Good morning. Earlier this week, I spoke to Michael Dell about his plan to put $250 in the so-called Trump Accounts (now called Invest America accounts) of 25 million American kids when the savings program launches next year. The $6.25 billion donation is more than double the total amount that the Michael and Susan Dell Foundation has dispensed in its 26-year history. As he told me in a wide-ranging interview: “When children have accounts like this, their outlook on life just changes.”
In some ways, it changed his. “When I was about 6 or 7 years old, I got a passbook savings account. I had maybe $6 or $7 in it. I’d go to the Savings & Loan, put in a quarter, and they’d stamp my book. I learned about compound interest and savings and, I’m like, ‘This is really cool,’” he said. “That ignited an interest in me. Hopefully, these accounts will cause children to want to learn more about compound interest and the companies in the S&P 500 and investing and saving.”
Dell went on to famously create the company now known as Dell Technologies in his freshman dorm room at the University of Texas at Austin in 1984, and made enough money to start giving it away about a decade later, with the foundation launching in 1999.
Of course, it’s easier to give away billions when you’re worth close to $150 billion, but Americans tend to be a generous lot. Overall, people gave $592.5 billion to U.S. charities last year, a new high that was no doubt boosted by stock market gains and a buoyant economy. It helps to have mechanisms that encourage giving, such as company matches and GivingTuesday, which the Dells chose for making their announcement. Brunswick Group CEO Henry Timms deserves credit for cofounding the GivingTuesday campaign in 2012 as a day for philanthropy following the big-spending traditions of Black Friday and Cyber Monday. It’s since become a global ritual that raises billions in more than 60 countries.
Dell, for one, approaches philanthropy less as a handout than as an investment. “We’re very results-oriented, data-driven, outcome-focused. We took all the lessons from business and treat every grant like an investment,” he said, adding that he and his wife have other significant announcements to come. “I’ve had the opportunity to create a significant impact on the world through Dell Technologies, but the goal that we’ve set is that we want our philanthropy to have an even bigger impact.”
Contact CEO Daily via Diane Brady at [email protected]
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CEO Daily is compiled and edited by Joey Abrams and Claire Zillman.
