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Advice for Facebook Millionaires
May 22, 2012
Leaders are visionaries with a poorly developed sense of fear and no concept of the odds against them.
-Robert Jarvik
-Robert Jarvik
"...These newly wealthy folks will eventually have to ask themselves an important question: What should I do with this money? As a couple who was fortunate enough to face that question when we benefited from Juniper Networks' IPO more than a decade ago, we would urge Facebook's employees to consider devoting a share of their newfound wealth to philanthropy.
"They are well suited to charitable giving, but not just because they have money. They've proved that they rapidly can build a successful, innovative organization from scratch — as well as identify needs within a community and then meet them. Skills like these are crucial to solving the difficult social, scientific, and political problems plaguing our world today.
"The beneficiaries of Facebook's IPO will soon find themselves with seemingly limitless options for their money. Previously unimaginable lifestyles will be within reach — but so will the ability to help people and causes in life-changing ways. And while it may be tempting to take care of all the friends and family who come calling, an ad hoc approach to charity can grow overwhelming — and lead to well-intentioned, but counterproductive giving.
"We chose to establish a nonprofit foundation to give our philanthropy a focused mission and structure — and to ensure that our good intentions yielded positive results. In the same way, Facebookers who choose charity can take the lessons they've learned in their professional pursuits and apply them to their philanthropic goals."
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Sale ends today. (05/22/2012).
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Comments (2)
Displaying All 2 CommentsKathy's Child Care
Marshalltown, Iowa, United States
I wish I won a million dollars, i would build a child care center and not have to pay a bank or anyone a dime. Then I could hire people who deserve to be paid for their hard work. Then I could give children who can not afford Child Care, scholarships. I put in the best playground, only a child could dream of. Children deserve a quality child care center, but since I'm already a child care provider, my dream is to open a center. But since I didn't win any lottery money, or invest in Facebook, all I can do is dream about the center I want to build.
OMEP-USA
Washington, District of Columbia, United States
Thanks for including the advice to the newly-wealthy; reports on lottery winners often show how poorly they use their unexpected earnings. Early childhood educators, often women, may achieve some financial success as well. Really! When they do, here are some guidelines: 1. Choose to give a percentage of your available funds. 2. Select established, reliable non-profit & ethical organizations (a religious or educational institution that benefits children is a great place to start). 3. Work with professionals who know how to invest or use your gifts. It will be a win-win experience.
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