Book Summary (7/31) : The Joys of Compounding

Chapter 7 : The Virtues Of Philanthropy And Good Karma

1. We are able to create wealth only with the help of others, so giving back also needs to be part of our planning.
2. The best “value investment” of all is channeling money into goals that will make your life more valuable: drawing out your innate gifts to make yourself matter to other people and to make the world around you a better place.
3. In business, supporting the right people is more important than all other factors.You can have the greatest goals in the world, but if you have the wrong people running it, it isn’t going to work. On the other hand, if you’ve got the right person running it, almost anything is possible.
4. To make a difference in someone’s life, you don’t have to be brilliant, rich, or perfect. You just need to care.It doesn’t matter where you are, or if you have a little to give or a lot to give, something happens to your heart when you share with others. Something that changes you for the better.
5. As Charlie Munger so beautifully puts it, The best thing a human being can do is to help another human being know more.” In life, the winners also lose occasionally, but those who help others win can never lose. So always help others rise. This is how goodwill compounds over time.

If you are in the luckiest 1 percent of humanity, you owe it to the rest of humanity to think about the other 99 percent.—Warren Buffett