Is MacKenzie Scott the Red Hot Chili Peppers’ biggest fan?
As the nation’s most visible philanthropist, MacKenzie Scott has earned significant attention for the large donations she’s made and for how she made those gifts.
Her giving brings to mind the lyrics of the Red Hot Chili Peppers’ 1991 hit song “Give it Away.” Is it possible that Scott, in addition to her altruistic drive, wants to demonstrate that she is the band’s biggest fan?
"Give it Away" calls for people to engage in philanthropy. MacKenzie Scott's generosity offers a real-life example of how one person's actions can transform communities and society at large. Her decision might have been influenced by the very message conveyed by the song.
At its core, "Give it Away" encourages listeners to embrace the act of giving without expecting anything in return. The lyrics suggest that by sharing love, positivity, and even material possessions, we can create a positive impact on the world. Let’s take a closer look at the lyrics and Scott’s actions to see how they align.
“Unimpressed by material excess; Love is free, love me say hell yes”
Scott recognizes that her fortune far exceeds what she or even her children need to live comfortably. Rather than spending money on space rockets or other pursuits more typical of billionaires, she has chosen a path that rejects ostentatious displays of wealth in favor of investing in humanity, especially organizations that serve some of the most vulnerable.
“Never been a better time than right now”
By default, rich people have historically put their names on private foundations, buildings, and the like. The IRS helps perpetuate the immortality of these organizations by only requiring them to give away 5% of their net worth each year. This leaves many to wonder if these private foundations don’t have the eternal fame of their benefactor as the core mission.
Scott bucks this trend by having pledged to give away at least half of her fortune during her lifetime.
Rather than name her private foundation after herself, she dubbed it “Yield Giving.” The name intentionally evokes the idea of giving up control. She explicitly rejects the idea of dribbling out smaller gifts for an eternity: the world and society have serious needs that we can, and should, address “right now.”
“What I've got, you've got get it put it in you … give it to your mamma … to your papa … to your daughter”
Scott also draws attention to another meaning of yield, “to increase.”
She wants to inspire her loved ones, and everyone else with wealth, to give generously because she knows that while her own giving can make a big impact in many lives, it will take a critical mass of the wealthy giving this way to decisively change the world for the better.
Her approach has already yielded giving. At the very least, Scott seems to have inspired her ex-husband, Jeff Bezos, to follow her example. In November 2022, he pledged to give away most of his fortune during his lifetime.
“Realize I don’t want to be a miser”
Scott’s way of choosing grantees turns traditional giving on its head.
Private foundations have traditionally expected grantees to complete lengthy applications only to compete against dozens, or hundreds, of other applicants. The value of the time that goes into the application process for all the applicants often exceeds the value of the grant, making the whole exercise a net loss for society. (If 100 organizations each put 20 hours into a grant application, and the one grant will only pay for 1,000 hours, who really benefits?)
Private foundations frequently put burdensome restrictions on their gifts as well. Case in point: gifts that pay for direct program expenses without covering the related staff or administrative costs to allow the program to function.
Scott made a big splash by rejecting that tradition entirely. Instead, she and her team conducted quiet research on candidate organizations with no applications. Once they found organizations that met their criteria, they offered them unrestricted support. No strings attached!
In Scott’s own words: “We do this research and deeper diligence not only to identify organizations with high potential for impact, but also to pave the way for unsolicited and unexpected gifts given with full trust and no strings attached. Because our research is data-driven and rigorous, our giving process can be human and soft. Not only are non-profits chronically underfunded, they are also chronically diverted from their work by fundraising, and by burdensome reporting requirements that donors often place on them.”
How do you like that for being the opposite of a miser?
“Give it away, give it away, give it away now!”
The song repeats its central message, “give it away,” 48 times. That’s a lot even for rock and roll!
Is Scott really their biggest fan?
"Give it Away" by the Red Hot Chili Peppers echoes as a timeless anthem of selfless giving and philanthropy. MacKenzie Scott's extraordinary pledge to give away a significant portion of her wealth serves as a real-world manifestation of the song's ideals. As Scott's actions demonstrate, embodying the spirit of "Give it Away" can create profound positive change, echoing the transformative power of both music and philanthropy.
Of course, I have no idea what kind of music MacKenzie Scott likes. But, based on what we see here, it wouldn’t surprise me to learn that she has life-sized bronze statues of the band members in her garden!
:)
What we know for sure is that she has chosen, instead of building a spaceship, to be a philanthropic guide star. As a guide star, she’s shining a bright light to inspire us all.
Additional reading:
https://www.cnn.com/2022/11/14/business/jeff-bezos-charity/index.html