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Discussion » Statements » Rosie's Corner » The 2019 graduating class at Morehouse College in Atanta, Georgia are graduating DEBT FREE! Guess why?

The 2019 graduating class at Morehouse College in Atanta, Georgia are graduating DEBT FREE! Guess why?

BILLIONAIRE Robert Smith announced that at graduation! The exact amount is not yet know but it could be as much as $40 MILLION!

Got a feel-good TRUE STORY you can share? This one's a  doozie!

Posted - May 20, 2019

Responses


  • 19942
    I think that is a wonderful thing he is doing for those kids and I hope they realize how fortunate they are.  There is something seriously wrong with kids graduating college with mountains of debt.  
      May 20, 2019 8:48 AM MDT
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  • 113301
    They plan to "pay it forward" in whatever way they can. It just warmed my heart to hear about that! I know Oprah Winfrey has paid for college educations for hundreds or perhaps thousands of young people at Howard University over many years I think. She's also built a school for young women somewhere in Africa. I expect there are other billionaires who do such things too. I know Bill & Melinda gates spend hundreds of millions of dollars each year for charitable purposes. It's so much more fun asking a question like this than the opposite greedy grubby sinister seamy greedy billionaire  questions I usually ask about! Thank you for your swell reply L. I knew you'd LOVE it a whole bunch! :) ((hugs))
      May 20, 2019 8:54 AM MDT
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  • 19942
    Yes, Oprah has given a great deal of money for the betterment of others.  There was a time when Bill and Melinda Gates said they couldn't spend the money in their foundation fast enough.  The interest earned on the principle of millions of dollars was enormous.  Warren Buffet was going to also start a foundation, but he decided that the Gates' already had a good one going, so he contributed his money to their foundation.  Imagine having so much money you can't spend it fast enough. :)
      May 20, 2019 8:57 AM MDT
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  • 113301
    Good as my imagination is L I cannot imagine having so much money you can't spend it fast enough! Thank you for your thoughtful reply! :)
      May 20, 2019 1:55 PM MDT
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  • 19942
    Neither can I, but I sure know what I would do with it if I was in that position. :)
      May 20, 2019 2:32 PM MDT
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  • 113301
    I think I told you that I worked for a couple who owned 7 McDonald's Restaurants as their in-house accountant for quite a few years. They were very instrumental in getting the Loma Linda, California Ronald McDonald House built. We did lots of charity activities to raise money. About a third of staff time was spent on it. So I'd probably focus on charities having to do with children though the need is great among all ages.  You know L when I had cancer and was getting chemo it was in a large room with  reclining chairs. Folks would come for their treatments which were all very different. My schedule was 3 days in a row every 3 weeks for six months. Two of the days I'd be there about 5 hours and the first day I'd be there for 8 hours. There were about 20 chairs in the room and it broke my heart to see teenagers come in and recline and get the IV which was how chemo was administered for whatever form of cancer they were fighting. I did not see the very young. I think they may have had a room all their own. But at Loma Linda Children's Hospital which is right across the street from the Ronald McDonald House I did see them walking with their IV poles accompanied by their parents or in wheelchairs and of course they had lost all their hair.  I got my cancer at 70. These were little kids. It is just so heartbreaking to see them so brave and knowing what they endure because you have endured it too. Thank you for your reply and Happy Tuesday!  :)
      May 21, 2019 4:23 AM MDT
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  • 6023
    I'm hoping he was wise enough to use a Tax Accountant so he was able to make the "gifts" in such a way that the students don't have to claim it as income and pay taxes on it.

    Remember when Oprah gave those cars away, and the recipients were surprised when they suddenly owed thousands of dollars in taxes that they couldn't pay?
      May 20, 2019 10:13 AM MDT
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  • 113301
    I remember the car giveaway but I did not know about the resulting tax consequences. Thank you for your reply Walt. This post was edited by RosieG at May 20, 2019 1:57 PM MDT
      May 20, 2019 1:57 PM MDT
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  • 19942
    I know what you mean.  It is heartbreaking to see these little ones having to deal with such a terrible disease at such a tender age.  St. Jude's Children's Hospital is one of my charities.  My firm is now matching contributions and I'm delighted.  Happy Tuesday. :)
      May 21, 2019 9:06 AM MDT
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