WEBVTT - How Much Should I Give To Charity? #596 0:00:00.080 --> 0:00:02.960 Welcome to How the Money. I'm Joel and I am Matt, 0:00:03.000 --> 0:00:05.200 and today we're asking the question how much should I 0:00:05.240 --> 0:00:28.920 be giving away to charity? That's right, man, how much indeed? Uh? 0:00:28.920 --> 0:00:31.920 And we're gonna talk about ways to effectively give your 0:00:31.920 --> 0:00:34.560 money to charity. And you know, we're talking about this 0:00:34.720 --> 0:00:37.760 topic today for a couple of reasons. One, it's just important, 0:00:37.920 --> 0:00:39.559 right like, this is something that we believe in, it's 0:00:39.600 --> 0:00:43.599 something that we do. But secondly, tomorrow is Thanksgiving and 0:00:43.800 --> 0:00:46.239 as many folks are taking the day, hopefully they are 0:00:46.280 --> 0:00:50.080 spending some time reflecting upon the different blessings and the 0:00:50.520 --> 0:00:53.360 just the gratitude that should overcome us when we think 0:00:53.400 --> 0:00:56.000 about where we are in our lives. I think a 0:00:56.080 --> 0:00:59.000 natural outcome, like a natural outpouring from that would be 0:00:59.040 --> 0:01:01.800 to sort of pay it forward, right, like basically finding 0:01:01.800 --> 0:01:04.600 ways to share your gratitude, share your your blessings with 0:01:04.880 --> 0:01:08.119 those around you, whether it's actual individuals or whether it's 0:01:08.160 --> 0:01:11.040 with other nonprofits. So that's why we're gonna talk about 0:01:11.040 --> 0:01:13.720 this day, man. Yeah, We're gonna discuss just the different 0:01:13.720 --> 0:01:16.440 folks who should be giving their money away, the best 0:01:16.440 --> 0:01:18.480 ways to go about it, and and also maybe some 0:01:18.520 --> 0:01:20.520 of the reasons why it is important for us to 0:01:20.560 --> 0:01:22.280 do this as well. Yeah, for sure, we'll hit it 0:01:22.319 --> 0:01:24.960 all on on this episode, but I agree it's sometimes 0:01:24.959 --> 0:01:27.320 the timing matters of when you talk about something and 0:01:27.680 --> 0:01:29.560 giving away money. One's close to the end of the year, 0:01:29.560 --> 0:01:31.720 so it matters more from attacks perspective, but it also 0:01:31.800 --> 0:01:33.640 matters because we're, like you said, we're in that kind 0:01:33.640 --> 0:01:37.520 of spirit, that zone of reflection. Maybe right now we're 0:01:37.520 --> 0:01:40.160 experiencing more gratitude, more thankfulness this week, and that should, 0:01:40.200 --> 0:01:42.839 like you said, overflow Matt into I think our ability 0:01:42.880 --> 0:01:45.559 to give money away and give possessions why But let's 0:01:45.600 --> 0:01:47.080 before we get to that topic matter. I just wanted 0:01:47.080 --> 0:01:50.360 to mention listener Chelsea reached out. I have talked about 0:01:50.360 --> 0:01:51.720 I don't know, maybe a month and a half ago, 0:01:52.200 --> 0:01:55.040 or maybe it was even longer, talked about having hiring 0:01:55.040 --> 0:01:57.280 a pet sitter to watch our cats while we were 0:01:57.320 --> 0:02:01.120 gone at the beach, and so I paid I think 0:02:01.160 --> 0:02:03.960 we paid like fifteen dollars a day to have someone 0:02:04.000 --> 0:02:06.680 coming and check on the cats. Pretty good, and my 0:02:06.800 --> 0:02:09.679 goal would be ideally, but we just moved into this house, 0:02:09.680 --> 0:02:11.280 so I didn't we didn't have any neighbor kids or 0:02:11.280 --> 0:02:13.119 anything who would do it for even less, that would 0:02:13.120 --> 0:02:16.160 be ideal. But if she mentioned a great thing to 0:02:16.240 --> 0:02:19.560 consider would be to join a site like Trusted House Sitters, 0:02:19.800 --> 0:02:22.080 which I have heard of and I know people that 0:02:22.120 --> 0:02:24.280 have used it, but I've never tried it myself. One 0:02:24.280 --> 0:02:27.120 of those sites that's popular among those who in particular 0:02:27.240 --> 0:02:30.600 have retired early, like travel the World. Perhaps the digital 0:02:31.040 --> 0:02:33.799 the digital nomad types, right, they love sites like Trusted 0:02:34.560 --> 0:02:36.720 because you join and then you kind of have access 0:02:36.760 --> 0:02:41.000 to swap with people across the world. Really, and this 0:02:41.040 --> 0:02:44.239 is one of those things where someone would watch my 0:02:44.520 --> 0:02:48.400 kiddies in all likelihood for zero dollars. But the thing is, 0:02:48.480 --> 0:02:50.480 I have to be okay with letting them stay in 0:02:50.560 --> 0:02:52.640 my house. So it's it's a different if it's it's 0:02:52.639 --> 0:02:55.240 a different ballgame, Like we're talking about something that's a 0:02:55.240 --> 0:02:57.800 little different than just hiring someone to come and feed 0:02:57.800 --> 0:03:00.600 and clean the litter box. But I think it's cool 0:03:00.600 --> 0:03:02.359 and I think it's worth considering. It's something that's now 0:03:02.440 --> 0:03:04.720 on my radar. I'm gonna consider using the site in 0:03:04.760 --> 0:03:07.080 the future for for times we get away. There is 0:03:07.120 --> 0:03:09.280 like an annual membership, so you gotta pay. I think 0:03:09.280 --> 0:03:11.240 it's I think it's a hundred twenty nine bucks a year. 0:03:11.240 --> 0:03:14.000 I'm not hundred percent sure, but yeah, this is one 0:03:14.040 --> 0:03:15.840 of those things where you gotta pay a membership fee. 0:03:16.120 --> 0:03:18.000 But for some folks, if you're if you're gone enough, 0:03:18.160 --> 0:03:20.360 or if you want to use this to stay other 0:03:20.360 --> 0:03:22.760 places for free. To me, that's one of the coolest 0:03:22.800 --> 0:03:25.400 parts of trusting house sitters, little travel hack. Yeah. Well, 0:03:25.440 --> 0:03:28.840 and I see the fee, the membership as a as 0:03:28.880 --> 0:03:31.120 a nice barrier to entry as well, right, because you 0:03:31.120 --> 0:03:32.880 don't want the site flooded with folks who are just 0:03:32.919 --> 0:03:35.240 looking for a free place to Oh yeah, I'll take 0:03:35.240 --> 0:03:39.280 your dog, trust me, like you want there to be 0:03:39.400 --> 0:03:41.120 some barriers. You want there, you do. You don't want 0:03:41.120 --> 0:03:43.240 anybody and everybody to be on there. You want folks 0:03:43.280 --> 0:03:45.320 to take it seriously. And so I see that seeing 0:03:45.320 --> 0:03:47.680 that as a homeowner, I want somebody to essentially be 0:03:47.800 --> 0:03:50.120 vetted and somebody who has some buy in. So I 0:03:50.120 --> 0:03:52.080 see that being a good thing. But yeah, and often 0:03:52.080 --> 0:03:53.960 times I think why they call him trusted how sers 0:03:54.000 --> 0:03:58.480 and not just any old house annual individual taking care 0:03:58.520 --> 0:04:01.400 of your place. Yeah, but and generally speaking to I mean, 0:04:01.440 --> 0:04:02.840 that's one of the things that Chelsea said, She's like, 0:04:02.880 --> 0:04:04.440 you know, the downside is that you do have somebody 0:04:04.480 --> 0:04:06.760 saying in your house. But again, I think most folks 0:04:06.840 --> 0:04:09.720 would be more than happy to not have all of 0:04:09.720 --> 0:04:11.920 their stuff in the exact same position as it was 0:04:11.960 --> 0:04:14.520 when they left, right, or maybe for things to not 0:04:14.600 --> 0:04:17.440 be in the exact same condition when you get back, 0:04:17.440 --> 0:04:19.640 because most folks I think, care about their dog, you know, 0:04:19.680 --> 0:04:22.159 their pets a little bit more than maybe not like 0:04:22.200 --> 0:04:24.000 their home, but maybe some of the stuff in their 0:04:24.040 --> 0:04:27.000 home that would get used. And generally speaking, like if 0:04:27.040 --> 0:04:30.560 in particularly if you have a dog, kennels suck, I 0:04:30.560 --> 0:04:32.760 mean back when like if we had Stella, our old 0:04:32.760 --> 0:04:36.520 great Dane, she hated kennels specifically, and so having somebody 0:04:36.520 --> 0:04:38.280 to come to the house and to take care of 0:04:38.320 --> 0:04:40.480 it there would would have been much more successful than 0:04:40.680 --> 0:04:42.800 the mini kennels that we tried that she hate well. 0:04:42.839 --> 0:04:44.440 And a lot of those kennels, aren't she right, Those 0:04:44.440 --> 0:04:47.440 are pretty too, And so if this is cheaper, actually, 0:04:47.520 --> 0:04:51.280 if they have any sort of like daycare in the 0:04:51.400 --> 0:04:53.160 name of it, and it's not just a kennel, it's 0:04:53.200 --> 0:04:55.919 like doggie hotel plus grooming and paper and it's like, 0:04:55.920 --> 0:04:57.760 oh no, that's gonna be really expensive, gonna you're gonna 0:04:57.760 --> 0:04:59.200 pay a premium. Yeah, but if you can, if you 0:04:59.200 --> 0:05:01.120 can get someone to come to your house, your dogs 0:05:01.160 --> 0:05:03.960 more comfortable there, your your animals don't have to get uprooted, 0:05:04.200 --> 0:05:05.800 maybe this is like the best option for a lot 0:05:05.839 --> 0:05:07.680 of folks. I know I'm gonna consider it for sure. 0:05:07.680 --> 0:05:10.479 So thanks to Chelsea for the recommendation, and for anyone 0:05:10.480 --> 0:05:12.520 out there listening. If you're like trying to figure out 0:05:12.560 --> 0:05:14.839 what you do when you leave, when you go on vacation, 0:05:15.120 --> 0:05:16.560 what are you gonna do with your animal? This is 0:05:16.600 --> 0:05:19.680 definitely something worth at least considering totally. Let's move on, Matt. 0:05:19.720 --> 0:05:21.440 Let's mention the beer we're having on this episode. This 0:05:21.520 --> 0:05:25.240 is Peach Cobbler American style sour by Shades brewing our 0:05:25.360 --> 0:05:28.080 last beer from listener Andy. Andy sent us a hall 0:05:28.160 --> 0:05:30.200 so thank you Andy, he did. We'll give our thoughts 0:05:30.200 --> 0:05:31.839 on this one at the end of the episode. Absolutely 0:05:31.839 --> 0:05:33.839 looking forward to it, all right, But let's get to 0:05:33.960 --> 0:05:36.400 that question, Matt, how much money should we be giving 0:05:36.440 --> 0:05:39.560 away to charity? And we let's go ahead and put 0:05:39.560 --> 0:05:43.280 it out there too. We promised this isn't a clickbait headline. 0:05:43.360 --> 0:05:45.920 We will answer this question most definitely during this episode 0:05:46.040 --> 0:05:47.800 with a lot of other context, a lot of other 0:05:47.800 --> 0:05:49.600 information to go along with it, because a lot of 0:05:49.640 --> 0:05:51.919 people they do wonder this question, like should I be 0:05:52.080 --> 0:05:55.039 and how much should I be giving away? And so yeah, 0:05:55.040 --> 0:05:56.680 we're gonna talk about that in detail. But you and 0:05:56.720 --> 0:05:59.039 I'm at we're not farmers by trade, right you You 0:05:59.080 --> 0:06:00.680 had a garden in your back for a little while, 0:06:00.960 --> 0:06:05.160 a little miniature, a few chickens, like that's about that's 0:06:05.160 --> 0:06:07.440 about the extent of our farming knowledge. But from what 0:06:07.520 --> 0:06:10.000 we do know about growing food, it's important to let 0:06:10.000 --> 0:06:13.000 your fields go fallow for a certain period of time. Traditionally, 0:06:13.000 --> 0:06:15.400 if you're a real farmer, that's like real real farmer 0:06:15.440 --> 0:06:18.240 talk right there. Let your fields what you say, grow fallow, 0:06:18.240 --> 0:06:21.200 gro fallow, so it let's go fallow. That's probably it. 0:06:21.520 --> 0:06:23.760 I don't know, I honestly don't know. But like traditionally, 0:06:23.760 --> 0:06:25.440 what you want is like one out of every seven 0:06:25.520 --> 0:06:28.440 years for those fields to not be producing, because this 0:06:28.520 --> 0:06:32.039 allows the soil a chance to restore some nutrient balance. 0:06:32.320 --> 0:06:35.279 And a farmer might even plant something that doesn't earn 0:06:35.320 --> 0:06:37.440 them any money, like a bunch of clover. Let's say, 0:06:37.440 --> 0:06:39.359 amount I know you've done this in the yard totally 0:06:39.360 --> 0:06:42.120 something we've done to restore nitrogen. It's it's a nitrogen 0:06:42.160 --> 0:06:45.279 fixing plant. Yes, so some farmer might say, you know what, 0:06:45.400 --> 0:06:46.839 not only am I not going to produce on the field, 0:06:46.839 --> 0:06:49.920 I'm gonna plant something. Clover is pretty cheap, but you 0:06:50.000 --> 0:06:53.400 might plant something in an attempt just to hopefully not 0:06:53.520 --> 0:06:57.040 overwork the soil and maximize the yield in years to come. 0:06:57.400 --> 0:06:59.600 And if you don't do this right, the the effects 0:06:59.640 --> 0:07:03.360 can be endness. You can actually destroy the effectiveness of 0:07:03.400 --> 0:07:06.440 the soil. And it's kind of counterintuitive, right. It certainly 0:07:06.680 --> 0:07:09.039 feels like taking time off from growing crops is going 0:07:09.080 --> 0:07:10.920 to be a harmful thing, right, that it's gonna hurt 0:07:10.960 --> 0:07:13.520 your bottom line. But the truth is that taking the 0:07:13.520 --> 0:07:18.560 opposite approach, by constantly farming and over using those fields, 0:07:18.800 --> 0:07:20.760 that it's gonna it's gonna be more cash trophic in 0:07:20.840 --> 0:07:22.400 the long run. And so we think the same is 0:07:22.400 --> 0:07:24.560 true when it comes to giving away your money. It 0:07:24.560 --> 0:07:27.760 sure doesn't sound like a vital ingredient in the wealth 0:07:27.760 --> 0:07:30.120 building formula. Like in fact, it sounds like the opposite. 0:07:30.200 --> 0:07:32.200 What seems like you could you could maybe should leave 0:07:32.200 --> 0:07:34.720 that one out in order to be using your money 0:07:34.720 --> 0:07:37.280 most effectively. But we think that it actually is an 0:07:37.280 --> 0:07:39.600 important part of the wealth building formulas. That's why we're 0:07:39.640 --> 0:07:41.920 gonna discuss that today. It's similar to letting your fields 0:07:41.920 --> 0:07:45.040 not grow follow but go fellow. Yeah, And I mean 0:07:45.040 --> 0:07:47.680 in fact is yeah, we're not farmers, but it's not 0:07:47.920 --> 0:07:50.640 reason Wendell Berry right, like this is literally the majority 0:07:50.640 --> 0:07:52.720 of what he talked about in the Unsettling of America, 0:07:52.760 --> 0:07:57.080 but just talking about the farming practices that large agriculture 0:07:57.760 --> 0:08:00.480 is implementing today and how it is the short term 0:08:00.480 --> 0:08:02.360 it seems like it's productive, but in the long term, 0:08:02.480 --> 0:08:05.680 long term negative effects have quite consequential effects on the 0:08:05.760 --> 0:08:08.560 land over time. But yeah, we like, we like one 0:08:08.600 --> 0:08:10.560 of the reasons we're talking about this today is because 0:08:10.720 --> 0:08:12.120 like here on the show, where like this is how 0:08:12.120 --> 0:08:14.880 the money, not how to farm, But we constantly talk 0:08:14.920 --> 0:08:17.200 about the different ways that you can work to have 0:08:17.360 --> 0:08:20.360 more money, right, Like, whether that's through spending less money 0:08:20.400 --> 0:08:23.760 on stuff in your life, or through like keeping costs 0:08:23.800 --> 0:08:26.720 down on your investments, or it's through the different ways 0:08:26.760 --> 0:08:29.320 that you can increase your earnings. But either way. It 0:08:29.360 --> 0:08:32.440 can be easy to develop a hoarding mentality right where 0:08:32.440 --> 0:08:34.920 there's only one direction that money flows and that's in, 0:08:35.360 --> 0:08:39.120 not out. But we believe that that is an unhealthy 0:08:39.240 --> 0:08:41.680 view in so many different ways. And we truly do 0:08:41.760 --> 0:08:45.520 believe that by giving money away, even by by starting 0:08:45.520 --> 0:08:47.920 out with with small amounts, that you are going to 0:08:48.040 --> 0:08:50.560 end up better off in the end. Now, we're also 0:08:50.600 --> 0:08:53.040 not here to we're not going to preach the prosperity 0:08:53.080 --> 0:08:55.560 gospel by any means, but there's even a chance that 0:08:55.559 --> 0:08:57.800 you're gonna end up with more money down the line. 0:08:57.800 --> 0:08:59.720 But at the very least, we do believe that you're 0:08:59.720 --> 0:09:02.199 going to end up living a happier and a more 0:09:02.240 --> 0:09:05.160 fulfilled life. Um there's research that points to the fact 0:09:05.160 --> 0:09:06.640 that when you give money away, when you spend money 0:09:06.640 --> 0:09:09.480 on other people, it go It activates the same neural 0:09:09.480 --> 0:09:12.400 pathways and the dopamine release and similar to to when 0:09:12.400 --> 0:09:14.559 you have like a good meal or a nice drink, 0:09:14.600 --> 0:09:17.600 and so you're rewarding yourself here in the the immediate 0:09:17.600 --> 0:09:19.679 Sernam granted that shouldn't be the only reason that you're 0:09:19.720 --> 0:09:21.920 giving money away is to just feel good about yourself, 0:09:22.000 --> 0:09:23.600 but it is nice to know that at least in 0:09:23.640 --> 0:09:26.600 the immediate short term, there are some positives. You don't 0:09:26.600 --> 0:09:29.560 have to wait years for this to end up being 0:09:29.600 --> 0:09:32.880 something that you see having a positive impact on your finances. 0:09:33.040 --> 0:09:34.920 I agree. I think that is important to mention that 0:09:34.960 --> 0:09:37.280 it can. We don't want it to be purely self serving, 0:09:37.320 --> 0:09:39.720 but the fact that it is something that's beneficial to 0:09:39.760 --> 0:09:43.800 your psyche, yeah, for sure is. And the reality is 0:09:43.840 --> 0:09:46.240 that giving giving money away has been on the decline 0:09:46.280 --> 0:09:48.440 in America right for for the first time in a 0:09:48.440 --> 0:09:51.240 long time, fewer than half of households gave even a 0:09:51.320 --> 0:09:54.240 dollar of their money away last year. That's down close 0:09:54.280 --> 0:09:57.960 to from twenty years ago, where something like seventy families 0:09:58.000 --> 0:10:00.120 or individuals used to give at least some of their 0:10:00.160 --> 0:10:02.440 money away. So fewer households feel like they have the 0:10:02.440 --> 0:10:05.599 ability to give away anything, or they just believe that 0:10:05.640 --> 0:10:07.560 it shouldn't be a priority in their life. And at 0:10:07.640 --> 0:10:09.960 least part of the reason for this is a decline 0:10:10.040 --> 0:10:13.240 in religious affiliation. Right a commonplace where folks used to 0:10:13.240 --> 0:10:15.760 give their money was to their local house of worship. 0:10:16.320 --> 0:10:18.960 But even with the rise of what's known as the nuns, 0:10:19.160 --> 0:10:22.440 who claim no affiliation with any religion, that might explain 0:10:22.440 --> 0:10:24.760 at least some of the giving drop off, But even still, 0:10:25.040 --> 0:10:27.040 it's not like faith based folks have a corner on 0:10:27.120 --> 0:10:28.400 doing good in the world or that they're the only 0:10:28.400 --> 0:10:31.079 people giving their money away. That would be far fetched 0:10:31.120 --> 0:10:33.240 as well. So let's say you're someone who does fall 0:10:33.280 --> 0:10:35.400 into that nun group, that's okay, but there are still 0:10:35.640 --> 0:10:38.680 plenty of organizations that have no religious ties that could 0:10:38.760 --> 0:10:42.160 meaningfully use your dollars. So yeah, whether you are keen 0:10:42.200 --> 0:10:44.520 to give to faith based organizations, whether you belong to 0:10:44.559 --> 0:10:47.600 one or not, Like even even those faith based organizations 0:10:47.600 --> 0:10:50.719 matter seeing fewer dollar inflows. So I just hate to 0:10:50.760 --> 0:10:54.040 see that fewer people are participating and giving money away 0:10:54.080 --> 0:10:56.840 to their fellow American or two causes that that need them. Yeah, 0:10:56.920 --> 0:10:59.560 when you say nuns, you mean n O n e S, 0:10:59.640 --> 0:11:02.160 not the other nuns, in which case you would think, 0:11:02.160 --> 0:11:03.720 wait a minute, they should be giving lots of their 0:11:03.720 --> 0:11:07.120 money away. The nuns they're very religious now, they're completely 0:11:07.160 --> 0:11:13.120 dedicated to the faith. No nuns means no religious affiliations. Yeah, uh. Well, 0:11:13.160 --> 0:11:15.520 what's interesting too is that this trend of folks giving 0:11:15.520 --> 0:11:17.720 away less other money it seems to be getting worse 0:11:18.200 --> 0:11:20.880 you're talking about how fewer than half of households gave 0:11:20.920 --> 0:11:24.240 even a dollar. Well fewer than one third of households 0:11:24.280 --> 0:11:27.240 headed by someone under the age of forty gave any 0:11:27.240 --> 0:11:30.040 money to charity. So the leading indicator shows that this 0:11:30.040 --> 0:11:32.720 this downward giving trend that is likely to continue. Can 0:11:33.240 --> 0:11:36.240 considering that future generations are are giving less money as well. 0:11:36.760 --> 0:11:39.280 One bright spot though contrary by the way those eight 0:11:39.360 --> 0:11:42.280 year olds giving it a two per second. So no, 0:11:42.400 --> 0:11:44.679 there is there is some some good news here. There 0:11:44.720 --> 0:11:47.880 are actually more dollars than ever before that is being 0:11:47.880 --> 0:11:52.480 funneled towards nonprofit organizations. But those donations, unfortunately are coming 0:11:52.720 --> 0:11:58.240 from fewer wealthier folks. And I'm not mad at billionaire 0:11:58.280 --> 0:12:02.360 philanthropists out there, but you can't expect government agencies and 0:12:02.559 --> 0:12:05.320 a few incredibly rich elites to do all the giving force, 0:12:05.440 --> 0:12:08.520 right like with the downsides of having the majority of 0:12:08.800 --> 0:12:11.960 charitable dollars coming from these individuals is they typically are 0:12:12.000 --> 0:12:14.360 going to give to the organizations that they care about, 0:12:14.600 --> 0:12:17.000 that billionaires care about and simply aren't going to be 0:12:17.040 --> 0:12:19.240 the most effective ones in your neighborhood. It may exactly, 0:12:19.240 --> 0:12:21.000 it may not be, it may not have your best 0:12:21.000 --> 0:12:23.240 interests in mind as well, and so be the bigger, 0:12:23.280 --> 0:12:26.440 more recognizable organizations that are doing work on a national level. 0:12:26.840 --> 0:12:28.959 But that means the one that's like tutoring kids in 0:12:28.960 --> 0:12:31.600 your neighborhood probably isn't gonna cut Yes, yeah, I mean 0:12:32.240 --> 0:12:34.680 like I love what Bill and Melinda Gates, what they've 0:12:34.679 --> 0:12:37.480 been up to, Mackenzie Scott her as well. But there 0:12:37.640 --> 0:12:39.720 is still plenty of room for all of us, all 0:12:39.760 --> 0:12:42.600 the rest of us out there to participate, like you said, will, 0:12:42.640 --> 0:12:46.040 particularly when it comes to supporting smaller nonprofits that are 0:12:46.080 --> 0:12:49.640 targeting specific problems, in particular with where it is that 0:12:49.720 --> 0:12:52.400 you live. And by the way, it is our contention 0:12:52.559 --> 0:12:55.440 that everyone should be giving their money away. So we're 0:12:55.760 --> 0:12:57.839 the question we're asking in this episodes, how much should 0:12:57.840 --> 0:12:59.480 he be giving away? Well we'll get to that, but 0:13:00.120 --> 0:13:02.760 it really should be everyone should be listening to this 0:13:02.880 --> 0:13:05.800 thinking not about what other people can do to meet 0:13:05.800 --> 0:13:09.200 the mission or to give their money away, but but 0:13:09.360 --> 0:13:11.840 you think about yourself in this scenario, how can I 0:13:11.880 --> 0:13:13.760 be giving the money my money away? And we we 0:13:13.800 --> 0:13:17.160 think that all of us have something that's worth donating 0:13:17.400 --> 0:13:19.480 that could be even just something as small as used 0:13:19.520 --> 0:13:21.199 goods in our house that we don't need any longer. 0:13:21.400 --> 0:13:23.120 Out of the church we've been going to, they're giving 0:13:23.320 --> 0:13:26.160 taking used code donations for a local ministry there. So 0:13:26.200 --> 0:13:28.880 that's like one of those things that almost everybody has 0:13:29.000 --> 0:13:31.640 a used coat they can give right that that's not 0:13:31.679 --> 0:13:35.360 necessarily too stressful on your finances to meet that need. 0:13:35.400 --> 0:13:37.120 You probably got a couple of jackets that you're like, 0:13:37.240 --> 0:13:39.080 you keep around, but you're like, I never wear these, 0:13:39.400 --> 0:13:42.160 don't those jackets exactly? And you know that could be 0:13:42.240 --> 0:13:45.120 volunteering our time to spend helping out youth after school, 0:13:45.160 --> 0:13:48.280 and and yes, it can and likely should mean giving 0:13:48.280 --> 0:13:51.360 away some of your money to maybe not just items 0:13:51.360 --> 0:13:53.040 that you have that you don't use any longer, although 0:13:53.040 --> 0:13:55.560 that's one effective way to give. And regardless of where 0:13:55.559 --> 0:13:57.840 you stand with your finances, if you're listening to this, 0:13:57.920 --> 0:14:00.240 you're trying to make improvements, and we think there's room 0:14:00.280 --> 0:14:04.400 in everyone's budget to prioritize giving, albeit to differing degrees. 0:14:04.720 --> 0:14:06.800 We we don't want you to wait until you've quote 0:14:06.880 --> 0:14:09.520 unquote made it to start making giving a priority, because 0:14:09.520 --> 0:14:12.200 the truth is, no one ever truly feels like they've 0:14:12.200 --> 0:14:15.240 made And if you continue to push this off further 0:14:15.320 --> 0:14:17.560 down the road if you kick the can, the likelihood 0:14:17.559 --> 0:14:20.400 as you'll never actually feel like you're you're in the 0:14:20.400 --> 0:14:22.960 financial position to give money away. It reminds me a 0:14:22.960 --> 0:14:24.600 matter of kind of like having kids. That's one of 0:14:24.640 --> 0:14:26.600 those things where it's like, I'm gonna wait until financially 0:14:26.640 --> 0:14:29.040 prepared to have kids, and you can continue pushing that 0:14:29.120 --> 0:14:31.640 off for forever. I think both having kids and giving 0:14:31.680 --> 0:14:34.560 money away, they both feel like things were never prepared for. 0:14:34.600 --> 0:14:37.400 We almost have to start before we feel prepared totally. Yeah, 0:14:37.480 --> 0:14:38.720 do Like Kate and I didn't just put it on 0:14:38.720 --> 0:14:42.800 the calendar, like start having babies this year. It's literally 0:14:42.840 --> 0:14:44.760 something we did when we were younger. Your whole life 0:14:44.800 --> 0:14:47.560 revolves around that calendar, doesn't it. I'm a planner, That's all. 0:14:47.600 --> 0:14:49.480 That's all I gotta say. But for those out there, 0:14:49.520 --> 0:14:51.600 maybe that's literally what it takes, and we'll get to 0:14:52.400 --> 0:14:54.520 like maybe some some more practical steps that we can 0:14:54.560 --> 0:14:57.880 all take in order to actually implement giving within our lives. 0:14:57.880 --> 0:15:00.160 And by the way, I don't I don't mean that 0:15:00.200 --> 0:15:02.000 money on a credit like give money on a credit 0:15:02.040 --> 0:15:04.120 card that you don't actually have, Like that's I don't 0:15:04.120 --> 0:15:06.680 want to get to give away money. But I think 0:15:07.000 --> 0:15:09.480 it's easy to say, like, I don't have years worth 0:15:09.520 --> 0:15:11.280 the savings, I've only got six months in the bank, 0:15:11.600 --> 0:15:13.920 and you can always have a retort to not being 0:15:13.920 --> 0:15:16.400 financially prepared. It's those are easy to make, right And 0:15:16.440 --> 0:15:17.960 by the way, also we like we don't want to 0:15:17.960 --> 0:15:20.960 shame any anyone either. If you're a newbie here at 0:15:20.960 --> 0:15:24.080 how the money, maybe you are behind on your bills, well, 0:15:24.120 --> 0:15:25.720 we would want you to get your financial house in 0:15:25.840 --> 0:15:30.120 order before guilting yourself into a recurring monthly donation, you know, 0:15:30.160 --> 0:15:33.520 to your favorite nonprofit. And actually, uh, no, matter what, 0:15:33.680 --> 0:15:36.160 we don't want you to guilt your way into giving 0:15:36.240 --> 0:15:37.840 money away. We want that to be something that you 0:15:37.880 --> 0:15:40.520 do intentionally. But it is also important to mention that 0:15:40.600 --> 0:15:44.560 even if you can't give much, developing the practice of 0:15:44.640 --> 0:15:47.400 giving at least a small small portion of what it 0:15:47.440 --> 0:15:49.640 is that you bring in we think is going to 0:15:49.760 --> 0:15:52.120 pay dividends in the future. Like you are building the 0:15:52.200 --> 0:15:54.240 muscle of being generous now, so that you have the 0:15:54.760 --> 0:15:59.120 discipline to continue giving as you get older, as presumably 0:15:59.360 --> 0:16:01.920 you get wealthy, and it's probably going to be more difficult. 0:16:01.920 --> 0:16:05.080 You think it's difficult to give ten percent of your income. Now, 0:16:05.080 --> 0:16:07.040 when you're making fifty dollars, you're like, oh, I'm not 0:16:07.040 --> 0:16:09.920 gonna get give away five dollars. Well, what happens when 0:16:09.920 --> 0:16:12.480 you make two dollars or three dollars and it ain't 0:16:12.520 --> 0:16:15.760 gonna get easier. The dollar amounts might increase, but I 0:16:15.760 --> 0:16:18.240 think developed again, developing that discipline is what we're talking 0:16:18.280 --> 0:16:20.840 about here. We're talking about building these good habits, and 0:16:20.880 --> 0:16:23.880 plus there's just something amazing about these these positive good 0:16:23.880 --> 0:16:26.320 habits and how it is that they can radiate out 0:16:26.360 --> 0:16:28.640 into other areas of our lives that we think that 0:16:28.640 --> 0:16:31.720 that's I feel like that's something that I hope sort 0:16:31.720 --> 0:16:34.320 of sets our listeners apart maybe than other listeners of 0:16:34.360 --> 0:16:37.320 other official podcasts, that they're able to not just look 0:16:37.360 --> 0:16:39.480 at money as something like we talked about earlier, that 0:16:39.560 --> 0:16:42.240 they are hoarding and gathering for themselves, but to see 0:16:42.280 --> 0:16:46.240 the positive impacts that they're able to make with that money. Hopefully, 0:16:46.240 --> 0:16:50.360 how the money listeners are characterized by being generous, agreed man, 0:16:50.400 --> 0:16:52.800 I think are there's like a different vibe about our 0:16:52.840 --> 0:16:55.720 show hopefully, and and I think even in the the 0:16:55.760 --> 0:16:58.480 engagement we get from listeners when they respond to our newsletter, 0:16:58.560 --> 0:17:01.120 or when they comment on Facebook, or the way they 0:17:01.160 --> 0:17:03.720 treat one another is like, it's so different than most 0:17:03.760 --> 0:17:05.680 of the rest of the Internet. Our Facebook group is 0:17:05.720 --> 0:17:07.800 actually like a place where people are nice to one another, 0:17:07.800 --> 0:17:10.560 which most groups on the Internet or most comment sections 0:17:10.560 --> 0:17:13.760 are just horrid sesspiables of negativity. I think it has 0:17:13.760 --> 0:17:16.080 a lot to do with downplaying money right. Like again, 0:17:16.160 --> 0:17:18.280 it is it literally, quite literally in the name of 0:17:18.320 --> 0:17:21.679 our podcast, How to Money. But oftentimes I feel like 0:17:21.680 --> 0:17:23.680 what we're doing is downplaying the importance of money and 0:17:23.800 --> 0:17:27.240 elevating humanity, whether that's others or other organizations or those 0:17:27.280 --> 0:17:29.240 in need, just the different ways that we can bring 0:17:29.320 --> 0:17:32.240 value not only to our lives but to everyone around us. 0:17:32.600 --> 0:17:34.680 And the truth is that if you want to give 0:17:34.720 --> 0:17:36.560 your money away, there are ways to do it more 0:17:36.560 --> 0:17:39.240 effectively and less effectively. And so we want to talk 0:17:39.280 --> 0:17:41.560 about the nuts and bolts of the practical steps to 0:17:41.560 --> 0:17:43.199 giving away money, and then how to vet charities. We'll 0:17:43.200 --> 0:17:45.159 get to that later on too, but they're all. There 0:17:45.200 --> 0:17:47.600 are also certain things, some excuses maybe that pop up 0:17:47.720 --> 0:17:50.560 that prevent us from giving money away. We're gonna debunk 0:17:50.600 --> 0:17:52.560 a few of those. We'll get to that first right 0:17:52.560 --> 0:18:03.640 after this. All right, we are back from the break, 0:18:03.640 --> 0:18:05.920 and we will answer how much money it is that 0:18:05.960 --> 0:18:08.119 you should be giving away. But Joel ut is to 0:18:08.160 --> 0:18:10.200 this right before the break, Let's talk through some of 0:18:10.280 --> 0:18:13.680 the different reasons that uh, we're tempted to not give 0:18:13.680 --> 0:18:18.720 away our money, and oftentimes that's because of fear and uncertainty. Right, 0:18:19.320 --> 0:18:21.840