- MacKenzie Scott Gives $436 Million to Habitat for Humanity.
- World No. 1 Ash Barty, 25, Announces Retirement from Tennis.
- Afghanistan’s last finance minister, now a D.C. Uber driver, ponders what went wrong. Semi-related, no prime minister of Pakistan — a country that has swung between democracy and dictatorship — has ever completed a full term in office (The Financial Times).
My amazing playwriting aside, the Jeff Bezos/MacKenzie Scott divorce is an illuminating tale for people committing to one another for the long haul.
The conventional wisdom is that a lack of money and related money fights explain why so many relationships fail. That’s certainly true, but not the whole story. Even people with money can have devastating money disagreements because everyone has a unique money history and no two people will ever think about it the same way.
The bottom line. Couples don’t explore their “money compatibility” nearly carefully enough in the early stages of their relationships. The key is to figure out whether you and your partner are more similar in your thinking about saving, spending, gifting, and investing than not. No, that’s not particularly sexy, but do you want to measure your relationship by decades or not?
One little complication, by which I mean, huge complication. People change over time. Maybe MacKenzie didn’t know Jeff wanted to be the richest person in the world because he may not have wanted to be until his first or one hundredth billion.
What to do about the unknown? Anticipate that your thinking about money will change over time, not radically, but moderately. Similarly, anticipate that your partner’s thinking will change too. Meaning “money compatibility” is always a work-in-progress. Talk about saving, spending, gifting, and investing with some regularity or run the risk of serious differences creating dangerous cracks in the foundation of your relationship.
The setting: Jeff Bezos’s and MacKenzie Scott’s Medina, WA kitchen. After working together to make Kraft macaroni and cheese with hot dogs, they serve themselves, grab two cans of Mountain Dew, and sit down at their formica dinner table. It’s one of their last dinners together as a married couple. A few days following this meal, they decide to pull the plug on their marriage.
Jeff: Mac and cheese with dogs never gets old. [laughs uncontrollably]
MacKenzie: No, it doesn’t. [inner voice. . . but your laugh has sure started to]
Jeff: What did you do today?
MacKenzie: I spent most of it journaling. Which helped me realize I don’t want to help you turn Amazon into the world’s retail store anymore. I think $182 billion is enough money. I want to make the world a better place through writing and giving my share of our money away.
[All the while, Jeff texts Lauren Sanchez under the table.]
MacKenzie: [Softly, sadly, and with a deep sense of resignation.] Did you hear me?
Jeff: Yes, you said you want to help me make Amazon into the world’s retail store.
[MacKenzie stares at Jeff in silence]
Jeff: [Head in his lap.] Can you pass the applesauce?
A New York Times primer for anyone who doesn’t know MacKenzie Scott, the eighteenth wealthiest person in the world.
“Ms. Scott, who was formerly married to the Amazon founder Jeff Bezos, the world’s richest person, has pledged to give away most of her wealth. Her shares in Amazon were valued at about $38 billion last year but would have gained value during the coronavirus pandemic.”
Scott isn’t letting the pandemic stop her from making true on her pledge. Quite the opposite. Last week she revealed she was “the one behind the donations to dozens of colleges and universities, part of nearly $4.2 billion she had given to 384 organizations in the last four months.”
As impressive as the amount Scott’s given away is is how her team did it.
“The money came after weeks or months of hush-hush conversations in which Ms. Scott’s representatives reached out to college presidents to interview them about their missions, several of the presidents said on Wednesday. When they learned who was behind the effort, it was a surprise to them, too. But it could not have come at a better time — when the pandemic was hitting their student bodies hard, they said.
‘I was stunned,’ Ruth Simmons, president of Prairie View A&M University, a historically Black college in Prairie View, Texas, said of learning that Ms. Scott was giving $50 million, the biggest gift the university had ever received. She thought she had misheard and the caller had to repeat the number: ‘five-zero.'”
Scott is the antithesis of most ultra wealthy philanthropists who almost always give to their alma maters, most of which are already flush with nine or ten figure endowments.
“Ms. Scott’s latest gifts bring her charity to almost $6 billion this year, an extraordinary amount. In another unorthodox touch, she announced them in a Medium post on Tuesday. ‘This pandemic has been a wrecking ball in the lives of Americans already struggling,’ she wrote. ‘Economic losses and health outcomes alike have been worse for women, for people of color, and for people living in poverty.'”
Experts on philanthropy were surprised to see Scott associate herself with institutions that were “much more humble and, indeed, needy.”
“To these institutions, a $20 million donation was the equivalent of several times that to a Harvard or Yale, and could have a disproportionate impact.
‘One of the things that’s so incredible about this massive grouping of gifts is that she does not have a personal connection to most, if any, of these universities,’ said Kestrel Linder, chief executive of GiveCampus, a fund-raising platform that works with colleges and universities.
Ms. Scott made gifts to more than a dozen historically Black colleges and universities, as well as community and technical colleges and schools serving Native Americans, women, urban and rural students.”
Dare to be different. And hella generous.