Saturday, February 09, 2013 1:57:15 AM
Millionaire Graham Tuckwell's valuable lesson - give $50m to help strangers
Jessica Marszalek
The Daily Telegraph
February 06, 2013 12:00AM
Graham Tuckwell has decided to give $50 million to the Australian National University
for scholarships / Pic: Gareth Morgan Source: The Daily Telegraph
HE'S worth more than $750 million but Aussie financial entrepreneur Graham
Tuckwell has decided to give away a slice of his fortune - for the good of his children.
The businessman believes passing down his fortune to his kids would only "poison" them and destroy their drive, so has decided instead to give $50 million towards the education of strangers.
In the largest donation ever made to Australian university students, Mr Tuckwell will fund scholarships worth up to $100,000 over five years in an Australian National University scheme to run for 20 years.
Announcing his generosity yesterday, the Canberra-born self-made multi-millionaire who founded ETF Securities, said he and his wife Louise wanted to change lives and did not think it was sensible for parents to give vast amounts of money to their own children.
"Lots of money is poisonous to have," said Mr Tuckwell, who studied at ANU before pioneering a way for commodities to be listed on the stockmarket.
He said his four children would be put through university and helped to get set up but he did not want to spoil their happiness by showering them with money.
"If you just give them stuff, it almost destroys their desire to do things and you actually end up with kids who are a lot worse off," he said.
He would not discuss the reaction of his children to his grand gesture, but said he hoped it would inspire other wealthy Australians to consider philanthropy, rather than just passing their fortunes down.
"Without naming any, they generally have not put the majority of their wealth behind strong philanthropic causes," he said.
"And, unfortunately in some cases, they pass the wealth down to later generations who have behaved badly. And I think that's a really bad example."
ANU vice-chancellor Professor Ian Young said he was "gobsmacked" when he heard the scale of the donation. "We were in a state of shock for quite a period of time about the generosity of the donation," he said.
Tuckwell scholars will receive $20,000 a year for living costs and on-campus accommodation and it's hoped a sense of altruism will be engendered in them to give something back to society.
The Tuckwells will be part of a selection panel considering grades, natural ability, background and goals.
The program will be evaluated after five years.
http://www.dailytelegraph.com.au/news/millionaire-graham-tuckwells-valuable-lesson-give-50m-to-help-strangers/story-e6freuy9-1226571135991
Jessica Marszalek
The Daily Telegraph
February 06, 2013 12:00AM
Graham Tuckwell has decided to give $50 million to the Australian National University
for scholarships / Pic: Gareth Morgan Source: The Daily Telegraph
HE'S worth more than $750 million but Aussie financial entrepreneur Graham
Tuckwell has decided to give away a slice of his fortune - for the good of his children.
The businessman believes passing down his fortune to his kids would only "poison" them and destroy their drive, so has decided instead to give $50 million towards the education of strangers.
In the largest donation ever made to Australian university students, Mr Tuckwell will fund scholarships worth up to $100,000 over five years in an Australian National University scheme to run for 20 years.
Announcing his generosity yesterday, the Canberra-born self-made multi-millionaire who founded ETF Securities, said he and his wife Louise wanted to change lives and did not think it was sensible for parents to give vast amounts of money to their own children.
"Lots of money is poisonous to have," said Mr Tuckwell, who studied at ANU before pioneering a way for commodities to be listed on the stockmarket.
He said his four children would be put through university and helped to get set up but he did not want to spoil their happiness by showering them with money.
"If you just give them stuff, it almost destroys their desire to do things and you actually end up with kids who are a lot worse off," he said.
He would not discuss the reaction of his children to his grand gesture, but said he hoped it would inspire other wealthy Australians to consider philanthropy, rather than just passing their fortunes down.
"Without naming any, they generally have not put the majority of their wealth behind strong philanthropic causes," he said.
"And, unfortunately in some cases, they pass the wealth down to later generations who have behaved badly. And I think that's a really bad example."
ANU vice-chancellor Professor Ian Young said he was "gobsmacked" when he heard the scale of the donation. "We were in a state of shock for quite a period of time about the generosity of the donation," he said.
Tuckwell scholars will receive $20,000 a year for living costs and on-campus accommodation and it's hoped a sense of altruism will be engendered in them to give something back to society.
The Tuckwells will be part of a selection panel considering grades, natural ability, background and goals.
The program will be evaluated after five years.
http://www.dailytelegraph.com.au/news/millionaire-graham-tuckwells-valuable-lesson-give-50m-to-help-strangers/story-e6freuy9-1226571135991
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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