Charles Feeney – Warren Buffett and Bill Gates’ Hero – A RAINBOW OF ROLE MODELS {WEDNESDAY SERIES}
I celebrate ACHIEVEMENT EVERY DAY! When I discover role models, I do not see skin color, age, religion, sex, attractiveness (ok, I like beautiful ladies), or other nonessentials. I love learning from inspirational people who inspire me to drop MY EXCUSES and DO IT! Role models who stretch my ambitions and make me reach for the impossible.
There is dignity in achievement and success—in becoming a great factor in civilization.” Carter G. Woodson.
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Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
A remarkable role model’: Warren Buffett and Bill Gates tout this fellow billionaire as their hero — here are three big lessons to learn from Charles Feeney – A RAINBOW OF ROLE MODELS {WEDNESDAY SERIES}
“The famed philanthropist gave away the bulk of his $8 billion fortune.
Charles “Chuck” Feeney made his billions selling booze, cigarettes, and perfume — and gave nearly all of it away before he died.
The co-founder of the Duty-Free Shoppers Group died on Oct. 9 at the age of 92 but fulfilled his pledge to donate the bulk of his $8 billion fortune long before his death.
“Chuck Feeney is a remarkable role model and the ultimate example of giving while living,” Bill Gates told Forbes back in 2012.
Berkshire Hathaway CEO Warren Buffett presented a Forbes 400 Lifetime Achievement Award to Mr. Feeney in 2014, calling him “my hero and Bill Gates’s hero. He should be everybody’s hero.”
Here’s what you can learn from how Feeney managed his money.
Diversification
While building his massive fortune, Feeney didn’t just focus on his global network of duty-free airport stores — he was a prolific investor as well.
By the early 1980s, he was profiting from hotels, property, and retail, and he later invested in some tech start-ups as well. It wasn’t until 1996 that he sold his stake in Duty-Free Shoppers for a tidy $1.63 billion that went to his foundation, Atlantic Philanthropies, a deal that multiplied in value by investment returns later, according to the Wall Street Journal.
Feeney followed the golden rule — don’t put all your eggs in one basket — and grew his wealth by diversifying his investments.
Similarly, while you’re buying stocks, make sure you’re not sticking to one company or sector. This will provide some shelter from any unexpected dips in the market. Do your research and build a balanced portfolio of companies or ETFs.
Frugality
Feeney went from purchasing luxurious multimillion-dollar homes — including in London and the French Riviera — to renting a two-bedroom San Francisco apartment with his wife.
Like many folk of his ilk, he once spent his time cruising on yachts and private jets — but decided in his later years to cut back and focus on his philanthropic efforts.
For Feeney, value was more important than showing off his wealth. He flew coach because he wasn’t getting anywhere any faster by opting for a first-class ticket. He wore a $15 watch and used plastic bags in place of a briefcase.
“I just reached the conclusion with myself that money, buying boats and all the trimmings didn’t appeal to me,” he was quoted saying in a 2007 biography about his life, “The Billionaire Who Wasn’t.”
Most importantly, Feeney was intentional with his spending, leaving enough funds behind for his investments and donations.
This is a crucial tenet for managing your money (even if you don’t have billions in your bank account). Consider creating a budget and monitoring your monthly expenses so that you’re leaving some of your income behind for your financial goals, too, such as your emergency savings or nest egg.
Charitable giving
Once dubbed “the James Bond of philanthropy” by Forbes, Feeney is perhaps best known for his charitable giving — despite his attempts to hide it for many years.
Feeney donated to a range of causes, including AIDS relief in South Africa, Operation Smile’s free surgeries for children with cleft lips and palates and earthquake relief in Haiti.
“People used to ask me how I got my jollies, and I guess I’m happy when what I’m doing is helping people and unhappy when what I’m doing isn’t helping people,” Feeney told Forbes.”
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St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/
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Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionately care for all their animals. https://wcnkas.org
Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially-adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001. https://dogood.t2t.org/give/320847/#!/donation/checkout
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I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
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I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
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