Lifetime Income
for Retirement.

TZEDAKAH

Liming Is
Good nor You

And an even greater outcome f6.
Israel, science and education.

Money can buy happiness -
but only when you give it away.

M

these days, a lesson learned
from the 2008-09 financial crash.
It's good to have savings — but
not to the point of hoarding, says
entrepreneur and philanthropist Tim
McCarthy, author of Empty

I believe the Jewish people should always contribute

EM PTY

many urgent, worthwhile causes. What to do? Support

medical research? Give to my beloved Israel? No one has

NUN MINCE

unlimited funds—certainly not me. So where to start;
where to give?

I Ind, Meamng Thr ough Mindful Giving

Then I saw an ad about AFHU Hebrew University Gift

Annuities supporting The Hebrew University of Jerusalem.
I read up on HU. It was everything I care about in
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This way I can afford to give more to all the causes
closest to my heart.

Ruth Resnikoff

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The returns are
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Age

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75
8o

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85

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AMERICAN FRIENDS OF
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Chicago, IL 60611 • 877-642-AFHU (2348)

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Research engine for the world. Engine of growth for a nation.

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1952080

24

December 18 • 2014

order, I think it's clear that while money
is important, it cannot buy purpose,
significance or overall satisfaction:'
McCarthy says.
• Giving money reliably equals happy
money. Two behavioral scientists,
Elizabeth Dunn and Michael Norton,
explore in their recent book,

Abundance.
Happy Money: The Science
Americans are saving at
of Smarter Spending, what
a rate of 5.30 percent, well
makes people engage in "pro-
above the record low of 0.80
social behavior" — including
percent in 2005, accord-
charitable contributions,
ing to the U.S. Bureau of
buying gifts and volunteering
Economic Analysis.
time. According to Dunn and
The world's billionaires
Norton, recent research on
are holding an average of
happiness indicates that the
$600 million each in cash,
most satisfying way of using
which is more than the
money is to invest in others.
TIM MCCARTHY
gross domestic product of
In 2010, multi-billionaires
Dominica, according to the
Warren Buffet and Bill and
new Billionaire Census from Wealth-X
Melinda Gates co-founded the Giving
and UBS. That's up from $60 million the
Pledge, a long-term charitable effort that
previous year, signaling that the very
asks the wealthiest among us to commit
wealthy are keeping their money on the
to giving more than half of their fortunes
sidelines and waiting for an optimal
to philanthropy.
investment time.
Among the first to join, Michael R.
`All of us could invest part of our 'for-
Bloomberg wrote in his pledge letter:
tune; great or small, on something that
"If you want to do something for your
gives back on a deeper human level, such children and show how much you love
as non-predatory loans to individuals
them, the single best thing — by far
from impoverished communities:' said
— is to support organizations that will
McCarthy, who diverts all of his busi-
create a better world for them and their
ness profits annually to his foundation,
children:' To date, 115 of our country's
The Business of Good, which invests in
495 billionaires have pledged.
• Anhedonia, amnesia and the fallacy
socially conscious businesses and scal-
able nonprofit concepts.
of consumption. Anhedonia is the inabil-
He reviews what everyone has to gain
ity to enjoy activities that are typically
from mindful giving.
found pleasurable.
• Money buys you happiness — up
"After making my wealth, I found that
to $75,000 worth. Life satisfaction
I suffered from anhedonia," McCarthy
rises with income, but everyday happi-
says. "Mindful giving — intelligent and
ness — another measure of well-being
conscious giving to those who need it —
— changes little once a person earns
turned out to be my best therapy7
$75,000 per year, according to a 2010
Everybody has experienced the limits
Princeton study.
of consumption, the economic law of
• Remember the wealth disconnection diminishing returns. One cookie is nice
to overall fulfillment. A Gallup survey
and so, too, is your first $1 million. But
conducted in 132 countries found that
at some point, your ability to enjoy eat-
ing cookies or earning millions dimin-
people in wealthy countries rate them-
selves higher in happiness than those
ishes more with each successive one.
in poor countries. However, 95 percent
"Everyone learns this lesson, yet the
of those surveyed in poverty-stricken
horror is that so many of us succeed in
countries such as Ethiopia, Kyrgyzstan
forgetting McCarthy says. "I think
and Sierra Leone reported leading mean- that, in every moment, we need to
ingful lives, while less than 60 percent
remind ourselves that continually reach-
reported the same in wealthier countries. ing for the next 'cookie' is not in our best
"While more investigation to wealth,
interest:'
happiness and well-being is certainly in

to Jewish causes. If we don't, who else will? There are so

Learn why Ruth
chose her plan.
See a video profile:
afhu.org/cga3

any Americans are choos-
ing to hold onto their money