Business Ops September 21, 2020

Former Billionaire

John Saddington @8bit

This is precisely what I’d like to do with my wealth when the time is right:

It took decades, but Chuck Feeney, the former billionaire cofounder of retail giant Duty Free Shoppers has finally given all his money away to charity. He has nothing left now—and he couldn’t be happier.

via Forbes

Put this squarely in the corner of #hashtag #goals — the reason it would be fun to make a ton of money is to then give it all away.

In fact, that’s already the plan — I’ve told my kids that they shouldn’t plan on inheriting much (if anything) because the goal is to give it all away before I die.

I’ve said this many times but I’m more sure of it now than I ever have been: The only good reason to make a ton of money is in order to support folks who can’t and who may not have the same amount of opportunities that you and I have.

And, on a more personal note, I feel blessed and fortunate to be able to make money in the way(s) that I do and I know that many others, even close friends of mine, are not able to do what I do, especially via the comfort of their own home.

Consequently, because of my unique position, I feel that one of the better things that I can do with my time and talent, God-willing, is to make as much money as I can and then give it all away.

Maybe I can become a former billionaire like Chuck and do it just as he’s done. That would be a life well-spent. Literally.

  1. 3

    Awesome - truly inspiring.

  2. 3

    This has been one of my goals too! I only recently realized I don't have to "wait til I'm wealthy" to start giving lots of my money away. If you come across any trustworthy mechanisms for giving in this way, I'd love to hear about it!

    P.S. Stuff like this is why you're one of my favorite IHers 👏

    1. 2

      my wife and i have a long-term plan that we call:

      give, save, spend.

      here's the process that we've introduced to our kiddos:

      1. 2

        That's a great system! I was more asking about mechanisms for giving specifically (e.g. GiveDirectly, etc) but sounds like in your case you work with your local church. All good!

        1. 1

          mmm! we don't give it all to the church anymore... we've found many, many other great uses too.

  3. 2

    I dream of doing stuff like this. I still have time. Watch this space!

    1. 1

      we'll come back to posts like these and it'll be fun to see where we're all at!

  4. 2

    I do like this a lot. However he kept $2 million for him and his wife so the articles that lead with “broke” and “has nothing” are a bit misleading.

    Not saying he should t have kept 2 million. I think he should have kept more. My comment is about misleading articles.

    1. 1

      Why keep more? You can’t take it with you.

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        $2million isn't very much for a normal couple to live on without an income never mind someone who has led the lifestyle he has.

        Granted they are very old, however... what's the harm in keeping more just to make sure that you and your wife are alright? You can still give it to charity when you go.

    2. 1

      you are technically-correct.

  5. 0

    what about your attention? do you plan to give all that away before you die?

    1. 2

      um, did you read the post? lol!

      1. 2

        yes i did 9bit,

        however, what i did not do was bring you into my stream of thinking that resulted from reading your post:

        • person like u gets wealthy
        • they get wealthy because they have the right information and mindset
        • as they get wealthy, they can no longer give attention to just anyone
        • their attention is in demand
        • if an average joe gets the wealthy persons attention, they can use the knowledge and insight gained from that attention to develop and succeed at their own opportunities.
        • at the end of a wealthy persons life, they reduce demand and purposely supply attention to average joes worldwide to support them

        am i crazy

        1. 1

          i don't think so. in fact, i really appreciate reading through this.

          i know i have a limited capacity of understanding here... i'm not any "illionaire" and i'm a single provider for a family of 5. so, a lot to learn and grow. i bet it's different on the other side. but, i wonder, by how much...

          1. 2

            @8bit you come across as an illionaire in mind and spirit. :D

            i had a hard time understanding what you mean by, "i bet its different on the other side."

            i was hoping you could clarify, because i want to provide a highly accurate response

            1. 2

              i mean, i'm not a millionaire... and not a billionaire... so, i don't know what it's like being one.

              and i bet the moment that i am one... if that comes to pass, i bet i'll have a very different perspective than i have now. i'll have to see.

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