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Sorry kids, I'm giving away my millions

australian largest donation university students money is poisonous

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#1 Hum

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Posted 08 February 2013 - 15:20

A DESIRE not to "poison" his own children with wealth has led a businessman to pour a whopping $50 million into the education of strangers in the largest donation ever made to Australian university students.

Twenty-five undergraduates will score scholarships worth up to $100,000 each over the next five years - creating 125 scholarships all up over that time - thanks to a donation to Canberra's Australian National University from one of the country's most successful financial entrepreneurs.

The scholarships are set to run in perpetuity over the next 20 years.

Canberra-born Graham Tuckwell studied at ANU before his global successes led him to set up ETF Securities Limited, which issues exchange traded products and has about $30 billion in assets.

He said he and his wife Louise wanted to change lives and did not think it was sensible for parents to give vast amounts of money to their own children.

"Lots of money is poisonous to have," he said.

Mr Tuckwell said he hoped the gesture would inspire other wealthy Australians to consider philanthropy, rather than just passing their fortunes down.

"Generally speaking, if you look at the people in Australia that have got huge amounts of wealth, without naming any, they generally have not put the majority of their wealth behind strong philanthropic causes," he said.

"And unfortunately in some cases they pass the wealth down to later generations who have behaved badly.

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#2 siah1214

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Posted 08 February 2013 - 15:24

Good on him. If I were to ever be wealthy with children I'd give my money away before I died, because I've heard too many stories of parents giving away the money in their will, and children contesting it because the ****s think they deserve the money somehow. My goal would be to die penniless and there'd be nothing for the vultures to fight over.

#3 Geoffrey B.

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Posted 08 February 2013 - 15:26

nice to see people trying to better the community around them especially with education which is very over priced.

#4 OP Hum

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Posted 08 February 2013 - 15:58

Good on him. If I were to ever be wealthy with children I'd give my money away before I died, because I've heard too many stories of parents giving away the money in their will, and children contesting it because the ****s think they deserve the money somehow. My goal would be to die penniless and there'd be nothing for the vultures to fight over.


aww daddy ... :(

#5 BajiRav

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Posted 08 February 2013 - 16:05

Good on him. If I were to ever be wealthy with children I'd give my money away before I died, because I've heard too many stories of parents giving away the money in their will, and children contesting it because the ****s think they deserve the money somehow. My goal would be to die penniless and there'd be nothing for the vultures to fight over.

...or they will end up like Paris Hilton etc.

#6 Skin

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Posted 08 February 2013 - 16:06

This is BS... a lot of money is poisonous to have, yet he and his wife had a ton of it... sigh. More like his kids got spoiled rotten and turned into self-absorbed leeches living of their parents name and money. So, they failed rasing their kids, and decided to dump the money rather than leaving it to them.

Seriously, it takes a screwed up parent to NOT want to set their kids and their kid's kids up for ever and a good life.

#7 Xerino

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Posted 08 February 2013 - 18:56

Now only if Papa Hilton, or Mama Kardashian, or Mother Lohan would get this hint....

#8 guitmz

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Posted 08 February 2013 - 19:16

That's true.. I agree with the man decision of giving away his money but I'd leave at least enough money to make sure my kids get some nice education (and a way to keep this money from being used in other matters)

#9 COKid

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Posted 08 February 2013 - 19:29

Daddy and his kids must not get along too well.

#10 linsook

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Posted 08 February 2013 - 19:43

This is BS... a lot of money is poisonous to have, yet he and his wife had a ton of it... sigh. More like his kids got spoiled rotten and turned into self-absorbed leeches living of their parents name and money. So, they failed rasing their kids, and decided to dump the money rather than leaving it to them.

Seriously, it takes a screwed up parent to NOT want to set their kids and their kid's kids up for ever and a good life.


He made his money. His four children will have proper educations and will be set-up to succeed as stated in the article. You jealous or something?

Daddy and his kids must not get along too well.


Yes Bill gates hates his children too....

#11 Arpit

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Posted 08 February 2013 - 19:57

good on him. if i have kids, i wouldn't leave them any money either though i'd be there to support them in their ventures and guide them through. if they work hard they'll make money on their own and if they don't they'll just waste mine.

#12 -Razorfold

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Posted 08 February 2013 - 20:18

This is BS... a lot of money is poisonous to have, yet he and his wife had a ton of it... sigh. More like his kids got spoiled rotten and turned into self-absorbed leeches living of their parents name and money. So, they failed rasing their kids, and decided to dump the money rather than leaving it to them.

Seriously, it takes a screwed up parent to NOT want to set their kids and their kid's kids up for ever and a good life.

Um no, just no.

Regardless of how well you raise your kids, they're going to know in the back of their mind that they will become millionaires / billionaires in a few years and they wouldn't have to work for it. For some people that could be a good thing, they'll work hard so they can take over the family business. For others, they'll just waste their time and their lives.

If Bill Gates were to give his fortune to his kids they wouldn't have to work for a single day in their life, and nor would his grandkids, great grandkids etc. Is that the way you want your children to live? Just sitting around all day wasting away their life?

#13 remixedcat

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Posted 09 February 2013 - 00:42

Thing is he could have set up his kids to have businesses of thier own so they can be self sustaining and keep the income in the family and everything....

#14 linsook

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Posted 09 February 2013 - 00:47

From article:

the pair will put their four children through university and help set them up



#15 Enron

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Posted 09 February 2013 - 00:49

Good on him. If I were to ever be wealthy with children I'd give my money away before I died, because I've heard too many stories of parents giving away the money in their will, and children contesting it because the ****s think they deserve the money somehow. My goal would be to die penniless and there'd be nothing for the vultures to fight over.


Vultures, including the government.