Warren Buffett, one of my heroes, announced today that he is giving about $37 billion of his fortune away. He will still have around $7 billion left. At age 75, he should be able to get by.

Buffett is a humanitarian and always has been. So is Bill Gates, the world's other richest man. Their combined billions will be used to help the poorest of the poor in third world countries.

Bill Gates has shown a knack for getting good bang for his philanthropic buck, using his money to immunize children in poor countries, amongst many other things. Buffett wouldn't give Gates a dime if he didn't know it was going to be well spent.

Buffett has always been an advocate of a 100% inheritance tax. The second richest man in the world, if the tax were introduced, wouldn't be able leave a dime to his own two children.

In fact, Buffett has provided for his children--but he has not felt the need to "flood them with cash," to use his phrase. Each has had to make their own way in the world.

But true to his long-time promise that most of his fortune would go to charity, Buffett has give a gift which dwarfs the philanthropic efforts of Andrew Carnegie and J. D. Rockefeller.