In the beginning, my personal story was not unfamiliar. I came from humble beginnings, my parents were immigrant laborers, with four kids and we grew up with little money. Then, in my late teens, I was influenced and inspired by Napoleon Hill's 1937 book Think and Grow Rich, and set out to become wealthy. I succeeded.
The peculiar thing was that there never seemed to be a finite dollar amount that would satisfy my needs, no finish line per se. It didn't come quite as an 'aha moment' or an epiphany, but as my fortune grew, so did my gradual gnawing sense of futility, in spite of everything I was achieving. I started feeling that classic, is that it? Is that all there is?
Excess Wealth is an Illusion
On the subject of excess wealth, which Andrew Carnegie defined in the article The Gospel of Wealth written in 1889, is any amount in excess of what one needs to take care of one's family, I have come to the conclusion that it provides nothing but an illusion to its owner. A mountain of money turns out to be quite useless when you die. It's only real purpose is to create even more wealth.
I eventually became more and more philanthropic, for the simple reason that it gave me great joy and satisfaction that I never came close to experiencing while I was creating wealth. As I started turning my attention to how I could help others, I began to think a lot about the meaning of wealth, life and purpose. I have written and spoken on many occasions on this topic and more recently, began a Twitter campaign titled @dearrichpeople with the purpose of provoking thought.
You Can't Take It with You
A good friend of mine passed away last year. I visited him frequently in the final months of his illness and we often discussed life and death. One day he said, Frank, almost everything we work for and worry about in life is meaningless when you are about to die. All of this (pointing to the furniture and art in the room) is useless. You take nothing with you. Our belongings, our egos, our successes, what we stress about, it means nothing. The only thing you take with you is love, especially the love for your children. Having two kids of my own, this last point resonated in a powerful way.
I believe those of us who have had financial success often fall into the trap of forgetting that death is inevitable. As much as we know this to be true, we don't believe it. Conversing with a dying friend or family member may give us brief moments of absolute clarity, but we usually slip back into the daily grind and don't give it much further thought.
But what if we could only hold on to that clarity throughout our daily lives? Might we behave differently? How we make use of our wealth is an important consideration.
Philanthropy is Far From a Wasted Spend
We should remind ourselves that using wealth simply to create additional wealth, and hoping that will bring peace, happiness and immortality, is nothing but an illusion. Once the needs of family are met, we should use the rest for social good. Personally, I want to demonstrate the love I have for my children by making them proud of me.
Some see philanthropy as nothing more than band-aid solutions for issues that need long-term fixing, and use that as an excuse not to give. But, as philanthropy evolves, especially in the area of impact investing with organizations like the Clinton Giustra Enterprise Partnership, who focusses on sustainable, scalable and measurable results, that excuse is no longer valid.
Whether your legacy is built on charitable donations or impact investments, Dear Rich People, please give this some serious consideration.
If in the end, love is all we take away, why not give our children something to really brag about? Let's be examples for compassion and a life lived with purpose.
You can't take money with you, so use it to create a legacy your kids can be proud of.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.