The frugal millionaire
ฝัง
- เผยแพร่เมื่อ 9 ธ.ค. 2023
- Terry Kahn, who lived in a modest house in South Indianapolis and worked at the local VA, was exceptionally prudent with money. And with no immediate family, he instructed that his estate would be directed to charity - all $13 million of it. After he died, about a dozen non-profits subsequently got phone calls that were beyond belief. Steve Hartman reports.
"CBS News Sunday Morning" features stories on the arts, music, nature, entertainment, sports, history, science and Americana, and highlights unique human accomplishments and achievements. Check local listings for CBS News Sunday Morning broadcast times.
Subscribe to the "CBS News Sunday Morning" TH-cam channel: / cbssundaymorning
Get more of "CBS News Sunday Morning": cbsn.ws/1PlMmAz
Follow "CBS News Sunday Morning" on Instagram: / cbssundaymorning
Like "CBS News Sunday Morning" on Facebook: / cbssundaymorning
Follow "CBS News Sunday Morning" on Twitter: / cbssunday
Subscribe to our newsletter: cbsnews.com/newsletters/
Download the CBS News app: www.cbsnews.com/mobile/
Try Paramount+ free: paramountplus.com/?ftag=PPM-0...
For video licensing inquiries, contact: licensing@veritone.com
This is one of the best stories I’ve heard. Sunday Morning sure does know how to tell good stories. I’m so glad we got to learn about this man. Wish more people would follow in his footsteps. No point in having more than you need to live a happy life. Especially when you can help other also live a happy life by giving your excess amount to good charities.
A millionaire who helps others... what a fantastic idea. Teachers' Treasures is a fantastic store. I wish there were more of them. The people who have the most impact on a young person's life is paid the least... crazy that this is allowed to happen.
You mean a mom and dad, don’t you?
@@suzannemcmaken4648 If only that was the case. Of course I mean teachers. 33% of US households are fatherless, that equates to about 25 million children. Nearly half of all Black children live without a father. The single biggest indicator of a child's future success is whether or not they have two parents at home. I was a latch key kid. I saw my mother for an hour at night, saw my dad every other weekend. The one constant in my less than ideal upbringing were my teachers. Were it not for a few of them I would have been dead in a ditch long ago. And now my daughter is going in to teaching to help fill the gap with this epidemic of fatherless households. God bless our (good) teachers.
😀 Unfortunately, MOST charities have 85% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
@@DonTrumpF2024ever i believe that's the case for the Susan Komen breast cancer research foundation and Wounded Warriors.
@@RocksOff72 Wow, I am a retired high school teacher working now as a part-time college and career advisor, still at the high school level. I love your reply, especially since teachers don't always see the affect they have on a child's future
I'm so 😢sorry that Mr Kahn didn't have anyone personally to leave it to and that he appeared to lead a solitary life😢 but happy he decided to do some good with his fortune.🎉❤
The world would be better off if Mr. Kahn had children and left all the money to them minus 10% for charity. There will be no world in 3 generations if people don't start having children.
Kudos to the lawyer as well. He decided who to call to distribute the money. A bad executor could have done a lot worse!
What a wonderful man and look at all the good he has brought to these charities - this holiday time - please give to the charity of your choice - God Bless you all !!
Please give to YOUR charity of choice. Thanks!
I gave to St. Jude’s for years until I read ProPublica’s expose.
😀 Unfortunately, MOST charities have 85% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
@@DonTrumpF2024ever Exactly.
@@gandhiangles3213 The owners of these charities also own the govt and when they retire they sit on the board of directors earnings millions a year tax-free! 99% are scams...even the religious charities are scams! I would love to donate more money...but, why make the 1% wealthier! They aren't doing anything to help me.
Touching and timely....as I think of a Paris wedding last month that cost $59M! The bride's father, the head of a Mercedes Benz dealership group based out of FL. How on earth do people even AMASS that kind of money? And is it even necessary?!
Must be a lot of people buying Mercedes.
That $59 million dollar wedding gave money to multiple businesses! Great!
@@suzannemcmaken4648 It's doubtful that THAT many ppl are buying MB's in Florida to amass THAT MUCH wealth. Regular mom & pop ways of buying & selling have never produced that kind of wealth all by itself. As for that $59M trickling down to other businesses - I'm sure those vendors would rather like to know each step Dad-of-the-bride actually took to amass such wealth, so that they could have that kind of money, too. (It's not like those steps are taught in traditional schools).
😀 Unfortunately, MOST charities have 85% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
@@DonTrumpF2024ever Based on what I know about Indianapolis, I don't think there's much wealth amassment going on there so no need to worry! lol
@@DonTrumpF2024ever That's not necessarily true. Big charities, yes. I used to work for a well-known non-profit in NYC where the CEO spent most weekends at his Hamptons house and weeks in his fancy Manhattan apartment. Lots of other great non-profits operate on shoestring budgets -- those are the ones I target. They have no CEO, a few staff, some volunteers, and still do great work. They're small, local places that generate big change. Seek them out. They're not hard to find. And if you're really hard pressed, ask a local church about some needy families.
Generous people are happier people ! Rest In Peace beautiful men !
Be frugal and generous but live a little!
This story inspires me to try to give back in some way to other people.
Simply amazing how much one person can touch the heart of so many. Even posthumously! 🤗
Thank you for this awesome story, he was truly a blessing to others.
Bless him forever.
I always love Steve Hartman's heartwarming stories and this one is amazing! What a generous man!
He, hero, deserves the glorious obituary in 60 min and put him on the hall of fame of admirable people
May the good man rest in peace. He enriched lives of many.
Straight badass!
This is the best story I've heard on CBS Sundays. And that it works as obit for this man is icing on cake!
Good for him for donating his estate, I hope he had someone to confide in when he was alive. ❤
Such a great story! There are so many unsung heroes out there.
God bless this angel 😇 🙌🏾 🙏🏾 ❤️
The kindness you put out into the world always has a way of coming back to you God bless
Very kind❤
Best news i heard all day
That’s absolutely beautiful! Restoring my faith in humanity
Angels truly walk the earth. We just don’t see them enough
WOW!!! That is incredible!!! God Bless!!!🙏🙏🙏😇💓❤💕
What a great story, I am surrounded by people who would pick my pockets after my death
Good story ❤
What a gift.❤
So shines a good deed in a weary world.
Very nice of a nice gentleman!!!😊
Oh, it's a Honda commercial.
WOW, Y E S ! We should all strive to assist others regardless of the monetary amount.
Very inspiring story. RIP, Sir, I am sure the recipients are forever grateful.
I love Steve Hartman
I hope they will use the fund wisely and always remember that those money were coming from his lifestyle sacrifice.
Excellent!
Amazing!
Thank you for showing that there is still good in the world!
What a Wondeful story, and What a Wonderful Person!! May he Rest In Peace!!
Absolutely amazing story! He lived so frugally and ended up giving all of it away. Not sure if I’d do that to myself - not spending money on myself and giving it all away.
What a beautiful man ❤
One of a kind!❤️
Oh Terry you gem.
Meanwhile, the world's richest people are figuring out ways to pay their employees less and step over the homeless, hungry and sick like it's something that will stick to their shoes.
There are millionaires out there like my grandfather who retired at 50 and was really really frugal. He still went and traveled around the world and hasn't worked since June of 1982. At 91, he still hasn't worked and he says he's blessed with the life he lived.
Better check the VA books
Legend
Jeff Bezos & Elon Musk need to watch this.
True, but they don't give a hoot. So shameful.
@@kclarke2971
Why would Jeff Bezos and Elon Musk need to do to charity. It’s their money and they work hard for it. They don’t owe nobody anything.
If we live like others won’t we can give like others don’t. - Dave Ramsey
That’s where I seen this gentleman! The VA!!!! I knew he looked so familiar.
Very nice
Hell yea
Invest, Invest, Invest.
Smart woman. Most people wouldn't think free stores do anything but, they do. They help out a lot of people basically anyone who need it. Penny pinching millionaires are amazingly intelligent people who know how to live within their means, & really care how people live. It's great, & some of the most famous people got right down into helping people, the former Princess, Lady Diana was one, & I believe it was said that she took her sons with her so she could show them how people lived.
.
This could be my Mother, the Frugal Millionaire ❤ #TerryKhan gifts $13 Million Estate to Charity
What!?!?! No Ferrari, no three huge houses, no loads of expensive junk
he worked for the Veterans' Administration and saved 13M$????????
I am a frugal hundredaire. Well, that's why I'm frugal.
That's what I love: frugal when you don't have to be 😉
$1M isn't much. that will pay for maybe 6 salaries for a 1 year
The man is most certainly in heaven.
$13M and worked at local VA. Wow
I can’t see how a government employee could ever amass that much money without some inheritance/extra funding
Amazing one can save that much on a modest salary.
No wife or kids to drain those funds
As an executive at a charity making 6 figures, company car, lucrative expense account with many dinners at 5 star hotels paid for … please donate all year round not just the holidays!
Why be a millionaire and never enjoy your life?
They didn't even say how he made the $13 Million
He invested un the stock market.
No wife or kids
1:05
they can't lose what they don't believe in and never had
I’m lonely and I have no friends
what are they going to do with the money? I'm guessing the first place most of them are headed is the doughnut shop. holy fudge!!!
Why not give money away when you are alive....even anonymously....to see the good work it does. I think this was the style of the fictional John Baresfoot Tipton on The Millionaire?
ooops John Beresford Tipton is the correct spelling
@@jamesbean7560 I prefer the original spelling. Made him seem like a Native American.
He was a fictional person whose charitable giving often led to disaster but at least it created drama for the show which would have been boring and sickly sweet otherwise.
I like Melinda Gates' approach....give to worthy causes where your gift will make a difference.
@@jamesbean7560 Anyone who wakes up next to Bill deserves a fortune. Double goes for Priscilla Chan.
Interesting to see this after having read "Die With Zero" Bill Perkins. Obviously, it is wonderful that he left so much for charity. But, if he was so frugal, he could have easily donated most of it to charities throughout his life and still have maintained his lifestyle.
Compound interest and dividends. It grew more in later years.
@@paulbunch5657 Exactly.
Just wondering: to whom did Mr. Kahn say he didn't want a cell phone or an obituary?
The typical millionaire next door
Arguably the CBS obituary cost millions. Great story
Was this man the secret Santa Steve has been reporting on for years?
You know, there is so much good in this country and it seems to me a 79 year old fat man that it is strange that we don’t see it. What have we become?
🙏❤️🙏❤️🙏❤️🙏❤️🙏❤️🙏❤️🙏❤️🙏
I understand his charity but it doesnt sound like he lived much of a life while on the planet
This assumes that a life of excess is a good one, which is weird considering how many wealthy train-wrecks we regularly see in the media.
Marched to a different drummer.
OK, but what *are* the nonprofits doing with the money they received?
Lining their pockets, renovating their kitchens/bathrooms, upgrading their cars.
I'm sure you guys are really fun to talk to at parties
@@RHTeebs we are. Try talking to us sometime.
@@joeybaseball7352 upgrading their cars? What does that look like Joe has baseballs? New spoiler for the back? Some loud pipes to accentuate the engine noise? Blackout tinted windows? Chrome striping all around? Big ole ugly spinning wheels? A new sound system so that the car be shaking as it rolls down the street? Or, do you mean upgrading from a Lexus to a Lambo? Yeah Hokey Pokey, that’s what it’s all about. Put your left hand over your mouth and turn yourself about.
@@hoosierbaddy3052 seeing someone driving a lemon one day, then suddenly driving a Lexus after their million dollar donation.
No family, no close friends. Didn’t live to see where the money he was donating went, did no research to decide what mattered to him or where he could have made a real difference. Generous to a fault, but wise? Not sure. There’s frugal & then there’s cheap. Not buying a new fancy car or even a cell phone is fine. If the car you have works, sure, no need to spend for a new one. Cell phones make a lot of things more convenient but if he could get through the day without one, great. Did he ever travel? Give it to some of the veterans he saw in his job? Use his wealth to help people while he was alive or just hoarded it until his dying day to be given away? One thing is for sure: the employees of those non-profits that didn’t take the lawyer’s call with the offer of $1 million should probably be fired.
The best way to build wealth is to start young. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a great book for new investors.
Great guy but why not give the money away when you are still alive and receive some appreciation.
Kahn and Issacs
Obit didn't cost him a dime? Maybe it cost him $13 million? 😉
cost vs gift, major diff. This is not an expense or liability.
😀 Unfortunately, MOST charities have 85%-95% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
@@Jupe367 I'm just saying, if he'd never given the gifts, he wouldn't have gotten this obit.
@@GordyThomas oh, I got you. I misunderstood. You’re right.
milk street dvoid of law suits
Came for the feel good story, stayed for the toxic, zoomer comments
Host lost me at the get-go, "In thish sheeson of giving."
Where's my million dollars?
This is dumb, i wish he was more generous to himself
You clearly don't understand the true nature of frugality - he lived his life the way he deemed fit.
Not everyone needs to spend like theirs no tomorrow to live a happy life. Some are fine with the simple things in life and splurging a little every now and then.
Being that frugal is a disease. Being a little frugal is good but extreme is bad
😀 Unfortunately, MOST charities have 85%-95% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Tax AVOIDANCE! Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
😀 Unfortunately, MOST charities have 85%-95% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
Why is this news?
Because it’s a rare event that someone would want to lead a simple life so they could help others
BECAUSE he became a MILLIONAIRE by driving a reliable old HONDA! duhh!
YOU SHOULD HAVE DONATED IT TO HOMELESS SHELTERS . 😢😢😢😢😢😢😢😢😢
To deprive yourself of any of the smallest of luxuries like a mobile phone for your entire life just screams of some sort of emotional problem but to be generous enough to go give to others, I hope they appreciate the sacrifice of others.
Not everyone wants a smartphone. Most would argue someone glued to a smartphone has emotional problems.
You think someone not wanting a mobile phone is an emotional disorder? It wasn't that long ago that these devices didn't exist! Many people don't need THINGS to attain contentment.
@@yummusquash The dude had no family, no hobbies and pinched every penny for what?
😀 Unfortunately, MOST charities have 85%-95% for administrative cost! going to paying the CEO's and their friends and family! Many charities are run by wealthy people and this is their way to pay ZERO taxes. Tax AVOIDANCE! Most people don't know the NFL, MLB, NHL, NBA, etc are non-profits and pay little taxes while raking in BILLIONS EVERY YEAR! Leaving very LITTLE to the people who need it the most. I use to donate my hard earn money to Red Cross, etc..but, saw their financial statements showing a HUGE majority of donations went to their executives and little to people whom need it. SAD!
the man lived in his years in a different time, even up until the early 2000s a mobile phone felt fairly frivolous. most communications were home\office based. desktop computers and land land telephones were enough to do most things most people needed to do