Create a Personal Legacy Prize

Sam proposes creating personal prizes or competitions to incentivize advancements in specific areas, inspired by successful examples like the Nobel Prize and X Prize. This approach aims to leverage relatively small investments to spur innovation and create lasting impact.

Key points:

• Create a prize or competition in an area of personal interest or societal need

• Examples given: Nobel Peace Prize, Orteig Prize for transatlantic flight, X Prize for space travel

• Set specific goals or challenges for contestants to achieve

• E.g. fly from New York to Paris, develop reusable rockets, remove carbon from the atmosphere

• Offer a substantial monetary reward to incentivize participation and effort

• Prize amounts mentioned range from $25,000 to $100 million

• Benefits of this approach:

• Encourages innovation and problem-solving beyond just the prize money
• Can spur much larger investments from participants than the prize amount
• Creates publicity and excitement around the challenge
• Potential to make significant societal impact

• Considerations for implementation:

• Doesn't necessarily require huge sums - can start with smaller prizes
• May require more work than simply donating money, but offers more leverage
• Can be structured as an ongoing annual prize or a one-time challenge

• Viewed as a potential alternative to traditional philanthropy or inheritance plans