Building Wealth: How Financial Independence Fuels Philanthropy
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Chapter 1: The Misconception of Wealth
We often stereotype affluent individuals as greedy and unkind. It's easy to feel envious of those who possess significant wealth, especially when their fortunes seem disproportionately large compared to the average person. This jealousy can cloud our judgment, leading us to unfairly criticize them without understanding their true character or the paths they have taken to achieve their success.
Despite the existence of selfish wealthy individuals, many affluent people actually create their wealth by uplifting others. Successful businesses thrive by delivering genuine value to their clients, and real estate generates income when it enhances people's lives. Accumulating wealth enables individuals to contribute more significantly to society.
For those who are employed or consumers, the ability to donate a small amount to charity or volunteer occasionally is commendable. For example, in 2019, the Bill & Melinda Gates Foundation invested $5 billion in various initiatives aimed at improving global conditions, as reported by Reuters. By 2018, Gates had contributed approximately $36 billion to his foundation, while his associate Warren Buffett donated around $29 billion. Gates initially earned his fortune by enhancing productivity through computing and subsequently devoted much of his wealth to public health, education, and climate change efforts.
Achieving this level of impact is challenging if you're tied to a 9-to-5 job. While Gates's achievements may seem extraordinary, there's another story that illustrates the importance of wealth-building and early retirement as a means to create positive change.
Chapter 2: The Legacy of Benjamin Franklin
Born in Boston in 1706, Benjamin Franklin was the youngest of 17 children in a family that faced its share of challenges. Despite receiving only two years of formal education, Franklin became an avid reader and an accomplished writer. At 12, he was apprenticed to his brother in the printing trade but left home at 17 due to family conflicts, eventually finding work in Philadelphia.
Franklin was already contributing to his brother’s newspaper before he left Boston, often writing satirical pieces under a pen name. After a brief stint in London, he returned to Philadelphia at 22 and established his own printing business in 1728.
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The Businessman
Franklin's printing enterprise flourished, allowing him to produce a variety of publications, including government documents, books, and even currency. In 1729, he purchased The Pennsylvania Gazette, a newspaper facing financial difficulties, and much of its content was authored by Franklin himself, often under assumed names. He also published "Poor Richard’s Almanack," where he shared wisdom about diligence and thrift, leaving behind memorable quotes like:
“Early to bed and early to rise, makes a man healthy, wealthy, and wise.”
The Early Statesman
While Franklin devoted his days to business, he also engaged in numerous civic projects aimed at enhancing the quality of life in Pennsylvania. His contributions included establishing a library in 1731, founding the first fire brigade in Philadelphia, initiating a police patrol, organizing a local militia, creating a city hospital, helping establish the University of Pennsylvania, and developing the colonial postal system.
The Scientist
By the age of 42, Franklin had expanded his printing business to such an extent that he could retire comfortably. He then turned his focus to scientific endeavors, conducting experiments on electricity in his home. His curiosity led to groundbreaking work, including the famous kite experiment, which demonstrated that lightning is a form of electricity. He also investigated ocean currents and meteorology, inventing several notable items such as the lightning rod, an efficient stove known as The Franklin Stove, bifocal lenses, and a musical instrument called the glass armonica.
The Revolutionary
As the quest for independence from Britain intensified, Franklin emerged as a pivotal figure. Initially representing Pennsylvania in London, he grew increasingly critical of British policies toward the colonies. Following his return to America after the Revolutionary War began, he played a crucial role in the Second Continental Congress and contributed to drafting the Declaration of Independence. Franklin later served as America’s representative in France, securing support for the revolution, which ultimately led to the Treaty of Paris.
After the war, he was instrumental in promoting the ratification of the U.S. Constitution. He passed away shortly after, bequeathing his wealth to the cities of Philadelphia and Boston to support vocational schools, science museums, scholarships, and other community initiatives.
Franklin on FIRE
Franklin's life is an inspiring example of how financial success can empower individuals to make significant contributions to society. Had he remained a mere laborer in a print shop, his impact would have been minimal. His financial achievements allowed him to devote his time to initiatives that benefited the community.
This illustrates why pursuing financial independence is essential—not only for personal and familial well-being but also for societal advancement. Many talented individuals remain trapped in jobs that prevent them from realizing their full potential. If we are busy just making ends meet, how can we dedicate time and energy to improving our world? Achieving financial security frees us to focus on altruistic endeavors without the burden of worrying about monetary gain.
Building Arks
After facing challenges in wealth-building by adhering to conventional financial advice, I embarked on a journey to explore investment opportunities. Over a decade later, I have attained financial security and am striving for complete independence through real estate and stock market investments. I have created my financial “ark” to navigate any unforeseen challenges.
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Please note that I have no affiliations with any of the resources mentioned above, and I am not a financial advisor. All content is presented in good faith for informational purposes only and is not a substitute for professional advice.