I don't know
[] (how) people manage millions let alone billions. When I think about money, I feel exhausted. It is energy zapping instead of energy giving.
Like right now, I feel very light. Just now when I think of Club 50, I feel very heavy. I start thinking that all the money will be wasted instead of channeled to good use.
RM4 million will give them RM160 k a year. If they keep 50% then RM80 k goes to charity. About RM7 k a month. Plenty can be done if they are serious about it.
I am weak in accounting. That worries me.
I think we need to include everybody in HOTS for the orientation. They need to be mindful of their responsibility to the society. This include the part where 50% of the interest goes back to CSR.
So I think the 30 slots available in Club 50 are meant for people who can help organize the charity bit of the rest of HOTS.
HOTS need to submit invoices or receipts to show proof of their charity contributions if they decided to go direct to the needy.
Otherwise we pool the money and manage it centrally. Our Club 50 is our charity arm.
We can put provision that the charity also applies to them like if they buy insurance or if they are supporting their parents or kin. It also applies in a case where they are supporting animal shelters.
Can we start assigning a team to look into this CSR bit? More on general guideline.
I am keen on medic scholarship. Then we can get doctors as our future resources. However that is high maintenance.
Remember, charity begins at home. So it is meant to help HOTS members in trouble as well.
There are many things need to be done here. It is an organization on it's own.
Be mindful of the tax benefits.
Maybe for a start, we look at what is the maximum tax break for charity although I think if we are serious about it,
everybody commits to 50% for a period of 10 years. After that i[s] (it) is just 25% for another 5 years. Just a thought.
What do you think honey? After 10 years, then they can set aside for their retirement plan.
Either that
[] (or) we will straight away do wealth management with them with the charity being a subset. (Not a good idea. There are element of investment there).
My idea of wealth management is zero risk. Like in my case I put all my money in the Employee Providence Fund. There will be a monthly draw down of which half goes to charity and half either I spend or I put in the Bumiputra Mutual Fund.
We just manage savings, expenditure and charity.
Brb...
Whatever it is I am not too hot on investment.
I'm OK with 50% of the interest earned from the Money Tree to go to charity. Money earned from employment or other sources are excluded.
Sarah, there are a lot of red flags here. Actually it is a simple model if people agree to my model.
We got to come up with an agreement to that effect. Of course these are based on honesty as well. If they are not honest then they are not qualified in the first place.
That is why the mindset must be right. As I mentioned before, we need socialists mentality. We need the Attitude of Servitude among us.
At the same time we need to condition the HOTS on the Hedonic Adaptation Treadmill and the Voluntary Simplicity.
That is why I strike 2/3 of my list. I feel some of them will not comply. They are nice people but I don't think they fit in including my family members.
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