Kelowna philanthropist Tom Budd not only intends to give away even more money but announced new projects on Monday.
The retired investment banker - a major supporter of The Daily Courier's Be An Angel campaign - will encourage others to donate their time and money to local charities through his Thomas Alan Budd Foundation. He will also mentor young people and entrepreneurs at no charge.
Budd made the announcements Monday after receiving the Queen's Diamond Jubilee Medal from Kelowna Mayor Walter Gray during the regular council meeting. Not even his parents - seated in the public gallery - knew about his plans.
"I enjoy giving away money but I am challenging others to also do so. And (I will) try to give them the confidence that if you do give time or money to very worthwhile needs, to give more than you receive in life, you will get a great feeling. It's pulled me through some tough situations," he said.
Budd also announced two initiatives: supporting young people working in charities, and mentoring them and entrepreneurs.
"I'll choose young people in Kelowna that are working in charities and I'm going to back them personally," he said.
"People have been saying I should write books, go on the lecture circuit and advise people. I'm going to do a little bit of that, but it's going to be Tom Budd for free. It's going to be for young adults and entrepreneurs in challenging situations with their companies or partnerships where I'll meet with them and try to help them. I'll do that at no charge."
Budd told councillors that he loved working in investment banking because it was financially rewarding, "but there were ethical issues and greed was rampant."
So he decided to retire in Kelowna, make it his home and give his money away.
"I can guarantee this council that I will continue to be generous to Kelowna, not other parts of the country, because I live here. This is a city that treats me well. It has treated my family well. And I respect that. And I have gotten great pleasure from that."