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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt and today we're talking about how giving away money

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Speaker 1: will make you richer. Yeah, Joel. Typically on the podcast

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Speaker 1: we talk about how to earn more money, or how

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Speaker 1: to save more money, or how to invest more of

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Speaker 1: our money. But on this episode, man, we're gonna take

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Speaker 1: the script and we're gonna flip it a little bit.

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Speaker 1: We're gonna talk about how to uh lose your money

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Speaker 1: to charity, not lose your money, but how to give

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Speaker 1: your money intentionally and how, like you said, how it's

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Speaker 1: actually going to make our lives richer. How top four

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Speaker 1: list or something probably, Yeah, this one is all about

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Speaker 1: the prosperity theory that we're gonna introduce people to. Yeah,

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Speaker 1: when we say not, when we said we'll make you richer,

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Speaker 1: what we meant is it will make your life richer.

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Speaker 1: And there is certainly something to that that the more

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Speaker 1: you're able to give away, the more good you're able

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Speaker 1: to see um done with your money, it will enrich

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Speaker 1: your life. And so yeah, we'll talk about that. We'll

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Speaker 1: talk about other things too, more practical things about giving

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Speaker 1: money away, how to vet charities, stuff like that, and

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Speaker 1: we'll get to all that in this episode. But before

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Speaker 1: we get to that, Matt, uh, I I lost a

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Speaker 1: vet that we didn't actually have. It turns out I

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Speaker 1: cracked and I bought a new phone. Well, you didn't

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Speaker 1: actually crack your phone. You said you cracked, but you

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Speaker 1: gave it. I cracked as a human beings. Uh. I agree.

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Speaker 1: This is an unspoken kind of competition we had, But

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Speaker 1: I think we both knew that it was going on,

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Speaker 1: because I think we both knew I was gonna lose.

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Speaker 1: As as you said that, hey, I actually bought a phone,

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Speaker 1: I kind of I sighed some relief because I knew that,

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Speaker 1: like I didn't have to hang onto my piece of

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Speaker 1: crap phone for all that much longer. Well, I like

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Speaker 1: the idea that we had kind of this competition. I

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Speaker 1: think it's kind of like a healthy competition. It makes

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Speaker 1: me think of setting like the little money challenges, right,

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Speaker 1: like you said, these little challenges before yourself. It's like, okay,

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Speaker 1: can I put a little bit further? How can I

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Speaker 1: I stretched my dollar? And this is the way that

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Speaker 1: I think you and I both spurred each other on

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Speaker 1: a little bit too resist buying the latest and greatest

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Speaker 1: in my case, iPhone that's out there. In your case,

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Speaker 1: the Google phone, didn't you buy? Uh? Did you get

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Speaker 1: the new Google? We had the Pixel four A, just

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Speaker 1: like you talked about several months ago. You mentioned that

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Speaker 1: that phone all that episode. I was like, he's totally

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Speaker 1: going to get that phone. Super affordable, it's got a

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Speaker 1: lot of the great features that that you're looking for.

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Speaker 1: It really did. It had everything I needed, and there

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Speaker 1: were a couple of things that my phone just started

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Speaker 1: to deteriorate. I probably could have replaced the battery. That

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Speaker 1: would have helped. One of the issues. Um that it

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Speaker 1: just turned off four or five times a day, which

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Speaker 1: actually didn't mind. It wasn't that big of a deal,

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Speaker 1: but it was just kind of it was getting slow.

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Speaker 1: It was lagging. But the biggest thing, the reason I

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Speaker 1: felt like I really actually had to replace it, people

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Speaker 1: couldn't hear me. When I was not trying to have

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Speaker 1: a conversation. I'd call somebody and they'd be like, huh,

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Speaker 1: what call back. I'd have to call back with Emily's phone.

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Speaker 1: It was just, yeah, you did it with my phone.

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Speaker 1: One time when we're ordering we were together with the

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Speaker 1: families and we're gonna order some pizza. Uh, let me,

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Speaker 1: let me borrow your phone, and you're like, dude, they

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Speaker 1: can't hear me. I gotta I gotta call him back.

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Speaker 1: Your a piece of crab iPhone sc that's like three

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Speaker 1: or four years old, that's completely shattered. So it was time.

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Speaker 1: But hey, I can make crystal clear phone calls on

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Speaker 1: the can. You can, and I couldn't. I think my

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Speaker 1: one year old microphone stuffed my phone in his mouth

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Speaker 1: won too many times and damage the microphone. But yeah,

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Speaker 1: I'm just I hate that I lost this battle. But

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Speaker 1: you know what, it's okay, and I'm excited to have

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Speaker 1: this phone. Hopefully I can wear this one out and

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Speaker 1: use it for three or four or five years. But

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Speaker 1: it's solid, dude, I'm I'm already really impressed with it.

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Speaker 1: It's a great phone. Nice. So you've already got it,

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Speaker 1: You've already kind of logged in with your accounts and

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Speaker 1: it's all up and running. Dude, It's a seamless transition.

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Speaker 1: I remember when you used to get a new phone.

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Speaker 1: You have to go on the cell phone store and

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Speaker 1: they'd take him like an hour and a half to

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Speaker 1: transfer all your contacts and everything over. Basically, how you

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Speaker 1: gotta do is longing with your Gmail account to your

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Speaker 1: new phone, and it's autopopulates everything, like everything, even the

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Speaker 1: password for the WiFi that you use at different locations.

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Speaker 1: So nice to be able to just to show up

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Speaker 1: where you've always gone and to be able to jump

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Speaker 1: on that WiFi. Man, pretty simple. So that well, you've

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Speaker 1: you've us the battle, like this specific battle. But um

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Speaker 1: you know, in the end though, I'm afraid that I'm

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Speaker 1: gonna lose the overall war because I'm still sticking with

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Speaker 1: iPhone and I'm not a huge fan of like fancy

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Speaker 1: phones right however, well in particular because like up until now,

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Speaker 1: fancy phones have just meant bigger, and I don't like

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Speaker 1: big phones. But now iPhones got the iPhone twelve Mini,

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Speaker 1: which is the strong down phone or in my mind,

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Speaker 1: slightly bigger than the phone I currently have. But I

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Speaker 1: haven't really been excited about a new phone until I've

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Speaker 1: seen this one. But I'm also not wanting to spend

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Speaker 1: like seven bucks for a brand new unlocked phone. You

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Speaker 1: cut that in half, man, get the what I got, dude, Well,

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Speaker 1: I'm not sure if I'm ever gonna go to those links, uh,

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Speaker 1: in order to save money. I would rather keep my

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Speaker 1: phone for twice as long as you are and spend

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Speaker 1: twice as much, if if, if I have to go

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Speaker 1: that route, you know, But that's just that's just me.

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Speaker 1: I was actually looking on eBay at used iPhone scs

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Speaker 1: that are in like perfect shape. I'm like, I'm like

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Speaker 1: mine because I'm like, you know, if I can delay

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Speaker 1: purchasing like a new new phone for maybe one more year,

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Speaker 1: I don't know, maybe like the brand new ones will

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Speaker 1: have a chance to kind of drop and probab us

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Speaker 1: a little bit. Maybe at that point I can buy

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Speaker 1: a used one from somebody. But I was surprised to

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Speaker 1: see me and there's some good looking scs out there

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Speaker 1: with no crack screen, with a battery health that's above. Uh,

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Speaker 1: those are all good signs I might actually go that route.

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Speaker 1: There you go, all right, we'll see we have the

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Speaker 1: cycle never ends of new phone updates. And yeah, the

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Speaker 1: longer you can hold off on yours, we encourage it. Yeah,

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Speaker 1: just keep using those electronics, replace a battery if you

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Speaker 1: need to. For me, it was finally time. Um. But yeah,

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Speaker 1: I think I'll get a lot of good years out

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Speaker 1: of this one. I'll take care of it. So, yeah,

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Speaker 1: take care of your phonees, make them last longer. Is

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Speaker 1: that what you said when you got your phone last time? Well?

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Speaker 1: I did, and I didn't make it last a while

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Speaker 1: and it was Yeah, it was. It was a solid

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Speaker 1: phone for what it was. You never dropped it. But

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Speaker 1: avoid the baby mouth like exactly exactly. Yeah, he's not

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Speaker 1: getting ahold of this one, that's for sure, all right, Matt,

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Speaker 1: let's mention the beer we're having on the show today.

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Speaker 1: This one's called Party Cup by North Park Beer Company

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Speaker 1: and it's a lagger So looking forward to having this

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Speaker 1: one on the show. My buddy Craig, who lives in

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Speaker 1: California sent sent us a few beers. And yeah, we'll

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Speaker 1: give our thoughts on this one at the end of

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Speaker 1: the episode, but for now, let's get onto the topic

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Speaker 1: a and we're talking about giving your money away and

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Speaker 1: how that will make you richer, and Matt, I think

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Speaker 1: you know, we have to start off by saying that

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Speaker 1: you know, you and I we both realize that not

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Speaker 1: everyone is in the position to give away money right now.

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Speaker 1: We're in a tough economic spot given the recession caused

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Speaker 1: by the pandemic, But at the same time, there's even

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Speaker 1: more of a need right now because of the pandemic

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Speaker 1: and the issues that it's caused. So we thought it

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Speaker 1: was really important to talk about this, especially as we

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Speaker 1: near the end of the year and giving becomes so

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Speaker 1: much more of a conversation happening in our homes, partly

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Speaker 1: for tax reasons, but also you know, some people get

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Speaker 1: your in bonuses and many charities are more visible at

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Speaker 1: this time of year as well. Also, many nonprofits are

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Speaker 1: having a really difficult time. I saw the numbers of

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Speaker 1: the American Cancer Society reduced its budget by thirty percent

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Speaker 1: overaul and has had to make a lot of stabbing

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Speaker 1: cuts because of the pandemic and its effect on giving

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Speaker 1: to that organization in particular. That's just one example. So

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Speaker 1: many chair bo organizations are feeling a budget crunch right now,

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Speaker 1: and so while this topic is always an important one,

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Speaker 1: it feels even more relevant and like we have to

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Speaker 1: tackle it and discuss it today on the show. Yeah,

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Speaker 1: and you know that helps to illustrate the need that

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Speaker 1: exists that's out there right There's a demand for donations,

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Speaker 1: but there's also another side of the equation to write,

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Speaker 1: the supply side, uh, those who have money to give

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Speaker 1: and you know, one of the biggest issues if you

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Speaker 1: are interested in you know, in money and your personal finances,

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Speaker 1: is that it's really tempting to turn your focus on inward. Right.

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Speaker 1: You know, we may not even think to look to charities, uh,

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Speaker 1: and others who might have unmet needs, um or if

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Speaker 1: we are aware of it, we might turn a deaf

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Speaker 1: ear to them because we're so hardcore focused on our

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Speaker 1: own money goals. Yeah, exactly. And you know who has

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Speaker 1: any extra money sitting around to give to others? Right? Well, no,

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Speaker 1: that's not the type of life that we try to lead.

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Speaker 1: You and I we both give a percentage of our

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Speaker 1: income away, and you know we want to take this

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Speaker 1: episode to challenge others to do something similar. Yeah, so

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Speaker 1: let's talk about who should be giving their money away. Well,

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Speaker 1: in short, Matt and I, we feel like everyone should

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Speaker 1: at least consider giving away some of their money. It

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Speaker 1: can be easy for us to fall into the trap

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Speaker 1: of thinking that will give one day when we're all

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Speaker 1: set up and we've got you know, those at least

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Speaker 1: initial financial ducks in a row, right once I'm out

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Speaker 1: of debt, or maybe le's like at the first house,

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Speaker 1: you know, like we we always have these goals. But

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Speaker 1: the problem with goals is that there's always more goals, right.

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Speaker 1: The goal post continue to move, And it's really hard

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Speaker 1: to ever prioritize giving if we don't prioritize it, even

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Speaker 1: when we don't have very much, it's just easy to

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Speaker 1: find yourself changing the definition of when you're gonna be

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Speaker 1: ready or able to give. So we would challenge you

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Speaker 1: not to think of giving as only being for the

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Speaker 1: super rich. It's it's really for all of us. And

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Speaker 1: this also isn't an attempt by us to guilt you

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Speaker 1: into giving if it's something you're not already doing. But

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Speaker 1: but I think even if it's something that you haven't

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Speaker 1: prioritized orther you haven't been interested in, maybe this episode

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Speaker 1: will at least help you consider giving and making it

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Speaker 1: more of a regular part of what to do with

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Speaker 1: your personal finances. Yeah, and there are a few reasons that,

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Speaker 1: you know, we would recommend for folks to consider it.

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Speaker 1: Of course, there's the obvious that you'll be helping out

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Speaker 1: a cause that is hopefully maybe near and dear to

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Speaker 1: your heart. Uh, And we love that, right, We love

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Speaker 1: the the ability for you to commit your money to

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Speaker 1: something that you love there are a myriad of organizations

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Speaker 1: out there that solely depend on your donations, but you

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Speaker 1: are also developing a more healthy relationship with your money

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Speaker 1: overall by giving away a portion of what you make.

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Speaker 1: It creates this healthy detachment to the green stuff, and

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Speaker 1: it's such an important practice that helps to keep us

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Speaker 1: on track. You know. It basically keeps us from becoming

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Speaker 1: tight wads. If we're only focused on like our own

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Speaker 1: money and what we do with our money, and the

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Speaker 1: ability to earn more of it, to save more of it,

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Speaker 1: to invest more of it, we run the risk of

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Speaker 1: turning into jerks and Scrooge McDuck's where where we're not

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Speaker 1: looking to yeah to the plights into the needs of others. Yeah, man,

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Speaker 1: I agree. I think a huge part of it is

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Speaker 1: to see the good things that can be done with

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Speaker 1: our money. But then the other side, too is to

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Speaker 1: have a healthy relationship with it ourselves, right. It that

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Speaker 1: healthy detachment that you mentioned that's so crucial because it's

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Speaker 1: it's so easy to become completely focused on ourselves in

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Speaker 1: our own financial lives. And I think we actually have

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Speaker 1: a better relationship with our money when we're able to

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Speaker 1: give a portion of it away I read something recently

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Speaker 1: too about that the impact that giving your money away

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Speaker 1: can have, and it almost made me cry. It was

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Speaker 1: so beautiful, but it made me want to be even

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Speaker 1: more purposeful in how I give my money away. So

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Speaker 1: this article was documenting the life of Chadwick Boseman Um.

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Speaker 1: He's an actor that recently passed away, obviously just in

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Speaker 1: some really iconic films including Black Panther, and by all

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Speaker 1: accounts too, he was just an awesome human being. And

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Speaker 1: if it hadn't been for the donation of a secret benefactor,

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Speaker 1: who later turned out to be Denzel Washington by the way, right,

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Speaker 1: another big time, big time actor, Chadwick might not have

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Speaker 1: ever had an acting career in the first place. So yeah,

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Speaker 1: Denzel's private donation essentially allowed a bunch of young Africa

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Speaker 1: in American actors um to to get into the business

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Speaker 1: that otherwise might have had to do something else. And

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Speaker 1: here's part of what Chadwick said to Denzel when he

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Speaker 1: was being honored for that Lifetime Achievement award. He said,

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Speaker 1: in offering from a sage and a king is more

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Speaker 1: than silver and gold. It's a seed of hope, a

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Speaker 1: but of faith. There's no black Panther without Denzel Washington,

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Speaker 1: and not just because of me, but my cast that

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Speaker 1: whole generation stands on your shoulders and will link to

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Speaker 1: the full incredible speech um in our show notes. But

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Speaker 1: it's one of those things that you can't help but

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Speaker 1: be moved by. And just to see that someone being

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Speaker 1: willing to give of their money the impact that it

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Speaker 1: can have on young lives. That's the kind of thing

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Speaker 1: that that we're hoping to achieve by giving our money away.

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Speaker 1: Right to see actual, real meaningful change and in progress

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Speaker 1: in the lives of people around us, maybe even some

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Speaker 1: people that we don't even know. Yeah, that's super cool man,

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Speaker 1: and an awesome reason to give. Right, we can have

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Speaker 1: an impact that outlasts us by you know, giving our

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Speaker 1: money away. And not only you know, does it put

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Speaker 1: things in proper perspective in our own lives, but we're

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Speaker 1: also able to see real change occur. Uh. And depending

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Speaker 1: on what stage of life you're in, you know, you

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Speaker 1: might have more time than money, And in this case,

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Speaker 1: volunteering is the solution. You know. Volunteering, it's a societal glue.

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Speaker 1: It often brings us together with other people, many who

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Speaker 1: don't look like us, to serve other people who might

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Speaker 1: also you know, not look like us as well, and

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Speaker 1: so finding ways to be generous, uh, you know, with

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Speaker 1: our time and our money is important on many different levels.

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Speaker 1: And so these are a few reasons, you know that

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Speaker 1: we're offering that you should consider giving your money away.

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Speaker 1: And after the break, we're gonna talk about another reason

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Speaker 1: to give your money away, as well as how to

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Speaker 1: go about it. We'll get to that right after this break.

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Speaker 1: All right, Matt, we're back from the break, and obviously

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Speaker 1: we just covered some some really important reasons to consider

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Speaker 1: giving but there are even more great reasons to consider

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Speaker 1: giving some of your money away. And one of the

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Speaker 1: first things I think people think about when they're determining

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Speaker 1: how much money they're going to give is, well, what's

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Speaker 1: the tax incentive? Is there any sort of tax break

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Speaker 1: for me if I'm giving money away? And so, yeah,

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Speaker 1: let's talk about that. That's an important aspect to cover. Two.

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Speaker 1: It's important to note that most people won't reduce their

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Speaker 1: tax liability by giving money away. In fact, the way

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Speaker 1: things are currently constructed, roughly nine people are not going

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Speaker 1: to get a deduction for giving to nonprofit organizations. And

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Speaker 1: and this kind of comes down to the new tax

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Speaker 1: law that was passed just a few years back, and

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Speaker 1: whether or not you take this standard deduction or you

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Speaker 1: idemize your deductions. So standard deduction is twelve thousand, four

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Speaker 1: hundred dollars for single taxpayers and eight hundred dollars for

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Speaker 1: married people filing jointly. And most people in this country,

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Speaker 1: including most people in the middle class, they just don't

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Speaker 1: have enough deductions to exceed the standard deduction. And so

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Speaker 1: when you are giving money away, it's not actually going

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Speaker 1: to reduce your tax lie ability by doing so. Obviously,

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Speaker 1: you know, we just talked about how there's a lot

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Speaker 1: of reasons to give your money away, and tax liability

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Speaker 1: is not even in the top three for me. But

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Speaker 1: it is important to mention because obviously that's a question

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Speaker 1: that pops up when we're talking about giving and the

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Speaker 1: impact that it's going to have on your personal finances. Yeah,

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Speaker 1: it's important, but yeah, most people won't realize that unless

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Speaker 1: they are gonna up there there giving significantly, or in

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Speaker 1: case they have other you know, state and local taxes

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Speaker 1: that that also increase that deduction amount. I mean, there's

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Speaker 1: all sorts of things that can impact that, and giving

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Speaker 1: is just one of them, but most people just don't

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Speaker 1: reach that level exactly. Yeah. But you know, one change

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Speaker 1: that was made this year because of the Cares Act,

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Speaker 1: does affect how we are able to deduct some of

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Speaker 1: the charitable contributions that we make. You know, no matter

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Speaker 1: whether you itemize or take the standard deduction, you can

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Speaker 1: deduct at least three hundred dollars in cash gifts to

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Speaker 1: charitable organizations. And so to qualify for this, you have

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Speaker 1: to give the money directly to five oh one c

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Speaker 1: three public charity. Yeah. And the reason that they put

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Speaker 1: that in the Cares Act was specifically because of the pandemic.

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Speaker 1: There was the there was a realization that charities were

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Speaker 1: gonna be hurting this year, and so maybe that was

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Speaker 1: a little extra incentive for people to be able to

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Speaker 1: give at least three hundred dollars and be able to

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Speaker 1: get that tax deduction. So yeah, the Cares Act change that,

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Speaker 1: and now you can give three hundred dollars that qualifies

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Speaker 1: for that deduction even if you're taking the standard deduction,

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Speaker 1: which is pretty cool. Yeah. And so because the standard

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Speaker 1: deduction has been you know, a lot higher since the

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Speaker 1: Tax Cuts and Jobs Act. From a couple of years ago.

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Speaker 1: Lumping your giving can be a really beneficial strategy. You know,

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Speaker 1: you definitely want to make sure that you give that

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Speaker 1: three dollars this year if you're considering it, uh and

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Speaker 1: getting credit for that, But any amount you want to

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Speaker 1: give above and beyond, consider waiting until January to give

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Speaker 1: the more that you are able to give in a

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Speaker 1: single year. That's going to raise the likelihood of you

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Speaker 1: being able to otemize and get above that standard deduction

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Speaker 1: amounts and therefore getting a tax benefit for those donations.

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Speaker 1: And you can get as intense as you want to

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Speaker 1: about planning your giving in order to maximize the tax benefits.

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Speaker 1: If you're a serious giver, then that it's definitely something

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Speaker 1: that you are aware of because you want to make

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Speaker 1: sure that you're taking advantage of, you know, the law

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Speaker 1: as it's written, and so it's important to plan for that.

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Speaker 1: But just again remember that this is kind of one

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Speaker 1: of those benefits, one of those reasons to consider giving.

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Speaker 1: It's certainly not the primary reason. Yeah, I remember when

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Speaker 1: that tax law initially changed, Matt I frontloaded some giving

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Speaker 1: that December in order to take advantage of the lumping right,

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Speaker 1: and the lumping or the clumping, whichever you prefer exactly.

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Speaker 1: I think lumping is like a cleaner word, cleaner sounding.

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Speaker 1: Clumping is lumping to me, it sounds like pancakes that

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Speaker 1: haven't been like stirred enough. There's like there's like lumps

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Speaker 1: versus clump. I don't know, I guess both sound kind

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Speaker 1: of kind of gross words. But yeah, planning actual giving,

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Speaker 1: and you know, the lumping strategy can have a tax

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Speaker 1: benefit for you if you do it correctly. Also, Matt,

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Speaker 1: let's talk about how to vet charities, because it's another

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Speaker 1: thing that comes up when we're talking about giving our

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Speaker 1: money away. Of course, you and I we want our

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Speaker 1: money to go far. We wanted to be used well

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Speaker 1: at whatever organization that we're giving those funds too, and

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Speaker 1: so let's talk about a couple of ways to do that.

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Speaker 1: Give dot org, Charity Navigator, and charity watch are all

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Speaker 1: just awesome sites for digging up specific information on a

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Speaker 1: charity that you're considering donating to. There's also another website

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Speaker 1: called Great Nonprofits dot org, and it's a crowdsourced review

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Speaker 1: site for charities. So if you're wondering which charities are

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Speaker 1: do excellent work and spend money, well, um, then I

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Speaker 1: would suggest checking out those sites and doing some digging.

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Speaker 1: The reason for doing this digging is mostly to make

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Speaker 1: sure that this nonprofit is being transparent with their finances

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Speaker 1: and to see how they spend the money they bring in.

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Speaker 1: Matt I specifically really like the charity Watch Top Rated

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Speaker 1: Charity section. It's a It's a great spot on their page,

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Speaker 1: complete with ratings and analysis of the charities, and it's

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Speaker 1: particularly great for looking into larger charities. Our family actually,

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Speaker 1: recently at the dinner table, we've been talking about wanting

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Speaker 1: to find ways to give money to help children in need,

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Speaker 1: and that section on charity Watch actually helped us find

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Speaker 1: this awesome charity called Unbound and they get an A

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Speaker 1: plus rating, which means that they're incredibly efficient with their money.

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Speaker 1: Most of your donations go directly to people in need,

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Speaker 1: and it's an organization with the exact mission we wanted

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Speaker 1: to be a part of. You can't be a plus

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Speaker 1: unless there's a plus plus, not just having a plus

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Speaker 1: sometimes exists in certain organizations. I guess you're talking about

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Speaker 1: like insurance or something like that, right, A plus top notch,

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Speaker 1: hoop notch, and yeah, for for us, that was just

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Speaker 1: helpful to be able to see exactly where the money

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Speaker 1: is going and how they are handling the donations they

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Speaker 1: bring in. And it gave us a lot of confidence

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Speaker 1: to go ahead and and sign up and started to

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Speaker 1: give our money um to that organization. Yeah. Another charity

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Speaker 1: that gets rave reviews from some of these different sites

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Speaker 1: that has a really cool mission is Give Directly. According

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Speaker 1: to pro Publica, Give Directly sends donor money straight to

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Speaker 1: the poorest families in Uganda and Kenya through mobile banking.

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Speaker 1: The mobile route ensures that the entire sum reaches the

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Speaker 1: target family and is even safer than in kind donations

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Speaker 1: which can be siphoned off to the black market man.

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Speaker 1: That's super cool, and there's been some pretty awesome research

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Speaker 1: on what these direct cash payments to families and poverty

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Speaker 1: are actually able to achieve as well. Food security, UH,

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Speaker 1: dietary diversity, psychological well being, all these things go up,

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Speaker 1: domestic violence goes down, and you know, lead to decreased

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Speaker 1: debt loads and greater incomes as well. This is certainly

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Speaker 1: a great option if you're not totally sure where you

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Speaker 1: want to turn. But this is one of many amazing

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Speaker 1: charities and nonprofits that you can look up and research

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Speaker 1: on any of these, uh those three sites that Joel mentioned, Yeah,

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Speaker 1: and one other just great way obviously to vet a

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Speaker 1: charity is to give to a charity and to serve

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Speaker 1: alongside a charity close by where you live. Um, it's

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Speaker 1: it's just so empowering to be a part of the

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Speaker 1: progress and the change in an organization that's doing work

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Speaker 1: locally in your neighborhood or in your community, and then

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Speaker 1: being an active participant of that nonprofit by volunteering your time.

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Speaker 1: It's a great way to to vet specific charities in person.

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Speaker 1: You don't necessarily need an a plus next to the

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Speaker 1: name to be able to see and age with the

429
00:20:00,400 --> 00:20:02,480
Speaker 1: work that's being done. It's a way to see if

430
00:20:02,520 --> 00:20:05,320
Speaker 1: a local organization that is in your neighborhood, literally in

431
00:20:05,320 --> 00:20:07,720
Speaker 1: your neighborhood, if they're doing you know, good things with

432
00:20:07,760 --> 00:20:09,800
Speaker 1: their money. Because some of the smaller organizations you may

433
00:20:09,800 --> 00:20:11,879
Speaker 1: not find on a website, like you know, like the

434
00:20:11,880 --> 00:20:13,800
Speaker 1: ones that we mentioned, but like you said, yeah, being

435
00:20:13,800 --> 00:20:15,520
Speaker 1: there in person is a great way to kind of

436
00:20:15,560 --> 00:20:17,639
Speaker 1: get some of that first hand experience and to actually

437
00:20:17,680 --> 00:20:19,719
Speaker 1: see it with your own eyes. Yeah. Yeah, And like,

438
00:20:19,800 --> 00:20:22,280
Speaker 1: for instance, there's one in our neighborhood called neighbor in need,

439
00:20:22,640 --> 00:20:25,280
Speaker 1: and the money they raise goes to help older homeowners

440
00:20:25,320 --> 00:20:27,159
Speaker 1: who don't have the money to fix things up on

441
00:20:27,200 --> 00:20:29,320
Speaker 1: their homes, like if there's a leak in their roof

442
00:20:29,440 --> 00:20:31,560
Speaker 1: or a faulty water heater or an h fact that

443
00:20:31,600 --> 00:20:34,520
Speaker 1: goes bad and they're gonna be just insanely cold during

444
00:20:34,520 --> 00:20:37,000
Speaker 1: the winter. I'm not sure what their rating is, but

445
00:20:37,040 --> 00:20:39,120
Speaker 1: I can see firsthand or the dollars are going right

446
00:20:39,200 --> 00:20:41,720
Speaker 1: and so um. That is encouraging to see and it

447
00:20:41,720 --> 00:20:44,600
Speaker 1: makes me more excited to give my money to that organization.

448
00:20:44,640 --> 00:20:47,919
Speaker 1: So yeah, definitely looking them up on on the bigger

449
00:20:47,960 --> 00:20:50,440
Speaker 1: websites like that and vetting them, or giving and being

450
00:20:50,440 --> 00:20:53,320
Speaker 1: involved in a charity near where you live. We think

451
00:20:53,400 --> 00:20:55,400
Speaker 1: are are two great ways to go to make sure

452
00:20:55,440 --> 00:20:58,119
Speaker 1: your time and your money is going towards charities that

453
00:20:58,160 --> 00:20:59,920
Speaker 1: are deserving of it. All right, Matt, let's get to

454
00:21:00,320 --> 00:21:03,800
Speaker 1: some more important information on giving, including how to plan

455
00:21:03,880 --> 00:21:05,920
Speaker 1: it out and what it looks like in your budget,

456
00:21:05,960 --> 00:21:08,080
Speaker 1: and we'll get to that stuff right after this break.

457
00:21:17,240 --> 00:21:18,880
Speaker 1: All right, we'll back. Let's talk about some of these

458
00:21:18,880 --> 00:21:21,879
Speaker 1: practical steps on how to go about giving your money away.

459
00:21:22,240 --> 00:21:24,560
Speaker 1: And first man, let's let's talk about planning out you're giving.

460
00:21:24,600 --> 00:21:26,919
Speaker 1: You know, we we already talked about lumping as a

461
00:21:27,000 --> 00:21:30,119
Speaker 1: kind of a creative strategy, but it's worth considering what

462
00:21:30,320 --> 00:21:34,240
Speaker 1: is the mission behind your donations? Of Fidelity survey found

463
00:21:34,280 --> 00:21:38,240
Speaker 1: that of respondents said that they were bombarded with charity

464
00:21:38,280 --> 00:21:42,280
Speaker 1: requests for how to donate the resources. In addition, felt

465
00:21:42,320 --> 00:21:45,440
Speaker 1: burdened by requests from friends and family members who expected

466
00:21:45,480 --> 00:21:48,720
Speaker 1: donations to a cause close to their hearts. So, you know,

467
00:21:48,760 --> 00:21:52,960
Speaker 1: with the overwhelming requests for money out there, it's important

468
00:21:53,040 --> 00:21:56,360
Speaker 1: to know your own goal with your giving. And even

469
00:21:56,400 --> 00:21:58,239
Speaker 1: writing out a mission statement for the money you give

470
00:21:58,280 --> 00:22:01,240
Speaker 1: away that can help you to kind focus where you give.

471
00:22:01,320 --> 00:22:04,200
Speaker 1: It makes it a whole lot easier to say no to,

472
00:22:04,720 --> 00:22:06,600
Speaker 1: you know, a quick ask for money, you know at

473
00:22:06,600 --> 00:22:09,000
Speaker 1: the grocery store check outline, you know from the cashier.

474
00:22:09,160 --> 00:22:11,080
Speaker 1: But that being said, you know, giving small amounts here

475
00:22:11,080 --> 00:22:13,520
Speaker 1: and there is okay. But I think it is good

476
00:22:13,520 --> 00:22:15,879
Speaker 1: to have an overarching mission, just like you said, like

477
00:22:15,920 --> 00:22:17,719
Speaker 1: you and Emily that you are, you know, sitting at

478
00:22:17,720 --> 00:22:20,199
Speaker 1: the table at dinner talking about where you want your

479
00:22:20,200 --> 00:22:23,160
Speaker 1: money to go. That's sort of like an informal mission

480
00:22:23,200 --> 00:22:25,199
Speaker 1: statement that you guys created there you're talking about like

481
00:22:25,320 --> 00:22:27,600
Speaker 1: how how is it that we can help kids? And

482
00:22:27,640 --> 00:22:29,560
Speaker 1: knowing that led you to to be able to find

483
00:22:29,640 --> 00:22:32,080
Speaker 1: unbound and so I think that's that's a great practical

484
00:22:32,119 --> 00:22:33,840
Speaker 1: step that all of us can kind of take, you know,

485
00:22:34,080 --> 00:22:36,240
Speaker 1: like where's our heart? Like what is it that you

486
00:22:36,280 --> 00:22:38,200
Speaker 1: know makes us ache when when we know that there's

487
00:22:38,240 --> 00:22:39,920
Speaker 1: a need out there, and that should point us in

488
00:22:40,000 --> 00:22:43,080
Speaker 1: the direction of where to actually give. Yeah, And I

489
00:22:43,119 --> 00:22:45,119
Speaker 1: gotta say I kind of feel terrible every time I

490
00:22:45,119 --> 00:22:47,359
Speaker 1: say no in the checkout aisle. But that's the reason

491
00:22:47,359 --> 00:22:49,240
Speaker 1: I'm able to say no and not feel too bad

492
00:22:49,680 --> 00:22:52,440
Speaker 1: is because there's a specific purpose around why and where

493
00:22:52,480 --> 00:22:54,880
Speaker 1: I'm giving my money. And so yeah, there is that

494
00:22:54,960 --> 00:22:57,240
Speaker 1: element to where I think sometimes people just say sure,

495
00:22:57,280 --> 00:22:59,280
Speaker 1: put me down for five, even though they might not

496
00:22:59,400 --> 00:23:01,680
Speaker 1: be sure where they're money's going. It's kind of a

497
00:23:01,680 --> 00:23:04,160
Speaker 1: guilt factor, and so yeah, I think it is better

498
00:23:04,200 --> 00:23:06,840
Speaker 1: you can overcome that guilt factor by having something like

499
00:23:06,840 --> 00:23:09,479
Speaker 1: commissions statement, by planning out you're giving in advance. Right,

500
00:23:09,480 --> 00:23:10,680
Speaker 1: But at the same time, I feel that you can

501
00:23:10,720 --> 00:23:12,160
Speaker 1: have both, you know, Like I think you can kind

502
00:23:12,160 --> 00:23:14,359
Speaker 1: of go out of very organized and very kind of

503
00:23:14,400 --> 00:23:17,159
Speaker 1: top down kind of maybe a more heady approach, but

504
00:23:17,200 --> 00:23:19,000
Speaker 1: at the same time, you know, to maybe even kind

505
00:23:19,000 --> 00:23:20,679
Speaker 1: of supplement that if you want to do kind of

506
00:23:20,720 --> 00:23:22,119
Speaker 1: like I mean, the last time I was at the

507
00:23:22,119 --> 00:23:24,360
Speaker 1: grocery store, it wasn't at all they by the way,

508
00:23:25,160 --> 00:23:27,840
Speaker 1: since our since our store was being renovated, but they

509
00:23:27,880 --> 00:23:30,320
Speaker 1: asked if I wanted to round up. And so just

510
00:23:30,359 --> 00:23:31,800
Speaker 1: like with Acorns or some of the some of the

511
00:23:31,840 --> 00:23:34,160
Speaker 1: other roundup apps that help us to invest our money

512
00:23:34,280 --> 00:23:37,679
Speaker 1: for ourselves, Uh, they were implementing that to round up

513
00:23:37,720 --> 00:23:39,800
Speaker 1: and they were taking that money to donate it. I

514
00:23:39,800 --> 00:23:42,680
Speaker 1: think that can be an effective way for organizations to

515
00:23:42,680 --> 00:23:45,280
Speaker 1: to get funding, you know, without it having much of

516
00:23:45,280 --> 00:23:48,080
Speaker 1: an impact at all on my grocery budget, right, you know,

517
00:23:48,160 --> 00:23:49,800
Speaker 1: just rounding up you know it to the nearest dollar,

518
00:23:50,119 --> 00:23:52,680
Speaker 1: I'm not going to feel that in my monthly budget.

519
00:23:53,080 --> 00:23:55,159
Speaker 1: But you know, as hundreds and thousands and you know,

520
00:23:55,200 --> 00:23:57,040
Speaker 1: maybe even millions of people do that, I can have

521
00:23:57,200 --> 00:23:59,520
Speaker 1: a serious impact on the ability of a of an

522
00:23:59,600 --> 00:24:02,760
Speaker 1: organization to do good. Yeah. But but ultimately, no matter what,

523
00:24:02,920 --> 00:24:05,800
Speaker 1: however you decide to give your money away, and whichever

524
00:24:05,960 --> 00:24:09,800
Speaker 1: organizations you decide that you're going to prioritize with the

525
00:24:10,160 --> 00:24:12,960
Speaker 1: money that you are giving away. It's important to make

526
00:24:12,960 --> 00:24:15,359
Speaker 1: it a line item in your budget, right, just just

527
00:24:15,400 --> 00:24:17,720
Speaker 1: like oh yeah, right, you've got to have it in there.

528
00:24:18,000 --> 00:24:20,560
Speaker 1: Just like everything else you spend money on, make sure

529
00:24:20,680 --> 00:24:23,040
Speaker 1: the amount that you intend to give away is solidly

530
00:24:23,080 --> 00:24:25,680
Speaker 1: in your budget, because that way you won't run out

531
00:24:25,680 --> 00:24:28,840
Speaker 1: of funds or accidentally avoid something that you've made a

532
00:24:28,840 --> 00:24:31,280
Speaker 1: deliberate choice to do. I think sometimes that's the other

533
00:24:32,240 --> 00:24:34,280
Speaker 1: role it plays in our budget, is actually helping us

534
00:24:34,280 --> 00:24:37,120
Speaker 1: with the follow through of something we we have determined

535
00:24:37,280 --> 00:24:39,880
Speaker 1: that that it is a priority in our lives. Having

536
00:24:39,880 --> 00:24:43,200
Speaker 1: it listed in your Excel spreadsheet or your wine app category.

537
00:24:43,320 --> 00:24:45,200
Speaker 1: You know, however it is that you keep a handle

538
00:24:45,280 --> 00:24:48,119
Speaker 1: on your budget is important to making sure you have

539
00:24:48,280 --> 00:24:50,720
Speaker 1: the money and can make it happen. Having a plan

540
00:24:50,800 --> 00:24:53,080
Speaker 1: to give that money away makes it more fun. I

541
00:24:53,080 --> 00:24:55,920
Speaker 1: think it removes a lot of stress at the same time. Yeah,

542
00:24:56,000 --> 00:24:57,639
Speaker 1: just like you need to make sure that you're saving

543
00:24:57,720 --> 00:25:00,200
Speaker 1: up for a vacation, right or like your new own

544
00:25:00,720 --> 00:25:03,120
Speaker 1: something like that. When you're able to save up ahead

545
00:25:03,160 --> 00:25:04,480
Speaker 1: of time and know that you're able to pay for

546
00:25:04,520 --> 00:25:07,440
Speaker 1: that in cash, it removes the stress of purchasing that phone,

547
00:25:07,520 --> 00:25:09,160
Speaker 1: right like you, Like you, you you weren't worried about buying

548
00:25:09,200 --> 00:25:10,679
Speaker 1: that phone because you know that, like, Okay, I've had

549
00:25:10,680 --> 00:25:12,919
Speaker 1: this phone for however many years I've been setting money aside.

550
00:25:12,920 --> 00:25:14,760
Speaker 1: This goes into the you know, however you do it.

551
00:25:14,760 --> 00:25:17,880
Speaker 1: But like your jol account, and just like with vacation,

552
00:25:18,119 --> 00:25:20,679
Speaker 1: you're able to actually enjoy that vacation instead of feeling

553
00:25:20,680 --> 00:25:23,720
Speaker 1: stressed or you know, realizing that there's going to be

554
00:25:23,720 --> 00:25:27,080
Speaker 1: this impending sense of doom and guilt once you come

555
00:25:27,080 --> 00:25:29,320
Speaker 1: back from that trip. Same thing with giving I think

556
00:25:29,320 --> 00:25:31,600
Speaker 1: when you're able to prioritize it, get it on your budget,

557
00:25:31,600 --> 00:25:33,840
Speaker 1: and have a plan with your money. Uh, it's so

558
00:25:33,880 --> 00:25:35,680
Speaker 1: important to do that, man. And you know, I wanted

559
00:25:35,680 --> 00:25:38,240
Speaker 1: to say something to you about like planning things. I

560
00:25:38,280 --> 00:25:42,760
Speaker 1: think sometimes folks might think that that feels too structured

561
00:25:42,760 --> 00:25:45,160
Speaker 1: and too stiff to to say that, like, Okay, every

562
00:25:45,200 --> 00:25:47,280
Speaker 1: single month I'm gonna give away, you know, a hundred

563
00:25:47,280 --> 00:25:50,320
Speaker 1: dollars or five, however much you decide. I think for

564
00:25:50,400 --> 00:25:52,560
Speaker 1: some folks they like to give more like in the

565
00:25:52,640 --> 00:25:54,920
Speaker 1: moment and tually it is hard to kind of plan

566
00:25:55,040 --> 00:25:57,399
Speaker 1: for some of those more kind of spontaneous moments. But

567
00:25:57,480 --> 00:25:59,880
Speaker 1: to that, I would tell that person, well, budget for that.

568
00:26:00,119 --> 00:26:01,439
Speaker 1: You know, like, if you want to be able to

569
00:26:01,480 --> 00:26:03,520
Speaker 1: have some flexibility in your day to day, we'll have

570
00:26:03,640 --> 00:26:06,800
Speaker 1: like a spontaneous giving category where you set aside, I

571
00:26:06,800 --> 00:26:09,000
Speaker 1: don't know, like a hundred bucks or something to where

572
00:26:09,240 --> 00:26:12,679
Speaker 1: you have the freedom and the flexibility, but also the funds.

573
00:26:12,800 --> 00:26:14,400
Speaker 1: You know, you also have the money to be able

574
00:26:14,440 --> 00:26:17,320
Speaker 1: to make those purchases. And I say this specifically because

575
00:26:17,400 --> 00:26:19,679
Speaker 1: Kate she requested this a couple of years ago. She

576
00:26:19,800 --> 00:26:22,400
Speaker 1: wanted to have some flexibility so that if she would say,

577
00:26:22,480 --> 00:26:24,600
Speaker 1: like out to dinner with a friend, or if it

578
00:26:24,680 --> 00:26:26,960
Speaker 1: was somebody's birthday, she could you know, pick up and

579
00:26:27,080 --> 00:26:29,040
Speaker 1: you know, cover their drink, or like pick up a

580
00:26:29,080 --> 00:26:31,480
Speaker 1: little gift, uh, and not feel like it was coming

581
00:26:31,480 --> 00:26:34,240
Speaker 1: out of her own category, like you know, her cake category,

582
00:26:34,440 --> 00:26:36,240
Speaker 1: or that was coming out of like our eating out budget,

583
00:26:36,280 --> 00:26:38,600
Speaker 1: that kind of thing. And so you know, again I

584
00:26:38,640 --> 00:26:40,640
Speaker 1: mentioned that because I think some a lot of folks

585
00:26:40,720 --> 00:26:43,159
Speaker 1: might feel that, well, that doesn't sound very fun. But

586
00:26:43,200 --> 00:26:45,159
Speaker 1: there's ways to have fun. But you just have to

587
00:26:45,480 --> 00:26:47,840
Speaker 1: plan to have that fun. You can plan for that

588
00:26:47,880 --> 00:26:52,480
Speaker 1: spont that spontaneity, plan spontaneity, and the thing is here,

589
00:26:52,520 --> 00:26:54,440
Speaker 1: here's the thing. If you've got that set aside, and

590
00:26:54,480 --> 00:26:55,879
Speaker 1: if you don't spend it, well, you can carry that

591
00:26:55,880 --> 00:26:57,480
Speaker 1: over to the next month, you know, and if you

592
00:26:57,520 --> 00:26:59,480
Speaker 1: continue to do that, well, maybe you just need to

593
00:26:59,520 --> 00:27:01,800
Speaker 1: reduce that a little bit, or maybe you're just being

594
00:27:01,800 --> 00:27:04,119
Speaker 1: too cheap and you should really challenge yourself to to

595
00:27:04,160 --> 00:27:06,879
Speaker 1: do something, you know, maybe even bigger with that money. Yeah, no,

596
00:27:07,000 --> 00:27:09,439
Speaker 1: I like that. I think. Yeah, sometimes we have a

597
00:27:09,440 --> 00:27:12,639
Speaker 1: hard time finding places in the budget for spontaneous events,

598
00:27:12,640 --> 00:27:15,840
Speaker 1: and I like planning for that spontanege, especially if you're

599
00:27:15,880 --> 00:27:17,600
Speaker 1: into it. Well, I mean yeah, like it makes me

600
00:27:17,640 --> 00:27:19,320
Speaker 1: think of like going on dates, you know, like with

601
00:27:19,320 --> 00:27:21,880
Speaker 1: our wives, Like we put them on the calendar because

602
00:27:22,119 --> 00:27:24,320
Speaker 1: it's difficult to make them happen sometimes, like they are

603
00:27:24,359 --> 00:27:26,760
Speaker 1: a priority. But it doesn't mean that like I have

604
00:27:26,880 --> 00:27:29,600
Speaker 1: to schedule when I'm gonna like love and care for

605
00:27:29,680 --> 00:27:32,080
Speaker 1: my wife. It just means that this is a priority

606
00:27:32,119 --> 00:27:33,600
Speaker 1: and I'm gonna get just get it down on paper

607
00:27:33,640 --> 00:27:35,240
Speaker 1: so that I actually do it. And so you know,

608
00:27:35,280 --> 00:27:38,240
Speaker 1: to what you're saying earlier about getting it on the budget,

609
00:27:38,280 --> 00:27:40,000
Speaker 1: it just helps us to to make sure that we

610
00:27:40,040 --> 00:27:42,200
Speaker 1: actually follow through with it, you know, yeah, yeah, yeah.

611
00:27:42,240 --> 00:27:44,080
Speaker 1: And in one other way that we can make sure

612
00:27:44,160 --> 00:27:47,200
Speaker 1: we follow through without too much legwork on our part,

613
00:27:47,359 --> 00:27:50,080
Speaker 1: which goes along with the planning aspect, is is automating

614
00:27:50,119 --> 00:27:53,320
Speaker 1: the giving that we are attempting to do. Uh, there's

615
00:27:53,520 --> 00:27:56,360
Speaker 1: a greater likelihood that we're gonna follow through if we

616
00:27:56,440 --> 00:27:59,240
Speaker 1: automate those gifts. At the same time, I feel like

617
00:27:59,280 --> 00:28:01,240
Speaker 1: for a lot of people, what you're talking about, the spontaneity,

618
00:28:01,400 --> 00:28:04,160
Speaker 1: part of the reason for wanting to do that is

619
00:28:04,160 --> 00:28:06,840
Speaker 1: is because you feel like, if your heart strings get

620
00:28:06,840 --> 00:28:09,560
Speaker 1: tugged in the moment, you can give your money right

621
00:28:09,560 --> 00:28:12,320
Speaker 1: then and there. And it feels like automating is removing

622
00:28:12,359 --> 00:28:15,000
Speaker 1: some of the heart promittating and I understand that. But

623
00:28:15,040 --> 00:28:18,760
Speaker 1: at the same time, if not automating means you're gonna

624
00:28:18,800 --> 00:28:21,199
Speaker 1: forget to give, well, then I would rather give in

625
00:28:21,200 --> 00:28:23,800
Speaker 1: an automated way. And it's gonna be helpful for charities

626
00:28:23,800 --> 00:28:25,320
Speaker 1: to to know how much is coming in and to

627
00:28:25,400 --> 00:28:27,160
Speaker 1: have it coming in on a regular day of the month.

628
00:28:27,200 --> 00:28:29,919
Speaker 1: If you choose to give monthly um for some areas,

629
00:28:30,080 --> 00:28:32,080
Speaker 1: we choose to give lump some donations in the last

630
00:28:32,119 --> 00:28:33,639
Speaker 1: month or two of the year. But then there are

631
00:28:33,640 --> 00:28:35,280
Speaker 1: other charities that we support and we do it on

632
00:28:35,359 --> 00:28:37,679
Speaker 1: a monthly basis. I mean, I think it's really up

633
00:28:37,720 --> 00:28:40,680
Speaker 1: to you either way. It takes intentionality, but I think

634
00:28:40,720 --> 00:28:44,520
Speaker 1: automating just increases the chance of follow through and ensure

635
00:28:44,600 --> 00:28:46,920
Speaker 1: that the charities that you love and want to support

636
00:28:46,920 --> 00:28:48,720
Speaker 1: are going to actually get the funds that you want

637
00:28:48,840 --> 00:28:51,400
Speaker 1: directed towards them. Yeah. One more practical step I wanted

638
00:28:51,400 --> 00:28:54,200
Speaker 1: to to mention as well, man is as folks are deciding,

639
00:28:54,440 --> 00:28:56,760
Speaker 1: you know, maybe how much money that they should give, uh,

640
00:28:56,920 --> 00:28:58,920
Speaker 1: I think I would recommend for folks to look at

641
00:28:58,920 --> 00:29:02,200
Speaker 1: a percentage of their income instead of just picking maybe

642
00:29:02,200 --> 00:29:05,440
Speaker 1: a kind of random dollar amounts. I think this ensures

643
00:29:05,560 --> 00:29:08,440
Speaker 1: that well, first of all, like it really helps out

644
00:29:08,600 --> 00:29:10,760
Speaker 1: if you have a fluctuating income, right, and so if

645
00:29:10,760 --> 00:29:13,280
Speaker 1: you don't have an income that's solid every two weeks

646
00:29:13,320 --> 00:29:16,640
Speaker 1: or every month, having a percentage that you basically rely on,

647
00:29:16,960 --> 00:29:20,240
Speaker 1: it takes out that mental workout that's required, you know,

648
00:29:20,280 --> 00:29:22,080
Speaker 1: when you're like, Okay, how much should we you know,

649
00:29:22,240 --> 00:29:24,520
Speaker 1: set aside this month, Well, there's no question there's there's

650
00:29:24,520 --> 00:29:27,480
Speaker 1: a percentage. Also, if you find your income going up

651
00:29:27,480 --> 00:29:29,840
Speaker 1: over the years. I think having a percentage is helpful

652
00:29:29,840 --> 00:29:32,040
Speaker 1: in that way as well. I think, you know, you

653
00:29:32,080 --> 00:29:34,480
Speaker 1: might get a ten thousand dollar raise, but then you think, oh,

654
00:29:34,640 --> 00:29:37,440
Speaker 1: like like what it feels differently, I think to to

655
00:29:37,560 --> 00:29:40,040
Speaker 1: then say, okay, well, I'm gonna choose to then up

656
00:29:40,080 --> 00:29:41,960
Speaker 1: my you know, my giving by a certain number of

657
00:29:42,000 --> 00:29:44,760
Speaker 1: hundreds of dollars because you might think, well, do they

658
00:29:44,800 --> 00:29:47,640
Speaker 1: need hundreds more every single month? But like, it doesn't

659
00:29:47,640 --> 00:29:50,400
Speaker 1: really matter if you've kind of decided on a on

660
00:29:50,440 --> 00:29:52,640
Speaker 1: a specific percentage, you know. I think that's one of

661
00:29:52,640 --> 00:29:55,840
Speaker 1: the ways where billionaires will get criticized for just giving

662
00:29:55,880 --> 00:29:58,600
Speaker 1: like a small portion of their wealth away. And certainly

663
00:29:58,640 --> 00:30:01,600
Speaker 1: there are some very wealthy rich people who are giving

664
00:30:01,640 --> 00:30:03,920
Speaker 1: away a large percentage of their money yea, many of

665
00:30:03,920 --> 00:30:06,080
Speaker 1: whom have pledged to give away their entire fortunes when

666
00:30:06,120 --> 00:30:08,040
Speaker 1: they die. Yeah, exactly. But I think, like, how much

667
00:30:08,080 --> 00:30:10,640
Speaker 1: more impactful, how much more of a difference would it

668
00:30:10,720 --> 00:30:13,520
Speaker 1: make for those organizations if it was actually tied to

669
00:30:13,680 --> 00:30:15,680
Speaker 1: a percentage of their income. And so I don't know

670
00:30:15,720 --> 00:30:17,240
Speaker 1: if that's like a steadfast rule, but I feel like

671
00:30:17,280 --> 00:30:19,760
Speaker 1: that's something that folks can implement to remove some of

672
00:30:19,800 --> 00:30:22,320
Speaker 1: those questions, you know, like, this isn't necessarily a discussion

673
00:30:22,600 --> 00:30:25,040
Speaker 1: to come back to on a regular basis. Is something

674
00:30:25,080 --> 00:30:28,000
Speaker 1: that you decide on and then you know you execute. Yeah, No,

675
00:30:28,080 --> 00:30:30,240
Speaker 1: I think that's a good point. It's it's just easier

676
00:30:30,240 --> 00:30:33,200
Speaker 1: to stick to than a dollar amount, which is always

677
00:30:33,480 --> 00:30:37,080
Speaker 1: shifting depending on our income and expenses. Right. Uh. And

678
00:30:37,080 --> 00:30:40,360
Speaker 1: and if you're prioritizing it as a percentage of the

679
00:30:40,400 --> 00:30:42,200
Speaker 1: amount that you bring in that year, um, that's just

680
00:30:42,240 --> 00:30:43,760
Speaker 1: a good way to look at it. And it shifts

681
00:30:43,760 --> 00:30:46,120
Speaker 1: well as we shift. And let's talk to about is

682
00:30:46,160 --> 00:30:49,040
Speaker 1: there a best way for us to give? And I

683
00:30:49,080 --> 00:30:52,000
Speaker 1: think first two, it's important to mention in particular for

684
00:30:52,040 --> 00:30:53,720
Speaker 1: people who don't have a lot of money. Some of

685
00:30:53,720 --> 00:30:56,720
Speaker 1: our listeners who are in a good bit of debt still,

686
00:30:56,760 --> 00:30:59,280
Speaker 1: whether it's student loan debt, credit card debt, they're listening

687
00:30:59,320 --> 00:31:03,120
Speaker 1: to this show to dig theirselves out of that sticky

688
00:31:03,160 --> 00:31:06,240
Speaker 1: financial situation, and they say, right now, I'm just I

689
00:31:06,320 --> 00:31:09,440
Speaker 1: gotta be prioritized on debt payoff. I totally understand that.

690
00:31:09,800 --> 00:31:13,640
Speaker 1: But maybe you have um some worthwhile items or some

691
00:31:13,720 --> 00:31:16,880
Speaker 1: extra time that you can give to charity, giving items

692
00:31:16,880 --> 00:31:19,720
Speaker 1: that you have directly to an organization like Goodwill or

693
00:31:19,800 --> 00:31:22,240
Speaker 1: selling them on eBay and using that money to give

694
00:31:22,960 --> 00:31:25,720
Speaker 1: are great ways to to be a giver even when

695
00:31:25,760 --> 00:31:27,600
Speaker 1: you feel like you don't have much money, or of

696
00:31:27,640 --> 00:31:30,840
Speaker 1: course giving your time we talked about that earlier. Um,

697
00:31:30,880 --> 00:31:34,320
Speaker 1: just volunteering at your local charity, putting your skills, your

698
00:31:34,320 --> 00:31:37,520
Speaker 1: ability to use to help other people. They're also ways

699
00:31:37,560 --> 00:31:39,720
Speaker 1: to give where you don't need a charity at all.

700
00:31:40,000 --> 00:31:42,680
Speaker 1: You could keep packages with food and toiletries in your

701
00:31:42,680 --> 00:31:45,360
Speaker 1: car for homeless folks in need. I mean, there's just

702
00:31:45,520 --> 00:31:47,640
Speaker 1: so many different ways that you can meet the needs

703
00:31:47,760 --> 00:31:50,640
Speaker 1: around you, and it doesn't necessarily take a lot of money,

704
00:31:50,720 --> 00:31:53,120
Speaker 1: and it doesn't even necessarily take joining up with a

705
00:31:53,240 --> 00:31:55,560
Speaker 1: not for profit organization. You can meet some of the

706
00:31:55,560 --> 00:31:58,640
Speaker 1: needs that are in your neighborhood that are popping up

707
00:31:58,680 --> 00:32:01,560
Speaker 1: around you yourself, um, just by being a little more

708
00:32:01,560 --> 00:32:04,520
Speaker 1: intentional and so yeah, I think, um it's important to

709
00:32:04,600 --> 00:32:08,120
Speaker 1: note that to be a giver doesn't mean you necessarily

710
00:32:08,120 --> 00:32:10,080
Speaker 1: have to have lots of cash and just a giant

711
00:32:10,200 --> 00:32:12,959
Speaker 1: line item in your budget to to give that money away.

712
00:32:13,240 --> 00:32:15,760
Speaker 1: You can do that good work in really small ways

713
00:32:15,800 --> 00:32:17,720
Speaker 1: that maybe a lot of other people don't notice, but

714
00:32:17,760 --> 00:32:20,360
Speaker 1: the people that you're helping definitely will. Yeah, we're talking

715
00:32:20,360 --> 00:32:22,800
Speaker 1: about vetting charities earlier. When you're able to meet a

716
00:32:22,840 --> 00:32:27,000
Speaker 1: need directly like that, there is certainly zero waste in

717
00:32:27,040 --> 00:32:29,480
Speaker 1: between you know, that donation and that person receiving it.

718
00:32:29,520 --> 00:32:31,600
Speaker 1: In particular, you know, when it comes to food, we

719
00:32:31,640 --> 00:32:34,120
Speaker 1: don't keep care packages necessarily in our car, but like

720
00:32:34,160 --> 00:32:36,360
Speaker 1: we do always keep a glove box full of granola

721
00:32:36,400 --> 00:32:38,760
Speaker 1: bars in the car, and then also we keep some

722
00:32:38,880 --> 00:32:41,360
Speaker 1: in the bike bag as well, because you know, when

723
00:32:41,360 --> 00:32:43,120
Speaker 1: you do come across somebody like that is a way

724
00:32:43,400 --> 00:32:45,920
Speaker 1: you can you know, be a little more spontaneous that

725
00:32:45,960 --> 00:32:48,160
Speaker 1: you can meet a need in particular when there's someone

726
00:32:48,240 --> 00:32:49,760
Speaker 1: right there in front of you who's hungry. And when

727
00:32:49,760 --> 00:32:51,600
Speaker 1: it comes to to your money, you can kind of

728
00:32:51,640 --> 00:32:55,200
Speaker 1: do that as well, Right, donate directly to that organization.

729
00:32:55,280 --> 00:32:57,720
Speaker 1: Your dollar is gonna go further that way. Uh, and

730
00:32:57,840 --> 00:33:00,600
Speaker 1: you you also are gonna be sure to avoiding scams

731
00:33:00,640 --> 00:33:02,880
Speaker 1: that are out there. Um. You can also ask the

732
00:33:03,000 --> 00:33:05,920
Speaker 1: charity if they prefer a check in order to cut

733
00:33:05,920 --> 00:33:08,840
Speaker 1: down on some of their processing expenses. I know most

734
00:33:08,920 --> 00:33:11,880
Speaker 1: of us have online checking accounts these days, but a

735
00:33:11,880 --> 00:33:15,480
Speaker 1: lot of them also offer free checks, so go online

736
00:33:15,640 --> 00:33:17,440
Speaker 1: and you can have those mail to you, even though

737
00:33:17,680 --> 00:33:19,960
Speaker 1: you probably are like I cannot remember the last time

738
00:33:20,000 --> 00:33:23,080
Speaker 1: actually wrote a physical check. And and beyond that too,

739
00:33:23,120 --> 00:33:26,560
Speaker 1: if you're a higher wage earner, then consider donor advised funds.

740
00:33:26,920 --> 00:33:30,360
Speaker 1: In particularly if you itemize deductions. Donor advised fund can

741
00:33:30,400 --> 00:33:33,280
Speaker 1: be a great method for giving money away by allowing

742
00:33:33,320 --> 00:33:35,280
Speaker 1: you to to really lump your giving. You know, we

743
00:33:35,280 --> 00:33:37,920
Speaker 1: were talking about the the tax benefits earlier. This would

744
00:33:37,920 --> 00:33:40,240
Speaker 1: allow you to get that deduction as soon as the

745
00:33:40,280 --> 00:33:43,760
Speaker 1: funds are contributed to the donor advised fund. And if

746
00:33:43,760 --> 00:33:47,200
Speaker 1: it's funded with securities like stocks instead of cash, you're

747
00:33:47,200 --> 00:33:49,480
Speaker 1: able to then avoid capital gains tax as well. So

748
00:33:49,520 --> 00:33:52,600
Speaker 1: it's a double win from a tax perspective. Again, this

749
00:33:52,680 --> 00:33:55,080
Speaker 1: is certainly something that not many of us are are

750
00:33:55,120 --> 00:33:57,480
Speaker 1: needing to consider. But again, like if you are on

751
00:33:57,520 --> 00:33:59,520
Speaker 1: the path to really upping the amount of money that

752
00:33:59,520 --> 00:34:02,680
Speaker 1: you're giving a way than donor advised funds, they might

753
00:34:02,680 --> 00:34:04,360
Speaker 1: be in your future. All right, Matt, can you say

754
00:34:04,400 --> 00:34:06,960
Speaker 1: donor advice funds three times fast? You heard me stumbling

755
00:34:06,960 --> 00:34:09,200
Speaker 1: a little bit donor advised a fund. I was trying

756
00:34:09,200 --> 00:34:12,120
Speaker 1: to be super careful. Uh, And that's a tough one.

757
00:34:12,239 --> 00:34:15,480
Speaker 1: Sometimes too, I end up talking too fast and slow down.

758
00:34:15,520 --> 00:34:18,000
Speaker 1: Words run together, and so I need to slow it

759
00:34:18,040 --> 00:34:20,400
Speaker 1: down and I can speak a little more clearly. We

760
00:34:20,520 --> 00:34:22,440
Speaker 1: call them deaths in the future if you want. Is

761
00:34:22,480 --> 00:34:23,759
Speaker 1: that a thing? No, I don't know. I don't think

762
00:34:23,960 --> 00:34:26,680
Speaker 1: we can make it a thing. There's acronyms for too

763
00:34:26,719 --> 00:34:29,719
Speaker 1: many things in the financial world, and I'm not on

764
00:34:29,719 --> 00:34:32,280
Speaker 1: a mission to to add to it necessarily create more jargon.

765
00:34:33,000 --> 00:34:35,879
Speaker 1: We're kind of anti jargon actually, But yeah, the donor

766
00:34:35,880 --> 00:34:38,719
Speaker 1: Avice Fund can be great for for some people. It's

767
00:34:38,760 --> 00:34:41,520
Speaker 1: worth looking into. So I feel like, you know, ultimately

768
00:34:41,520 --> 00:34:43,399
Speaker 1: this episode, what we want to do is to help

769
00:34:43,400 --> 00:34:46,040
Speaker 1: you understand not only how to give effectively, but why

770
00:34:46,040 --> 00:34:49,160
Speaker 1: it's so important. Giving our money away is going to

771
00:34:49,239 --> 00:34:52,360
Speaker 1: make us more healthy as individuals while leading to greater

772
00:34:52,640 --> 00:34:56,200
Speaker 1: health overall as a community too. And research even shows

773
00:34:56,239 --> 00:34:58,279
Speaker 1: that giving our money away is going to have a

774
00:34:58,360 --> 00:35:01,160
Speaker 1: positive impact on our own person all happiness levels. So

775
00:35:01,200 --> 00:35:03,640
Speaker 1: I feel like giving is a win win win, especially

776
00:35:03,640 --> 00:35:04,960
Speaker 1: if you can get that tax kind of fit thrown

777
00:35:05,000 --> 00:35:08,520
Speaker 1: in at the same time. It's like it's triple win.

778
00:35:08,600 --> 00:35:11,120
Speaker 1: Man it's like like the hs a triple tax advantage.

779
00:35:11,600 --> 00:35:15,520
Speaker 1: Speaking of acronyms, Yeah, giving away your money has just

780
00:35:15,640 --> 00:35:19,040
Speaker 1: all these bonus side effects in your community, in your household,

781
00:35:19,440 --> 00:35:23,040
Speaker 1: for your own approach to personal finance, um, cutting the

782
00:35:23,080 --> 00:35:25,360
Speaker 1: tie just a little bit to where you're not holding

783
00:35:25,360 --> 00:35:28,480
Speaker 1: it too closely. Because money is a great thing. It's

784
00:35:28,520 --> 00:35:30,759
Speaker 1: a great tool to be able to use for your

785
00:35:30,800 --> 00:35:34,600
Speaker 1: future and save for your retirement, giving you freedom to

786
00:35:34,719 --> 00:35:36,839
Speaker 1: pursue the things you want to pursue. But at the

787
00:35:36,880 --> 00:35:39,400
Speaker 1: same time, giving of our money, giving our money away,

788
00:35:39,560 --> 00:35:43,000
Speaker 1: it's putting a realization into practice, and that realization is

789
00:35:43,000 --> 00:35:45,239
Speaker 1: is that we have so much and there are a

790
00:35:45,280 --> 00:35:47,719
Speaker 1: lot of others that that don't have. So we think, yeah,

791
00:35:47,719 --> 00:35:51,799
Speaker 1: on all those levels, prioritizing some amount of giving in

792
00:35:51,840 --> 00:35:54,520
Speaker 1: your personal finances is a healthy way to go. Yeah,

793
00:35:54,520 --> 00:35:56,839
Speaker 1: we want to be wise and thoughtful with our money, right,

794
00:35:56,840 --> 00:35:59,279
Speaker 1: but we also don't want the love of our money.

795
00:35:59,280 --> 00:36:01,560
Speaker 1: It's to define who we are. That's not what we're

796
00:36:01,560 --> 00:36:03,239
Speaker 1: all about here on the show. And so it's good

797
00:36:03,280 --> 00:36:05,200
Speaker 1: to kind of take an episode where we do the

798
00:36:05,239 --> 00:36:07,520
Speaker 1: opposite of what we talk about most of the time,

799
00:36:08,000 --> 00:36:10,560
Speaker 1: which is giving giving your money away all right, let's

800
00:36:10,600 --> 00:36:12,279
Speaker 1: take it back to the beer man. This episode, you

801
00:36:12,280 --> 00:36:15,440
Speaker 1: and I we shared a party cup, which is a

802
00:36:15,480 --> 00:36:18,719
Speaker 1: mosaic lagger by North Park Beer Company, and this is

803
00:36:18,800 --> 00:36:21,640
Speaker 1: sent to us by your buddy Craig. I don't think

804
00:36:21,680 --> 00:36:23,239
Speaker 1: I know Craig. Do I know him? I don't think

805
00:36:23,239 --> 00:36:26,240
Speaker 1: I've met him before. I don't think you ever met him. Now, Um, Craig,

806
00:36:26,280 --> 00:36:27,759
Speaker 1: one day you and I will meet me and we

807
00:36:28,000 --> 00:36:30,120
Speaker 1: appreciate this beer. This is a really good one, Joe,

808
00:36:30,200 --> 00:36:31,600
Speaker 1: What are your thoughts on it? All right? So it

809
00:36:31,719 --> 00:36:34,319
Speaker 1: was light, it was clean, it was hoppy. I kind

810
00:36:34,320 --> 00:36:37,719
Speaker 1: of enjoyed how refreshing it was. It was easy to drink,

811
00:36:37,719 --> 00:36:40,319
Speaker 1: but at the same time full of flavor. So yeah, man,

812
00:36:40,320 --> 00:36:43,080
Speaker 1: I thought this beer was was really really good. Yeah man.

813
00:36:43,120 --> 00:36:45,279
Speaker 1: This one actually almost reminded me of some of those

814
00:36:45,320 --> 00:36:48,000
Speaker 1: fresh hot pale ales that you know where the breweries

815
00:36:48,320 --> 00:36:50,640
Speaker 1: are taking the hops and they've never been frozen. You know,

816
00:36:50,680 --> 00:36:54,280
Speaker 1: it's like Wendy's, you know, like hops straight from the vine.

817
00:36:54,719 --> 00:36:56,480
Speaker 1: But it it tastes like one of those beers. You know,

818
00:36:56,560 --> 00:36:59,040
Speaker 1: we're we're basically you have like a drink by date

819
00:36:59,080 --> 00:37:01,400
Speaker 1: because they to make sure that you're enjoying it, you know,

820
00:37:01,440 --> 00:37:04,040
Speaker 1: as fresh as possible, but to me it almost had

821
00:37:04,200 --> 00:37:06,879
Speaker 1: you know, that quality where it was almost kingly um.

822
00:37:06,960 --> 00:37:09,360
Speaker 1: It was really tasty. I was surprised to see that

823
00:37:09,400 --> 00:37:11,120
Speaker 1: this is a logger. You normally don't get that kind

824
00:37:11,120 --> 00:37:13,480
Speaker 1: of flavor out of a logger. But like you said,

825
00:37:13,520 --> 00:37:16,719
Speaker 1: super clean, super light. But at the same time, I've

826
00:37:16,760 --> 00:37:19,440
Speaker 1: never had a logger that had this much hot presence

827
00:37:19,440 --> 00:37:21,719
Speaker 1: in it. If this is how all loggers tasted, I

828
00:37:21,760 --> 00:37:24,839
Speaker 1: would drink loggers all the time. But it's definitely not

829
00:37:24,880 --> 00:37:26,920
Speaker 1: the case. It's kind of rare to have hops. I

830
00:37:26,920 --> 00:37:29,880
Speaker 1: guess that you can taste in a lagger. But I

831
00:37:29,960 --> 00:37:33,200
Speaker 1: really really enjoyed this one. Man, super hop forward for sure. Yeah,

832
00:37:33,239 --> 00:37:35,439
Speaker 1: and plus I had a cute little red solo cup

833
00:37:35,480 --> 00:37:37,160
Speaker 1: on the front of it, you know, smiley face like,

834
00:37:37,400 --> 00:37:38,680
Speaker 1: you know, the kind of red cup that you would

835
00:37:38,680 --> 00:37:41,640
Speaker 1: have at a at a party playing beer pong, which

836
00:37:41,680 --> 00:37:44,080
Speaker 1: is why it's called party cup. But but yeah, this

837
00:37:44,160 --> 00:37:46,560
Speaker 1: is by no means the kind of beer that you

838
00:37:46,560 --> 00:37:49,480
Speaker 1: would expect at one of those parties. I really enjoyed it.

839
00:37:49,480 --> 00:37:50,880
Speaker 1: Glad you and I got to share this one on

840
00:37:50,920 --> 00:37:52,799
Speaker 1: the show, Buddy, No doubt, Man, all right, Well, that's

841
00:37:52,800 --> 00:37:54,879
Speaker 1: gonna do it for this episode. For folks that want

842
00:37:54,920 --> 00:37:57,239
Speaker 1: show notes for this episode, including links to some of

843
00:37:57,239 --> 00:37:59,520
Speaker 1: those places where you can vet a charity, we we'll

844
00:37:59,560 --> 00:38:01,600
Speaker 1: have those in our show notes up on our website

845
00:38:01,640 --> 00:38:03,600
Speaker 1: and how to money dot com. And listeners who have

846
00:38:03,760 --> 00:38:06,600
Speaker 1: left us a review over at Apple Podcast, we thank you.

847
00:38:07,040 --> 00:38:08,719
Speaker 1: But if that's not you, if you are listening and

848
00:38:09,040 --> 00:38:11,480
Speaker 1: you haven't left us review yet, we would be incredibly

849
00:38:11,480 --> 00:38:13,319
Speaker 1: appreciative if you were to head over and do that.

850
00:38:13,920 --> 00:38:15,360
Speaker 1: It helps us to grow the show and helps us

851
00:38:15,400 --> 00:38:18,680
Speaker 1: to get the word out, the good personal finance word,

852
00:38:18,920 --> 00:38:22,839
Speaker 1: and so join us in that mission. Joel, that's gonna

853
00:38:22,840 --> 00:38:25,439
Speaker 1: be it for this episode, Buddy. Until next time, best

854
00:38:25,440 --> 00:38:26,879
Speaker 1: Friends Out, Best Friends Out.