Inc.com posted this article earlier in the week – Entrepreneurs Twice as Charitable as Heirs. The main thrust of the article:
When it comes to charitable giving, self-made entrepreneurs are more than twice as generous as millionaires who acquired their wealth through inheritance, according to a new study.
I think many people would have guessed this result. I think there is a principle here that affects lottery winners also. We’ve all seen the follow up stories of lottery winners and how their lives were not as rewarding as they expected them to be. The incredible wealth did not bring them incredible happiness.
The difference in donations between self-made millionaires vs. millionaire heirs is not even close:
…entrepreneurs donated an average of $232,206 per year, according to researchers at Indiana University’s Center on Philanthropy.By comparison, donors who inherited their wealth gave an average of $109,745 annually, the study found.
I always been a believer that if you donate substantial amounts of money, it will never own you. Perhaps the self-made millionaires have a better understanding of this principle than the heirs?