It’s quite a thing to give.
It is the most fun thing you can do with money.
Once your household is cared for and you are no longer slave to any lender, you can give like never before.
One Thanksgiving we surprised an overwrought waitress at iHop.
What a rush.
Now we’re on our way to Purdue University give an inagural scholarship gift.
If anyone had told these two geologists, who lived in a pickup for a while or who ate peanut butter in the van while others ate at restaurants on field trips, that they would be doing this one day, there would have been 2 trout-mouthed stares.
“Don’t you have to be Bill Gates to do this?”
Here’s how it works:
Let’s say you have saved
$50/mo for 1 year and 8months.
That’s $1,000 “seed” money for a scholarship.
A university will have people who run the “foundation”. They take that seed money and invest it on your behalf.
The foundation will let it grow for maybe 5 years. During that time, you want to add $500 a year and your employer matches an educational gift 3:1.
1. Start with $1,000
2. Employer matches with $3,000
3. The “seed” investment is $4,000
4a. Each year, you add $500
4b. Each year the match is $1,500
4c. Each year total add is $2,000
5. At the end of 5 years
6. The foundation begins to skim a little from the seed earnings as scholarships.
$1,000 can make a huge difference for a student.
Why not save that money and keep it in the family?
Leaving a lasting legacy.
They’ve just announced boarding.
Time to fly.