In a massive lesson on philanthropy, Elon Musk gave $5.7 billion in Tesla share donations to charity last year.

The CEO of Tesla donated more than 5 million shares in the electric-car maker from Nov. 19 to Nov. 29, according to a filing with the Securities and Exchange Commission. 

The gift was worth about $5.7 billion, based on average prices the days he sold the securities. This instantly ranked Musk as America’s second-biggest donor after Bill Gates and Melinda French Gates last year.

You see, I’ve always been a big believer in supporting charities. And not only because it makes me feel good about myself knowing that I’ve supported causes I believe in. There are other reasons that most people don’t know about.

Why do successful people donate to charities?

1. There are financial benefits when you donate to charity

Did you know that charitable donations reduce taxes?

You can deduct up to 60% of your adjusted gross income via charitable donations.

A big contribution could mean big savings on your taxes, and I think that’s a pretty big reason why you should donate to charity!

2. Giving promotes feelings of happiness

Helping others feels good. It’s a win-win situation.

When you donate to a charity that is important to you, you not only help them continue their vital work, you’re also improving your emotional wellbeing.

3. Supporting charities connects you with successful and influential people

This is the big secret that most people don’t know about. People ask me all the time, “Grant, how can I connect with other successful people?”

One of the best ways to make contacts is to support other people’s foundations and charities.

Why?

Because the moment you do that, people automatically assume that you must be doing well, because you’re a giver.

Money is a currency that connects you.

Money ain’t what your mommy and daddy taught you, “Hold it, keep it, and save it.” Money is useless until it is used, so go use it to connect with great people.

So there you have it, these are a few reasons why I think successful people donate to charities and why you should too.

My true purpose is to help everyone on the planet, and that includes giving back to charity as much as I can. And every year I do it, I make more money, I get tax benefits, and most importantly, I feel happy and fulfilled.

So, what steps will you take to make Elon Musk-like donations to support charities? Let me know in a comment below.

Featured image: James Duncan Davidson, CC BY-NC 3.0

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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.

5 COMMENTS

  1. Yes , I fully Agree with you Cardon! Creator God ( God of The Bible ) has invested in individuals millions and billions : depend on the person’s hard wears ..Individuals who has been built higher functional hardwires has to help those who are not built that way .Perhaps some geographical region they have not freedom like America has . resources that American forefathers has transferred to this generation.
    I am one of the beneficiary of those resources .I am investing on less privilege communities in India . When I heard you do .It encourage me to go extra 10 miles where I am today