A Surprise Millionaire in Georgia thought he was doing a wonderful thing by leaving his local church a staggering bequest of $60,000,000; his entire life’s savings. However, the momentous event seemed to be more of a burden for the small congregation instead of a blessing. Where to use the money and how to use the money were decisions left up to the congregation with no direction from their benefactor. For a house of faith who wanted to remain just that, a house of the faithful; this posed some major concerns.
Would greed rear its ugly head, would they make the right decisions regarding the use of the money when there were literally thousands of worthy causes and organizations that could benefit? These concerns were turning what was meant to be a wonderful thing in to a major stressor for the church and its congregation.
This brings me to my point for all of you potential Surprise Millionaires out there. When determining who you will leave your wealth to, it is best to divide that wealth between several organizations, individuals and worthy causes rather than placing the entire estate and all of the pressures it may bring on one entity. Secondly, please either stipulate or at least suggest what you would like the funds to be used for.
A little planning on your part could save some very grateful, but conflicted people a little angst in the future.
Here is a post from The Small Investor regarding the purchase of automobiles. Like our Surprise Millionaires, The Small Investor would never buy new when used will do! Just think of all the depreciation you will avoid and the interest you will save when you make the decision to purchase that gently used automobile!
Mrs. SmallIvy is truly wonderful and supportive when it comes to handling money. One area where that really shows is in car purchases. Early on in our marriage we made the stupid decision to buy …
Continue Reading: Buying a New Used Car
I recently became aware of a Surprise Millionaire who created quite a sensation a few years ago by the name of Matel “Matt” Dawson, Jr. more affectionately known around Detroit as the “forklift philanthropist”.
Born in Shreveport Louisiana, Mr. Dawson spent his formative years surviving the great depression and the inequality of that time. He wasn’t able to go to high school as he had to work to help support his family, but that didn’t mean he was opposed to scholastics.
On the contrary, Mr. Dawson believed that education was a tremendous thing and wanted young people to pursue their dreams without the worry of financial strain. This Detroit forklift operator who worked more than 60 years at his job gave a total of $1.25 million in scholarship money over his lifetime to deserving young people. He lived frugally, invested wisely and was able to help many others in the process. Another inspiring Surprise Millionaire story!
It appears that others are discovering the Surprise Millionaires phenomena. One financial institution is even attempting to educate its customers regarding the benefits of frugality and wise investing. The article is great and right on target but the statement that really grabbed me is one that expands on an idea I have spoken about at length here at the Surprise Millionaires:
“The correlation between being a millionaire and occupation is completely random. More than what you do for a living, the manner in which you live your life will determine your financial outcome.”
In other words, “anyone can accumulate wealth”! I say it much more simply but the message is the same. Consistent, long term, saving and investing will result in wealth accumulation. And just how do you maximize the funds you are able to invest? Frugality of course!
I think few would argue that Montana is a state called home by many rugged individualists. People who make their own way in life on their own terms. What a perfect place to produce a Surprise Millionaire!
LeRoy Beckman was just such a person. Raised in poverty by a single mother, Mr. Beckman went on to amass an estate totaling $3 million simply by virtue of his frugality and wise investing.
An avid outdoorsman, Mr. Beckman’s estate created a wildlife preserve to ensure that a large part of Montana’s vast terrain will remain unspoiled and accessible to the public for years to come.
Just when I thought I had read the most inspiring story ever (last post), I came across the story of Anna Kurzweil of Kansas City. A lifelong teacher and student of learning who put faith and others first in her life.
A world traveler (working in a leper colony!) gifted educator, writer, and poet, she counted her wealth in the friends she made, the family she loved and the faith she treasured, not in her bank book. But oh how her bank book told its own story!
Upon her death, the faith-based charities she honored were stunned to learn they would be the recipients of Anna’s $2 million estate!
Another amazing life well-lived and a benefit to mankind in general and their local community.
A small town Massachusetts Barber left quite a gift to the local library in honor of his late wife. Anthony J. Ralys and his barber shop were a fixture in Athol Massachusetts for over 38 years. Mr. and Mrs. Ralys lived in an unassuming little house on Warwick Avenue for most of their married life and were typical of the hard-working people of central Massachusetts. What wasn’t typical about this couple was their propensity to accumulate wealth. The Athol public library was shocked to learn that they would be receiving the bulk of the Ralys’ $1.6 million estate. I’m sure the shock was enough to make their hair stand on end!