I have just read Frank Hanna's 2008 book and am in a much better mood that usual. He is a successful entrepreneur who by his mid-thirties had amassed a fortune, having IPO'd his company. He is also openly a devout Catholic, who has taken Catholic social teaching to heart. He has also acquired a range of philosophical and literary reference that includes figures as diverse, but as consistent in outlook, as Cicero, Aristotle, St. Augustine, St. Jerome, and St. Ambrose, Oliver Goldsmith, Dr. Johnson, and Emerson. He is also deeply endebted to New Yorker cartoons involving wealthy curmugeons opining on poverty from comfortable chairs in private clubs. Frank has many home truths about wealth, detachment from materialism, calling, duty, family giving, giving while living, and the ultimate destination of all our worldly pelf. In addition, he has a relentlessly strategic intellect. Having asked himself how much he should give, now or later, here is the precise formula he arrives at.
Each year we should contribute to the common good whichever is greater:
- 10% of the increase in net worth
- 10% of the value of what we have consumed in living expenses for the year, or
- An amount equal to our net worth divided by the number of years we can reasonably be expected to live.
Frank is writing as a capitalist with a conscience for others in that position. Not all will, of course, follow Frank's model, but seeing Frank wrestle with his own sense of what he owes himself, his family, his business, his fellow man, and his God, and seeing him move from that to specifics is inspiring. "Planning for Impact," "Giving Smart," "Getting Results" - so much today is written in that purely businesslike language we forget why give at all - what in the name of all that is holy would motivate a wealthy, successful, person to give a damn in the first place? That mystery is seldom discussed, and can only be addressed through (I think) eloquent quotation from living traditions (religious, literary, philosophical, or spiritual) backed by personal example. Frank Hanna achieves that standard. Has won many philanthropy awards, but the book and his example of conscientious reflection leading to action may be his biggest contribution.