What to do with all that money?
Have you ever wondered what you would do once you have an insane amount of money? I wonder about it every day and although I have a good list of things I want to do and see, the list could be completed within a year if not shorter.
Of course I will enjoy my life as a wealthy person, laying back in a hammock near a beach. Working out whenever I please. Not rushing for anything or anyone anymore. Not having to worry and stress about things either.
That’s pretty much what I can imagine most of us have in common. But there comes a point where we should think out of the box and do something useful with the money overload we get.
(Try generating passive income to achieve this dream. See how here!)
Where to put it?
Instead of putting the extra cash you generate in a bank account and leaving it in there until you die, so that someone else can inherit it, think about the millions of people in need.
This probably doesn’t sound like the article you were thinking of reading, but once I hit the million dollar benchmark, I am strongly considering to put at least 30% of everything I own into a fund which I will later donate to a charity.
If I’d ask you to name one of your favorite billionaires as a role model, I’m guessing some of you might say Warren Buffet or Bill gates. Mark Zuckerberg is also a popular one. Well would you not want to follow your role models actions and do as they do? Here’s a list of billionaires that will donate at least half of their wealth to some sort of foundation that will help eliminate poverty or similar good causes:
- Sarah Blakely – CEO of Spanx – Net worth $1 Billion – wants to provide education and the resources necessary to women around the globe.
- George B. Kaiser – Oil and Gas Billionaire – Net worth $9.2 Billion – wants to reverse the continuous cycle of poverty and address the root cause for it by his donation.
- Vladimir Potanin – Russian entrepreneur – Net worth $14.5 Billion – wants to promote education and other similar support to mostly the Russian environment.
- Sue Ann Arnall and Harold Hamm – Net worth around $11.5 Billion – want to donate to diabetes research and foster care children as well as children with autism
- Manoj Bhargava – CEO of 5-hour Energy – Net worth $1.5 – wants to reduce fossil fuel emission in India and distribute clean water to rural areas.
There are many many more billionaires that I could add on this list but these are the just a few to give you an example of their gratitude and in which philanthropic purpose they will donate to.
Overall there are over 80 billionaires that will donate at least half of their wealth and as of 2015 around 125 billionaires have signed the pledge.
Charity is good for you too
You might not see the point in donating right now but believe me that with only a few hundred Dollars, you could change a persons life! Don’t rush into it either because there are a lot of charities stealing money for their own selfish good.
You might be an animal lover, or have made horrible experiences with cancer. Maybe you know someone that’s been in an abusive relationship. There are so many issues in this world and you can help reduce them by donating or being active yourself.
Once you are in the league of wealthy people make sure to keep this article in mind. You will sleep better at night knowing that your actions cured/saved someone else’s life.
Just as a side note, this list to recruit billionaires to donate their wealth, was Melinda and Bill Gate’s idea combined with Warren Buffet, in case you were wondering. They will donate their wealth either during their lifetime of after. The foundation they created is called “The Giving Pledge“.
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Thanks for reading,