1 00:00:00,080 --> 00:00:04,560 Speaker 1: We mentioned that today is Giving Tuesday, and I think 2 00:00:04,720 --> 00:00:06,960 Speaker 1: that we all want to help in some way, right, Well, 3 00:00:07,000 --> 00:00:09,680 Speaker 1: we know that with Katerina's Club, one hundred percent of 4 00:00:09,680 --> 00:00:12,319 Speaker 1: what you donate goes directly to the kids, which is 5 00:00:12,440 --> 00:00:15,800 Speaker 1: even better because even with the best charities, you know, 6 00:00:15,840 --> 00:00:18,800 Speaker 1: there's administration fees. They do have to pay for what 7 00:00:18,840 --> 00:00:22,919 Speaker 1: they do in some form. But with Katerina's Club, it's 8 00:00:22,920 --> 00:00:26,640 Speaker 1: your donations that go directly to the kids. So great, 9 00:00:26,720 --> 00:00:30,800 Speaker 1: so great, right, But if you have other other charities 10 00:00:30,800 --> 00:00:33,680 Speaker 1: that you want to participate in and give two and help, 11 00:00:34,200 --> 00:00:36,159 Speaker 1: you know, there are good ones out there and there 12 00:00:36,159 --> 00:00:38,200 Speaker 1: are bad ones out there. And that's why we wanted 13 00:00:38,200 --> 00:00:40,600 Speaker 1: to talk with the host of How to Money on KFI, 14 00:00:40,680 --> 00:00:43,440 Speaker 1: Joel lars Guard this morning. You can hear them Sundays 15 00:00:43,479 --> 00:00:47,440 Speaker 1: from noon to two. And Joel tell us about like 16 00:00:47,560 --> 00:00:50,919 Speaker 1: how we can make sure that what we donate is 17 00:00:50,960 --> 00:00:52,760 Speaker 1: going to the place intended. 18 00:00:53,640 --> 00:00:57,240 Speaker 2: Yeah, that's that's a great question, Amy. And this is 19 00:00:57,360 --> 00:01:00,880 Speaker 2: the day in particular, and this is the time of 20 00:01:01,000 --> 00:01:05,000 Speaker 2: year where you're going to get requests for donations and 21 00:01:05,160 --> 00:01:07,600 Speaker 2: a lot of those requests are gonna pull itt your 22 00:01:07,600 --> 00:01:12,479 Speaker 2: heartstrings understandably, so and I'm all for generosity, right while 23 00:01:12,520 --> 00:01:15,000 Speaker 2: you're trying to build wealth and be smart with your money, 24 00:01:15,360 --> 00:01:18,440 Speaker 2: like giving money away as you have done well with 25 00:01:18,520 --> 00:01:21,600 Speaker 2: your own money is such a beautiful thing. But this 26 00:01:21,680 --> 00:01:24,160 Speaker 2: time of year you will find people trying to take 27 00:01:24,240 --> 00:01:28,959 Speaker 2: advantage of your generosity, of your desire to help people 28 00:01:29,440 --> 00:01:33,120 Speaker 2: in your community or to give to causes that resonate 29 00:01:33,160 --> 00:01:37,160 Speaker 2: with you. And and so it's really important to make 30 00:01:37,240 --> 00:01:41,800 Speaker 2: sure that you have vetted charities that you're considering giving 31 00:01:41,840 --> 00:01:44,800 Speaker 2: to before you just I mean, I'm gonna say, write 32 00:01:44,800 --> 00:01:46,760 Speaker 2: a check. Nobody writes a check anymore, but before you 33 00:01:46,840 --> 00:01:51,000 Speaker 2: click the donor right, So before you do that, make 34 00:01:51,040 --> 00:01:54,760 Speaker 2: sure you've taken a look behind, you know, peep behind 35 00:01:54,760 --> 00:01:57,080 Speaker 2: the curtain to see what's going on with that charity. 36 00:01:57,320 --> 00:01:59,960 Speaker 2: And so there are websites that can help you do that. 37 00:02:00,040 --> 00:02:03,760 Speaker 2: There's charity navigator dot org is one of my favorites. 38 00:02:03,800 --> 00:02:07,080 Speaker 2: There's charity watch. Those are great websites, so you can 39 00:02:07,160 --> 00:02:10,920 Speaker 2: like search by charity name and you can look to see, Okay, 40 00:02:10,960 --> 00:02:13,720 Speaker 2: what are the financial metrics of this charity? How much 41 00:02:13,720 --> 00:02:16,760 Speaker 2: of the money that they're raising is going to the 42 00:02:16,800 --> 00:02:19,600 Speaker 2: cause that I care about? Because there are some charities 43 00:02:19,600 --> 00:02:24,640 Speaker 2: where the overhead is insane and you're like, wait a second, 44 00:02:25,000 --> 00:02:27,079 Speaker 2: this a lot of the money that they're raising is 45 00:02:27,120 --> 00:02:29,720 Speaker 2: actually going just to pay staff members or something like that. 46 00:02:29,760 --> 00:02:31,960 Speaker 2: And let's be honest, the smaller the charity, oftentimes that 47 00:02:32,120 --> 00:02:34,480 Speaker 2: is more the case. And so you want to judge 48 00:02:34,760 --> 00:02:38,880 Speaker 2: on metrics like impact as well. But it's really important 49 00:02:38,919 --> 00:02:41,280 Speaker 2: to look under the hood to make sure one that 50 00:02:41,320 --> 00:02:45,200 Speaker 2: the organization is legitimate and then two that your money 51 00:02:45,240 --> 00:02:46,800 Speaker 2: is actually going to have an impact. 52 00:02:47,000 --> 00:02:49,959 Speaker 1: Yeah, and I love that they have like charity Navigator 53 00:02:50,000 --> 00:02:53,799 Speaker 1: because I know that I was considering donating to it. 54 00:02:53,919 --> 00:02:56,080 Speaker 1: It was a firefighter's fund. They had called and they 55 00:02:56,120 --> 00:02:58,000 Speaker 1: were telling us about what they do, and I was like, oh, 56 00:02:58,000 --> 00:02:59,480 Speaker 1: that sounds great. You know, of course we want to 57 00:02:59,480 --> 00:03:02,280 Speaker 1: help the firefight. And we looked at it and like 58 00:03:02,360 --> 00:03:05,680 Speaker 1: eighty percent of the money did not go to the firefighters. 59 00:03:05,880 --> 00:03:09,160 Speaker 1: It was crazy how little actually went to the people 60 00:03:09,240 --> 00:03:10,160 Speaker 1: it was supposed to go to. 61 00:03:10,800 --> 00:03:14,519 Speaker 2: And you'll find that is the case. I won't say 62 00:03:14,560 --> 00:03:16,720 Speaker 2: more often than not, but more often than you'd like 63 00:03:16,800 --> 00:03:19,720 Speaker 2: to like to think. And there was a couple of 64 00:03:19,760 --> 00:03:22,640 Speaker 2: years ago there was I saw one from a football player, 65 00:03:22,680 --> 00:03:26,880 Speaker 2: a quarterback very prominent person, and you're like, well, that's 66 00:03:26,960 --> 00:03:29,680 Speaker 2: charity's got to be legitimate, And you know, it turns 67 00:03:29,680 --> 00:03:32,600 Speaker 2: out he had his friends on the payroll and so 68 00:03:32,760 --> 00:03:34,480 Speaker 2: much of the money they were raising was going to 69 00:03:34,520 --> 00:03:38,000 Speaker 2: pay exorbitant salaries. And you can find that stuff out 70 00:03:38,040 --> 00:03:40,600 Speaker 2: by looking at those websites. It's really important. I think 71 00:03:40,640 --> 00:03:42,680 Speaker 2: the other thing I want to stress is that you're 72 00:03:42,680 --> 00:03:45,160 Speaker 2: going to see more like in person requests, whether it's 73 00:03:45,160 --> 00:03:47,000 Speaker 2: a knock at your door, whether it's shopping at the 74 00:03:47,040 --> 00:03:49,000 Speaker 2: grocery store, people are going to say, hey, will you 75 00:03:49,040 --> 00:03:51,840 Speaker 2: donate to this cause? I don't want to seem scrooge 76 00:03:51,920 --> 00:03:55,600 Speaker 2: like this holiday season, but my answer is essentially always, hey, 77 00:03:55,640 --> 00:03:57,600 Speaker 2: do you have some literature? Can you give me something 78 00:03:57,640 --> 00:03:59,920 Speaker 2: sick so that I can I'm not going to give today. 79 00:04:00,200 --> 00:04:02,360 Speaker 2: I like to pre plan my giving and so that 80 00:04:02,480 --> 00:04:04,600 Speaker 2: I know where I'm giving and when I'm giving and 81 00:04:04,600 --> 00:04:07,320 Speaker 2: how much I'm giving, And so it doesn't mean that 82 00:04:07,360 --> 00:04:11,160 Speaker 2: I'm not willing to give impulsively at times like I am. 83 00:04:11,240 --> 00:04:13,240 Speaker 2: I have some money set aside even for that. But 84 00:04:14,080 --> 00:04:16,800 Speaker 2: I think there is that sort of pull sometimes in 85 00:04:16,800 --> 00:04:21,279 Speaker 2: person where you give maybe because you're you feel guilted 86 00:04:21,360 --> 00:04:24,120 Speaker 2: into it. And if you really love that, cause you 87 00:04:24,160 --> 00:04:26,000 Speaker 2: know that, cause you're happy to give, go for it. 88 00:04:26,160 --> 00:04:29,400 Speaker 2: I just want people to be able to say, actually, 89 00:04:29,440 --> 00:04:31,280 Speaker 2: you know, let me think about that. Can you tell 90 00:04:31,320 --> 00:04:33,039 Speaker 2: me more about your charity? Where can I look up 91 00:04:33,040 --> 00:04:35,080 Speaker 2: more information so you don't feel like you have to 92 00:04:35,120 --> 00:04:37,279 Speaker 2: give in the moment and that you can actually like 93 00:04:37,560 --> 00:04:39,240 Speaker 2: do your due diligence to give effectively. 94 00:04:39,720 --> 00:04:41,600 Speaker 1: Yep, okay. And then I want to touch on really 95 00:04:41,640 --> 00:04:44,880 Speaker 1: quick donor advised funds. I don't know this term. What 96 00:04:45,000 --> 00:04:47,480 Speaker 1: is this? You know that it's one of your favorites. 97 00:04:48,120 --> 00:04:51,680 Speaker 2: Yes, oh, I love donor advice funds and for multiple reasons. 98 00:04:51,680 --> 00:04:55,240 Speaker 2: So donor advice funds are and they used to kind 99 00:04:55,240 --> 00:04:56,960 Speaker 2: of be for the ultra wealthy, and they used to 100 00:04:57,000 --> 00:05:00,680 Speaker 2: be have higher expenses, and so for or the average 101 00:05:00,760 --> 00:05:02,640 Speaker 2: Joe who wanted to give money away, it just didn't 102 00:05:02,640 --> 00:05:06,279 Speaker 2: make sense. But costs have gone down precipitously. My favorite 103 00:05:06,320 --> 00:05:10,400 Speaker 2: donor advice fund provider is one called Daffy. Daffy dot 104 00:05:10,480 --> 00:05:12,640 Speaker 2: org is the website to check it them out. But 105 00:05:12,680 --> 00:05:15,480 Speaker 2: what you can do is essentially funnel all your charitable 106 00:05:15,520 --> 00:05:19,599 Speaker 2: giving through one account. And so one of the biggest 107 00:05:19,920 --> 00:05:22,719 Speaker 2: paint in the butts is at the beginning of next year, 108 00:05:22,720 --> 00:05:25,440 Speaker 2: when all your giving data starts to come in or 109 00:05:25,480 --> 00:05:28,000 Speaker 2: the end of this year and you have to compile. 110 00:05:28,600 --> 00:05:30,360 Speaker 2: Let's say you've given to ten or twelve of your 111 00:05:30,360 --> 00:05:33,840 Speaker 2: favorite charities, you have to keep up with all the paperwork. Well, 112 00:05:33,880 --> 00:05:36,479 Speaker 2: if you give to those charities through your donor of 113 00:05:36,520 --> 00:05:38,680 Speaker 2: buys funds, it's one piece of paper, like it is 114 00:05:39,200 --> 00:05:41,480 Speaker 2: one thing, because all your giving has been funneled through 115 00:05:41,480 --> 00:05:44,120 Speaker 2: that one account. The other cool thing about donor ad 116 00:05:44,120 --> 00:05:46,640 Speaker 2: buys funds is that you can, similar to how you're 117 00:05:46,680 --> 00:05:48,240 Speaker 2: growing money in your four O one K or your 118 00:05:48,279 --> 00:05:52,039 Speaker 2: roth Ira, you can invest those dollars to give in 119 00:05:52,120 --> 00:05:55,240 Speaker 2: the future as those dollars grow. So that's one of 120 00:05:55,240 --> 00:05:57,680 Speaker 2: my other the other coolest things about donor advice funds. 121 00:05:57,680 --> 00:06:01,160 Speaker 2: If you are into kind of optimize your money and 122 00:06:01,360 --> 00:06:03,240 Speaker 2: you want to be able to give even more down 123 00:06:03,279 --> 00:06:05,840 Speaker 2: the road, donor advice funds are a really cool way 124 00:06:05,880 --> 00:06:08,240 Speaker 2: to do that. And again, Daffy is my favorite because 125 00:06:08,279 --> 00:06:10,600 Speaker 2: it has the lowest costs, it's got a great interface. 126 00:06:11,120 --> 00:06:14,200 Speaker 2: But if you're keen on giving and growing kind of 127 00:06:14,240 --> 00:06:17,040 Speaker 2: like a giving nest egg, donor advice funds are an 128 00:06:17,040 --> 00:06:18,240 Speaker 2: awesome choice. 129 00:06:18,200 --> 00:06:21,760 Speaker 1: All right. That's Joel Larsgard, the host of How to 130 00:06:21,880 --> 00:06:24,440 Speaker 1: Money on KFI Sundays from noon to two. You can 131 00:06:24,480 --> 00:06:27,920 Speaker 1: also follow Joel at how to Money. Joel, thanks so much, 132 00:06:28,000 --> 00:06:28,320 Speaker 1: Joel 133 00:06:28,800 --> 00:06:29,719 Speaker 2: Of course, thanks Amy,