I like Derek Silvers

Derek Silvers gave his $22m dollars from the sale of Cd Baby to charity. Here’s the catch, he gets 5% or at least $1.1m per year until he dies. Then all the money will go to music education.

Now, he does say in his post “Why I gave away my company to charity“:

“I just wanted to make sure I had enough for a simple comfortable life.”

In truth $1.1m does turn into about $700k after uncle Sam gets his cut. That’s about $45k per month.

I applaud this move. He could have paid the capital gains and been left w/ $15m today. That’s plenty to live off, but he’s leaving something behind that’s not going to go to his burned out grand kids. They’ve got to make it on their own.

Derek is definitely someone I’d love to meet.

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