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A philanthropic piggy bank allowing a magnet to receive charitable donations.

Andrew Carnegie: Distribution | Will Power quote 69

Written for Philanthropists

“I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution.”

Andrew Carnegie

Accumulating wealth does not bring the same long-term happiness and fulfilment as distributing wealth.

Andrew Carnegie believed in what he called “The Gospel of Wealth”: those fortunate enough to accumulate wealth should use it to benefit the larger society.

About Andrew Carnegie

At age 12, Andrew (1835-1919) came to America from Scotland. Two years later, he started working as a telegraph messenger boy in Pittsburgh. When he retired at age 65, he was one of the wealthiest in world history, with about $300 million. He focused his remaining 18 years on philanthropy.

Through his foundation, Andrew funded:

  • The construction of thousands of public libraries across the United States and Europe
  • Numerous universities, concert halls and other cultural facilities
  • Scientific research and other causes

By the time of his death, Andrew donated $350 million. His remaining $30 million went into an endowment.

Care to wisely distribute a portion to philanthropy?

While you may want nearly all your wealth to go to your family, you could also gift a percentage to philanthropy: 1%? 5%? 10%? Something else?

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