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I love it how the photo on that page is that of David Rockefeller - someone who inherited the money and yet did a lot of charity. Reminds me of the story behin
by ankeshk 16y ago
I love it how the photo on that page is that of David Rockefeller - someone who inherited the money and yet did a lot of charity.
Reminds me of the story behind my favorite Rockefeller quote. "Everything that is watched - improves." - John D. Rockefeller.
John D. Rockefeller had a rule that he passed down to his kids: donate exactly 10% of all your income to charitable causes. Not 9%. Or 11%. But exactly 10%.
What this did is made sure that the Rockefellers kept "track" of each and every penny that came in. Because they watched over their money, it grew.
- Retric 16y agoI suspect there is a different mindset between those who made most of their wealth and those who live off other peoples wealth. When you inherit money you make on average ~4% over inflation before taxes each year. Give away 1/2 and simply have less money every year for the rest of your life. When you build wealth you are used to making far more than that every year. So giving away 1/2 and you think "I could get that back in a few years." (Not that they can, just their past performance leads them to think this way).