What legacy will you leave behind?

Discussion in 'Investor Psychology' started by Sunstone, 14th Jul, 2004.

  1. Sunstone

    Sunstone Member

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    Dear guys,

    Without a doubt property used wisely creates powerful resources at our disposal. In this I feel this also creates a type of social responsibility for each one of us, to make a difference, something that will continue to “do good” when we are no longer here.

    For myself I will build a library further helping an area that has helped myself.

    What legacy will you leave behind?

    Cheers,

    Sunstone.
     
  2. Garry K

    Garry K Member

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    Hi Sun

    Agree with your sentiments, but not sure what my legacy will be.

    I know that John Fitzgerald (of Seven steps to wealth), a Qld developer, commenced a school for teenagers with "difficulties" conforming to public schooling. It's called Toogoolawa, in SEQ,and he essentially funds it. Also gets personally invovled taking kids on camping trips etc.
    He also askes investors to support the school as well.

    That concept appeals to me.

    GarryK
     
  3. Sunstone

    Sunstone Member

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    Dear Garry,

    Nice touch bringing up John Fitzgerald and Toogoolawa. Although I have not yet met him I do respect what he writes and through Toogoolawa he certainly has built a worthly legacy.

    Interesting however that others on the forum have not yet ventured onto this thread.

    Why is that? Is this something that our "Ordinary Millionaires" have not thought of? Who here would not like to leave behind a legacy? Is there a fear factor in writing down something that one is scared to mentally commit to?

    Other comments?

    Cheers,

    Sunstone.
     
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  4. Jimmyjamjars

    Jimmyjamjars JJJ: He in the red suit

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    Legacy

    Sunstone,
    There is no fear factor involved. Yes, I do have a few things in mind that I want to leave behind for the next generation but I simply will put them in to action when the time comes. I feel that by putting the grandiose down for everyone to read, I can basically put anything down, big note myself and no-one is any the wiser whether I follow it all through or if it was just lip service. Keep it mind, these are my opinions only.
    JIM

     
  5. sbe

    sbe Aaaarrrrrrrruuuuuuuu....

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    My plan is once the family phase is over (raising children etc), and things settle, to look into missionary work, but with a twist.

    We had a visitor to the church talking about how they are involved in helping to build / renovate old buildings into churches/schools/hospitals etc.

    That appealed to me & my wife - we've got a lot of the skills, and some cool tools. Would be good to help others with them too...

    But then, that's all still a ways off yet.....
     
  6. bicko

    bicko Apprentice media mogul

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    My main priority is to leave behind a legacy of practical social and financial knowledge for my children. On top of this however I would like to any wealth/power/influence to further the development of renewable energy.

    Hopefully in another 12 years we won't be driving around in diesel/ulp vehicles (wishful thinking) and we won't be relying on coal and uranium for power.

    thats what I want to achieve, to say at the end of the day I did something for our home.

    cheers

    bicko
     
  7. wish-ga

    wish-ga Member

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    message deleted
     
  8. Mr. Fabulous

    Mr. Fabulous Thought Criminal

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    Jimmyjamjars,
    I don't think Sunstone's intention was to big note himself or allow anyone else to do the same. Maybe the intention was to get people to think outside of their own little worlds and ask themselves 'What can I do for those less fortunate than I?' It never ceases to amaze me how self absorbed most people are - wealthy or not - and how much said people expect everything to be done for them/handed to them on a plate.
    It's my opinion that if everyone, young, old, rich, poor were to think about how their actions affect others and what they could do to help others, then our world would be a much more liveable and happy place for everyone (and that includes the non-human beings that exist side by side with us).
    My legacy will be to help homeless youth in some way. I'm doing that to a small extent now, by giving money to Youth Off The Streets and purchasing a copy of The Big Issue when I see a vendor around. It's not a huge amount, but it makes a difference to somebody.
    Speaking of The Big Issue, how many of you ignore the vendors you see? Next time, give them some money, some for the mag and a little extra. They need it more than you do. Remember, everytime you purchase a copy, you're helping a homeless or unemployed person help themselves.
     
  9. Rolf Latham

    Rolf Latham Member

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    Hi ML

    So true

    But for the Grace of God there go I is my motto,.........................


    ta

    rolf
     
  10. Corsa

    Corsa Member

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    Dear Sunstone

    I missed this thread so sorry I havent ventured into this thread as yet :)

    But to be honest with you I havent thought about it too much so I guess you have at least triggered the thought process.

    I feel that I am so much in the establishment phase, that I have a few mountains to climb before I can look back down and give back something back to the community.

    The only contribution I really make now is to make some donations to my favourit charities of being Huntingtons & Breast Cancer (www.donations.com.au ) and dont give nearly as much as I should but I am not that hard on myself.

    I think your idea of a library is a wonderful idea to share with the forum.

    Best Wishes

    Corsa
     
  11. Sunstone

    Sunstone Member

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    Dear JJJ,

    There is always a risk of that. However before we can create something physically it must be first created in our own mind.

    I remember your post in my Good Deeds thread below. Your post certainly inspired myself. No doubt it was an inspiration to others.

    http://www.somersoft.com/forums/showthread.php?t=14493
    http://www.somersoft.com/forums/showpost.php?p=94213&postcount=11

    These types of ideas encourage others. We do what we can everyday, life is too short to not appreciate, encourage and do..……





    Nice touch Mark. The little bits all add up.


    Dear Corsa/guys,

    Thanks for the kind words. Whilst it may be early days for some it is good to start with the end in mind.

    The library is a medium term goal for myself but one that I have been working towards for some time.

    Cheers,

    Sunstone.
     
  12. Xtine

    Xtine Member

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    Legacy starts at home (or was that Charity?)

    Seems some people's idea of a legacy involves the concept of sharing, whether wealth, knowledge, etc. etc.

    I have a small legacy (it's a start!) that perhaps my young neices will remember me by.

    Occasionally, when I give them little gifts, I will give them an extra one.

    E.g. Four of them stayed over in the school holidays and we all made chocolate muffins. There was enough for 3 each - one to keep, one to give away, and one to take home. Although they'd all assumed that their three muffins were labelled 'mine/mine/mine' and were hesitant at first, they soon warmed to the idea of giving one away. Especially, seeing the thankfulness on the face of the person who received it.

    They were feelgood muffins because they made you feel good in the tummy as well as the heart.

    'And what did I share?' you ask? I shared the 'gift of giving' of course!!
     
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  13. Mr. Fabulous

    Mr. Fabulous Thought Criminal

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    Hahahahaha, excellent. Y'all are awesome. I've been a believer for some time now that giving is the best gift that one can receive. Whether that's giving money to a charity, building a library (great idea, by the way Sunstone) or giving cupcakes to someone for no reason whatsoever is irrelevant.
    It's all about sharing whatever it is we have with the world that matters. All too often in our society there are far too many examples of take take take, but not giving anything back. For me, the best present I can receive is the smile and genuine thanks I get when I do something for someone else. Not doing so to make myself feel better, but doing it because I truly want to help a fellow being (again, this doesn't just mean humans, one of the reasons I choose to be vegetarian).
    The greatest rewards that I have received personally for such a viewpoint are three friendships that I will treasure for the rest of my life. The people I speak of are all of the highest integrity, and give much much more than they receive. So Hiroko, Steve and Katrina, this one's for you!
     
  14. Sunstone

    Sunstone Member

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    Charles Viertel

    Dear guys,

    A relative of mine always talked highly of Charles Viertel. Here are some parts of his story and the legacy he left behind.

    Viertel, a low-profile Queensland foundation, is no small beer. With funds of about $100m, and annual grants totalling some $4m to $5m, it is probably the second largest in Australia behind the Ian Potter Foundation.

    One of 11 children in a poor family at Kangaroo Point, Queensland, Charles Viertel graduated dux of Brisbane Central Technical High School and went on to complete a bachelor of commerce degree from the University of Queensland. He became a successful accountant, property developer and sharemarket investor, motivated, it is said, by a teacher who wrote on a blackboard that he owed threepence for school fees. Viertel left an estimated $60m in a discretionary trust when he died in 1992. Friends say his lifestyle was frugal.

    Through the 1990s, the trust gave away more than $26m to hundreds of causes, including blindness, cancer, drug rehabilitation, the homeless, churches, Meals on Wheels and St Vincent de Paul. Sylvia Viertel, who died a few years before Charles, had suffered from bad eyesight so prevention of blindness was a cause Charles favoured. But Viertel’s will gave his three trustees discretion to make grants within broad guidelines that half of the income go to projects involving children and youth problems, underprivilege and homelessness, and the alleviation of hardship for older people, while the other half would go to medical research.

    There are some provisos. One says the trustees should disregard charities with high administrative expenses. The will names three organisations – Queensland Cancer Fund, Australian Foundation for the Prevention of Blindness (Queensland division) and the Salvation Army (Queensland) Property Trust – that the trustees should consider. But some say this is only in the event of excess funds being available.

    Viertel’s three nominated trustees were Brian Gibbon as chairman, George Curphey and ANZ Executors and Trustees. Gibbon was a colleague of Viertel for 42 years, and at 21 was sent by Viertel to run his Quill stationery plant in Sydney. Viertel’s business administration was apparently as frugal as his personal life, as Gibbon received minimal holidays, no superannuation and no shareholding in the company. But on Viertel’s death he found himself entrusted with dispersing Viertel’s huge wealth to charities.

    Gibbon, a religious man described by friends as a visionary, was responsible for many of the foundation’s initiatives, including senior medical research fellowships and its $1m-a-year Aboriginal causes program. The Fred Hollows Foundation was granted $250,000 a year for three years for its “Healthy Tucker Project” to improve Aboriginal health as a means of preventing blindness. Other indigenous grants involved leadership programs, nurse training, economic development and mental health. The foundation set up a committee to advise on Aboriginal grants, including Ahern and Sally Goold, president of the Congress of Aboriginal and Torres Strait Islander Nurses and a member of the National Reconciliation Council.

    Under Gibbon’s leadership, and apparently with the support of ANZ Trustees, the foundation’s core funds grew to some $100m and its annual grants to $4m-$5m a year.

    http://bulletin.ninemsn.com.au/bulletin/eddesk.nsf/printing/44D09D81356D1883CA256A5700036CEE

    Sylvia and Charles Viertel
    Charles Viertel was one of eleven children born into the poor family of a German farther and English mother. An achiever since childhood, he graduated dux of the Brisbane Central Technical High School and was awarded a Bachelor of Commerce degree from the University of Queensland.
    He had a strong commitment to helping people who helped themselves, offering a hand of support when the need was great. He gave quietly and without expectation of public recognition. One of the projects he supported during his lifetime was the establishment of a Chair of Ophthalmology at the University of Queensland.

    In leaving a $60 million charitable foundation at the full discretion of his Trustees, Mr Viertel declared that it be the policy of his Trustees to disregard those charities with high administrative expenses.
    He thus laid the framework for a Foundation which nurtured his characteristics of keeping an eye firmly fixed on achieving results and helping those willing to help themselves.

    Sylvia Viertel was a quiet, gentle person who preferred the simple things in life to the corporate world in which her husband revelled. Sylvia and Charles married when they were both in the their 40s and she preferred always to remain in the background as a home maker and keen gardener.
    Sylvia Viertel suffered from a debilitating eye disease which initiated Charles' interest in Ophthalmology.

    http://www.indiginet.com.au/catsin/viertel.html

    Cheers,

    Sunstone.
     
  15. Brenda Irwin

    Brenda Irwin Property addict

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    I am interested in providing some sort of housing for the elderly and less priviledged. However, this may take more than my lifetime to achieve.

    For the moment, I will keep the idea in my mind, whilst I grow and consolidate my financial position. In the hereafter, I hope the Salvation Army and my own offspring may be able to provide more of an impact in those areas, using the seed of finance which my legacy would provide. :)
     
  16. yadreamin

    yadreamin Member

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    Why wait till one has passed over?

    there is a huge shortage of blood in Australia, something money cannot buy.
    So l give it now, "better warm than cold"
    Why not put it on your TOO DO LIST THIS WEEK.
    Also put on your licence to donate your organs.
    One of the formites tags are {sorry can,t think who at the moment]
    "look after your body as it,s the only place we have to live in"

    sometimes l think the most obvious is right under our noses.
    no matter what investment or life vehicle one is driving.


    cheers yadreamin
     
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  17. geoffw

    geoffw Untitled

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    I lived in England 1988-1990. So they won't let me give blood.

    I'm not a demented cow. Honest.
     
  18. Bill.L

    Bill.L Member

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    OK Geoff,

    I give up. I can't work it out. Which is it then, are you demented or a cow?? :D :D

    from Bill, in one of those demented cow moods. :confused:

    bye
     
  19. Carolyn

    Carolyn Member

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    Some Sobering thoughts...
    Have to agree giving gives you such a buzz.

    For each new property we buy, we sponsor an overseas child. For me it is something more real and emotional to receive letters and pictures from a life that we are helping, than just my bricks and mortor.

    I too have read John Fitzgeralds stuff - very inspiring. I have no problem with wanting the financial rewards that my husband and I are heading towards, but very keen to share that around in both time, knowledge and financial resources.

    Most importantly, for us ,it is also about teaching the values of giving with our children - our greatest legacy.

    Carolyn
     
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  20. Sunfish

    Sunfish Member

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    Attitudes change. Dad, a WW1 vet, gave gallons of blood until his late seventies but I doubt Mum ever donated. She did donate her time to the Red Cross Blood Unit though, taking blood from men. There must have been a more distinct "devision of responsibilities" I suppose.

    My lady, has taken over where Dad left off. Gives every 10-12 weeks and tries to get others in her office to join her but it seems the young lads are reluctant. The girls seem more likely to front.

    Before donating, you sign a legal document that asks questions which may be too onerous for party boys.(?)

    T