Although John Templeton, the famous mutual fund pioneer, managed to create a $6+ billion fortune over the course of his lifetime, he never had too many periods in his adult life where he refused to “give until it hurts.” Templeton developed the personal philosophy that giving to others ought to be obligatory and enjoyable, and often argued that intelligent men should have no trouble being simultaneously generous while also getting a little something for themselves.
This is a strong contrast to the Confucian school of thought on charity—namely, that we have a series of obligations that flow outward. The general argument of Confucius is this: our first responsibility is not to be a charitable case ourselves, and once we have our personal matters settled, our obligations flow outward: you take care of your spouse, then kids, then parents, then extended family and closest friends, then friends, then acquaintances, then your … Read the rest of this article!