Reflecting back on my life – all 89 years of it – I’m more convinced than ever that I was put on this Earth to make money and be generous with it. Not until my 70s did I achieve billionaire status. And that’s when I stepped up my already considerable charitable giving. For some, charitable giving is a key component of preserving their legacy. They seed a foundation and, by distributing the required 5 percent annually, ensure their legacy for decades.

That’s not the path I chose. I established the T. Boone Pickens Foundation more than a decade ago, seeding it with more than $100 million over two consecutive years. The directive I gave my team: find great projects and exhaust the funding within a year of it being given. Further, like March Madness, use the philanthropy to inject a competitive spirit among the recipients.