What To Do With Money


wealthymatters.com

I came across this post today http://thechristianminimalist.wordpress.com/2011/03/09/how-to-create-a-treasure-map-that-your-heart-will-follow/#comment-98

How to Create a Treasure Map That Your Heart Will Follow?

Stop Wasting Your Money on Temporary Things

Move the Money and Your Heart Will Follow

Invest in Things with Eternal Value

The post spoke to me to me in some strange way.So I decided to record it here in my blog.I plan to reflect on it and let the message sink in.

Tata Style Philanthropy


wealthymatters.com

Here is something I found while surfing today.I found it here http://trak.in/tags/business/2007/06/26/this-is-what-lakshmi-mittal-has-to-say-about-his-competitor/ .The blogger believes the words originate from LN Mittal.In which case it would be high praise indeed for the Tatas from a competitor.Even if the note is authored by someone else it doesn’t detract from the fact that Tata Style Philanthropy is worthy of respect and well worth emulating.The picture above shows Jamshedpur.

“Most of us know Lakshmi Mittal to be the richest person in United Kingdom. We also know him as a Steel Industry Baron who took over Arcelor against all odds. However, more than money and business, he is a great human being and never fails to give credit where it is due, even if it means his own biggest rival.

Here is a note written by Lakshmi Mittal after his recent visit to TISCO: (It is long, but well worth the read)

‘I visited Jamshedpur over the weekend to see for myself an India that is fast disappearing despite all the wolf-cries of people like Narayanamurthy (mentor of Infosys) and his ilk. It is one thing to talk and quite another to do and I am delighted to tell you that Ratan Tata has kept alive the legacy of perhaps India’s finest industrialist J.N. Tata. Something that some people doubted when Ratan took over the House of the Tata’s but in hindsight, the best thing to have happened to the Tata’s is unquestionably Ratan.I was amazed to see the extent of corporate philanthropy and this is no exaggeration.For the breed that talks about corporate social responsibility and talks about the role of corporate India, a visit to Jamshedpur is a must. Go there and see the amount of money they pump into keeping the town going; see the smiling faces of workers in a region known for industrial unrest; see the standard of living in a city that is almost isolated from the mess in the rest of the country. Read more of this post

A Critique of the Giving Pledge


Wealthymatters.com

Following is a very nice critique of the Giving Pledge and the Buffett-Gates style of philanthropy.I found it a couple of days ago at http://heybrowncow.wordpress.com/2010/10/07/are-gates-and-buffet-teaching-the-world-how-to-live-the-american-way/ . It points out the good and the bad in the effort.The red text are points I find particularly interesting.How do you feel about the Giving Pledge? On what points do you agree/disagree with the author below?

Are Gates and Buffet teaching the world how to live (or give), the American way?

By Dingzi

AMERICAN billionaires and founders of The Giving Pledge Bill Gates and Warren Buffet may be heading next for the Nobel Peace Prize. Imagine what a heap of good the billions that have been pledged can do to make a better world.

Having persuaded 40 fellow American super-rich to pledge at least 50 per cent of their wealth to charity by the time they die – the collective pledge has reached US$1.25 billion – the two philanthropists are taking the campaign international. Read more of this post

Benjamin Franklin’s Will


wealthymatters.comWhile checking up the facts of the story at http://www.crackerjackgreenback.com/the-basics/compound-interest-a-lesson-from-benjamin-franklin/ , before posting  https://wealthymatters.com/2011/01/25/benjamin-franklins-gift/  , I came a cross the text of of Benjamin Franklin’s will at  http://fi.edu/franklin/family/lastwill.html .I have highlighted the parts I found interesting and added a few observations.I plan on using this will to help me draft my own.I hope you find this will as interesting to read as I did.

 The Last Will and Testament of  Benjamin Franklin

I, Benjamin Franklin, of Philadelphia, printer, late Minister Plenipotentiary from the United States of America to the Court of France, now President of the State of Pennsylvania, do make and declare my last will and testament as follows:

To my son, William Franklin, late Governor of the Jerseys, I give and devise all the lands I hold or have a right to, in the province of Nova Scotia, to hold to him, his heirs, and assigns forever. I also give to him all my books and papers, which he has in his possession, and all debts standing against him on my account books, willing that no payment for, nor restitution of, the same be required of him, by my executors. The part he acted against me in the late war, which is of public notoriety, will account for my leaving him no more of an estate he endeavoured to deprive me of.

Having since my return from France demolished the three houses in Market Street, between Third and Fourth Streets, fronting my dwelling-house, and erected two new and larger ones on the ground, and having also erected another house on the lot which formerly was the passage to my dwelling, and also a printing-office between my dwelling and the front houses; now I do give and devise my said dwelling-house, wherein I now live, my said three new houses, my printing- office and the lots of ground thereto belonging; also my small lot and house in Sixth Street, which I bought of the widow Henmarsh; also my pasture-ground which I have in Hickory Lane, with the buildings thereon; also my house and lot on the North side of Market Street, now occupied by Mary Jacobs, together with two houses and lots behind the same, and fronting on Pewter-Platter Alley; also my lot of ground in Arch Street, opposite the church-burying ground, with the buildings thereon erected; also all my silver plate, pictures, and household goods, of every kind, now in my said dwelling-place, to my daughter, Sarah Bache, and to her husband, Richard Bache, to hold to them for and during their natural lives, and the life of the longest liver of them, and from and after the decease of the survivor of them, I do give, devise, and bequeath to all children already born, or to be born of my said daughter, and to their heirs and assigns forever, as tenants in common, and not as joint tenants. Read more of this post

Benjamin Franklin’s Gift


wealthymatters.com Yesterday while searching for a graph to illustrate how important time is to compound interest,I came across a wonderful post at http://www.crackerjackgreenback.com/the-basics/compound-interest-a-lesson-from-benjamin-franklin/ .Here it is in full below. 

In 1785, French mathematician Charles-Joseph Mathon de la Cour wrote a parody of Benjamin Franklin’s ‘Poor Richard’s Almanack’. The Frenchman called his parody ‘Fortunate Richard ‘and, attempting to mock the American optimism so well-represented by Franklin, wrote that Fortunate Richard left a small sum of money in his will to be used only after it had collected interest for 500 years.

Mr. Franklin thought the idea was fantastic and wrote back to Monsieur de la Cour thanking him. Franklin decided to leave a bequest of £1,000 (about $4,550 at the time of his death) each to his native hometown of Boston and adopted hometown of Philadelphia on the condition that it gather interest for 200 years. Franklin believed 200 years was the maximum length of time any person should be able to control assets from beyond the grave.

The Strings

In 1789, Benjamin Franklin added a codicil, or supplemental provision, to his will providing about $4,550 each (about $108,000 in 2008 dollars) to Boston and Philadelphia. Mr. Franklin stipulated that the funds should be used to make loans at 5% interest to young craftsmen under the age of 25 to help them set up their businesses. The loans were to be given only to those craftsmen who were married, had completed their apprenticeships, and could obtain two co-signers to vouch for them.

After 100 years, each city was to take 75% of the fund to use for public works (like bridges, pavement, public buildings, and the like). They were to then continue loaning the money for another 100 years. At the end of that 100 years, each city would get about 25% of the money and their respective states would get the rest. Had Boston and Philly followed through with Franklin’s wishes successfully, they would each have had nearly $20,000,000 in their funds at the end of the 200 years. Read more of this post