Thursday, August 12, 2010
Johnny Carson Great Gift
Johnny Carson died in January 2005, but even after he died, he continues to be one of the nicest most generous fellows in all of Hollywood. In case you missed the news - he contributed over 150 million dollars to his foundation, the John W. Carson Foundation, which is known for its annual gifts to a wide variety of charities - including the education of children. Lots of people do not understand how foundations work - basically it is a huge chunk of invested assets that are required by law to give away at least 5% of their assets every year. So, if the directors of the foundation do a good job of investing, and say for example they are able to earn 10% on the foundation's assets - the foundation can give more and more money to charity every year - in perpetuity if they continue to invest it well. Oddly enough, Albert Einstein once said man's greatest invention was the power of compounding interest - and indeed, if you follow this example of making 10% compounded on the assets, and giving away 5% - it does not take that long to double the money of the foundations assets, and in turn, double the amount of annual giving. How long? well - about 15 years.
Okay - enough of the math games.... Johnny Carson of the Tonight Show - TV Comedy at the highest levels of humor. here's Johnny.
A few of my favorites - if time is short. Clip 1 - Clip 2 - Clip 3