Most people try to save up for retirement and a rainy day, but former
billionaire, Chuck Feeney is working on dying broke (almost). The
Duty-Free Mogul has given away over $6.2 Billion of his fortune to
world-wide causes ranging from education in Ireland, to civil rights, to
healthcare in Vietnam. Feeney is currently worth $2 million dollars and
doesn’t even own a car.
A product of the Great Depression, Feeney grew up in a blue-collar, Irish American neighborhood. After serving in the Air Force during the Korean War, Feeney made his way through the prestigious Cornell University, and traveled abroad shortly after. A self-made man, entrepreneur, and creative business mind, he used his military background and got his start in the Duty Free Markets by selling tax-free booze to Navy Sailors abroad.
Working with a fellow Cornell Alum and two other entrepreneurs, Feeney Soon Duty Free Shoppers was born and flourished over the next twenty years to become one of Forbes most successful companies in 1988 (when they also named Feeney one of the wealthiest men in America, but by that point, Feeney had already given away most of his wealth).
In 1984 Feeney successfully transferred his 38% ownership in FDS to his own “Atlantic Philanthropies” whose sole goal is to give away his entire fortune by 2020 to charities in need. Since that time, FDS has given over $6 + Billion dollars
Feeney runs his Philanthropy with the same savvy business mindset that he ran DFS. His goal is maximum impact-now. He gives away big bucks and he wants to see the impact in his lifetime. Therefore, he requires charities to compete for his money by requesting detailed business plans. He leverages every dollar that his philanthropy gives by demanding that governments and match his donations.
Unlike most high rolling philanthropists, Feeney’s goal is anonymity. He leaves his name off donations, and up until 1997, all of his charity work had been completely anonymous. People wonder what possesses someone to give away a fortune that great, and Feeney’s response is as simple as his lifestyle: “I guess I’m happy when what I’m doing is helping people and unhappy when what I’m doing isn’t helping people.”
A product of the Great Depression, Feeney grew up in a blue-collar, Irish American neighborhood. After serving in the Air Force during the Korean War, Feeney made his way through the prestigious Cornell University, and traveled abroad shortly after. A self-made man, entrepreneur, and creative business mind, he used his military background and got his start in the Duty Free Markets by selling tax-free booze to Navy Sailors abroad.
Working with a fellow Cornell Alum and two other entrepreneurs, Feeney Soon Duty Free Shoppers was born and flourished over the next twenty years to become one of Forbes most successful companies in 1988 (when they also named Feeney one of the wealthiest men in America, but by that point, Feeney had already given away most of his wealth).
In 1984 Feeney successfully transferred his 38% ownership in FDS to his own “Atlantic Philanthropies” whose sole goal is to give away his entire fortune by 2020 to charities in need. Since that time, FDS has given over $6 + Billion dollars
Feeney runs his Philanthropy with the same savvy business mindset that he ran DFS. His goal is maximum impact-now. He gives away big bucks and he wants to see the impact in his lifetime. Therefore, he requires charities to compete for his money by requesting detailed business plans. He leverages every dollar that his philanthropy gives by demanding that governments and match his donations.
Unlike most high rolling philanthropists, Feeney’s goal is anonymity. He leaves his name off donations, and up until 1997, all of his charity work had been completely anonymous. People wonder what possesses someone to give away a fortune that great, and Feeney’s response is as simple as his lifestyle: “I guess I’m happy when what I’m doing is helping people and unhappy when what I’m doing isn’t helping people.”
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