Billionaires to give away fortunes

Billionaires giving away their cash!

Billionaires have discovered that giving away money can not only be fun but also benefit the giver and the receiver.

Here are some highlights from the Washington Times story on those who took the pledge to give away at least 50 percent of their wealth:

Media mogul, Ted Turner: “Looking back, if I had to live my life over, there are things I would do differently, but the one thing I would not change is my charitable giving,”

Investor, Warren Buffett: “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”

Former Citigroup Chairman/CEO Sanford Weill and wife, Joan, said ” we are firm believers that shrouds don’t have pockets.”

Melinda Gates: “We do not want to give excessive wealth to our progeny. Giving wealth to young and future unborn children, in our opinion, reduces or eliminates the character-building challenges ahead of them in life that they would otherwise face.”

Read the whole story here.

Marketing to Children

No matter the economic situation, the advertising and marketing machine rolls onward and as it rolls it is reaching a younger and younger audience. Barbie has her own credit card and Monopoly has gone away from cash to using credit card like cards. Dave Ramsey would be ashamed.

Electronic monoply

Beyond the marketing, psycologists have been taking note of how these trends to younger subjects are likely to have long lasting trends…

Advertisers recognise that brand loyalties and consumer habits formed when children are young and vulnerable will be carried through to adulthood.

via Marketing to Children.

This trend to younger audiences for marketing is not only because of the financial abilities of today’s youngsters but because they are holding onto their parent’s purse strings as well as their own. Besides that, these kids are forming habits that will last well into adulthood.

According to Direct Marketing magazine, by the age of eight children make most of their own buying decisions.[20] Modern children can often recognise brands and status items by the age of 3 or 4, before they can even read. One study found that 52 percent of 3 year olds and 73% of 4 year olds “often or almost always” asked their parents for specific brands.[21] Advertisers recognise that brand loyalties and consumer habits formed when children are young and vulnerable will be carried through to adulthood. Kids `R’ Us president, Mike Searles, says “If you own this child at an early age… you can own this child for years to come.”[22]

Via Sharon Beder, ‘A Community View’,

Kids will definitely pick up on what they’re taught whether it’s good habits or bad. This applies to lots of things including financial responsibility.

Along with the toys that teach about endless credit, there are other resources out there that teach parents and in turn kids how to be good with money.

Here’s a bank that helps kids budget from an early age. Ramsey has “cool tools for teaching kids about money”

According to a Visa survey, parents are turning their eye to the wisdom of teaching about good financial management. In fact financial topics are starting parent/teen conversations even more than drugs or sex:

Money management is a higher priority among parents, according to a new Visa USA survey. Eighty-five percent of 1,000 parents of high-school students said they will be discussing it with them, ahead of other important topics, drugs (80 percent) and sex (79 percent).

Some great advice I saw for parents was from Disney, of all places… In her article,¬† Laura Rowley gave some key recommendations like:

  • Create a Dream Jar for them to save up toward a goal or “dream”,
  • Start their experience with Saving, giving¬† and even selling (on eBay)
  • Develop negotiation skills from a young age
  • Don’t be a human ATM machine.