Advice for Facebook Millionaires

On Friday, Facebook raised $16 billion in the third largest public offering in U.S. history.  Instantly, scores of Facebook employees became millionaires.  In "Humble Advice for Facebook's New Millionaires" in the San Francisco Chronicle, Kerry Olson and Dave Katz, co-founders of the Firelight Foundation, a nonprofit organization that works to improve the well-being of children made vulnerable by HIV, AIDS, and poverty in sub-Saharan Africa, offered this advice...

"...These newly wealthy folks will eventually have to ask themselves an important question: What should I do with this money?  As a couple who was fortunate enough to face that question when we benefited from Juniper Networks' IPO more than a decade ago, we would urge Facebook's employees to consider devoting a share of their newfound wealth to philanthropy.

"They are well suited to charitable giving, but not just because they have money.  They've proved that they rapidly can build a successful, innovative organization from scratch — as well as identify needs within a community and then meet them.  Skills like these are crucial to solving the difficult social, scientific, and political problems plaguing our world today.

"The beneficiaries of Facebook's IPO will soon find themselves with seemingly limitless options for their money.  Previously unimaginable lifestyles will be within reach — but so will the ability to help people and causes in life-changing ways.  And while it may be tempting to take care of all the friends and family who come calling, an ad hoc approach to charity can grow overwhelming — and lead to well-intentioned, but counterproductive giving.

"We chose to establish a nonprofit foundation to give our philanthropy a focused mission and structure — and to ensure that our good intentions yielded positive results.   In the same way, Facebookers who choose charity can take the lessons they've learned in their professional pursuits and apply them to their philanthropic goals."

For more information about Exchange's magazine, books, and other products pertaining to ECE, go to www.ccie.com.

© 2005 Child Care Information Exchange - All Rights Reserved | Contact Us | Return to Site