What one man is doing with more money than he can spend.

9 years ago

Originally Posted by bizgrower

Back when I was in a better business state, I was a member of a millionaire's mastermind group. Just about every single one of them, once they'd taken care of their immediate family, found some significant charitable pursuit. Some gave anonymously, of course, and the ones who did lend their names to their philanthropic efforts generally felt that doing so inspired others to do the same, (and there was evidence that they were right about this).

And they were genuine about this. It wasn't about tax deductions or whatever, (which is a silly idea anyway, when one looks at that objectively).

Whenever I hear the 99% grumble about the "greedy 1%", I often wish I could communicate this without being scoffed at, but it seems that very few believe me. When one has more money than could ever be used for oneself, the good generally does bubble to the top, in almost every single case.

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Synnuh

9 years ago

Originally Posted by David Beroff

Back when I was in a better business state, I was a member of a millionaire's mastermind group. Just about every single one of them, once they'd taken care of their immediate family, found some significant charitable pursuit. Some gave anonymously, of course, and the ones who did lend their names to their philanthropic efforts generally felt that doing so inspired others to do the same, (and there was evidence that they were right about this).

And they were genuine about this. It wasn't about tax deductions or whatever, (which is a silly idea anyway, when one looks at that objectively).

Whenever I hear the 99% grumble about the "greedy 1%", I often wish I could communicate this without being scoffed at, but it seems that very few believe me. When one has more money than could ever be used for oneself, the good generally does bubble to the top, in almost every single case.

I wanted to chime in and say it can all be spent lol, challenge accepted -- there are plenty of charities in the world.

Myself, then my immediate family, then the family members who aren't assholes. Paid up life insurance policies, a nice stash for the "golden years" and the rest can go to legitimate charities.

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David Beroff

9 years ago

Originally Posted by Synnuh

Paid up life insurance policies

Not to quibble, but if you have enough money, even this is overkill. If you consider that (most) insurance companies are profitable, meaning that they (statistically) collect more premiums than they pay out in benefits, then therefore the policy holders collectively sustain a loss. If your estate is planned properly, and passes to the appropriate parties, (i.e., after you die, they get the principal instead of just the interest), then there's really no need to buy life insurance at all.

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Synnuh

9 years ago

Originally Posted by David Beroff

Not to quibble, but if you have enough money, even this is overkill. If you consider that (most) insurance companies are profitable, meaning that they (statistically) collect more premiums than they pay out in benefits, then therefore the policy holders collectively sustain a loss. If your estate is planned properly, and passes to the appropriate parties, (i.e., after you die, they get the principal instead of just the interest), then there's really no need to buy life insurance at all.

That's more for my kid's insurance in case I managed to screw up with the money lol -- thinking about all possibilities with me. A planner would definitely be on the list.

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lanfear63

9 years ago

I'm surprised no-one has talked much about empowerment. If the charities do that then great but otherwise try to empower people and inspire the world, pursue something green, promote clean, renewable energy, something like that. Something that will have far reaching benificial effects, not just handouts.

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David Beroff

9 years ago

Originally Posted by lanfear63

I'm surprised no-one has talked much about empowerment. If the charities do that then great but otherwise try to empower people and inspire the world, pursue something green, promote clean, renewable energy, something like that. Something that will have far reaching benificial effects, not just handouts.

Did you watch the OP's video?

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lanfear63

9 years ago

Originally Posted by David Beroff

Did you watch the OP's video?

No, I never read the OP's post. I'm getting as bad as Claude.

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bizgrower

9 years ago

Originally Posted by lanfear63

No, I never read the OP's post. I'm getting as bad as Claude.

You have a long way to go to catch up with Dancing Clauduh.

I added a brief description to my OP because the video is 42 minutes and I realized a lot of people don't have the time. And, there's a lot more content on the rest of the site.

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David Beroff

9 years ago

Originally Posted by bizgrower

I added a brief description to my OP because the video is 42 minutes and I realized a lot of people don't have the time. And, there's a lot more content on the rest of the site.

Thanks! Let me know when you find the page where I can buy some of these things! (Yes, I'm serious.)

Yeah, it's a long video, and I'm making it even longer every time I stop it to email a particular friend to say, "hey, you have to watch this part!"

e.g., I could easily see my daughter (the geologist) working on the graphene project.

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bizgrower

9 years ago

Originally Posted by David Beroff

Thanks! Let me know when you find the page where I can buy some of these things! (Yes, I'm serious.)

Yeah, it's a long video, and I'm making it even longer every time I stop it to email a particular friend to say, "hey, you have to watch this part!"

e.g., I could easily see my daughter (the geologist) working on the graphene project.

Will do. You might beat me to it because my hotel is busiest on the weekends.

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David Beroff

9 years ago

Originally Posted by Synnuh

That's more for my kid's insurance in case I managed to screw up with the money lol -- thinking about all possibilities with me. A planner would definitely be on the list.

Ah.

And I had meant to put some sort of disclaimer that I was only talking about people who no longer need to work from day to day. Most people are not in that boat, and so life insurance is often a necessity. Not that anyone would ever take financial advise from a random post on an online marketing forum.

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Claude Whitacre

9 years ago

Originally Posted by David Beroff

Back when I was in a better business state, I was a member of a millionaire's mastermind group. Just about every single one of them, once they'd taken care of their immediate family, found some significant charitable pursuit. Some gave anonymously, of course, and the ones who did lend their names to their philanthropic efforts generally felt that doing so inspired others to do the same, (and there was evidence that they were right about this).

And they were genuine about this. It wasn't about tax deductions or whatever, (which is a silly idea anyway, when one looks at that objectively).

Whenever I hear the 99% grumble about the "greedy 1%", I often wish I could communicate this without being scoffed at, but it seems that very few believe me. When one has more money than could ever be used for oneself, the good generally does bubble to the top, in almost every single case.

I'm only friends with about 6 truly wealthy people, so my experience is limited. And, like you, we were part of a Mastermind Group.

And they were all genuinely charitable. Some started foundations, some just gave to charities. Some gave scholarships. I think all contributed their time to new Entrepreneurs.

One taught a college course on business (to help, not for the money)

Yes, there is a reason that really wealthy people are wealthy. And usually, it's because they can be trusted with large sums of money.

It's sad what the poor think the rich are like. There are exceptions, but most are very giving people.

I often hear, "Sure they give to charity, look at the tax deduction they get". It's because most of us don't know what a tax deduction really means. I was in a bar once, and the owner asked me to sponsor some kind of event. He said,"It's only $4,000, and it's tax deductible. Think of the money you'll make".

I said, "In other words, it's only going to cost me $4,000".

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David Beroff

9 years ago

Originally Posted by Claude Whitacre

I often hear, "Sure they give to charity, look at the tax deduction they get". It's because most of us don't know what a tax deduction really means. I was in a bar once, and the owner asked me to sponsor some kind of event. He said,"It's only $4,000, and it's tax deductible. Think of the money you'll make".

I said, "In other words, it's only going to cost me $4,000".

Exactly! Very few really understand this. (And for those in the US who are still scratching their heads here, a tax deduction simply means that you won't have to pay taxes on the corresponding portion of your income; it does not mean that a magic genie is going to give you the amount that you are donating, or even more.)

In a somewhat similar vein, many people don't get that tax refunds are just a return of your own money that you mistakenly overpaid to the government, without the benefit of interest. Again, not free money. Of course, dealers of cars and TV's are never going to tell you otherwise; I'm sure their first quarter numbers are great.

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sbucciarel

Banned 9 years ago

I'd be a worthless beach bumming fishing nut.

Oh Wait ... I already am. lol.

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bizgrower

9 years ago

Jealousy is a sad, odd thing:

What some poor people assume about the rich. Hollywood does not really help.

A 65 year old man cutting down a popular, younger, charismatic local female musician.
(I was standing next to him in the audience. It threw me for a loop because they were not
in" competition" with each other and I could not fathom why he had a problem with her
being charming. Perhaps he had musical aspirations in his younger days.)

--

Besides charitable contributions, I've know some wealthy people who invest in other
business start ups.

--

If they have not already, Manoj and team should work with Musk and others on their same initiatives.

He should also fund/start my engineer friend's idea of Engineers Without Borders. Fresh water and
sanitation initiatives quickly implemented where needed worldwide, etc.

--

Funny that they advanced the Professor's (Gilligan's Island) bicycle for local electric power.

Dan

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David Beroff

9 years ago

Originally Posted by bizgrower

Actually, David, in the FAQs on the website "Who else can take advantage..." it says that individuals or corporations interested in some of the devices developed by Stage 2 can just inquire.

They don't accept donations.

Yep! But I also get the distinct feeling that they're not (yet) set up for retail orders and production.

They might want to consider the GravityLight model, where people deliberately pay maybe 2x or 3x the products' true cost, so they can get one, plus donate another one for where they're truly needed.

Originally Posted by bizgrower

I want to see the graphene in action.

I'll get my kid right on that!

Originally Posted by bizgrower

Funny that they advanced the Professor's (Gilligan's Island) bicycle for local electric power.

On a slightly lighter note, I was finally able to find this graphic for this thread. Its original source was "Found: Artifacts from the Future" from Wired magazine, but unfortunately, they didn't seem to bother archiving their own material this far back, (2004). Luckily, the Sceptical Futuryst did. I feel Joshua Davis did a wonderful job with this page, and one really has to wonder why this hasn't come to fruition yet:

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yukon

Banned 9 years ago

Originally Posted by David Beroff

On a slightly lighter note, I was finally able to find this graphic for this thread. Its original source was "Found: Artifacts from the Future" from Wired magazine, but unfortunately, they didn't seem to bother archiving their own material this far back, (2004). Luckily, the Sceptical Futuryst did. I feel Joshua Davis did a wonderful job with this page, and one really has to wonder why this hasn't come to fruition yet:

That's brilliant from a business POV, let paying customers pay the electric bill (they don't need to know).

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bizgrower 9 years ago

Originally Posted by yukon

That's brilliant from a business POV, let paying customers pay the electric bill (they don't need to know).

Then you let them know the excess energy is donated to...
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- yukon Banned 9 years ago
  
  Originally Posted by bizgrower
  
  Then you let them know the excess energy is donated to...
  
  Donated?
  
  Sure, to my electric bill.
  
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DOwenDavid

9 years ago

Charity ofc, or something else that could be "good" for other people.

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HeySal

9 years ago

I think you have to be a very special type of psycho not to have any charities that you stand in support of. I have two that would be funded to the hilt if I had more cash than I could ever spend. In fact, they get a little even at times I don't really have it to give. There's no end to the types of non-profits and causes that need help, so there's a broad enough range to hit just about anyone where they live, so to speak.

The other side of the coin is that even if you are the greediest prick on earth, it's to your benefit to give if for no other reason than taxes - but you still will end up choosing who you want to give it to, so there will be a bit of preference in the mix even then.

Of course, those who love their family will always try to take care of them when they land in a pile of cash, too. I can't imagine seeing a family member go without if I could do anything about it at all.

Money can change people - but I don't think that it can change people enough to not care about the things they cared about before they got wealthy.

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Claude Whitacre 9 years ago

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- HeySal 9 years ago
  
  Originally Posted by Claude Whitacre
  
  I give to no organized charities. It's psychopath.
  
  Doesn't need to be an organized charity. I've given dog food and blankets for rescues or animal fostering. I've bought packs of indigenous edibles seeds and scattered them in places that the ecosystems seem a little shot to give the wild animals food and help curb erosion, etc. I've put money into local boy scout troops who were reforesting an area to buy trees.
  
  There's a lot you can spend on that is helpful without giving to an organized charity to help pay the directors beamer payments.
  
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  Sal
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  Beyond the Path
  
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lanfear63

9 years ago

Originally Posted by bizgrower

Here's one cool example (even though he says he'll never be cool).

Coffee is still my energy drink.

Billions in Change

He's bringing distributed (local, local) electrical power, clean water, and medical technologies
to the world. (For as free as possible, I believe. I'm not done exploring the website.)

Good stuff.

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bizgrower

9 years ago

Actually, David, in the FAQs on the website "Who else can take advantage..." it says that individuals or corporations interested in some of the devices developed by Stage 2 can just inquire.

They don't accept donations.

I want to see the graphene in action.

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bizgrower

9 years ago

I would have guessed more of an engineering background.
Turns out Manoj is a college dropout and lived as a monk for 12 years.

https://en.wikipedia.org/wiki/Manoj_Bhargava

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What one man is doing with more money than he can spend.

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