Former Canadian CEO hits lottery- all 40 mil to charity

[EVT1]

www.today.com/news/canadian-lottery-winner-donates-40-million-jackpot-charity-2D11777987 

     The former CEO of EECOL Electric said he didn’t need the money for himself or his family.

     "I guess I've been fortunate enough through my career, you know, that I had, with the company that I was with, to be fortunate enough to have a good living and be able to remain to have a good living and look after my kids,” he told Reuters. “So, I don't really need the money."

    His plan was to donate his winnings in honor of his wife Jan, who died in February of 2012 after a long battle with lung cancer.

     “It’s very, very, very important,” he told the CBC, his voice starting to crack. “Because, you know, we lost a wife, a mom and a grandma. She beat it for a while, six years, and it finally caught up with her.”

     All of which made it supremely important for Crist to donate to cancer treatment and research. “Cancer is dear to my heart because of what happened to her,” he told the CBC. “This just gives me the opportunity to give back.”

     Crist delivered his first big check — $1.2 million — on Tuesday to the Alberta Cancer Foundation, which collects donations for Calgary’s Tom Baker Cancer Centre, where Jan had been treated.

 For some people enough is enough. 

[Opti]

I'm impressed, but still tempted to see if he'd like to fund an
American taking UNIX cert tests. He may not need the money
but I sure could use some!



Being a former CEO he's also likely already answered that question of
'what would you do, if money wasn't holding you back?' because money
wasn't. Me, I'd keep it and probably start a foundation or two.

[EVT1]

Why do wealthy people play the lottery in the first place?  I understand gambling and all- fun stuff- but playing the lottery is not gambling- at least not the fun kind.  I understand poor people taking a longshot and fantasizing on their new life- that might be worth a buck to hold the numbers during a drawing, but why did this guy bother?   (Glad he did- that cash is going to do a whole lot more good than it probably would have by a mile) 

[Artemis Windsong]

I'm with Opti on starting a foundation.  I can do little helps here and there.  I do have enough for myself.  A car that starts and runs.  A heated home.  A family.  More than adequate food choices. 

I am so surprised the guy said he had enough.  I am sure he does being a CEO of an electric company.  Maybe others will see his wisdom and follow along.

[mmhmm]

Perhaps, this gentleman played the lottery on the off chance he'd win, just like everyone else who plays.  The difference might have been he always intended to donate anything he won. Quite a guy!  It's a darned shame there aren't more like him.

[Deleted]

Just goes to show .  Rich people are rich because they know what to do with money.    If a poor person won that $40 mil they would have been bankrupt in a couple years.

[Sum Dum Gai]

There are plenty like him, look at all the millionaires and billionaires that are leaving their fortunes to charity instead of family. It's easy to give away a fortune when you're already living on one.

[Opti]

Speak for yourself Archie!

I'd join the folks who took annual payments and I have plans on
how I'd invest it and if I won enough my foundation would be doing
research that's rarely done. I noted that he appears to have taken
annual payments himself and is donating on a year by year basis.
It gives him the option to change his mind, plus the charitable
donations may play well with paying less tax on what he is earning
now and in the future.


Some rich people are rich because they know what to do with money.
Some are rich because of a lucky birth, some by hard work, and others
like the former Michael Jackson sometimes in spite of their spending habits.
Many of the ultra rich have also been ultra poor for periods too.

[Deleted]

Dec 19, 2013 22:50:57 GMT -5 Opti said:

Speak for yourself Archie!

I'd join the folks who took annual payments and I have plans on
how I'd invest it and if I won enough my foundation would be doing
research that's rarely done. I noted that he appears to have taken
annual payments himself and is donating on a year by year basis.
It gives him the option to change his mind, plus the charitable
donations may play well with paying less tax on what he is earning
now and in the future.


Some rich people are rich because they know what to do with money.
Some are rich because of a lucky birth, some by hard work, and others
like the former Michael Jackson sometimes in spite of their spending habits.
Many of the ultra rich have also been ultra poor for periods too.

I think that's what most people say before they win the lottery.  Then they start investing in "business ventures" and going to strip clubs.

[Sum Dum Gai]

Strippers got bills to pay too Dave. Probably more than most. How bad off would you have to be to make a living giving lap dances? Going to the strip club is pretty much a direct donation to the very needy.

[Opti]

I'm not most people. There are lottery winners who have managed it well.
I plan to be one of them.



Besides, strippers aren't my thing. Even good looking male ones.

[Opti]

Actually daveboo, I don't think most people say that.
Most people say I'm going to take the lump sum, payoff
my house, pay off my sibs houses and pay for college for
their kids plus other spending plans. How they are going to
invest and live off what they've won is *not* one of the
first things they think about.


You take the lump sum and if you screw up or
give away too much there's no do over. Its one shot. With the
annual payments, I think chosen by less than 10% of the winners,
you have more than a few chances to get focused and figure
out how you want to sheperd, grow and use your new resources.

[djAdvocate]

Dec 19, 2013 22:56:33 GMT -5 Sum Dum Gai said:

Strippers got bills to pay too Dave. Probably more than most. How bad off would you have to be to make a living giving lap dances? Going to the strip club is pretty much a direct donation to the very needy.

both parties to the transaction are needy.  ain't capitalism grand?

[the flying reindeer]

The only way that I would take the annuity is if it could be inherited by my family. At my age I'd rather have the lump sum. That could be a determining factor for older winners.

[ՏՇԾԵԵʅՏɧ_LԹՏՏʅҼ]

This was in my City. The Tom Baker Cancer Center is where my dear SIL was treated/cared for before passing.

The lotto winner's family & grown children fully support his decision on allocation of his winnings.