Giving money or saving money?
A school cleaner in America died in June 2014 with a lot of money in the bank and a will to bequest it to the Brattleboro Memorial Hospital and to the Brooks Memorial Library in the town where he lived. He was good at saving money throughout his 92 years of life and was therefore giving money on his parting.
Ronald Read, born in 1922, according to Washington Post, worked at his brother’s petrol station in Vermont for 25 years after his service in the forces during World War II. When he retired from pumping gas, he worked as a cleaner in a local store until 1997. Even though his salary was low, his stock and property portfolio was worth about $10 million (USD$8 million). His friends and family were shocked at the amount he had saved, only finding out this year when his assets were finalized to process the bequests in his will.
His friends and family were shocked at the amount he had saved, only finding out this year when his assets were finalized to process the bequests in his will.
Saving money – through a frugal life without excessive luxuries – was not all that he was good at. He bought stock certificates, never trading them, but retaining them for a long period of time. Whenever he received a dividend he would save to purchase more stock certificates; not a risky portfolio, but a diversified portfolio of 95 stocks. He was a constant buyer, not seller. He wasn’t addicted to consumerism in the form of clothes, cars, electronic gadgets, or holidays, just pieces of paper that represented investments in companies.
So most of his $10 million – his life of saving money – was used in giving money away, to his local hospital and local library. This is exceptionally generous. However, while his frugal life will help many in the future, some people maintain that he should also have spent money on himself during his life – to enjoy and benefit from his savings. He could have experienced so much in his lifetime with the money he saved. He could have given money to others during his life, and enjoy the satisfaction of his charity, some say. Some say he won’t see the benefits of his act of giving money to the community. What is the point in being wealthy if you can’t spend the money? Why doesn’t he want to see someone smile when he gives his money away? Why wait until you are dead and buried? Where’s the balance, others wonder.
How much should he have sacrificed to benefit others? Was it a sacrifice or was it the highest form of philanthropy? It’s his money, so can’t he do what he wants with it? Who are we to say this is appropriate or not appropriate for him? What do you think?
