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.
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