On Mondays, I normally serve up a widely held Wall Street belief on a silver platter. Then I squash it like a bug with cold hard facts to prove it’s nothing more than a myth.
This week, we’re sticking to the program and busting another myth. Only this time, I’m asking you to do all the heavy lifting.
In the process, you’ll be making the last great investment available in 2012.
I think that’s fair compensation for asking you to exert some effort. But let’s see what you think…
Greedy or Charitable?
It’s long been said that Wall Street is overrun by greed – and it has been since the beginning.
That’s pretty hard to refute, too. Especially when stories like this one circulate for decades…
One day, someone reportedly asked multi-billionaire, John D. Rockefeller, “How much money is enough?” He responded, “One more dollar than I have.”
And a new study suggests that not much has changed over the last 100 years or so.
The Chronicle of Philanthropy found that lower-income Americans donate a much bigger share of their discretionary income than wealthier people do. And the trend is shockingly evident at the epicenter of wealth creation – the New York metro area.
The richest Americans in the region only give 4% of their discretionary income to charity. The lowest wage earners in the region give 8.6%. That’s more than double.
I know it’s hard to argue with numbers. But I refuse to believe that Wall Street is that greedy and self-serving.
Why? Because I’m a Wall Streeter, and I know I’m not that greedy. (No, I didn’t need to check my income tax returns to be sure.)
And I know I can’t possibly be the only one.
In fact, I believe the majority of Americans are more charitable than they are greedy. And I’m dead set on proving it today.
That’s where you come in….
A New Breed of Asset Allocation
If we’ve done anything in the last year at Wall Street Daily to make you money, make you laugh, or improve your financial wisdom, I’d ask that you consider joining me today by donating to a very worthy cause – The Roberto Clemente Santa Ana Health Clinic.
Located in Nicaragua – one of the poorest countries in Latin America – the clinic provides free and low-cost medical care to over 10,000 patients in the isolated villages of Limon, Rancho Santana and 41 other surrounding communities.
Think prenatal care, basic prescriptions, treatment for asthma attacks and allergic reactions, and general checkups. Things we take for granted because walk-in clinics and hospitals abound in the United States.
Why donate to Nicaragua instead of a cause here at home? Two reasons…
First, even in our darkest economic times, we’re way more blessed than the average Nicaraguan. Case in point: If U.S. GPD contracted an apocalyptic 10% next year, the average American would still be 15 times wealthier than the average Nicaraguan.
So our charitable donations – no matter how small – can have a much bigger impact.
And second, my friend and Oxford Financial Group Publisher, Julia Guth, started the clinic.
Without her, Wall Street Daily would never exist. She’s the one who gave this young punk from New Jersey a chance to break into the financial publishing business. So helping her help others is the easiest way I can say “thanks.”
Bottom line: I’m asking you to help me bust the myth that Wall Street and America are overrun with greed. It’s time to prove that you’ve got nothing but charitable feelings pulsing through your veins.
Simply take a few minutes to watch this short informational video about the work being done at the clinic.
Afterwards, I’m hopeful you’ll follow my lead and support the cause. Even if it’s just because you’re looking for a last-minute tax deduction, as the clinic is a U.S.-based 501(c)(3) non-profit organization.
After all, beggars can’t be choosers, right?
If you need a little extra coaxing, these quotes always prompt a reflexive opening of my wallet. Maybe they’ll work on you, too.
Again, all I’m really asking is that you have an open mind and check out the video about the clinic here.
If you cannot (or choose not to) donate, no worries. I’m thankful for your consideration, continued support and confidence in our work here at Wall Street Daily.
As always, if you’ve got something to say or share, don’t hesitate to contact us at firstname.lastname@example.org.
I wish you and your family a very Merry Christmas and a Happy New Year!
Ahead of the tape,