It was recently in the news that 40 billionaires have publicly committed to donating 50 percent or more of their wealth to charity.
One of the couples, Irwin and Joan Jacobs, lives in San Diego and were interviewed by the local newspaper. There were several interesting points in the article but the answer to the last question was the most interesting.
Mr. Jacobs was asked where he got his passion for charity. He answered that he was poor as a Depression-era child but his family always had a box on the table for giving and they gave what they could.
Lesson of Giving
Even though they were strapped the Jacobs family made giving a priority. This gave Mr. Jacobs, who became wealthy after founding Qualcomm, the foundation for life-long giving.
Is this one of your core beliefs? Are you teaching your kids to give? No matter what your financial situation 99% of us can give in some way. If not monetarily than with the gift of time.
Using Financial Peace University’s budget template, the category for Charitable Contributions is the first item in my budget. If I don’t give that amount in the same month it rolls over to the next one.
Benefit of Charity
Although the Jacobs had already planned to give at least 50% of their wealth away, they indicate it was a hard decision to go public. They decided the positives outweighed the negative with the thought that it would encourage others to make the same pledge if possible.
San Diego has benefited over the years from the largess of wealthy benefactors and it continues with the Jacobs. We still have a symphony despite hard economic times and a new central library is in the works after more years of delay than I can remember.
We all benefit when people give, whether you’re the giver or a beneficiary. What’s your philosophy on giving?
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