There is a common Hindi adage that goes as follows. Why accumulate wealth for an unworthy son. And why to accumulate wealth for a worthy son. The adage is putting across the fact that accumulating wealth for one’s children is essentially a futile act. Worthy sons can create their wealth, and unworthy sons will squander it anyway.
It is a misfortune that this thought does not have many practitioners. Luckily, there is a community, though small, that is trying to change this. A lot of like-minded people are coming together to now give back to the society their wealth. The LivingMyPromise is a movement that was started by a group of professionals and philanthropy enthusiasts. The movement was inspired by the Giving Pledge, which was launched by Bill and Melinda Gates and Warren Buffett. This pledge invited the wealthiest individuals and families from across the globe to dedicate a major chunk of their wealth to giving back.
The Indian version is much broader than this.
The aim here is to get upper-middle-class Indians who have a net worth more than INR 1 crores, to promise that they will donate a minimum of 50 percent of their wealth for charity purposes. They desire to create a culture based on giving and build up a community of givers who are not restricted to just a few billionaires.
A retired couple from Karnataka, Uma Kathyayini, and Javali Ramanath happen to be among the 51 promisors that the LMP has had so far. More than 50 percent of their pension will go in supporting students from government schools in villages. The couple is more than happy to use their resources to uplift those around them. Joining LMP will help them connect with others who are doing similarly great work at large scales.
Venkat Krishnan, the founder of India Welfare Trust, was also among the first ones to commit. He has given more than half of his earnings, and he aims to give 90 percent of his cumulative wealth away.
People with young children and individuals who are not filthy rich are also joining the moment, and founders are sure that a thousand more will also join in.