447: Stephen Schwarzman | Lessons in the Pursuit of Excellence

Philanthropy

Stephen Schwarzman shares his philosophy on philanthropy, emphasizing the importance of giving back to society. He has pledged to donate at least half of his wealth, aligning with figures like Bill Gates and Warren Buffet. Schwarzman believes that wealth should be recycled for societal benefit, reflecting a moral obligation to contribute to the greater good.

Basically, it's not about you. You have to in effect, recycle this for the benefit of society. And that's part of what you do. That's part of being a moral person. It's part of being part of society.

--- Stephen Schwarzman

He discusses different approaches to philanthropy, such as the idea of giving away wealth within a specific timeframe, as advocated by Mike Bloomberg 1.

   

Impact

Schwarzman also explores the impact of effective philanthropic contributions on social change. He stresses the importance of thoughtful giving, considering what interests the donor and what would be beneficial for the world. This approach ensures that financial success translates into meaningful societal benefits, a view shared by other philanthropists like Mike Bloomberg, who prefers to distribute his wealth within a decade.

Some people say, "I want to live that forever." Other people like Mike Bloomberg, for example, "I want all this stuff to go away in 10 years, just give it all away."

--- Stephen Schwarzman

Schwarzman highlights the necessity of planning for the future, ensuring that wealth continues to benefit society even after one's lifetime 1.