Giving Back

the Giving Pledge - a movement spearheaded by Warren Buffett and Bill and Melinda Gates - revealed the names of 40 individuals and families who are taking up the challenge to give away at least half of their net worth during their lifetime or at death. Along with a commitment, the philanthropists all posted a letter explaining why they were taking the plunge. Analyzing their remarks offers a rare glimpse into the minds of the richest of the rich: how they view their fortunes and where they think their money should go after they die. The most common philosophy: That a life of monetary excess can be an empty life if the wealth does nothing to advance a greater cause. Buffett says he and the Gates have pitched the idea to about 70 to 80 people on the Forbes 400 list so far. While Buffett is pleased that half of those contacted so far have risen to the occasion, many of them, including Ted Turner, Larry Ellison, and Thomas Monaghan, had already made a commitment to give away much of their wealth. Still, Buffett says there are many more people to recruit, and he plans to urge others to join the giving campaign through dinners similar to the first hosted in May 2009. "We're off to a terrific start," he says. The cast of billionaires came from far and wide, including a sizeable number from California. For some, such as Monaghan, who founded Domino's Pizza, (DPZ) joining the Buffett-Gates mission was almost like answering a religious calling. Bill Gates contacted the 73-year-old businessman and philanthropist, who has made it part of his mission to promote Catholic higher education. "I came into the world penniless and as a Catholic Christian, I know that I cannot take any of it with me, so it has long been my desire to use the material resources that I have been blessed to help others in the most meaningful ways possible," Monaghan writes in his pledge letter.