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Narayana Murthy On Ratan Tata

January 3, 2013 Leave a comment

What are your fondest memories from your interaction with Tata?

” When we inaugurated our management council room, which I believe is the most advanced council room with perhaps the finest technology in Asia, I had a discussion with my colleagues and we decided to name it after Jamsetji Tata. Jamsetji Tata, as you know, was an extraordinary businessman. He donated one-third of his wealth to start the Indian Institute of Science.

So, when we decided to name the management council room, I decided to invite Ratan to inaugurate that. He was a little bit surprised that we were naming our number one conference room after Jamsetji Tata. I told him, ‘Jamsetji is a beacon and an example on how businesses should be conducted.’ He came and inaugurated it, he had lunch with us, interacted with youngsters. And every one of my colleagues was so impressed with his grace, courtesy and humility.”

Filed under Philanthropy, Tidbits Tagged with Indian Institute of Science, Jamsetji Tata, Narayana Murthy, Narayana Murthy Interview, Narayana Murthy Quote, Philanthropy, postaday, Ratan Tata

An Interesting Take On Donating

December 28, 2012 2 Comments

wealthymatters.com

Would you donate your last penny?

I can honestly say that I would not …

Which brings me to a related topic: it seems that many people who come into money take a chunk of it to donate. Perhaps to have the wing of a school named after them, or to do some other ‘good works’.

Whether the sum is $1,000,000 or $100,000 or $10,000, when donating what you consider to be a large sum, think about what you are really donating; you are not merely donating $1,000,000 (or $100,000 or $10,000), you are donating the future value of $1,000,000:

Let’s say that you plan on living for another 40 years, and you can invest your money at 5% above inflation, then the real value of your donation is not $1,000,000 but more than $6.7 million!

When thinking about donating that $1 million [AJC: The Cartwood Family Wing does sound tempting], I’m not really thinking too much about that $6.7 million [AJC: or, $28.8 million … ounch!], I’m actually asking myself:

Would I donate my last $1 million? Read more of this post

Filed under Philanthropy Tagged with annual donations, anonymous donations, charitable donation vs inheritance, Charity, donating a lumpsum, donation, family commitments and charity, family obligations and charity, invest for charity, pledge capital and income stream to charity, postaday

A Chinese Proverb

December 22, 2012 Leave a comment

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Rakesh Jhunjhunwala On What Money Means To Him

December 22, 2012 4 Comments

wealthymatters.com

Here is what Rakesh Jhynjhunwala has to say on what money means to him:

If you ask me what money means, I’d say it’s used as a means of exchange, among other things.But J Paul Getty, one of the world’s richest men, said: If you can count it, you don’t have enough of it.

Money is the harsh reality of life. Some love for it, some die for it, some use it well, some waste it, most fight for it, but most others desire it. Read more of this post

Filed under Entrepreneurship, Philanthropy, Theory Tagged with Charity, giving, Philanthropy, postaday, Rakesh Jhunjhunwala, The Meaning Of Money, The Meaning Of Wealth, The Purpose of Money, The Purpose of Wealth

A Real Gift

August 20, 2012 4 Comments

wealthymatters.com If a gift is real, then both the one who gives and the one who receives must forget about it completely.

To forget completely would mean that the giver should not feel that he has given, and the receiver should not know that he has received. If the giver does not forget, then he feels that he has obliged the receiver, and if the receiver does not forget, then he knows that he has been obliged by the giver.