1 00:00:00,080 --> 00:00:02,960 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,000 --> 00:00:05,200 Speaker 1: and today we're asking the question how much should I 3 00:00:05,240 --> 00:00:28,920 Speaker 1: be giving away to charity? That's right, man, how much indeed? Uh? 4 00:00:28,920 --> 00:00:31,920 Speaker 1: And we're gonna talk about ways to effectively give your 5 00:00:31,920 --> 00:00:34,560 Speaker 1: money to charity. And you know, we're talking about this 6 00:00:34,720 --> 00:00:37,760 Speaker 1: topic today for a couple of reasons. One, it's just important, 7 00:00:37,920 --> 00:00:39,559 Speaker 1: right like, this is something that we believe in, it's 8 00:00:39,600 --> 00:00:43,599 Speaker 1: something that we do. But secondly, tomorrow is Thanksgiving and 9 00:00:43,800 --> 00:00:46,239 Speaker 1: as many folks are taking the day, hopefully they are 10 00:00:46,280 --> 00:00:50,080 Speaker 1: spending some time reflecting upon the different blessings and the 11 00:00:50,520 --> 00:00:53,360 Speaker 1: just the gratitude that should overcome us when we think 12 00:00:53,400 --> 00:00:56,000 Speaker 1: about where we are in our lives. I think a 13 00:00:56,080 --> 00:00:59,000 Speaker 1: natural outcome, like a natural outpouring from that would be 14 00:00:59,040 --> 00:01:01,800 Speaker 1: to sort of pay it forward, right, like basically finding 15 00:01:01,800 --> 00:01:04,600 Speaker 1: ways to share your gratitude, share your your blessings with 16 00:01:04,880 --> 00:01:08,119 Speaker 1: those around you, whether it's actual individuals or whether it's 17 00:01:08,160 --> 00:01:11,040 Speaker 1: with other nonprofits. So that's why we're gonna talk about 18 00:01:11,040 --> 00:01:13,720 Speaker 1: this day, man. Yeah, We're gonna discuss just the different 19 00:01:13,720 --> 00:01:16,440 Speaker 1: folks who should be giving their money away, the best 20 00:01:16,440 --> 00:01:18,480 Speaker 1: ways to go about it, and and also maybe some 21 00:01:18,520 --> 00:01:20,520 Speaker 1: of the reasons why it is important for us to 22 00:01:20,560 --> 00:01:22,280 Speaker 1: do this as well. Yeah, for sure, we'll hit it 23 00:01:22,319 --> 00:01:24,960 Speaker 1: all on on this episode, but I agree it's sometimes 24 00:01:24,959 --> 00:01:27,320 Speaker 1: the timing matters of when you talk about something and 25 00:01:27,680 --> 00:01:29,560 Speaker 1: giving away money. One's close to the end of the year, 26 00:01:29,560 --> 00:01:31,720 Speaker 1: so it matters more from attacks perspective, but it also 27 00:01:31,800 --> 00:01:33,640 Speaker 1: matters because we're, like you said, we're in that kind 28 00:01:33,640 --> 00:01:37,520 Speaker 1: of spirit, that zone of reflection. Maybe right now we're 29 00:01:37,520 --> 00:01:40,160 Speaker 1: experiencing more gratitude, more thankfulness this week, and that should, 30 00:01:40,200 --> 00:01:42,839 Speaker 1: like you said, overflow Matt into I think our ability 31 00:01:42,880 --> 00:01:45,559 Speaker 1: to give money away and give possessions why But let's 32 00:01:45,600 --> 00:01:47,080 Speaker 1: before we get to that topic matter. I just wanted 33 00:01:47,080 --> 00:01:50,360 Speaker 1: to mention listener Chelsea reached out. I have talked about 34 00:01:50,360 --> 00:01:51,720 Speaker 1: I don't know, maybe a month and a half ago, 35 00:01:52,200 --> 00:01:55,040 Speaker 1: or maybe it was even longer, talked about having hiring 36 00:01:55,040 --> 00:01:57,280 Speaker 1: a pet sitter to watch our cats while we were 37 00:01:57,320 --> 00:02:01,120 Speaker 1: gone at the beach, and so I paid I think 38 00:02:01,160 --> 00:02:03,960 Speaker 1: we paid like fifteen dollars a day to have someone 39 00:02:04,000 --> 00:02:06,680 Speaker 1: coming and check on the cats. Pretty good, and my 40 00:02:06,800 --> 00:02:09,679 Speaker 1: goal would be ideally, but we just moved into this house, 41 00:02:09,680 --> 00:02:11,280 Speaker 1: so I didn't we didn't have any neighbor kids or 42 00:02:11,280 --> 00:02:13,119 Speaker 1: anything who would do it for even less, that would 43 00:02:13,120 --> 00:02:16,160 Speaker 1: be ideal. But if she mentioned a great thing to 44 00:02:16,240 --> 00:02:19,560 Speaker 1: consider would be to join a site like Trusted House Sitters, 45 00:02:19,800 --> 00:02:22,080 Speaker 1: which I have heard of and I know people that 46 00:02:22,120 --> 00:02:24,280 Speaker 1: have used it, but I've never tried it myself. One 47 00:02:24,280 --> 00:02:27,120 Speaker 1: of those sites that's popular among those who in particular 48 00:02:27,240 --> 00:02:30,600 Speaker 1: have retired early, like travel the World. Perhaps the digital 49 00:02:31,040 --> 00:02:33,799 Speaker 1: the digital nomad types, right, they love sites like Trusted 50 00:02:34,560 --> 00:02:36,720 Speaker 1: because you join and then you kind of have access 51 00:02:36,760 --> 00:02:41,000 Speaker 1: to swap with people across the world. Really, and this 52 00:02:41,040 --> 00:02:44,239 Speaker 1: is one of those things where someone would watch my 53 00:02:44,520 --> 00:02:48,400 Speaker 1: kiddies in all likelihood for zero dollars. But the thing is, 54 00:02:48,480 --> 00:02:50,480 Speaker 1: I have to be okay with letting them stay in 55 00:02:50,560 --> 00:02:52,640 Speaker 1: my house. So it's it's a different if it's it's 56 00:02:52,639 --> 00:02:55,240 Speaker 1: a different ballgame, Like we're talking about something that's a 57 00:02:55,240 --> 00:02:57,800 Speaker 1: little different than just hiring someone to come and feed 58 00:02:57,800 --> 00:03:00,600 Speaker 1: and clean the litter box. But I think it's cool 59 00:03:00,600 --> 00:03:02,359 Speaker 1: and I think it's worth considering. It's something that's now 60 00:03:02,440 --> 00:03:04,720 Speaker 1: on my radar. I'm gonna consider using the site in 61 00:03:04,760 --> 00:03:07,080 Speaker 1: the future for for times we get away. There is 62 00:03:07,120 --> 00:03:09,280 Speaker 1: like an annual membership, so you gotta pay. I think 63 00:03:09,280 --> 00:03:11,240 Speaker 1: it's I think it's a hundred twenty nine bucks a year. 64 00:03:11,240 --> 00:03:14,000 Speaker 1: I'm not hundred percent sure, but yeah, this is one 65 00:03:14,040 --> 00:03:15,840 Speaker 1: of those things where you gotta pay a membership fee. 66 00:03:16,120 --> 00:03:18,000 Speaker 1: But for some folks, if you're if you're gone enough, 67 00:03:18,160 --> 00:03:20,360 Speaker 1: or if you want to use this to stay other 68 00:03:20,360 --> 00:03:22,760 Speaker 1: places for free. To me, that's one of the coolest 69 00:03:22,800 --> 00:03:25,400 Speaker 1: parts of trusting house sitters, little travel hack. Yeah. Well, 70 00:03:25,440 --> 00:03:28,840 Speaker 1: and I see the fee, the membership as a as 71 00:03:28,880 --> 00:03:31,120 Speaker 1: a nice barrier to entry as well, right, because you 72 00:03:31,120 --> 00:03:32,880 Speaker 1: don't want the site flooded with folks who are just 73 00:03:32,919 --> 00:03:35,240 Speaker 1: looking for a free place to Oh yeah, I'll take 74 00:03:35,240 --> 00:03:39,280 Speaker 1: your dog, trust me, like you want there to be 75 00:03:39,400 --> 00:03:41,120 Speaker 1: some barriers. You want there, you do. You don't want 76 00:03:41,120 --> 00:03:43,240 Speaker 1: anybody and everybody to be on there. You want folks 77 00:03:43,280 --> 00:03:45,320 Speaker 1: to take it seriously. And so I see that seeing 78 00:03:45,320 --> 00:03:47,680 Speaker 1: that as a homeowner, I want somebody to essentially be 79 00:03:47,800 --> 00:03:50,120 Speaker 1: vetted and somebody who has some buy in. So I 80 00:03:50,120 --> 00:03:52,080 Speaker 1: see that being a good thing. But yeah, and often 81 00:03:52,080 --> 00:03:53,960 Speaker 1: times I think why they call him trusted how sers 82 00:03:54,000 --> 00:03:58,480 Speaker 1: and not just any old house annual individual taking care 83 00:03:58,520 --> 00:04:01,400 Speaker 1: of your place. Yeah, but and generally speaking to I mean, 84 00:04:01,440 --> 00:04:02,840 Speaker 1: that's one of the things that Chelsea said, She's like, 85 00:04:02,880 --> 00:04:04,440 Speaker 1: you know, the downside is that you do have somebody 86 00:04:04,480 --> 00:04:06,760 Speaker 1: saying in your house. But again, I think most folks 87 00:04:06,840 --> 00:04:09,720 Speaker 1: would be more than happy to not have all of 88 00:04:09,720 --> 00:04:11,920 Speaker 1: their stuff in the exact same position as it was 89 00:04:11,960 --> 00:04:14,520 Speaker 1: when they left, right, or maybe for things to not 90 00:04:14,600 --> 00:04:17,440 Speaker 1: be in the exact same condition when you get back, 91 00:04:17,440 --> 00:04:19,640 Speaker 1: because most folks I think, care about their dog, you know, 92 00:04:19,680 --> 00:04:22,159 Speaker 1: their pets a little bit more than maybe not like 93 00:04:22,200 --> 00:04:24,000 Speaker 1: their home, but maybe some of the stuff in their 94 00:04:24,040 --> 00:04:27,000 Speaker 1: home that would get used. And generally speaking, like if 95 00:04:27,040 --> 00:04:30,560 Speaker 1: in particularly if you have a dog, kennels suck, I 96 00:04:30,560 --> 00:04:32,760 Speaker 1: mean back when like if we had Stella, our old 97 00:04:32,760 --> 00:04:36,520 Speaker 1: great Dane, she hated kennels specifically, and so having somebody 98 00:04:36,520 --> 00:04:38,280 Speaker 1: to come to the house and to take care of 99 00:04:38,320 --> 00:04:40,480 Speaker 1: it there would would have been much more successful than 100 00:04:40,680 --> 00:04:42,800 Speaker 1: the mini kennels that we tried that she hate well. 101 00:04:42,839 --> 00:04:44,440 Speaker 1: And a lot of those kennels, aren't she right, Those 102 00:04:44,440 --> 00:04:47,440 Speaker 1: are pretty too, And so if this is cheaper, actually, 103 00:04:47,520 --> 00:04:51,280 Speaker 1: if they have any sort of like daycare in the 104 00:04:51,400 --> 00:04:53,160 Speaker 1: name of it, and it's not just a kennel, it's 105 00:04:53,200 --> 00:04:55,919 Speaker 1: like doggie hotel plus grooming and paper and it's like, 106 00:04:55,920 --> 00:04:57,760 Speaker 1: oh no, that's gonna be really expensive, gonna you're gonna 107 00:04:57,760 --> 00:04:59,200 Speaker 1: pay a premium. Yeah, but if you can, if you 108 00:04:59,200 --> 00:05:01,120 Speaker 1: can get someone to come to your house, your dogs 109 00:05:01,160 --> 00:05:03,960 Speaker 1: more comfortable there, your your animals don't have to get uprooted, 110 00:05:04,200 --> 00:05:05,800 Speaker 1: maybe this is like the best option for a lot 111 00:05:05,839 --> 00:05:07,680 Speaker 1: of folks. I know I'm gonna consider it for sure. 112 00:05:07,680 --> 00:05:10,479 Speaker 1: So thanks to Chelsea for the recommendation, and for anyone 113 00:05:10,480 --> 00:05:12,520 Speaker 1: out there listening. If you're like trying to figure out 114 00:05:12,560 --> 00:05:14,839 Speaker 1: what you do when you leave, when you go on vacation, 115 00:05:15,120 --> 00:05:16,560 Speaker 1: what are you gonna do with your animal? This is 116 00:05:16,600 --> 00:05:19,680 Speaker 1: definitely something worth at least considering totally. Let's move on, Matt. 117 00:05:19,720 --> 00:05:21,440 Speaker 1: Let's mention the beer we're having on this episode. This 118 00:05:21,520 --> 00:05:25,240 Speaker 1: is Peach Cobbler American style sour by Shades brewing our 119 00:05:25,360 --> 00:05:28,080 Speaker 1: last beer from listener Andy. Andy sent us a hall 120 00:05:28,160 --> 00:05:30,200 Speaker 1: so thank you Andy, he did. We'll give our thoughts 121 00:05:30,200 --> 00:05:31,839 Speaker 1: on this one at the end of the episode. Absolutely 122 00:05:31,839 --> 00:05:33,839 Speaker 1: looking forward to it, all right, But let's get to 123 00:05:33,960 --> 00:05:36,400 Speaker 1: that question, Matt, how much money should we be giving 124 00:05:36,440 --> 00:05:39,560 Speaker 1: away to charity? And we let's go ahead and put 125 00:05:39,560 --> 00:05:43,280 Speaker 1: it out there too. We promised this isn't a clickbait headline. 126 00:05:43,360 --> 00:05:45,920 Speaker 1: We will answer this question most definitely during this episode 127 00:05:46,040 --> 00:05:47,800 Speaker 1: with a lot of other context, a lot of other 128 00:05:47,800 --> 00:05:49,600 Speaker 1: information to go along with it, because a lot of 129 00:05:49,640 --> 00:05:51,919 Speaker 1: people they do wonder this question, like should I be 130 00:05:52,080 --> 00:05:55,039 Speaker 1: and how much should I be giving away? And so yeah, 131 00:05:55,040 --> 00:05:56,680 Speaker 1: we're gonna talk about that in detail. But you and 132 00:05:56,720 --> 00:05:59,039 Speaker 1: I'm at we're not farmers by trade, right you You 133 00:05:59,080 --> 00:06:00,680 Speaker 1: had a garden in your back for a little while, 134 00:06:00,960 --> 00:06:05,160 Speaker 1: a little miniature, a few chickens, like that's about that's 135 00:06:05,160 --> 00:06:07,440 Speaker 1: about the extent of our farming knowledge. But from what 136 00:06:07,520 --> 00:06:10,000 Speaker 1: we do know about growing food, it's important to let 137 00:06:10,000 --> 00:06:13,000 Speaker 1: your fields go fallow for a certain period of time. Traditionally, 138 00:06:13,000 --> 00:06:15,400 Speaker 1: if you're a real farmer, that's like real real farmer 139 00:06:15,440 --> 00:06:18,240 Speaker 1: talk right there. Let your fields what you say, grow fallow, 140 00:06:18,240 --> 00:06:21,200 Speaker 1: gro fallow, so it let's go fallow. That's probably it. 141 00:06:21,520 --> 00:06:23,760 Speaker 1: I don't know, I honestly don't know. But like traditionally, 142 00:06:23,760 --> 00:06:25,440 Speaker 1: what you want is like one out of every seven 143 00:06:25,520 --> 00:06:28,440 Speaker 1: years for those fields to not be producing, because this 144 00:06:28,520 --> 00:06:32,039 Speaker 1: allows the soil a chance to restore some nutrient balance. 145 00:06:32,320 --> 00:06:35,279 Speaker 1: And a farmer might even plant something that doesn't earn 146 00:06:35,320 --> 00:06:37,440 Speaker 1: them any money, like a bunch of clover. Let's say, 147 00:06:37,440 --> 00:06:39,359 Speaker 1: amount I know you've done this in the yard totally 148 00:06:39,360 --> 00:06:42,120 Speaker 1: something we've done to restore nitrogen. It's it's a nitrogen 149 00:06:42,160 --> 00:06:45,279 Speaker 1: fixing plant. Yes, so some farmer might say, you know what, 150 00:06:45,400 --> 00:06:46,839 Speaker 1: not only am I not going to produce on the field, 151 00:06:46,839 --> 00:06:49,920 Speaker 1: I'm gonna plant something. Clover is pretty cheap, but you 152 00:06:50,000 --> 00:06:53,400 Speaker 1: might plant something in an attempt just to hopefully not 153 00:06:53,520 --> 00:06:57,040 Speaker 1: overwork the soil and maximize the yield in years to come. 154 00:06:57,400 --> 00:06:59,600 Speaker 1: And if you don't do this right, the the effects 155 00:06:59,640 --> 00:07:03,360 Speaker 1: can be endness. You can actually destroy the effectiveness of 156 00:07:03,400 --> 00:07:06,440 Speaker 1: the soil. And it's kind of counterintuitive, right. It certainly 157 00:07:06,680 --> 00:07:09,039 Speaker 1: feels like taking time off from growing crops is going 158 00:07:09,080 --> 00:07:10,920 Speaker 1: to be a harmful thing, right, that it's gonna hurt 159 00:07:10,960 --> 00:07:13,520 Speaker 1: your bottom line. But the truth is that taking the 160 00:07:13,520 --> 00:07:18,560 Speaker 1: opposite approach, by constantly farming and over using those fields, 161 00:07:18,800 --> 00:07:20,760 Speaker 1: that it's gonna it's gonna be more cash trophic in 162 00:07:20,840 --> 00:07:22,400 Speaker 1: the long run. And so we think the same is 163 00:07:22,400 --> 00:07:24,560 Speaker 1: true when it comes to giving away your money. It 164 00:07:24,560 --> 00:07:27,760 Speaker 1: sure doesn't sound like a vital ingredient in the wealth 165 00:07:27,760 --> 00:07:30,120 Speaker 1: building formula. Like in fact, it sounds like the opposite. 166 00:07:30,200 --> 00:07:32,200 Speaker 1: What seems like you could you could maybe should leave 167 00:07:32,200 --> 00:07:34,720 Speaker 1: that one out in order to be using your money 168 00:07:34,720 --> 00:07:37,280 Speaker 1: most effectively. But we think that it actually is an 169 00:07:37,280 --> 00:07:39,600 Speaker 1: important part of the wealth building formulas. That's why we're 170 00:07:39,640 --> 00:07:41,920 Speaker 1: gonna discuss that today. It's similar to letting your fields 171 00:07:41,920 --> 00:07:45,040 Speaker 1: not grow follow but go fellow. Yeah, And I mean 172 00:07:45,040 --> 00:07:47,680 Speaker 1: in fact is yeah, we're not farmers, but it's not 173 00:07:47,920 --> 00:07:50,640 Speaker 1: reason Wendell Berry right, like this is literally the majority 174 00:07:50,640 --> 00:07:52,720 Speaker 1: of what he talked about in the Unsettling of America, 175 00:07:52,760 --> 00:07:57,080 Speaker 1: but just talking about the farming practices that large agriculture 176 00:07:57,760 --> 00:08:00,480 Speaker 1: is implementing today and how it is the short term 177 00:08:00,480 --> 00:08:02,360 Speaker 1: it seems like it's productive, but in the long term, 178 00:08:02,480 --> 00:08:05,680 Speaker 1: long term negative effects have quite consequential effects on the 179 00:08:05,760 --> 00:08:08,560 Speaker 1: land over time. But yeah, we like, we like one 180 00:08:08,600 --> 00:08:10,560 Speaker 1: of the reasons we're talking about this today is because 181 00:08:10,720 --> 00:08:12,120 Speaker 1: like here on the show, where like this is how 182 00:08:12,120 --> 00:08:14,880 Speaker 1: the money, not how to farm, But we constantly talk 183 00:08:14,920 --> 00:08:17,200 Speaker 1: about the different ways that you can work to have 184 00:08:17,360 --> 00:08:20,360 Speaker 1: more money, right, Like, whether that's through spending less money 185 00:08:20,400 --> 00:08:23,760 Speaker 1: on stuff in your life, or through like keeping costs 186 00:08:23,800 --> 00:08:26,720 Speaker 1: down on your investments, or it's through the different ways 187 00:08:26,760 --> 00:08:29,320 Speaker 1: that you can increase your earnings. But either way. It 188 00:08:29,360 --> 00:08:32,440 Speaker 1: can be easy to develop a hoarding mentality right where 189 00:08:32,440 --> 00:08:34,920 Speaker 1: there's only one direction that money flows and that's in, 190 00:08:35,360 --> 00:08:39,120 Speaker 1: not out. But we believe that that is an unhealthy 191 00:08:39,240 --> 00:08:41,680 Speaker 1: view in so many different ways. And we truly do 192 00:08:41,760 --> 00:08:45,520 Speaker 1: believe that by giving money away, even by by starting 193 00:08:45,520 --> 00:08:47,920 Speaker 1: out with with small amounts, that you are going to 194 00:08:48,040 --> 00:08:50,560 Speaker 1: end up better off in the end. Now, we're also 195 00:08:50,600 --> 00:08:53,040 Speaker 1: not here to we're not going to preach the prosperity 196 00:08:53,080 --> 00:08:55,560 Speaker 1: gospel by any means, but there's even a chance that 197 00:08:55,559 --> 00:08:57,800 Speaker 1: you're gonna end up with more money down the line. 198 00:08:57,800 --> 00:08:59,720 Speaker 1: But at the very least, we do believe that you're 199 00:08:59,720 --> 00:09:02,199 Speaker 1: going to end up living a happier and a more 200 00:09:02,240 --> 00:09:05,160 Speaker 1: fulfilled life. Um there's research that points to the fact 201 00:09:05,160 --> 00:09:06,640 Speaker 1: that when you give money away, when you spend money 202 00:09:06,640 --> 00:09:09,480 Speaker 1: on other people, it go It activates the same neural 203 00:09:09,480 --> 00:09:12,400 Speaker 1: pathways and the dopamine release and similar to to when 204 00:09:12,400 --> 00:09:14,559 Speaker 1: you have like a good meal or a nice drink, 205 00:09:14,600 --> 00:09:17,600 Speaker 1: and so you're rewarding yourself here in the the immediate 206 00:09:17,600 --> 00:09:19,679 Speaker 1: Sernam granted that shouldn't be the only reason that you're 207 00:09:19,720 --> 00:09:21,920 Speaker 1: giving money away is to just feel good about yourself, 208 00:09:22,000 --> 00:09:23,600 Speaker 1: but it is nice to know that at least in 209 00:09:23,640 --> 00:09:26,600 Speaker 1: the immediate short term, there are some positives. You don't 210 00:09:26,600 --> 00:09:29,560 Speaker 1: have to wait years for this to end up being 211 00:09:29,600 --> 00:09:32,880 Speaker 1: something that you see having a positive impact on your finances. 212 00:09:33,040 --> 00:09:34,920 Speaker 1: I agree. I think that is important to mention that 213 00:09:34,960 --> 00:09:37,280 Speaker 1: it can. We don't want it to be purely self serving, 214 00:09:37,320 --> 00:09:39,720 Speaker 1: but the fact that it is something that's beneficial to 215 00:09:39,760 --> 00:09:43,800 Speaker 1: your psyche, yeah, for sure is. And the reality is 216 00:09:43,840 --> 00:09:46,240 Speaker 1: that giving giving money away has been on the decline 217 00:09:46,280 --> 00:09:48,440 Speaker 1: in America right for for the first time in a 218 00:09:48,440 --> 00:09:51,240 Speaker 1: long time, fewer than half of households gave even a 219 00:09:51,320 --> 00:09:54,240 Speaker 1: dollar of their money away last year. That's down close 220 00:09:54,280 --> 00:09:57,960 Speaker 1: to from twenty years ago, where something like seventy families 221 00:09:58,000 --> 00:10:00,120 Speaker 1: or individuals used to give at least some of their 222 00:10:00,160 --> 00:10:02,440 Speaker 1: money away. So fewer households feel like they have the 223 00:10:02,440 --> 00:10:05,599 Speaker 1: ability to give away anything, or they just believe that 224 00:10:05,640 --> 00:10:07,560 Speaker 1: it shouldn't be a priority in their life. And at 225 00:10:07,640 --> 00:10:09,960 Speaker 1: least part of the reason for this is a decline 226 00:10:10,040 --> 00:10:13,240 Speaker 1: in religious affiliation. Right a commonplace where folks used to 227 00:10:13,240 --> 00:10:15,760 Speaker 1: give their money was to their local house of worship. 228 00:10:16,320 --> 00:10:18,960 Speaker 1: But even with the rise of what's known as the nuns, 229 00:10:19,160 --> 00:10:22,440 Speaker 1: who claim no affiliation with any religion, that might explain 230 00:10:22,440 --> 00:10:24,760 Speaker 1: at least some of the giving drop off, But even still, 231 00:10:25,040 --> 00:10:27,040 Speaker 1: it's not like faith based folks have a corner on 232 00:10:27,120 --> 00:10:28,400 Speaker 1: doing good in the world or that they're the only 233 00:10:28,400 --> 00:10:31,079 Speaker 1: people giving their money away. That would be far fetched 234 00:10:31,120 --> 00:10:33,240 Speaker 1: as well. So let's say you're someone who does fall 235 00:10:33,280 --> 00:10:35,400 Speaker 1: into that nun group, that's okay, but there are still 236 00:10:35,640 --> 00:10:38,680 Speaker 1: plenty of organizations that have no religious ties that could 237 00:10:38,760 --> 00:10:42,160 Speaker 1: meaningfully use your dollars. So yeah, whether you are keen 238 00:10:42,200 --> 00:10:44,520 Speaker 1: to give to faith based organizations, whether you belong to 239 00:10:44,559 --> 00:10:47,600 Speaker 1: one or not, Like even even those faith based organizations 240 00:10:47,600 --> 00:10:50,719 Speaker 1: matter seeing fewer dollar inflows. So I just hate to 241 00:10:50,760 --> 00:10:54,040 Speaker 1: see that fewer people are participating and giving money away 242 00:10:54,080 --> 00:10:56,840 Speaker 1: to their fellow American or two causes that that need them. Yeah, 243 00:10:56,920 --> 00:10:59,560 Speaker 1: when you say nuns, you mean n O n e S, 244 00:10:59,640 --> 00:11:02,160 Speaker 1: not the other nuns, in which case you would think, 245 00:11:02,160 --> 00:11:03,720 Speaker 1: wait a minute, they should be giving lots of their 246 00:11:03,720 --> 00:11:07,120 Speaker 1: money away. The nuns they're very religious now, they're completely 247 00:11:07,160 --> 00:11:13,120 Speaker 1: dedicated to the faith. No nuns means no religious affiliations. Yeah, uh. Well, 248 00:11:13,160 --> 00:11:15,520 Speaker 1: what's interesting too is that this trend of folks giving 249 00:11:15,520 --> 00:11:17,720 Speaker 1: away less other money it seems to be getting worse 250 00:11:18,200 --> 00:11:20,880 Speaker 1: you're talking about how fewer than half of households gave 251 00:11:20,920 --> 00:11:24,240 Speaker 1: even a dollar. Well fewer than one third of households 252 00:11:24,280 --> 00:11:27,240 Speaker 1: headed by someone under the age of forty gave any 253 00:11:27,240 --> 00:11:30,040 Speaker 1: money to charity. So the leading indicator shows that this 254 00:11:30,040 --> 00:11:32,720 Speaker 1: this downward giving trend that is likely to continue. Can 255 00:11:33,240 --> 00:11:36,240 Speaker 1: considering that future generations are are giving less money as well. 256 00:11:36,760 --> 00:11:39,280 Speaker 1: One bright spot though contrary by the way those eight 257 00:11:39,360 --> 00:11:42,280 Speaker 1: year olds giving it a two per second. So no, 258 00:11:42,400 --> 00:11:44,679 Speaker 1: there is there is some some good news here. There 259 00:11:44,720 --> 00:11:47,880 Speaker 1: are actually more dollars than ever before that is being 260 00:11:47,880 --> 00:11:52,480 Speaker 1: funneled towards nonprofit organizations. But those donations, unfortunately are coming 261 00:11:52,720 --> 00:11:58,240 Speaker 1: from fewer wealthier folks. And I'm not mad at billionaire 262 00:11:58,280 --> 00:12:02,360 Speaker 1: philanthropists out there, but you can't expect government agencies and 263 00:12:02,559 --> 00:12:05,320 Speaker 1: a few incredibly rich elites to do all the giving force, 264 00:12:05,440 --> 00:12:08,520 Speaker 1: right like with the downsides of having the majority of 265 00:12:08,800 --> 00:12:11,960 Speaker 1: charitable dollars coming from these individuals is they typically are 266 00:12:12,000 --> 00:12:14,360 Speaker 1: going to give to the organizations that they care about, 267 00:12:14,600 --> 00:12:17,000 Speaker 1: that billionaires care about and simply aren't going to be 268 00:12:17,040 --> 00:12:19,240 Speaker 1: the most effective ones in your neighborhood. It may exactly, 269 00:12:19,240 --> 00:12:21,000 Speaker 1: it may not be, it may not have your best 270 00:12:21,000 --> 00:12:23,240 Speaker 1: interests in mind as well, and so be the bigger, 271 00:12:23,280 --> 00:12:26,440 Speaker 1: more recognizable organizations that are doing work on a national level. 272 00:12:26,840 --> 00:12:28,959 Speaker 1: But that means the one that's like tutoring kids in 273 00:12:28,960 --> 00:12:31,600 Speaker 1: your neighborhood probably isn't gonna cut Yes, yeah, I mean 274 00:12:32,240 --> 00:12:34,680 Speaker 1: like I love what Bill and Melinda Gates, what they've 275 00:12:34,679 --> 00:12:37,480 Speaker 1: been up to, Mackenzie Scott her as well. But there 276 00:12:37,640 --> 00:12:39,720 Speaker 1: is still plenty of room for all of us, all 277 00:12:39,760 --> 00:12:42,600 Speaker 1: the rest of us out there to participate, like you said, will, 278 00:12:42,640 --> 00:12:46,040 Speaker 1: particularly when it comes to supporting smaller nonprofits that are 279 00:12:46,080 --> 00:12:49,640 Speaker 1: targeting specific problems, in particular with where it is that 280 00:12:49,720 --> 00:12:52,400 Speaker 1: you live. And by the way, it is our contention 281 00:12:52,559 --> 00:12:55,440 Speaker 1: that everyone should be giving their money away. So we're 282 00:12:55,760 --> 00:12:57,839 Speaker 1: the question we're asking in this episodes, how much should 283 00:12:57,840 --> 00:12:59,480 Speaker 1: he be giving away? Well we'll get to that, but 284 00:13:00,120 --> 00:13:02,760 Speaker 1: it really should be everyone should be listening to this 285 00:13:02,880 --> 00:13:05,800 Speaker 1: thinking not about what other people can do to meet 286 00:13:05,800 --> 00:13:09,200 Speaker 1: the mission or to give their money away, but but 287 00:13:09,360 --> 00:13:11,840 Speaker 1: you think about yourself in this scenario, how can I 288 00:13:11,880 --> 00:13:13,760 Speaker 1: be giving the money my money away? And we we 289 00:13:13,800 --> 00:13:17,160 Speaker 1: think that all of us have something that's worth donating 290 00:13:17,400 --> 00:13:19,480 Speaker 1: that could be even just something as small as used 291 00:13:19,520 --> 00:13:21,199 Speaker 1: goods in our house that we don't need any longer. 292 00:13:21,400 --> 00:13:23,120 Speaker 1: Out of the church we've been going to, they're giving 293 00:13:23,320 --> 00:13:26,160 Speaker 1: taking used code donations for a local ministry there. So 294 00:13:26,200 --> 00:13:28,880 Speaker 1: that's like one of those things that almost everybody has 295 00:13:29,000 --> 00:13:31,640 Speaker 1: a used coat they can give right that that's not 296 00:13:31,679 --> 00:13:35,360 Speaker 1: necessarily too stressful on your finances to meet that need. 297 00:13:35,400 --> 00:13:37,120 Speaker 1: You probably got a couple of jackets that you're like, 298 00:13:37,240 --> 00:13:39,080 Speaker 1: you keep around, but you're like, I never wear these, 299 00:13:39,400 --> 00:13:42,160 Speaker 1: don't those jackets exactly? And you know that could be 300 00:13:42,240 --> 00:13:45,120 Speaker 1: volunteering our time to spend helping out youth after school, 301 00:13:45,160 --> 00:13:48,280 Speaker 1: and and yes, it can and likely should mean giving 302 00:13:48,280 --> 00:13:51,360 Speaker 1: away some of your money to maybe not just items 303 00:13:51,360 --> 00:13:53,040 Speaker 1: that you have that you don't use any longer, although 304 00:13:53,040 --> 00:13:55,560 Speaker 1: that's one effective way to give. And regardless of where 305 00:13:55,559 --> 00:13:57,840 Speaker 1: you stand with your finances, if you're listening to this, 306 00:13:57,920 --> 00:14:00,240 Speaker 1: you're trying to make improvements, and we think there's room 307 00:14:00,280 --> 00:14:04,400 Speaker 1: in everyone's budget to prioritize giving, albeit to differing degrees. 308 00:14:04,720 --> 00:14:06,800 Speaker 1: We we don't want you to wait until you've quote 309 00:14:06,880 --> 00:14:09,520 Speaker 1: unquote made it to start making giving a priority, because 310 00:14:09,520 --> 00:14:12,200 Speaker 1: the truth is, no one ever truly feels like they've 311 00:14:12,200 --> 00:14:15,240 Speaker 1: made And if you continue to push this off further 312 00:14:15,320 --> 00:14:17,560 Speaker 1: down the road if you kick the can, the likelihood 313 00:14:17,559 --> 00:14:20,400 Speaker 1: as you'll never actually feel like you're you're in the 314 00:14:20,400 --> 00:14:22,960 Speaker 1: financial position to give money away. It reminds me a 315 00:14:22,960 --> 00:14:24,600 Speaker 1: matter of kind of like having kids. That's one of 316 00:14:24,640 --> 00:14:26,600 Speaker 1: those things where it's like, I'm gonna wait until financially 317 00:14:26,640 --> 00:14:29,040 Speaker 1: prepared to have kids, and you can continue pushing that 318 00:14:29,120 --> 00:14:31,640 Speaker 1: off for forever. I think both having kids and giving 319 00:14:31,680 --> 00:14:34,560 Speaker 1: money away, they both feel like things were never prepared for. 320 00:14:34,600 --> 00:14:37,400 Speaker 1: We almost have to start before we feel prepared totally. Yeah, 321 00:14:37,480 --> 00:14:38,720 Speaker 1: do Like Kate and I didn't just put it on 322 00:14:38,720 --> 00:14:42,800 Speaker 1: the calendar, like start having babies this year. It's literally 323 00:14:42,840 --> 00:14:44,760 Speaker 1: something we did when we were younger. Your whole life 324 00:14:44,800 --> 00:14:47,560 Speaker 1: revolves around that calendar, doesn't it. I'm a planner, That's all. 325 00:14:47,600 --> 00:14:49,480 Speaker 1: That's all I gotta say. But for those out there, 326 00:14:49,520 --> 00:14:51,600 Speaker 1: maybe that's literally what it takes, and we'll get to 327 00:14:52,400 --> 00:14:54,520 Speaker 1: like maybe some some more practical steps that we can 328 00:14:54,560 --> 00:14:57,880 Speaker 1: all take in order to actually implement giving within our lives. 329 00:14:57,880 --> 00:15:00,160 Speaker 1: And by the way, I don't I don't mean that 330 00:15:00,200 --> 00:15:02,000 Speaker 1: money on a credit like give money on a credit 331 00:15:02,040 --> 00:15:04,120 Speaker 1: card that you don't actually have, Like that's I don't 332 00:15:04,120 --> 00:15:06,680 Speaker 1: want to get to give away money. But I think 333 00:15:07,000 --> 00:15:09,480 Speaker 1: it's easy to say, like, I don't have years worth 334 00:15:09,520 --> 00:15:11,280 Speaker 1: the savings, I've only got six months in the bank, 335 00:15:11,600 --> 00:15:13,920 Speaker 1: and you can always have a retort to not being 336 00:15:13,920 --> 00:15:16,400 Speaker 1: financially prepared. It's those are easy to make, right And 337 00:15:16,440 --> 00:15:17,960 Speaker 1: by the way, also we like we don't want to 338 00:15:17,960 --> 00:15:20,960 Speaker 1: shame any anyone either. If you're a newbie here at 339 00:15:20,960 --> 00:15:24,080 Speaker 1: how the money, maybe you are behind on your bills, well, 340 00:15:24,120 --> 00:15:25,720 Speaker 1: we would want you to get your financial house in 341 00:15:25,840 --> 00:15:30,120 Speaker 1: order before guilting yourself into a recurring monthly donation, you know, 342 00:15:30,160 --> 00:15:33,520 Speaker 1: to your favorite nonprofit. And actually, uh, no, matter what, 343 00:15:33,680 --> 00:15:36,160 Speaker 1: we don't want you to guilt your way into giving 344 00:15:36,240 --> 00:15:37,840 Speaker 1: money away. We want that to be something that you 345 00:15:37,880 --> 00:15:40,520 Speaker 1: do intentionally. But it is also important to mention that 346 00:15:40,600 --> 00:15:44,560 Speaker 1: even if you can't give much, developing the practice of 347 00:15:44,640 --> 00:15:47,400 Speaker 1: giving at least a small small portion of what it 348 00:15:47,440 --> 00:15:49,640 Speaker 1: is that you bring in we think is going to 349 00:15:49,760 --> 00:15:52,120 Speaker 1: pay dividends in the future. Like you are building the 350 00:15:52,200 --> 00:15:54,240 Speaker 1: muscle of being generous now, so that you have the 351 00:15:54,760 --> 00:15:59,120 Speaker 1: discipline to continue giving as you get older, as presumably 352 00:15:59,360 --> 00:16:01,920 Speaker 1: you get wealthy, and it's probably going to be more difficult. 353 00:16:01,920 --> 00:16:05,080 Speaker 1: You think it's difficult to give ten percent of your income. Now, 354 00:16:05,080 --> 00:16:07,040 Speaker 1: when you're making fifty dollars, you're like, oh, I'm not 355 00:16:07,040 --> 00:16:09,920 Speaker 1: gonna get give away five dollars. Well, what happens when 356 00:16:09,920 --> 00:16:12,480 Speaker 1: you make two dollars or three dollars and it ain't 357 00:16:12,520 --> 00:16:15,760 Speaker 1: gonna get easier. The dollar amounts might increase, but I 358 00:16:15,760 --> 00:16:18,240 Speaker 1: think developed again, developing that discipline is what we're talking 359 00:16:18,280 --> 00:16:20,840 Speaker 1: about here. We're talking about building these good habits, and 360 00:16:20,880 --> 00:16:23,880 Speaker 1: plus there's just something amazing about these these positive good 361 00:16:23,880 --> 00:16:26,320 Speaker 1: habits and how it is that they can radiate out 362 00:16:26,360 --> 00:16:28,640 Speaker 1: into other areas of our lives that we think that 363 00:16:28,640 --> 00:16:31,720 Speaker 1: that's I feel like that's something that I hope sort 364 00:16:31,720 --> 00:16:34,320 Speaker 1: of sets our listeners apart maybe than other listeners of 365 00:16:34,360 --> 00:16:37,320 Speaker 1: other official podcasts, that they're able to not just look 366 00:16:37,360 --> 00:16:39,480 Speaker 1: at money as something like we talked about earlier, that 367 00:16:39,560 --> 00:16:42,240 Speaker 1: they are hoarding and gathering for themselves, but to see 368 00:16:42,280 --> 00:16:46,240 Speaker 1: the positive impacts that they're able to make with that money. Hopefully, 369 00:16:46,240 --> 00:16:50,360 Speaker 1: how the money listeners are characterized by being generous, agreed man, 370 00:16:50,400 --> 00:16:52,800 Speaker 1: I think are there's like a different vibe about our 371 00:16:52,840 --> 00:16:55,720 Speaker 1: show hopefully, and and I think even in the the 372 00:16:55,760 --> 00:16:58,480 Speaker 1: engagement we get from listeners when they respond to our newsletter, 373 00:16:58,560 --> 00:17:01,120 Speaker 1: or when they comment on Facebook, or the way they 374 00:17:01,160 --> 00:17:03,720 Speaker 1: treat one another is like, it's so different than most 375 00:17:03,760 --> 00:17:05,680 Speaker 1: of the rest of the Internet. Our Facebook group is 376 00:17:05,720 --> 00:17:07,800 Speaker 1: actually like a place where people are nice to one another, 377 00:17:07,800 --> 00:17:10,560 Speaker 1: which most groups on the Internet or most comment sections 378 00:17:10,560 --> 00:17:13,760 Speaker 1: are just horrid sesspiables of negativity. I think it has 379 00:17:13,760 --> 00:17:16,080 Speaker 1: a lot to do with downplaying money right. Like again, 380 00:17:16,160 --> 00:17:18,280 Speaker 1: it is it literally, quite literally in the name of 381 00:17:18,320 --> 00:17:21,679 Speaker 1: our podcast, How to Money. But oftentimes I feel like 382 00:17:21,680 --> 00:17:23,680 Speaker 1: what we're doing is downplaying the importance of money and 383 00:17:23,800 --> 00:17:27,240 Speaker 1: elevating humanity, whether that's others or other organizations or those 384 00:17:27,280 --> 00:17:29,240 Speaker 1: in need, just the different ways that we can bring 385 00:17:29,320 --> 00:17:32,240 Speaker 1: value not only to our lives but to everyone around us. 386 00:17:32,600 --> 00:17:34,680 Speaker 1: And the truth is that if you want to give 387 00:17:34,720 --> 00:17:36,560 Speaker 1: your money away, there are ways to do it more 388 00:17:36,560 --> 00:17:39,240 Speaker 1: effectively and less effectively. And so we want to talk 389 00:17:39,280 --> 00:17:41,560 Speaker 1: about the nuts and bolts of the practical steps to 390 00:17:41,560 --> 00:17:43,199 Speaker 1: giving away money, and then how to vet charities. We'll 391 00:17:43,200 --> 00:17:45,159 Speaker 1: get to that later on too, but they're all. There 392 00:17:45,200 --> 00:17:47,600 Speaker 1: are also certain things, some excuses maybe that pop up 393 00:17:47,720 --> 00:17:50,560 Speaker 1: that prevent us from giving money away. We're gonna debunk 394 00:17:50,600 --> 00:17:52,560 Speaker 1: a few of those. We'll get to that first right 395 00:17:52,560 --> 00:18:03,640 Speaker 1: after this. All right, we are back from the break, 396 00:18:03,640 --> 00:18:05,920 Speaker 1: and we will answer how much money it is that 397 00:18:05,960 --> 00:18:08,119 Speaker 1: you should be giving away. But Joel ut is to 398 00:18:08,160 --> 00:18:10,200 Speaker 1: this right before the break, Let's talk through some of 399 00:18:10,280 --> 00:18:13,680 Speaker 1: the different reasons that uh, we're tempted to not give 400 00:18:13,680 --> 00:18:18,720 Speaker 1: away our money, and oftentimes that's because of fear and uncertainty. Right, 401 00:18:19,320 --> 00:18:21,840 Speaker 1: A ton of folks out there have developed what we 402 00:18:21,840 --> 00:18:25,159 Speaker 1: would call an unhealthy emotional attachment to their money that 403 00:18:25,240 --> 00:18:28,639 Speaker 1: prevents them from from feeling comfortable enough to give any 404 00:18:28,680 --> 00:18:30,639 Speaker 1: of it away, no matter how much progress that they've 405 00:18:30,640 --> 00:18:33,760 Speaker 1: made within their own their own wealth building journey, and 406 00:18:33,800 --> 00:18:37,000 Speaker 1: it takes real work to move past some of those insecurities. 407 00:18:37,240 --> 00:18:39,359 Speaker 1: Much of the time, I think those feelings are rooted 408 00:18:39,400 --> 00:18:42,879 Speaker 1: in what folks have heard, what they have learned, what 409 00:18:42,920 --> 00:18:45,639 Speaker 1: they've experienced in childhood. Uh. And so, for instance, of 410 00:18:45,680 --> 00:18:48,520 Speaker 1: money was a constant source of contention in your house, 411 00:18:48,880 --> 00:18:51,080 Speaker 1: you might have adopted some of those those same feelings, 412 00:18:51,160 --> 00:18:54,200 Speaker 1: you know, without even realizing that those feelings have you 413 00:18:54,400 --> 00:18:57,199 Speaker 1: come from years of the different conversations maybe that your 414 00:18:57,200 --> 00:19:00,879 Speaker 1: parents were having, where it has subtly fluence your thoughts 415 00:19:00,920 --> 00:19:04,120 Speaker 1: like subliminal almost yea kind of biosmosis you absorbed it. 416 00:19:04,119 --> 00:19:07,560 Speaker 1: It's just kind of like this, it's like this counter currents, 417 00:19:07,640 --> 00:19:09,720 Speaker 1: you know, like like regardless of what's going on the service, 418 00:19:09,880 --> 00:19:13,040 Speaker 1: there's a very clear attitude towards money, Uh, that oftentimes 419 00:19:13,119 --> 00:19:15,160 Speaker 1: does impact And most of the times we don't even 420 00:19:15,200 --> 00:19:17,560 Speaker 1: realize that it's happened because it was so it just 421 00:19:17,640 --> 00:19:20,000 Speaker 1: was the water we swimming. Yes, it was the way 422 00:19:20,040 --> 00:19:22,199 Speaker 1: money was talked about, and so we just assumed that 423 00:19:22,280 --> 00:19:24,639 Speaker 1: this was how it should be and that this is 424 00:19:24,680 --> 00:19:26,520 Speaker 1: the stance on money that we should take. This is 425 00:19:26,760 --> 00:19:30,359 Speaker 1: and it carries into adulthood, and we we often failed 426 00:19:30,359 --> 00:19:33,440 Speaker 1: to even reconsider maybe whether we should change the way 427 00:19:33,440 --> 00:19:36,240 Speaker 1: we think about money in all of its aspects. But yeah, 428 00:19:36,280 --> 00:19:40,000 Speaker 1: most of us are are still predominantly relating to money 429 00:19:40,240 --> 00:19:42,120 Speaker 1: based on the way our parents related to money, based 430 00:19:42,119 --> 00:19:44,120 Speaker 1: on the way we encountered it as a child. I think. 431 00:19:44,119 --> 00:19:45,920 Speaker 1: So I think we we learn more from our parents 432 00:19:45,920 --> 00:19:48,919 Speaker 1: than we probably give them credit for that then we 433 00:19:48,960 --> 00:19:52,359 Speaker 1: even give ourselves credit for having learned within that period 434 00:19:52,359 --> 00:19:55,840 Speaker 1: of And sometimes it's not credit, right, Sometimes it's it's 435 00:19:55,880 --> 00:19:57,919 Speaker 1: not a healthy approach. Like I would say, lots of 436 00:19:57,960 --> 00:20:01,919 Speaker 1: times because we don't talk about money well families historically, 437 00:20:02,280 --> 00:20:05,679 Speaker 1: and so it is a problem that we often have 438 00:20:05,760 --> 00:20:09,120 Speaker 1: to overcome because money wasn't handled well in our household, 439 00:20:09,119 --> 00:20:10,720 Speaker 1: It wasn't talked about well in our household, and so 440 00:20:10,800 --> 00:20:12,879 Speaker 1: it's it's something that we're we have to actually actively 441 00:20:12,880 --> 00:20:16,160 Speaker 1: combat against. Yeah, definitely, And credit doesn't necessarily mean positive, 442 00:20:16,320 --> 00:20:19,879 Speaker 1: Like sometimes it can be a way that you say blame, 443 00:20:21,320 --> 00:20:22,800 Speaker 1: but I agree, you know, if if you do want 444 00:20:22,800 --> 00:20:25,280 Speaker 1: to make progress and to to not make any future 445 00:20:25,280 --> 00:20:28,240 Speaker 1: money decisions that we're faced with based largely on some 446 00:20:28,280 --> 00:20:31,080 Speaker 1: of these subtle different money scripts that we've developed, I 447 00:20:31,080 --> 00:20:35,360 Speaker 1: think we have to first recognize that these these scripts exist, right, 448 00:20:35,400 --> 00:20:38,119 Speaker 1: Like we have to understand that, man, there is more 449 00:20:38,240 --> 00:20:39,879 Speaker 1: like there, there's more to this, there's more to the 450 00:20:39,880 --> 00:20:41,600 Speaker 1: way I was raised than I realized, more going on 451 00:20:41,680 --> 00:20:44,280 Speaker 1: under the surface, exactly. And then once you recognize that, 452 00:20:44,320 --> 00:20:46,160 Speaker 1: you've got to push back against some of those emotions, 453 00:20:46,160 --> 00:20:48,520 Speaker 1: some of those feelings with data. Um. And we're going 454 00:20:48,560 --> 00:20:50,320 Speaker 1: to get to some of this I probably here in 455 00:20:50,320 --> 00:20:52,240 Speaker 1: a second as we kind of dive into some of 456 00:20:52,280 --> 00:20:54,880 Speaker 1: the more practical steps. Um. But you have to look 457 00:20:54,920 --> 00:20:57,439 Speaker 1: at the actual facts, the actual figures and numbers and 458 00:20:57,520 --> 00:21:00,200 Speaker 1: intentionally push yourself to do something that's going to you'll 459 00:21:00,560 --> 00:21:03,600 Speaker 1: initially uncomfortable. Over time, as you get better at it 460 00:21:03,640 --> 00:21:05,359 Speaker 1: at it, it's going to be something where you will 461 00:21:05,400 --> 00:21:08,200 Speaker 1: be able to develop some healthy habits. So one excuse 462 00:21:08,280 --> 00:21:10,760 Speaker 1: or one reason people give to not give their money 463 00:21:10,760 --> 00:21:13,080 Speaker 1: away is fear and uncertainty. Another one is is passing 464 00:21:13,119 --> 00:21:16,320 Speaker 1: the buck, because folks often declined to give an ether 465 00:21:16,359 --> 00:21:18,760 Speaker 1: money away based on a belief that someone else is 466 00:21:18,800 --> 00:21:20,520 Speaker 1: going to do it. And like you mentioned earlier, Matt, 467 00:21:20,560 --> 00:21:23,960 Speaker 1: like the billionaires, they're doing it. But that doesn't mean 468 00:21:24,040 --> 00:21:26,960 Speaker 1: that all nonprofits are being served equally. And so in 469 00:21:27,000 --> 00:21:29,399 Speaker 1: our culture, childhood and adolescens, I think this is a 470 00:21:29,400 --> 00:21:32,120 Speaker 1: part of the problem gets extended not just into college, 471 00:21:32,119 --> 00:21:36,280 Speaker 1: but well into your twenties. And the best example I 472 00:21:36,280 --> 00:21:38,560 Speaker 1: can give of this is that federal law demands that 473 00:21:38,640 --> 00:21:40,520 Speaker 1: young adults be allowed to stay on their parents health 474 00:21:40,520 --> 00:21:43,679 Speaker 1: insurance plans until age six, right, And I feel like 475 00:21:43,680 --> 00:21:47,719 Speaker 1: that's telling because because of that reluctance. Part of that 476 00:21:47,800 --> 00:21:50,480 Speaker 1: is is reluctance to feel like we're actually adults. And 477 00:21:50,600 --> 00:21:53,399 Speaker 1: so the natural outcome of that, it might be when 478 00:21:53,440 --> 00:21:55,920 Speaker 1: it comes to charitable giving at least that we think 479 00:21:55,960 --> 00:21:57,879 Speaker 1: that the quote unquote adults are on the case that 480 00:21:57,920 --> 00:22:00,720 Speaker 1: they're going to sort it out. But the reality is 481 00:22:01,000 --> 00:22:03,960 Speaker 1: nobody actually has everything figured out, and there aren't these 482 00:22:04,280 --> 00:22:06,840 Speaker 1: fictionalized adults out there who are coming to save the day. 483 00:22:07,080 --> 00:22:09,160 Speaker 1: If you're listening to this podcast, no matter how old 484 00:22:09,160 --> 00:22:11,920 Speaker 1: you are, you are the adult, and it's important to 485 00:22:11,920 --> 00:22:13,679 Speaker 1: be the change that we want to see. I do 486 00:22:13,760 --> 00:22:17,199 Speaker 1: think that that period of prolonged adolescens set refusal to 487 00:22:17,240 --> 00:22:19,280 Speaker 1: grow up to believe that we are the adults who 488 00:22:19,280 --> 00:22:21,760 Speaker 1: have the ability to make impacts on the things that 489 00:22:21,800 --> 00:22:24,840 Speaker 1: matter most, on the problems that our society faces. That 490 00:22:25,119 --> 00:22:26,760 Speaker 1: in and in and of itself, is a problem that 491 00:22:26,800 --> 00:22:29,320 Speaker 1: prevents us from tackling the problems that's right. Yeah, as 492 00:22:29,359 --> 00:22:31,919 Speaker 1: we're talking about this, it makes me think about how 493 00:22:32,119 --> 00:22:34,399 Speaker 1: it almost feels like this giant group project that we're 494 00:22:34,400 --> 00:22:36,560 Speaker 1: all apart of, and you think, oh, somebody else, this 495 00:22:36,680 --> 00:22:38,520 Speaker 1: is gonna be somebody else, smarter that's gonna take care 496 00:22:38,560 --> 00:22:40,480 Speaker 1: of this. It's like no, no no, no, no no, You're You're 497 00:22:40,480 --> 00:22:42,639 Speaker 1: a part of the group. You are a valued member, 498 00:22:42,680 --> 00:22:44,760 Speaker 1: and you need to have in put. You also need 499 00:22:44,800 --> 00:22:47,240 Speaker 1: to participate and give your money away. Emily's and grad school. 500 00:22:47,320 --> 00:22:49,399 Speaker 1: She just did a group project and just brought me 501 00:22:49,440 --> 00:22:51,560 Speaker 1: back to those days when you're like trying to pick 502 00:22:51,560 --> 00:22:53,000 Speaker 1: the smart kid in the room who's going to take 503 00:22:53,000 --> 00:22:55,480 Speaker 1: on most of the trying to figure out how like okay, 504 00:22:55,600 --> 00:22:56,879 Speaker 1: and then you might be like, wait a second, and 505 00:22:57,080 --> 00:22:58,240 Speaker 1: the smart one in this group, do I have to 506 00:22:58,240 --> 00:23:00,280 Speaker 1: do all the work? And oftentimes like that. Guess that's 507 00:23:00,280 --> 00:23:02,719 Speaker 1: what we're trying to push folks into realizing, is that 508 00:23:02,760 --> 00:23:05,560 Speaker 1: we are truly the adults here and we basically that 509 00:23:05,800 --> 00:23:07,800 Speaker 1: that we need to sort of step up. Um. I 510 00:23:07,800 --> 00:23:09,840 Speaker 1: think one of the other things too, like one of 511 00:23:09,880 --> 00:23:12,720 Speaker 1: the interesting things things that happened is that there's this 512 00:23:12,840 --> 00:23:15,000 Speaker 1: way like when we do participate, when we when we 513 00:23:15,119 --> 00:23:16,639 Speaker 1: choose not to pass the buck, and when we do 514 00:23:16,680 --> 00:23:18,840 Speaker 1: step up, uh and give some of our money away, 515 00:23:18,840 --> 00:23:21,600 Speaker 1: it has this way of forming us. Right, And so 516 00:23:21,960 --> 00:23:24,040 Speaker 1: they're like, what I'm saying is that like, for instance, 517 00:23:24,040 --> 00:23:27,480 Speaker 1: you've got somebody who says they love animals, Well, you 518 00:23:27,520 --> 00:23:29,800 Speaker 1: can feel that way about loving animals, but until you 519 00:23:29,800 --> 00:23:33,120 Speaker 1: give to like the like Wildlife Federation whatever I forget 520 00:23:33,160 --> 00:23:35,080 Speaker 1: the name that, or until you come sit my cats 521 00:23:35,080 --> 00:23:37,480 Speaker 1: for free while on DNA vacation, or like you might 522 00:23:37,520 --> 00:23:40,520 Speaker 1: say that like that you care about homelessness, but until 523 00:23:40,560 --> 00:23:42,679 Speaker 1: you go and volunteer at the homeless shelter, until you 524 00:23:42,720 --> 00:23:46,080 Speaker 1: actually give some of your money away to that organization, well, 525 00:23:46,359 --> 00:23:48,119 Speaker 1: it kind of feels like empty words, right, And so 526 00:23:48,119 --> 00:23:51,399 Speaker 1: it has this way. There is a lot there are 527 00:23:51,400 --> 00:23:53,680 Speaker 1: a lot of empty words, and particularly a lot on 528 00:23:53,680 --> 00:23:55,800 Speaker 1: on Twitter. Right, there's a lot of saying that you 529 00:23:55,840 --> 00:23:58,399 Speaker 1: believe something, and there's a there's a lot less backing 530 00:23:58,440 --> 00:24:00,439 Speaker 1: it up with how you act exactly. Yeah, And so 531 00:24:00,480 --> 00:24:02,360 Speaker 1: it's it's it's just a way to kind of reinforce 532 00:24:02,400 --> 00:24:04,760 Speaker 1: the values that you say you live by, and it 533 00:24:04,760 --> 00:24:07,600 Speaker 1: puts some action behind the words that maybe you have 534 00:24:07,640 --> 00:24:11,680 Speaker 1: stated before. Joe. Another reason that some folks don't give 535 00:24:12,359 --> 00:24:14,520 Speaker 1: is because they don't have the money, They don't have 536 00:24:14,520 --> 00:24:16,800 Speaker 1: the funds. There might be some folks out there and 537 00:24:16,800 --> 00:24:19,240 Speaker 1: they're just trying to stay above the water, like they 538 00:24:19,280 --> 00:24:20,920 Speaker 1: for instance, they just want to save just a little 539 00:24:20,920 --> 00:24:22,480 Speaker 1: bit of money. They want to start paying off some debt, 540 00:24:22,520 --> 00:24:25,119 Speaker 1: which I totally get. Uh. And so again, like we 541 00:24:25,160 --> 00:24:27,760 Speaker 1: don't want folks who are you know, saying money gear 542 00:24:27,840 --> 00:24:31,159 Speaker 1: number one or two feeling compelled to write big checks. 543 00:24:31,400 --> 00:24:33,520 Speaker 1: But it is also true that there are a lot 544 00:24:33,520 --> 00:24:36,240 Speaker 1: of folks who do have the means to start giving 545 00:24:36,240 --> 00:24:39,359 Speaker 1: away something right, like, they just haven't thought creatively. They 546 00:24:39,359 --> 00:24:41,040 Speaker 1: just don't think that they can do it because they're 547 00:24:41,080 --> 00:24:43,360 Speaker 1: maybe they're not tracking where their money is going. Uh, 548 00:24:43,359 --> 00:24:45,720 Speaker 1: and so you might feel like you don't have the money, 549 00:24:45,760 --> 00:24:48,360 Speaker 1: But is that actually the case? Is that actually true? 550 00:24:48,400 --> 00:24:51,239 Speaker 1: Like what like, examine your life, examine your expenses and 551 00:24:51,560 --> 00:24:54,399 Speaker 1: ask yourself, what are the other expenses, what are the 552 00:24:54,440 --> 00:24:57,160 Speaker 1: other things that you're prioritizing in your budget that might 553 00:24:57,280 --> 00:25:00,560 Speaker 1: be worth forsaking. Again, not to o trip you, but 554 00:25:00,640 --> 00:25:04,359 Speaker 1: sometimes stats and data can be sobering. For instance, all 555 00:25:04,359 --> 00:25:07,720 Speaker 1: we looked this up and sixty one of children in 556 00:25:07,840 --> 00:25:11,120 Speaker 1: low income homes they don't own a single book, which 557 00:25:11,160 --> 00:25:13,560 Speaker 1: is crazy. It definitely makes me think differently about what 558 00:25:13,600 --> 00:25:15,239 Speaker 1: it is I have, kind of going back to the 559 00:25:15,400 --> 00:25:18,960 Speaker 1: gratitude and thankfulness portion that we're talking about earlier, but 560 00:25:19,000 --> 00:25:20,600 Speaker 1: also how much more it is that we can give 561 00:25:20,640 --> 00:25:23,720 Speaker 1: away if we just opted to to make it a priority. 562 00:25:23,720 --> 00:25:26,280 Speaker 1: When you're faced with the facts, whether it's what it 563 00:25:26,320 --> 00:25:28,240 Speaker 1: is that you are spending your own money on or 564 00:25:28,359 --> 00:25:30,919 Speaker 1: whether it's being faced with the realities of what others 565 00:25:30,920 --> 00:25:33,200 Speaker 1: are living in their own lives. Yeah, I think about 566 00:25:33,200 --> 00:25:35,040 Speaker 1: how many books you have on the shelf in your 567 00:25:35,040 --> 00:25:39,320 Speaker 1: house and put that in juxtaposition to a large percentage 568 00:25:39,320 --> 00:25:41,600 Speaker 1: of these kids who live in homes. They don't have 569 00:25:41,600 --> 00:25:43,200 Speaker 1: the financial means, they don't have any they don't have 570 00:25:43,240 --> 00:25:46,399 Speaker 1: any books. Like I know we have dozens and dozens 571 00:25:46,480 --> 00:25:49,040 Speaker 1: and dozens. Yes, we have an overloaded books. So can 572 00:25:49,040 --> 00:25:50,560 Speaker 1: we give some of those away? Yes? And we should. 573 00:25:50,560 --> 00:25:53,160 Speaker 1: And reading that staff Matt made me want to do that, Like, 574 00:25:53,400 --> 00:25:56,080 Speaker 1: where can I channel these books and give away physical 575 00:25:56,080 --> 00:25:58,760 Speaker 1: items that I own to benefit someone else? And I 576 00:25:58,800 --> 00:26:02,119 Speaker 1: think perspective and gratitude are massive parts of the equation 577 00:26:02,160 --> 00:26:04,880 Speaker 1: that help us feel more energized to give and then 578 00:26:04,920 --> 00:26:08,240 Speaker 1: more comfortable parting with our money. We often we don't 579 00:26:08,240 --> 00:26:10,439 Speaker 1: think much about the massive levels of wealth that we 580 00:26:10,480 --> 00:26:12,359 Speaker 1: have as a society, and I think it's a it 581 00:26:12,440 --> 00:26:14,760 Speaker 1: is an important thing to focus on, especially right now 582 00:26:14,840 --> 00:26:18,000 Speaker 1: this week, the insane progress that has made us all 583 00:26:18,280 --> 00:26:21,280 Speaker 1: incredibly rich, at least from a historical perspective over the 584 00:26:21,320 --> 00:26:24,280 Speaker 1: past couple hundred years. For instance, in eighteen thirty, the 585 00:26:24,320 --> 00:26:27,399 Speaker 1: average worker put in seventy hours a week and guess 586 00:26:27,400 --> 00:26:29,720 Speaker 1: what those jobs were A whole lot harder. It wasn't 587 00:26:29,760 --> 00:26:32,119 Speaker 1: easy work, you know, forty hours a week is is 588 00:26:32,240 --> 00:26:35,160 Speaker 1: pretty standard these days. And a lot more folks work 589 00:26:35,200 --> 00:26:38,480 Speaker 1: on a computer in an air conditioned space, on a laptop, 590 00:26:38,520 --> 00:26:42,000 Speaker 1: maybe from their bed, like who knows. And again, I 591 00:26:42,040 --> 00:26:43,720 Speaker 1: don't say this to try to guilt you, but to 592 00:26:43,760 --> 00:26:45,720 Speaker 1: help us all realize just how good we have it, 593 00:26:46,040 --> 00:26:49,280 Speaker 1: even if there's room for improvement. It's currently somewhat popular 594 00:26:49,640 --> 00:26:53,040 Speaker 1: to talk about all the ways in which things are 595 00:26:53,280 --> 00:26:55,399 Speaker 1: becoming worse. And it's not that there aren't problems that 596 00:26:55,440 --> 00:26:59,160 Speaker 1: our society faces, but the when you look at recent data, 597 00:26:59,560 --> 00:27:01,600 Speaker 1: especially you over the last hundred years, just how much 598 00:27:01,640 --> 00:27:04,800 Speaker 1: wealth we have accumulated as as a society, and how 599 00:27:04,800 --> 00:27:06,919 Speaker 1: many more gadgets and gizmos and cheap food and all 600 00:27:06,920 --> 00:27:09,920 Speaker 1: that stuff we have at our fingertips. We have fewer 601 00:27:09,920 --> 00:27:13,199 Speaker 1: reasons for despair than we think. That's right. But now 602 00:27:13,280 --> 00:27:15,480 Speaker 1: let's get practical. Let's discuss how it is that you 603 00:27:15,520 --> 00:27:18,800 Speaker 1: can get started giving money away. And we want folks 604 00:27:18,840 --> 00:27:21,439 Speaker 1: to know that it is okay to start small. You 605 00:27:21,440 --> 00:27:23,439 Speaker 1: don't have to to go from from zero to one 606 00:27:23,520 --> 00:27:26,440 Speaker 1: hundred as fast as a Tesla Model less. That would 607 00:27:26,440 --> 00:27:30,280 Speaker 1: be McKenzie Scott going from zero to billions. It's like, wait, 608 00:27:30,720 --> 00:27:33,159 Speaker 1: uh in one year? Uh. And by starting small, I 609 00:27:33,160 --> 00:27:35,080 Speaker 1: don't mean just giving a few bucks like at the 610 00:27:35,080 --> 00:27:37,359 Speaker 1: grocery store checkout counter, you know, like on the random 611 00:27:37,359 --> 00:27:40,240 Speaker 1: occasion that you're asked. That's not necessarily a bad thing. 612 00:27:40,480 --> 00:27:42,760 Speaker 1: It's just that we would rather you pick out which 613 00:27:42,800 --> 00:27:45,720 Speaker 1: charities you want to give to to to kind of 614 00:27:45,720 --> 00:27:47,560 Speaker 1: feel more of a personal connection to where your money 615 00:27:47,640 --> 00:27:49,919 Speaker 1: is going. We'll talk a little bit more about how 616 00:27:49,960 --> 00:27:52,000 Speaker 1: to vet charities in a little bit like you alluded 617 00:27:52,040 --> 00:27:54,720 Speaker 1: to earlier, Joel. But in the same way that you 618 00:27:54,720 --> 00:27:57,800 Speaker 1: can get started with investing with just like one dollar 619 00:27:57,840 --> 00:28:00,359 Speaker 1: on apps like m one or when you open account 620 00:28:00,400 --> 00:28:04,040 Speaker 1: with Fidelity, it is okay to give small amounts of 621 00:28:04,080 --> 00:28:07,000 Speaker 1: money away as well. Oftentimes I think even just giving 622 00:28:07,040 --> 00:28:09,240 Speaker 1: any money at all, like just even starting with a dollar, 623 00:28:09,560 --> 00:28:12,080 Speaker 1: is like half the battle, right, just getting the ball rollings, 624 00:28:12,119 --> 00:28:15,160 Speaker 1: just starting in and of itself is maybe half the battle. 625 00:28:15,240 --> 00:28:17,439 Speaker 1: Going from that majority of people who don't give to 626 00:28:17,720 --> 00:28:19,240 Speaker 1: the minority of people who do so, all of a 627 00:28:19,280 --> 00:28:21,760 Speaker 1: sudden being a giver. That is a pendulum metas one. 628 00:28:21,880 --> 00:28:24,119 Speaker 1: It's a minor move, but it's a major move based 629 00:28:24,160 --> 00:28:26,360 Speaker 1: on like when it comes to your psyche exactly. Yeah, 630 00:28:26,359 --> 00:28:28,760 Speaker 1: you don't have to be rich to begin your investing 631 00:28:28,800 --> 00:28:31,679 Speaker 1: journey or to start giving your money away. Uh. And 632 00:28:31,720 --> 00:28:33,760 Speaker 1: so let's go ahead, Joel and answer the question how 633 00:28:33,840 --> 00:28:36,639 Speaker 1: much money should you give away? We're not going to 634 00:28:36,760 --> 00:28:39,560 Speaker 1: give a blanket statement or like a blanket dollar amount 635 00:28:39,600 --> 00:28:42,360 Speaker 1: or even a percentage, because it's like we talked about, 636 00:28:42,360 --> 00:28:47,160 Speaker 1: everything is contextualized for the individual and their personal financial situation. 637 00:28:47,160 --> 00:28:49,360 Speaker 1: And so let's say someone this is their first episode 638 00:28:49,360 --> 00:28:52,280 Speaker 1: listening at how the money and they are in tons 639 00:28:52,320 --> 00:28:54,520 Speaker 1: of debt up to their eyeballs. They might not be 640 00:28:54,600 --> 00:28:57,920 Speaker 1: ready to give away any money right at this point 641 00:28:57,920 --> 00:29:00,040 Speaker 1: in time, but hopefully if we want to chaw on 642 00:29:00,200 --> 00:29:02,360 Speaker 1: you too, though, and we want you to get to that, 643 00:29:02,360 --> 00:29:05,440 Speaker 1: that's not an excuse like um. But that being said, 644 00:29:05,880 --> 00:29:07,840 Speaker 1: so Joel, you and I, like both of our families, 645 00:29:07,880 --> 00:29:10,240 Speaker 1: we give away at least ten percent of our income. 646 00:29:10,320 --> 00:29:13,040 Speaker 1: That's kind of our floor exactly. Again, that's not to 647 00:29:13,080 --> 00:29:15,480 Speaker 1: say that that should be your floor or that should 648 00:29:15,480 --> 00:29:18,080 Speaker 1: even be your goal, but as you and I were 649 00:29:18,120 --> 00:29:20,000 Speaker 1: talking through this. We were we were thinking through Man, 650 00:29:20,040 --> 00:29:22,120 Speaker 1: I think it would be totally possible for folks to 651 00:29:22,160 --> 00:29:24,360 Speaker 1: start challenging themselves to give it away at least one 652 00:29:24,440 --> 00:29:26,880 Speaker 1: percent of their income. Granted, I know it is a 653 00:29:26,880 --> 00:29:28,280 Speaker 1: lot hard harder to do at the end of the 654 00:29:28,360 --> 00:29:30,920 Speaker 1: year when maybe you haven't necessarily planned for it, right, 655 00:29:30,960 --> 00:29:33,440 Speaker 1: Because again, when we give money away, it's we do 656 00:29:33,520 --> 00:29:35,920 Speaker 1: this a little bit month by month, you know, paycheck 657 00:29:35,960 --> 00:29:38,320 Speaker 1: by check paycheck. Basically, this is not like something that 658 00:29:38,400 --> 00:29:39,480 Speaker 1: at the end of the year all of a sudden 659 00:29:39,480 --> 00:29:42,080 Speaker 1: we're just like and we we just crap on it, 660 00:29:42,120 --> 00:29:47,040 Speaker 1: like ten plus percent of you know, your annual income. 661 00:29:47,320 --> 00:29:49,400 Speaker 1: Preparation and planning for it, I mean that truly is 662 00:29:49,440 --> 00:29:52,480 Speaker 1: really important. But I think what's key here is identifying 663 00:29:52,480 --> 00:29:55,280 Speaker 1: a percentage, even if it's a really really small percentage, 664 00:29:55,280 --> 00:29:58,200 Speaker 1: because just like with as you're saving for retirement. Right, 665 00:29:58,240 --> 00:29:59,600 Speaker 1: So for all those out there who have four one 666 00:29:59,680 --> 00:30:03,040 Speaker 1: case you, right, you know, you choose a percentage of 667 00:30:03,080 --> 00:30:04,959 Speaker 1: your paycheck that is going to go towards your four 668 00:30:05,000 --> 00:30:08,000 Speaker 1: own king hopefully enough that gets the full company match, right. Yeah, 669 00:30:08,080 --> 00:30:10,240 Speaker 1: But what that does is it allows you to stick 670 00:30:10,320 --> 00:30:12,719 Speaker 1: to something that you've agreed to do. It's a mechanism, right, 671 00:30:12,720 --> 00:30:15,160 Speaker 1: It's a tool, and it allows you, even as you 672 00:30:15,200 --> 00:30:18,160 Speaker 1: continue to make more money, to still give according to 673 00:30:18,200 --> 00:30:20,880 Speaker 1: the same principles and the same values that you've previously identified. 674 00:30:21,120 --> 00:30:22,840 Speaker 1: And so in that way, I think it's something that 675 00:30:22,880 --> 00:30:24,680 Speaker 1: you can not that you're trying to put it on 676 00:30:24,720 --> 00:30:27,239 Speaker 1: autopilot from the standpoint that you don't think about it, 677 00:30:27,280 --> 00:30:29,280 Speaker 1: but that you are able to put it on autopilot 678 00:30:29,280 --> 00:30:31,840 Speaker 1: from the standpoint of like, no, I have identified that 679 00:30:31,880 --> 00:30:33,400 Speaker 1: this is something that is important to me, and I'm 680 00:30:33,400 --> 00:30:35,600 Speaker 1: going to live by it. It's in that way, it's 681 00:30:35,640 --> 00:30:37,760 Speaker 1: like a form of accountability. Yeah, I mean, I like 682 00:30:37,800 --> 00:30:40,080 Speaker 1: that you mentioned planning it, because budgeting for your giving 683 00:30:40,120 --> 00:30:42,520 Speaker 1: and then doing it with regularity is a really important 684 00:30:42,520 --> 00:30:45,880 Speaker 1: practical step to making it kind of this normal routine 685 00:30:46,000 --> 00:30:48,080 Speaker 1: behavior in your life. And I don't mean routine as 686 00:30:48,120 --> 00:30:50,360 Speaker 1: in boring. You set it and forget it, because part 687 00:30:50,400 --> 00:30:52,280 Speaker 1: of the good thing about giving your money away is 688 00:30:52,320 --> 00:30:54,520 Speaker 1: that you can have a connection to the work that's 689 00:30:54,560 --> 00:30:58,000 Speaker 1: being done. But budgeting for it takes some of the 690 00:30:58,080 --> 00:31:01,560 Speaker 1: fear out of giving your money away. You don't, like Matt, 691 00:31:01,560 --> 00:31:02,800 Speaker 1: when you go to the grocery store. When you're at 692 00:31:02,800 --> 00:31:05,640 Speaker 1: all the buying new groceries, you're not freaking out about 693 00:31:05,680 --> 00:31:07,800 Speaker 1: the money you're spending every time. You're not like just 694 00:31:08,080 --> 00:31:10,280 Speaker 1: nervous whether or not you're gonna actually be able to 695 00:31:10,320 --> 00:31:12,080 Speaker 1: afford those groceries at the end of the month, because 696 00:31:12,080 --> 00:31:14,200 Speaker 1: you've planned for it in advance. Right, you know what 697 00:31:14,320 --> 00:31:15,840 Speaker 1: your grocery line it and budget is. I think we 698 00:31:15,840 --> 00:31:19,280 Speaker 1: shared it in uh how the Money newsletter recently. But 699 00:31:19,320 --> 00:31:21,600 Speaker 1: there's the reality that when you have a line item 700 00:31:21,640 --> 00:31:24,560 Speaker 1: in your budget, there is money there to cover that expense. 701 00:31:25,080 --> 00:31:27,200 Speaker 1: And the truth is you can do the same when 702 00:31:27,200 --> 00:31:29,840 Speaker 1: it comes to money you want to give away, making 703 00:31:29,880 --> 00:31:31,600 Speaker 1: it a line item in your budget, giving on a 704 00:31:31,640 --> 00:31:34,800 Speaker 1: recurring basis to organizations that you care about. We kind 705 00:31:34,840 --> 00:31:36,600 Speaker 1: of want you to treat your giving like any other 706 00:31:36,600 --> 00:31:39,120 Speaker 1: subscription you might have in your life, right, just one 707 00:31:39,160 --> 00:31:40,600 Speaker 1: that's better for the world and better for your heart, 708 00:31:40,720 --> 00:31:43,880 Speaker 1: Like it's doing more good than whatever you're paying to Hbo, 709 00:31:43,920 --> 00:31:46,880 Speaker 1: Go or or whatever they're what you know, whatever streaming 710 00:31:46,880 --> 00:31:49,960 Speaker 1: services your favorite. You're giving money should be allocated in 711 00:31:50,000 --> 00:31:52,080 Speaker 1: a very similar way. We say that's right, and it's 712 00:31:52,080 --> 00:31:54,400 Speaker 1: it's worth mentioning to we share how much it is 713 00:31:54,520 --> 00:31:56,880 Speaker 1: or the percentage that we give away, not not to 714 00:31:57,000 --> 00:31:59,640 Speaker 1: toot our own horn, but I think there's a contagious 715 00:31:59,640 --> 00:32:01,920 Speaker 1: element when it comes to how it has folks spend 716 00:32:01,960 --> 00:32:04,240 Speaker 1: their money. Right Like, think about your friends around you 717 00:32:04,280 --> 00:32:06,800 Speaker 1: in your life, and as they start talking about things 718 00:32:06,880 --> 00:32:09,720 Speaker 1: that they're spending money on, you start thinking about ways 719 00:32:09,800 --> 00:32:11,680 Speaker 1: that you can spend your money that aligns in those 720 00:32:11,680 --> 00:32:13,880 Speaker 1: ways as well. Right Like, you've got a friend, he's 721 00:32:13,920 --> 00:32:16,760 Speaker 1: talking about this vacation that they that they just booked 722 00:32:16,840 --> 00:32:18,520 Speaker 1: or something like that, and you're thinking, oh, man, I 723 00:32:18,600 --> 00:32:20,640 Speaker 1: want to go on a vacation, or you see your 724 00:32:20,640 --> 00:32:23,280 Speaker 1: coping on Airbnb trying to find exactly, or you've got 725 00:32:23,320 --> 00:32:24,880 Speaker 1: a friend and maybe they bought a new car or 726 00:32:24,920 --> 00:32:27,520 Speaker 1: something like that. Hopefully I wasn't financed or anything, but 727 00:32:27,600 --> 00:32:29,600 Speaker 1: you start thinking, man, my car is kind of feeling 728 00:32:29,640 --> 00:32:31,840 Speaker 1: kind of shabby. And so in the same way, I 729 00:32:31,880 --> 00:32:35,720 Speaker 1: think giving it appeals to that same sort of natural tendency, 730 00:32:35,760 --> 00:32:37,600 Speaker 1: that same behavior, And so we share this as well 731 00:32:37,720 --> 00:32:40,160 Speaker 1: because we want more folks out there to be givers. 732 00:32:40,440 --> 00:32:44,040 Speaker 1: And it's even probably worth sacrificing in order to be 733 00:32:44,080 --> 00:32:46,040 Speaker 1: able to give Uh, and that the truth is, if 734 00:32:46,040 --> 00:32:48,440 Speaker 1: you're listening to this episode and you're starting to think 735 00:32:48,480 --> 00:32:50,960 Speaker 1: that maybe you'd like to start giving, but maybe you're 736 00:32:51,000 --> 00:32:52,600 Speaker 1: just not sure. If you have the legal room in 737 00:32:52,640 --> 00:32:55,400 Speaker 1: your budget as it's currently constructed, you you might need 738 00:32:55,440 --> 00:32:57,520 Speaker 1: to make some adjustments to your spending. And I know 739 00:32:57,560 --> 00:33:00,120 Speaker 1: that's easier said than done, especially with inflation doing it's 740 00:33:00,120 --> 00:33:02,640 Speaker 1: something currently, but we always find time. We always fund 741 00:33:02,640 --> 00:33:05,240 Speaker 1: the money for the things that are actually important to us. 742 00:33:05,400 --> 00:33:07,520 Speaker 1: We just have to take the time and identify those 743 00:33:07,560 --> 00:33:10,520 Speaker 1: things that aren't necessarily providing us the value and instead 744 00:33:10,560 --> 00:33:12,720 Speaker 1: finding ways to funnel those dollars to some of these 745 00:33:12,720 --> 00:33:15,800 Speaker 1: different charities, some of these different organizations and nonprofits that 746 00:33:15,840 --> 00:33:17,840 Speaker 1: will move the needle. But we want you to at 747 00:33:17,880 --> 00:33:20,760 Speaker 1: least consider spending less in order to to make giving 748 00:33:20,760 --> 00:33:23,680 Speaker 1: a possibility. And one other thing worth mentioning when we 749 00:33:23,800 --> 00:33:26,400 Speaker 1: touched on this earlier, I think, but you don't necessarily 750 00:33:26,400 --> 00:33:29,080 Speaker 1: have to just give money. You can give of your time. 751 00:33:29,120 --> 00:33:32,440 Speaker 1: And so volunteering to help your favorite nonprofit out was 752 00:33:32,520 --> 00:33:34,360 Speaker 1: some Melbow grease. Uh, it was some of your time. 753 00:33:34,360 --> 00:33:36,560 Speaker 1: That can be a perfect place to begin if you 754 00:33:36,600 --> 00:33:38,960 Speaker 1: are feeling a bit constrained when it comes to your budget. 755 00:33:38,960 --> 00:33:41,200 Speaker 1: Because let's say one of our listeners, Matt like out there, 756 00:33:41,240 --> 00:33:43,480 Speaker 1: they're saying, listen, I've got fifteen thousand dollars with the 757 00:33:43,480 --> 00:33:45,320 Speaker 1: credit card debt I until trying to pay off, and 758 00:33:45,400 --> 00:33:48,040 Speaker 1: I have this plan because we've talked about paying off debt. 759 00:33:48,080 --> 00:33:50,240 Speaker 1: I went to on debt dot it, and I am 760 00:33:50,240 --> 00:33:53,680 Speaker 1: ready to pay that sucker off in the next fourteen months. 761 00:33:54,040 --> 00:33:56,080 Speaker 1: We would say, awesome. And you know what, if you 762 00:33:56,080 --> 00:33:58,320 Speaker 1: want to wait until you can actually start giving money, 763 00:33:58,400 --> 00:34:01,040 Speaker 1: until you're completely done with credit card, that's fine, we 764 00:34:01,080 --> 00:34:03,120 Speaker 1: get that. But at least in the interim over these 765 00:34:03,120 --> 00:34:06,080 Speaker 1: next fourteen months, can you find other ways to give 766 00:34:06,280 --> 00:34:08,040 Speaker 1: And whether that is, like you just said, your time, 767 00:34:08,120 --> 00:34:10,239 Speaker 1: or whether that is old jackets you got in the 768 00:34:10,280 --> 00:34:12,600 Speaker 1: house or something like that, or old books you've got 769 00:34:12,719 --> 00:34:15,600 Speaker 1: lying around, there are other ways to at least start giving, 770 00:34:15,840 --> 00:34:18,720 Speaker 1: to exercise that muscle before you're ready to start writing 771 00:34:18,719 --> 00:34:20,560 Speaker 1: a check or writing no one writes checks, but like 772 00:34:20,719 --> 00:34:23,680 Speaker 1: to start making a recurring payment every single month. But simultaneously, 773 00:34:23,719 --> 00:34:26,200 Speaker 1: I think it's worth challenging yourself to not necessarily pro 774 00:34:26,400 --> 00:34:28,440 Speaker 1: like to put like we touched on this earlier, but 775 00:34:28,480 --> 00:34:30,440 Speaker 1: pushing off that giving because I think it can be 776 00:34:30,440 --> 00:34:33,480 Speaker 1: a slippery slope, because any sort of financial goal could 777 00:34:33,480 --> 00:34:35,080 Speaker 1: be like a noble cause where you're like, oh, I 778 00:34:35,120 --> 00:34:37,239 Speaker 1: got a ton of debt I gotta pay off. It's like, well, 779 00:34:37,600 --> 00:34:39,680 Speaker 1: now I gotta I wanna make sure I'm getting that match, 780 00:34:39,960 --> 00:34:41,160 Speaker 1: you know, with my four O one K. Like these 781 00:34:41,200 --> 00:34:43,120 Speaker 1: are all great goals, and then I want to max 782 00:34:43,160 --> 00:34:44,799 Speaker 1: out the four O one K. And then where you're 783 00:34:44,800 --> 00:34:46,480 Speaker 1: gonna draw the line because you continue to push these 784 00:34:46,520 --> 00:34:49,200 Speaker 1: goal posts out further and ultimately what you're doing is 785 00:34:49,239 --> 00:34:52,520 Speaker 1: you you are still focusing on yourself rather than others, 786 00:34:52,600 --> 00:34:55,239 Speaker 1: even though that they are good goals to have. Uh, 787 00:34:55,280 --> 00:34:57,760 Speaker 1: it is worth I think challenging yourself to say, Okay, 788 00:34:57,840 --> 00:35:01,239 Speaker 1: even though I'm in a tough financial situation, but I 789 00:35:01,280 --> 00:35:03,359 Speaker 1: know my power is not going to get cut off tomorrow. Uh. 790 00:35:03,640 --> 00:35:05,960 Speaker 1: It might feel like you've got bills, but like, again, 791 00:35:06,000 --> 00:35:09,160 Speaker 1: are these bills related to entertainments? And maybe those are 792 00:35:09,160 --> 00:35:11,000 Speaker 1: bills that you can begin to remove from your life 793 00:35:11,040 --> 00:35:13,840 Speaker 1: and instead spend some of the money towards others. And 794 00:35:13,880 --> 00:35:16,319 Speaker 1: again it can be small. You're right, and and you 795 00:35:16,320 --> 00:35:19,239 Speaker 1: know what, it's okay, we would say to push your 796 00:35:19,239 --> 00:35:22,399 Speaker 1: financial goals. Uh, make if it takes just a little 797 00:35:22,400 --> 00:35:25,000 Speaker 1: bit longer to reach some of them because you're prioritizing giving. 798 00:35:25,200 --> 00:35:27,280 Speaker 1: We think that's still a good thing because it's helping 799 00:35:27,280 --> 00:35:30,880 Speaker 1: you have that better relationship with money, a healthier attachment 800 00:35:30,960 --> 00:35:33,920 Speaker 1: or detachment from it. Right. Even though money is an 801 00:35:33,920 --> 00:35:36,799 Speaker 1: important tool, it's not the end all, be all, and 802 00:35:36,880 --> 00:35:39,799 Speaker 1: giving helps us realize that. Giving regularly helps us realize that. 803 00:35:40,000 --> 00:35:42,520 Speaker 1: But now we've got more to get to. Specifically, want 804 00:35:42,520 --> 00:35:45,200 Speaker 1: to talk about how you give, where you give your dollars, 805 00:35:45,239 --> 00:35:47,799 Speaker 1: and then knowing which charities are going to make the 806 00:35:47,800 --> 00:35:50,040 Speaker 1: best use of the money you're giving away. We'll talk 807 00:35:50,080 --> 00:36:01,600 Speaker 1: about that and more right off for this so we're 808 00:36:01,600 --> 00:36:03,600 Speaker 1: back from the break. We're talking through some of these 809 00:36:03,600 --> 00:36:07,560 Speaker 1: practical stuffs when it comes to the best ways to 810 00:36:07,680 --> 00:36:11,120 Speaker 1: effectively give your money away. And one of the things 811 00:36:11,160 --> 00:36:13,040 Speaker 1: that Joel, we would recommend for folks to do is 812 00:36:13,080 --> 00:36:15,880 Speaker 1: to follow the impact of your dollars. And what we 813 00:36:15,920 --> 00:36:17,920 Speaker 1: mean by that, Uh, none of us wants to give 814 00:36:17,960 --> 00:36:20,560 Speaker 1: money away just out into the ether, like out into 815 00:36:20,719 --> 00:36:23,880 Speaker 1: blank space, right. Uh. And the truth is, especially this 816 00:36:23,880 --> 00:36:26,480 Speaker 1: time of year, board at like nonprofits and be like, yeah, 817 00:36:26,520 --> 00:36:27,919 Speaker 1: I guess I'll give there this year, Like you wanted 818 00:36:27,960 --> 00:36:29,799 Speaker 1: to have a connection to something you can write, but 819 00:36:29,840 --> 00:36:32,239 Speaker 1: that's assuming there's a dartboard even there, Like like the 820 00:36:32,280 --> 00:36:34,040 Speaker 1: way a picture is just like you're just throwing it 821 00:36:34,080 --> 00:36:35,600 Speaker 1: out there and it's like, where's it gonna land? I 822 00:36:35,640 --> 00:36:38,920 Speaker 1: don't even know. Hopefully there's something that you're giving to. 823 00:36:39,560 --> 00:36:41,560 Speaker 1: But what I'll saying though, is like this time of year, 824 00:36:41,640 --> 00:36:45,120 Speaker 1: we're constantly being asked for money, uh, sort of these 825 00:36:45,200 --> 00:36:47,400 Speaker 1: these year end gifts, and a lot of folks I 826 00:36:47,400 --> 00:36:51,200 Speaker 1: think they feel overwhelmed and they either shut down completely 827 00:36:51,440 --> 00:36:54,319 Speaker 1: or they might give small amounts of money maybe kind 828 00:36:54,320 --> 00:36:56,759 Speaker 1: of small amounts along the way. But the difficult thing 829 00:36:56,800 --> 00:36:59,040 Speaker 1: about I think taking that tactic is that we often 830 00:36:59,040 --> 00:37:02,520 Speaker 1: feel removed from where our dollars are going and what 831 00:37:02,560 --> 00:37:06,799 Speaker 1: they're doing. We might even forget which organizations we've given to, 832 00:37:07,280 --> 00:37:09,480 Speaker 1: you know, when we sort of piece meal these donations out. 833 00:37:09,920 --> 00:37:11,560 Speaker 1: And again that's not the worst thing in the world, 834 00:37:11,800 --> 00:37:14,319 Speaker 1: but it is so much better for us when we 835 00:37:14,440 --> 00:37:17,359 Speaker 1: proactively decide where to give our money, you know, not 836 00:37:17,520 --> 00:37:20,040 Speaker 1: just giving spur of the moment, uh, And it just 837 00:37:20,080 --> 00:37:22,880 Speaker 1: allows us to gauge the impact more clearly, and what 838 00:37:23,040 --> 00:37:25,279 Speaker 1: I think by doing that enough, we can oftentimes make 839 00:37:25,400 --> 00:37:28,399 Speaker 1: sort of a transition from feeling like that we're having 840 00:37:28,440 --> 00:37:31,160 Speaker 1: to what feels like a sacrifice to being able to 841 00:37:31,160 --> 00:37:33,400 Speaker 1: spend our money in a way that not only aligns 842 00:37:33,400 --> 00:37:35,600 Speaker 1: with our values, but because it aligns with our values, 843 00:37:35,640 --> 00:37:37,600 Speaker 1: that it's something that we look forward to. I think 844 00:37:37,640 --> 00:37:39,200 Speaker 1: for some folks there might be a clear moment in 845 00:37:39,200 --> 00:37:40,920 Speaker 1: time where it switches in their head and all of 846 00:37:40,960 --> 00:37:43,399 Speaker 1: a sudden they're thinking, Oh, this used to be a chore, 847 00:37:43,719 --> 00:37:45,719 Speaker 1: but now it feels like an opportunity for me to 848 00:37:45,760 --> 00:37:48,160 Speaker 1: spend my money in a way that helps others but 849 00:37:48,239 --> 00:37:51,480 Speaker 1: also kind of brings me some joy as well. But 850 00:37:51,480 --> 00:37:53,360 Speaker 1: but for other folks, it might be a more of 851 00:37:53,360 --> 00:37:56,160 Speaker 1: a process. Right, Like we're over a number of years, 852 00:37:56,239 --> 00:37:58,640 Speaker 1: he might start to feel better about the money that 853 00:37:58,680 --> 00:38:01,120 Speaker 1: they're giving. I think there's a lot of different folks 854 00:38:01,160 --> 00:38:03,640 Speaker 1: out there, and it depends on who you are. But 855 00:38:03,719 --> 00:38:06,640 Speaker 1: however it is that you can identify and ground yourself 856 00:38:06,719 --> 00:38:09,680 Speaker 1: to some of these specific specific organizations. I think it's 857 00:38:09,680 --> 00:38:13,080 Speaker 1: going to allow your dollars to to feel like that 858 00:38:13,080 --> 00:38:15,120 Speaker 1: they're going further for you, which I think is going 859 00:38:15,160 --> 00:38:17,640 Speaker 1: to lead to more success, more successful giving. It's going 860 00:38:17,680 --> 00:38:18,920 Speaker 1: to be something that you're going to be able to 861 00:38:18,960 --> 00:38:22,479 Speaker 1: maintain long term sustained ability to continue doing this. Yeah, 862 00:38:22,719 --> 00:38:24,640 Speaker 1: and I like what you said about following the impact 863 00:38:24,680 --> 00:38:27,880 Speaker 1: of your dollars because dropping a few coins into a 864 00:38:27,960 --> 00:38:31,640 Speaker 1: Santa ring, a bell bucket, right Salvation Army, asking for 865 00:38:31,719 --> 00:38:33,480 Speaker 1: donations in front of a Walmart, or something like that. 866 00:38:33,520 --> 00:38:35,839 Speaker 1: I'm not saying that's bad. Continue to do that if 867 00:38:35,840 --> 00:38:38,000 Speaker 1: that's important to you, But I think sometimes we just 868 00:38:38,080 --> 00:38:40,960 Speaker 1: feel guilty. We give out of guilt in a situation 869 00:38:41,000 --> 00:38:42,960 Speaker 1: like that, or when someone comes straight up in our 870 00:38:43,280 --> 00:38:45,920 Speaker 1: in our face when we're outing about asking for money. 871 00:38:46,200 --> 00:38:48,560 Speaker 1: We're liable maybe to given that circumstance, as opposed to 872 00:38:48,600 --> 00:38:50,480 Speaker 1: being thoughtful about the money we're giving ahead of time. 873 00:38:50,800 --> 00:38:52,640 Speaker 1: And we would like to know that the dollars we 874 00:38:52,760 --> 00:38:54,880 Speaker 1: released into the world where are actually doing good and 875 00:38:54,880 --> 00:38:57,600 Speaker 1: we'd like to understand and see which way they're having 876 00:38:57,640 --> 00:39:00,680 Speaker 1: an impact. So we would say, consider asking a favorite 877 00:39:00,680 --> 00:39:02,600 Speaker 1: local nonprofit what it is they need and how you 878 00:39:02,640 --> 00:39:04,480 Speaker 1: can help meet that need. You might be able to 879 00:39:04,480 --> 00:39:07,560 Speaker 1: see the exact way in which those dollars are being spent. 880 00:39:08,000 --> 00:39:10,080 Speaker 1: Also do something as simple as like signing up for 881 00:39:10,080 --> 00:39:13,200 Speaker 1: the newsletter of that nonprofit to follow along with their progress. 882 00:39:13,239 --> 00:39:15,680 Speaker 1: I'm sure they send something out weekly or monthly that 883 00:39:16,239 --> 00:39:18,560 Speaker 1: it can help you stay abreast of of what they're 884 00:39:18,600 --> 00:39:21,480 Speaker 1: doing and how they're having an impact where they exist 885 00:39:21,520 --> 00:39:23,920 Speaker 1: and with what they're doing. It's a great way to 886 00:39:23,960 --> 00:39:26,279 Speaker 1: connect the money you're giving away to good work being 887 00:39:26,320 --> 00:39:28,719 Speaker 1: done that impacts the lives of others. Amount It makes 888 00:39:28,760 --> 00:39:30,839 Speaker 1: me think of a some money I recently gave away 889 00:39:30,880 --> 00:39:32,640 Speaker 1: to a nonprofit that we love that Emily and I 890 00:39:32,680 --> 00:39:34,520 Speaker 1: are tied to, and they were able to tell me 891 00:39:34,600 --> 00:39:36,640 Speaker 1: exactly how they were going to use the money that 892 00:39:36,719 --> 00:39:39,040 Speaker 1: I was giving to them, which made me really excited 893 00:39:39,440 --> 00:39:41,239 Speaker 1: to give. I was like, Oh, it's going to scholarships 894 00:39:41,280 --> 00:39:44,000 Speaker 1: for these kids like that. That is really cool, And 895 00:39:44,040 --> 00:39:46,799 Speaker 1: that got me just really even more excited to give 896 00:39:46,800 --> 00:39:48,640 Speaker 1: that money away. And so it's it's not that some 897 00:39:48,680 --> 00:39:51,600 Speaker 1: of the biggest nonprofits aren't worth supporting, that the Red 898 00:39:51,640 --> 00:39:53,800 Speaker 1: Crosses of this world aren't doing great work or anything 899 00:39:53,800 --> 00:39:56,319 Speaker 1: like that, but we would say giving locally often gives 900 00:39:56,320 --> 00:39:58,719 Speaker 1: you the clearest window into the impact your money is 901 00:39:58,760 --> 00:40:02,879 Speaker 1: having and can be powerful totally agree. Yeah, Like when 902 00:40:02,880 --> 00:40:04,600 Speaker 1: we are able to connect our giving to the work 903 00:40:04,640 --> 00:40:06,200 Speaker 1: being done, I think that's going to get us excited 904 00:40:06,239 --> 00:40:09,239 Speaker 1: to give even more money down the road. But let's 905 00:40:09,239 --> 00:40:12,160 Speaker 1: talk about giving to have the most impact, and a 906 00:40:12,200 --> 00:40:13,759 Speaker 1: lot of this is going to have to do with, 907 00:40:14,120 --> 00:40:17,240 Speaker 1: first of all, personal preferences right as to which issues 908 00:40:17,360 --> 00:40:19,520 Speaker 1: that you see being the most important and some of 909 00:40:19,560 --> 00:40:22,280 Speaker 1: the different organizations that are addressing some of those issues. 910 00:40:22,600 --> 00:40:25,880 Speaker 1: But even when you hone in on the specific areas 911 00:40:25,920 --> 00:40:29,359 Speaker 1: that you would like to impact, not every charity is 912 00:40:29,480 --> 00:40:34,920 Speaker 1: created equal. There are often many, many, multiple different organizations 913 00:40:34,960 --> 00:40:38,480 Speaker 1: doing very very similar things. For instance, if you wanted 914 00:40:38,840 --> 00:40:41,520 Speaker 1: to support families of fallen soldiers, that's a great cause, 915 00:40:42,160 --> 00:40:44,279 Speaker 1: but make sure that you vet the charities doing this 916 00:40:44,320 --> 00:40:46,959 Speaker 1: work first, because there's someones out there that aren't so great. 917 00:40:47,400 --> 00:40:51,320 Speaker 1: We would positively point people uh to some sites to 918 00:40:51,520 --> 00:40:55,960 Speaker 1: research charities like charity navigator dot org, Charity wash dot org, 919 00:40:56,000 --> 00:40:59,040 Speaker 1: and Great Nonprofits dot dot org. These are all awesome 920 00:40:59,080 --> 00:41:02,480 Speaker 1: sites and ratings the analysis that these sites offer. They 921 00:41:02,480 --> 00:41:05,040 Speaker 1: can help you to feel confident that the money that 922 00:41:05,040 --> 00:41:07,960 Speaker 1: you're giving away that it's being used effectively and if 923 00:41:08,000 --> 00:41:10,959 Speaker 1: you legit have no idea where to even consider giving 924 00:41:11,000 --> 00:41:13,080 Speaker 1: your money away. These sites can help with that too, 925 00:41:13,080 --> 00:41:16,640 Speaker 1: write Charity Navigator for instance. How some they've created some 926 00:41:16,680 --> 00:41:19,040 Speaker 1: cool curated lists that are worth looking at based on 927 00:41:19,080 --> 00:41:22,480 Speaker 1: different causes that might resonate with you, and you can 928 00:41:22,560 --> 00:41:24,560 Speaker 1: you can even look for charities doing the best work 929 00:41:24,640 --> 00:41:27,959 Speaker 1: in in basically whatever particular arena you care the most about, 930 00:41:27,960 --> 00:41:31,799 Speaker 1: like protecting the environment or reducing homelessness, great nonprofits. That 931 00:41:31,840 --> 00:41:34,319 Speaker 1: site does a good job helping you see solid organizations 932 00:41:34,400 --> 00:41:36,640 Speaker 1: near where you live. And so yeah, a few minutes 933 00:41:36,640 --> 00:41:39,759 Speaker 1: of research can help give you greater confidence that the 934 00:41:39,840 --> 00:41:42,440 Speaker 1: charity you're giving to is using those funds in an 935 00:41:42,440 --> 00:41:45,600 Speaker 1: effective manner. These sites basically have different rating systems for 936 00:41:45,640 --> 00:41:48,680 Speaker 1: these charities and you can see, oh, are they spending 937 00:41:48,680 --> 00:41:50,640 Speaker 1: a lot on overhead or are they giving a lot 938 00:41:50,640 --> 00:41:53,520 Speaker 1: of money directly to the people that they serve? And 939 00:41:53,520 --> 00:41:56,520 Speaker 1: and plus it helps you to avoid fake scam charities, 940 00:41:56,560 --> 00:41:59,200 Speaker 1: which yes those exist, and it gives you the perfect 941 00:41:59,200 --> 00:42:02,160 Speaker 1: retort if you prefer to not give your money away 942 00:42:02,160 --> 00:42:04,319 Speaker 1: on a whim when asked. For instance, Matt, when someone 943 00:42:04,400 --> 00:42:06,720 Speaker 1: knocks on my door asking for donations, I say, Hey, 944 00:42:06,880 --> 00:42:08,800 Speaker 1: what's the name of your organization, I need to research 945 00:42:08,800 --> 00:42:11,960 Speaker 1: it first, and so they know that I'm not going 946 00:42:12,040 --> 00:42:14,560 Speaker 1: to give my money to them in that interaction. Maybe 947 00:42:14,560 --> 00:42:16,160 Speaker 1: I will a later date, but I need to go 948 00:42:16,239 --> 00:42:18,359 Speaker 1: check them out first to make sure one that it's 949 00:42:18,400 --> 00:42:20,680 Speaker 1: an actual organization and two that I align with it, 950 00:42:20,719 --> 00:42:22,160 Speaker 1: and then three that that they're going to use that 951 00:42:22,200 --> 00:42:24,440 Speaker 1: money effectively. Totally. Yeah, I will say, the last time 952 00:42:24,480 --> 00:42:27,200 Speaker 1: someone came to our door, they had their Charity Navigator 953 00:42:27,320 --> 00:42:30,640 Speaker 1: rating ready, so helpful, ready to deploy. Well, that might 954 00:42:30,640 --> 00:42:33,040 Speaker 1: disarm me a little bit. Yeah, But simultaneously, I think 955 00:42:33,040 --> 00:42:36,880 Speaker 1: we also need to feel comfortable and politely declining, right 956 00:42:36,920 --> 00:42:39,680 Speaker 1: because not to say that whatever, okay, great, I see 957 00:42:39,719 --> 00:42:43,279 Speaker 1: that you get on Charity Navigator. That's awesome. Uh, and 958 00:42:43,320 --> 00:42:45,160 Speaker 1: not to say that the work that you're doing isn't important, 959 00:42:45,200 --> 00:42:47,920 Speaker 1: but it may not necessarily perfectly align with how it 960 00:42:48,000 --> 00:42:49,360 Speaker 1: is that you want to spend your money. There's a 961 00:42:49,360 --> 00:42:51,719 Speaker 1: lot of different organizations out there, and so you might 962 00:42:51,760 --> 00:42:54,520 Speaker 1: already be hot committed with your You've budgeted it out 963 00:42:54,560 --> 00:42:59,040 Speaker 1: and guess what you've got those donations they're recurring and sorry, 964 00:42:59,160 --> 00:43:01,560 Speaker 1: there's not enough love over even Oh you're doing great work, 965 00:43:01,560 --> 00:43:03,160 Speaker 1: but i'll consider you in the future, and so I 966 00:43:03,160 --> 00:43:06,480 Speaker 1: think you also need to basically have the guts to 967 00:43:06,560 --> 00:43:09,600 Speaker 1: let somebody down. Unfortunately, because that's every dollar that we 968 00:43:09,640 --> 00:43:12,400 Speaker 1: are spending, whether on ourselves or on somebody else, is 969 00:43:12,400 --> 00:43:13,880 Speaker 1: money that you're not going to be able to to 970 00:43:13,920 --> 00:43:16,279 Speaker 1: give to a different organization. To just keep that in 971 00:43:16,280 --> 00:43:18,760 Speaker 1: mind as well. But um, one other sort of technical 972 00:43:18,760 --> 00:43:21,759 Speaker 1: thing that's worth touching on are the tax benefits that 973 00:43:21,800 --> 00:43:23,920 Speaker 1: you get by giving your money away. Of course, not 974 00:43:24,040 --> 00:43:26,840 Speaker 1: everyone is going to be eligible for a tax deduction 975 00:43:26,960 --> 00:43:29,759 Speaker 1: based on the giving because when the Tax Cuts and 976 00:43:29,840 --> 00:43:32,759 Speaker 1: Jobs Act, it you know, when it passed, it massively 977 00:43:33,080 --> 00:43:36,839 Speaker 1: increased the standard deduction, meaning that far fewer folks are 978 00:43:36,840 --> 00:43:39,319 Speaker 1: going to atomize your taxes, and a huge percentage of 979 00:43:39,320 --> 00:43:43,319 Speaker 1: folks won't see a decrease in their taxes because of 980 00:43:43,360 --> 00:43:46,359 Speaker 1: how much that they give away. But if you do 981 00:43:46,520 --> 00:43:49,480 Speaker 1: itemize your deductions, make sure to keep track of the 982 00:43:49,520 --> 00:43:51,920 Speaker 1: money that you're giving away so that you can snag 983 00:43:51,960 --> 00:43:55,040 Speaker 1: that tax deduction on your gifts. And again, hopefully this 984 00:43:55,120 --> 00:43:57,680 Speaker 1: is intentional giving, but you won't be surprised when you 985 00:43:57,719 --> 00:44:01,320 Speaker 1: get a year in statement from from an organization. Hopefully 986 00:44:01,320 --> 00:44:02,960 Speaker 1: you'll be looking forward to that, you'll be counting on 987 00:44:03,000 --> 00:44:06,560 Speaker 1: it as opposed to it showing up because you maybe 988 00:44:06,600 --> 00:44:09,400 Speaker 1: gave away some of your money in a non intentional way. 989 00:44:09,440 --> 00:44:11,600 Speaker 1: But let's say that you aren't terribly far away from 990 00:44:11,600 --> 00:44:15,439 Speaker 1: itemizing deductions, but you're not there yet, it might make 991 00:44:15,440 --> 00:44:19,080 Speaker 1: sense for you to batch or to clump your giving. 992 00:44:19,400 --> 00:44:21,520 Speaker 1: That can be a little easier seven done. But if 993 00:44:21,520 --> 00:44:23,400 Speaker 1: you're keen to get at least a little bit of 994 00:44:23,400 --> 00:44:25,080 Speaker 1: a break from Uncle Sam from the I R S. 995 00:44:25,600 --> 00:44:28,600 Speaker 1: Being strategic with when it is that you give, that 996 00:44:28,640 --> 00:44:30,520 Speaker 1: can give you a tax benefit that you might not 997 00:44:30,640 --> 00:44:33,000 Speaker 1: otherwise receive. And so what we mean by that is, 998 00:44:33,080 --> 00:44:36,040 Speaker 1: let's say that you're going to give away twenty thousand 999 00:44:36,080 --> 00:44:38,200 Speaker 1: dollars this year, You're gonna give away twenty thou dollars 1000 00:44:38,280 --> 00:44:40,319 Speaker 1: likely next year. Well, if there's a way that you 1001 00:44:40,320 --> 00:44:44,040 Speaker 1: could either give a full forty thousand now automize your 1002 00:44:44,120 --> 00:44:45,960 Speaker 1: taxes this year, but the next year take the standard 1003 00:44:46,000 --> 00:44:49,600 Speaker 1: deduction or vice versa. Instead, take the standard deduction this year, 1004 00:44:49,920 --> 00:44:52,040 Speaker 1: uh commit that money at the beginning of next year, 1005 00:44:52,080 --> 00:44:54,400 Speaker 1: and then make your your final year and donation at 1006 00:44:54,400 --> 00:44:56,120 Speaker 1: the end of next year, and then you can automize 1007 00:44:56,200 --> 00:44:58,560 Speaker 1: next year, but finding a way to maximize that that 1008 00:44:58,680 --> 00:45:01,319 Speaker 1: tax break. It's definitely a nice little park that you 1009 00:45:01,320 --> 00:45:02,799 Speaker 1: want to make sure that you're aware of. Yeah, it 1010 00:45:02,800 --> 00:45:04,920 Speaker 1: can be a little bit of that cherry on top. 1011 00:45:04,960 --> 00:45:07,759 Speaker 1: But but you're right man. They that also Let's say 1012 00:45:07,800 --> 00:45:10,040 Speaker 1: you're you're planning on giving twenty dollars away this year 1013 00:45:10,680 --> 00:45:13,080 Speaker 1: next in your scenario, most people don't have that reservoir 1014 00:45:13,120 --> 00:45:15,759 Speaker 1: of for d K sitting there right now, So it 1015 00:45:15,840 --> 00:45:18,239 Speaker 1: can make sense for some people. Make sense for again, 1016 00:45:18,239 --> 00:45:20,279 Speaker 1: all those planners out there who are starting to take 1017 00:45:20,280 --> 00:45:22,280 Speaker 1: their they're giving a little more serious and mega savers, 1018 00:45:22,280 --> 00:45:24,520 Speaker 1: and so maybe they do they have all that cash 1019 00:45:24,600 --> 00:45:27,160 Speaker 1: on hand, they plan ahead, they give it all this 1020 00:45:27,239 --> 00:45:29,040 Speaker 1: year to get the additional tax benefit, and then they 1021 00:45:29,040 --> 00:45:30,759 Speaker 1: don't give anything next year, and they're building up their 1022 00:45:30,760 --> 00:45:34,080 Speaker 1: war chest to do the same thing in right. But 1023 00:45:34,360 --> 00:45:36,440 Speaker 1: and donor advice funds, by the way, we should mention those, 1024 00:45:36,480 --> 00:45:38,520 Speaker 1: those are worth considering for the high rollers out there, 1025 00:45:38,560 --> 00:45:40,400 Speaker 1: because this is a great way to be able to 1026 00:45:40,440 --> 00:45:42,960 Speaker 1: set aside money for giving in a single year in 1027 00:45:43,040 --> 00:45:45,200 Speaker 1: order to get that tax benefit, but to be able 1028 00:45:45,239 --> 00:45:47,920 Speaker 1: to disperse those funds over time and the cool thing 1029 00:45:47,960 --> 00:45:49,960 Speaker 1: about a donor advice fund is that you can invest 1030 00:45:50,320 --> 00:45:52,759 Speaker 1: those dollars that you plan to give away, allowing them 1031 00:45:52,760 --> 00:45:54,520 Speaker 1: to grow. So it's a way to feel like you're 1032 00:45:54,560 --> 00:45:57,840 Speaker 1: being even more effective with the dollars that you're planning 1033 00:45:57,840 --> 00:45:59,440 Speaker 1: to give away because you can grow them in the meantime, 1034 00:45:59,640 --> 00:46:02,399 Speaker 1: and you can open one through your favorite low cost 1035 00:46:02,440 --> 00:46:05,760 Speaker 1: investment firm like Fidelity. Another great option is a website 1036 00:46:05,760 --> 00:46:08,520 Speaker 1: called daffy dot Org. Will link to these sites in 1037 00:46:08,600 --> 00:46:11,440 Speaker 1: the show notes, but this is a nonprofit itself that 1038 00:46:11,520 --> 00:46:14,239 Speaker 1: keeps the cost incredibly low for normal folks who don't 1039 00:46:14,280 --> 00:46:16,600 Speaker 1: have millions of dollars to give away. We really like 1040 00:46:16,680 --> 00:46:18,560 Speaker 1: what they're doing in the space. And and so if 1041 00:46:18,600 --> 00:46:20,839 Speaker 1: you're an optimizer and you want to you want your 1042 00:46:20,840 --> 00:46:23,799 Speaker 1: giving dollars to be used the most effectively. You want 1043 00:46:23,880 --> 00:46:27,239 Speaker 1: them to be literally invested in the market, so that 1044 00:46:27,320 --> 00:46:29,560 Speaker 1: over time, as the market bounces back, you have more 1045 00:46:29,600 --> 00:46:33,279 Speaker 1: dollars to give away just because of the mechanics of 1046 00:46:33,280 --> 00:46:36,000 Speaker 1: how you're giving your money away. Donor vice funds are 1047 00:46:36,040 --> 00:46:38,280 Speaker 1: a really cool tool to be able to do just that. 1048 00:46:38,280 --> 00:46:40,520 Speaker 1: That's right, man, And so no matter where you are 1049 00:46:41,000 --> 00:46:44,080 Speaker 1: on your journey, towards some financial freedom. We hope that 1050 00:46:44,120 --> 00:46:46,319 Speaker 1: you are encouraged, right, Like, the last thing that we 1051 00:46:46,360 --> 00:46:49,640 Speaker 1: want is for anybody to hear this and feel laden 1052 00:46:49,719 --> 00:46:52,440 Speaker 1: with guilt. That is not what we're trying to accomplish here. 1053 00:46:52,480 --> 00:46:54,040 Speaker 1: But I think there there might be a lot of 1054 00:46:54,040 --> 00:46:56,560 Speaker 1: folks who have been so focused on optimizing their money 1055 00:46:56,560 --> 00:46:59,440 Speaker 1: over the past four or five years, and they're thinking, oh, 1056 00:46:59,440 --> 00:47:02,000 Speaker 1: my gosh, I have never considered giving some of my 1057 00:47:02,040 --> 00:47:04,800 Speaker 1: money away because it didn't make sense from a financial standpoint. 1058 00:47:05,000 --> 00:47:06,800 Speaker 1: I wasn't going to be able to get that tax deduction, 1059 00:47:07,040 --> 00:47:09,000 Speaker 1: so why would I even consider it. Well, we pointed 1060 00:47:09,000 --> 00:47:11,560 Speaker 1: to a lot of other reasons why we think you 1061 00:47:11,600 --> 00:47:15,040 Speaker 1: should consider giving your money away, And even if you 1062 00:47:15,239 --> 00:47:18,200 Speaker 1: feel like you're fairly cash strapped, we do think it's 1063 00:47:18,200 --> 00:47:20,960 Speaker 1: at least worth thinking about giving some of your money away. 1064 00:47:21,000 --> 00:47:22,640 Speaker 1: We think there are some different creative ways that you 1065 00:47:22,640 --> 00:47:25,240 Speaker 1: can pare back some of your spending, uh to funnel 1066 00:47:25,280 --> 00:47:27,919 Speaker 1: some of those dollars towards some the different organizations that 1067 00:47:28,000 --> 00:47:31,640 Speaker 1: you might find will have a positive impact not only 1068 00:47:31,640 --> 00:47:34,319 Speaker 1: on your community, but eventually the world. And it's it's 1069 00:47:34,360 --> 00:47:36,759 Speaker 1: fun to be able to give your money away and 1070 00:47:36,800 --> 00:47:39,560 Speaker 1: to be able to see it being used in an 1071 00:47:39,560 --> 00:47:42,160 Speaker 1: effective manner for causes that you care about. And and 1072 00:47:42,640 --> 00:47:45,080 Speaker 1: it makes me think, Matt, there there is. We think 1073 00:47:45,080 --> 00:47:48,080 Speaker 1: frugality is great. We praise frugality almost all the time, 1074 00:47:48,120 --> 00:47:50,880 Speaker 1: Like we think that coming back on expenses is a 1075 00:47:50,880 --> 00:47:53,920 Speaker 1: great thing to focus on. But it's possible to have 1076 00:47:54,000 --> 00:47:56,399 Speaker 1: too much of an emphasis on frugality to not think 1077 00:47:56,480 --> 00:47:58,520 Speaker 1: enough about how to grow your income, to not think 1078 00:47:59,040 --> 00:48:02,240 Speaker 1: enough about starting a business or multiple streams of income 1079 00:48:02,600 --> 00:48:04,600 Speaker 1: or investing for your future. Well, but I think the 1080 00:48:04,640 --> 00:48:06,719 Speaker 1: same thing can be true. It's it's a great thing 1081 00:48:06,800 --> 00:48:08,839 Speaker 1: to save more of your money, but can you put 1082 00:48:08,840 --> 00:48:11,840 Speaker 1: too much emphasis on that to the exclusion of giving 1083 00:48:11,920 --> 00:48:15,160 Speaker 1: money away? We think, yes, like, that's possible to and 1084 00:48:15,239 --> 00:48:18,120 Speaker 1: there is. Unfortually, charity can be a casualty of being 1085 00:48:18,440 --> 00:48:21,400 Speaker 1: overly frugal. Yeah, And the reality is that your relationship 1086 00:48:21,440 --> 00:48:24,160 Speaker 1: with money might not be as healthy as it otherwise 1087 00:48:24,200 --> 00:48:26,399 Speaker 1: could be if you were to part with your money 1088 00:48:26,440 --> 00:48:29,799 Speaker 1: more frequently by giving it away to nonprofits and need 1089 00:48:29,920 --> 00:48:32,719 Speaker 1: to organizations doing work in your community. So it is 1090 00:48:32,719 --> 00:48:36,080 Speaker 1: one of those things where yeah, to remember that money 1091 00:48:36,120 --> 00:48:38,000 Speaker 1: is not the ultimate goal, that is just a tool 1092 00:48:38,239 --> 00:48:40,000 Speaker 1: to be able to accomplish things that you care about 1093 00:48:40,000 --> 00:48:42,560 Speaker 1: in this life. Well, charity seems like it should be 1094 00:48:42,600 --> 00:48:44,400 Speaker 1: a part of that. Then it seems like it should 1095 00:48:44,440 --> 00:48:47,440 Speaker 1: be something that we are funneling more and more of 1096 00:48:47,480 --> 00:48:50,319 Speaker 1: our money towards as we get better with it, as 1097 00:48:50,320 --> 00:48:52,719 Speaker 1: we make more financial progress. That's right, man, All right, 1098 00:48:52,760 --> 00:48:55,239 Speaker 1: let's shift gears and get to the beer. You and 1099 00:48:55,320 --> 00:48:59,080 Speaker 1: I enjoyed a peach cobbler by Shades Brewing. What were 1100 00:48:59,120 --> 00:49:01,360 Speaker 1: your thoughts all this one, buddy? All right, so this 1101 00:49:01,400 --> 00:49:04,200 Speaker 1: one was a little mouth puckering and had some peach 1102 00:49:04,239 --> 00:49:06,960 Speaker 1: fuzz action going on for Georgia boys. Was right at 1103 00:49:06,960 --> 00:49:08,920 Speaker 1: my alley and had a little bit of Grandcrackers, a 1104 00:49:08,960 --> 00:49:10,680 Speaker 1: little bit of vanilla going on, but it was it 1105 00:49:10,760 --> 00:49:12,799 Speaker 1: was mostly to me. I got, I got peaches out 1106 00:49:12,800 --> 00:49:15,799 Speaker 1: the wazoo, and yeah, I enjoyed this because a peach 1107 00:49:15,840 --> 00:49:19,080 Speaker 1: hour that's money in my book. Yeah, it wasn't overly sweet, 1108 00:49:19,120 --> 00:49:22,040 Speaker 1: so it definitely kind of had the slightly underwrite peach 1109 00:49:22,239 --> 00:49:25,759 Speaker 1: kind of actually going on. But it completely gets me 1110 00:49:25,800 --> 00:49:29,400 Speaker 1: in the mood for the tomorrow, the Thanksgiving dinner that 1111 00:49:29,480 --> 00:49:31,680 Speaker 1: most of us are going to be able to partake in, 1112 00:49:31,920 --> 00:49:34,759 Speaker 1: which also gets me thinking peach cobbler. If what's your 1113 00:49:34,760 --> 00:49:37,560 Speaker 1: favorite of the different fruit pies or cobblers out there? 1114 00:49:37,560 --> 00:49:39,080 Speaker 1: Do you have a favorite? I mean I kind of 1115 00:49:39,120 --> 00:49:41,680 Speaker 1: like all of them, but yeah, Pete, peach collar, apple pie, 1116 00:49:41,920 --> 00:49:43,640 Speaker 1: apple Baby, Yeah, I was gonna say it, like you 1117 00:49:43,640 --> 00:49:45,520 Speaker 1: two the best. You can't beat apple. Do you do 1118 00:49:45,520 --> 00:49:47,840 Speaker 1: you like pumpkin pie? Not a huge pumpin po I 1119 00:49:47,880 --> 00:49:50,120 Speaker 1: like pecan pie though, yeah, Peak and she was some 1120 00:49:50,200 --> 00:49:53,080 Speaker 1: ice cream, he was, Oh yeah, based any pie with 1121 00:49:53,200 --> 00:49:56,640 Speaker 1: some people with some ice cream on top, totally the 1122 00:49:56,640 --> 00:49:58,919 Speaker 1: way to go. But we hope that everyone out there 1123 00:49:59,160 --> 00:50:02,920 Speaker 1: that you have a a wonderful Thanksgiving holiday tomorrow, uh, 1124 00:50:02,960 --> 00:50:05,239 Speaker 1: and do take some time aside and express some of 1125 00:50:05,280 --> 00:50:07,880 Speaker 1: the gratitude for the mini blessings that we have in 1126 00:50:07,920 --> 00:50:10,680 Speaker 1: our lives, and specifically to challenge yourself and to see 1127 00:50:10,719 --> 00:50:13,320 Speaker 1: if there's ways that you can share that with others. 1128 00:50:13,680 --> 00:50:15,400 Speaker 1: That was our goal for this episode. And we'll make 1129 00:50:15,400 --> 00:50:17,799 Speaker 1: sure to link to some of the different resources, uh, 1130 00:50:17,920 --> 00:50:21,719 Speaker 1: specifically some of those different charity research websites. We will 1131 00:50:21,760 --> 00:50:23,400 Speaker 1: link to them in our show notes at how to 1132 00:50:23,480 --> 00:50:25,959 Speaker 1: money dot com. No doubt, all right, buddy, that's gonna 1133 00:50:25,960 --> 00:50:28,919 Speaker 1: do it for this episode, until next time. Best friends out, 1134 00:50:28,960 --> 00:50:30,279 Speaker 1: best friends out