of the worst opening weekends… ever.
The film earned $6.8 million in its opening weekend… but it cost about $150 million to make. Most movies break even within a few weeks of release and then – ideally – start to turn a profit. Not so for this tribute to the power of moms. Though it brought in some revenue, it wasn’t enough to cover the cost of producing the flick.
Disney distribution president Chuck Viane says the problem is simple: “Not enough people came to see the movie.” (Um, duh.) One possible reason is that there were a lot of other animated movies in theaters this weekend, and Earth moms weren’t about to shell out $20 for 3D tickets to all of them.
So were the dismal box office numbers a product of poor timing or a cruel twist of fate?
Perhaps the movie’s budget directors should have taken Budgeting 101?
What’s up with 3-D movies anyway? Are you paying to see them?
After so much media coverage devoted to videos of water swallowing up cities, we were interested to see this Reuters article from Monday about the financial implications of Japan’s bad luck.
The stock market is operating under very rare conditions, and some of the news was really surprising. For example, this is the worst hit the market has taken in two years… but it’s the worst natural disaster the country has ever seen. Why didn’t the markets totally crash?
As a matter of fact, some stocks and sectors were actually doing very well on Monday. Here are some interesting facts from the report:
- The construction industry was booming, probably because demand for rebuilding will soon be enormous.
- Stock in the company that owns one of the nuclear power plants in danger of meltdown – Tokyo Electric Power – dropped 24% almost immediately.
- The technology sector, once one of Japan’s strongest, took a nosedive.
- Investors were selling off their long-term bonds* (20 years or more), which means that they’re not confident Japan will be able to repay their bond debts in the future.
- The earthquake happened on Friday. By Monday, the Bank of Japan was ready to announce that it would inject 15 trillion yen (about $187 billion) into the economy to support it during the crisis. (Kind of like the U.S. Treasury has been doing here to keep the economy afloat during the recession.)
- This vote of confidence inspired investors to purchase more short-term bonds (10 years or less).
This just goes to show you that changes in the stock market are all about what investors predict. These predictions can be rational or irrational, but the speculation never ends – no matter what happens.
* A bond is a kind of debt sold by governments and corporations to raise money. Basically, when you buy a bond, you’re buying the seller’s promise to pay you back (usually with a fixed interest rate) on a predetermined date.
After so much media coverage devoted to showing videos of water swallowing up cities, we were interested to see this Reuters article from Monday about the financial implications of Japan’s bad luck.
The article describes a stock market operating under very rare conditions, and some of the news was really surprising. For example, this is the worst hit the market has taken in two years… but it’s the worst natural disaster the country has ever seen. Why didn’t the markets totally crash?
As a matter of fact, some stocks and sectors were actually doing very well on Monday. Here are some interesting facts from the report:
When something really bad happens in the world, we all feel hurt. And helping each other out is one of the best ways to alleviate that pain. But that common sense advice about not shopping when you’re hungry and not investing when you’re anxious also applies to giving.
Saundra Schimmelpfennig at the Chronicle of Philanthropy shared some advice on how to give smart in an urgent time of need. She encourages “disaster philanthropists” to think carefully before pledging their money to an emotionally compelling cause.
Here are some of her points that we think are especially important:
Make sure the organization you’re donating to actually has permission to operate in the affected area. (This is a no-brainer, but some governments refuse or limit access to foreign aid organizations.)
Consider giving to organizations that were operating successfully in-country before the disaster. They may have more resources and connections than many of the big-name international nonprofits.
Don’t be sucked in by projects that tug at your heartstrings. Sure, donating to an animal shelter seems like the natural thing to do after seeing this picture, but does directing your resources there really address the most critical needs on the ground?
Give aid organizations the freedom to choose what your donation pays for. They know better than you what the most important projects are.
Don’t forget about the disaster as soon as the news outlets do. Most of the expense and hard work happens after the initial emergency relief efforts end. Rebuilding houses, schools, communities, and lives can take years. Your donation will mean just as much in six months as it does today.
Ready to make an impact? Text a friend and ask them to donate with you. With two researchers on the job, you can probably find a perfect organization – and double your donation in the process!
When something really bad happens in the world, we all feel hurt. And helping each other out is one of the best ways to alleviate that pain. But that common sense advice about not shopping when you’re hungry and not investing when you’re anxious also applies to giving.
Saundra Schimmelpfennig at the Chronicle of Philanthropy shared some advice on how to give smart in an urgent time of need. She encourages “disaster philanthropists” to think carefully before pledging their money to an emotionally compelling cause.
Here are some of her points that we think are especially important:
Make sure the organization you’re donating to actually has permission to operate in the affected area. (This is a no-brainer, but some governments refuse or limit access to foreign aid organizations.)
Consider giving to organizations that were operating successfully in-country before the disaster. They may have more resources and connections than many of the big-name international nonprofits.
Don’t be sucked in by projects that tug at your heartstrings. Sure, donating to an animal shelter seems like the natural thing to do after seeing this picture, but does directing your resources there really address the most critical needs on the ground?
Give aid organizations the freedom to choose what your donation pays for. They know better than you what the most important projects are.
Don’t forget about the disaster as soon as the news outlets do. Most of the expense and hard work happens after the initial emergency relief efforts end. Rebuilding houses, schools, communities, and lives can take years. Your donation will mean just as much in six months as it does today.
Ready to make an impact? Text a friend and ask them to donate with you. With two researchers on the job, you can probably find a perfect organization – and double your donation in the process!
Even when disasters happen in far-away places, you can still help. Donating money is a great place to start, but don’t stop there. Hosting a fundraiser is as easy as inviting some friends over for lunch or making a page on crowdrise.org.
And Alanna Shaikh says that volunteering in your hometown is a lot more valuable than you might think:
“There is a lot of work at aid agency headquarters that can be done by committed volunteers, and that work often has a huge impact. Everything that a volunteer does pushes down overhead costs and frees up money for the organization to spend on international relief.
I was an Oxfam American volunteer back in the day, and I helped transcribe field interviews for qualitative surveys, edit and format documents, and prepare press releases. It was interesting work, and it was part of what led me to the work I do now. At International Medical Corps, our volunteers drafted situation reports, answered correspondence, and did literature reviews, among other things.”
Check out DoSomething.org, idealist.org, or the website of your favorite aid organization to get some ideas.
