Originally Posted by Annabelle
I think the idea is that if you are privileged, it is your sacred duty to give back to the world.
According to who? This statement seemingly implies that you should feel guilty because you happened to be born into a rich and/or happy family. Perhaps this mentality is why heirs typically squander large family estates within two or three generations, IIRC.
From a financial perspective, In my opinion, the bottom line is that it is your money, and assuming happiness is your goal, you should use it to achieve this end. If giving it all away to charity makes you happy, then great, do it. If spending it all on shoes and purses is your idea of bliss, have at it! Should the have-nots really be dictating what the haves do with their money?
From Atlas Shrugged
: "Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich--will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt--and of his life, as he deserves." "Francisco's Money Speech" by Ayn Rand -- Capitalism Magazine
From a moral perspective, should one "give back" by doing volunteer work? You don't need to be wealthy or happy to do volunteer work -- you just show up like everyone else. Do you need to establish a charitable foundation? College scholarship program? Hospice center? Again, it's your money, your happiness. I would only pursue these ventures because I want to, not because I feel like I have to. Although I wasn't born into a wealthy or happy family, I would not feel like I would need to apologize to the world if I was.