1 00:00:00,840 --> 00:00:03,360 Speaker 1: Just before we get started, we'd like to acknowledge and 2 00:00:03,520 --> 00:00:07,200 Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander peoples. 3 00:00:07,480 --> 00:00:10,760 Speaker 1: They're the traditional custodians of the lands, the waterways and 4 00:00:10,800 --> 00:00:14,200 Speaker 1: the skies all across Australia. We thank you for sharing 5 00:00:14,280 --> 00:00:16,320 Speaker 1: and for caring for the land on which we are 6 00:00:16,360 --> 00:00:19,840 Speaker 1: able to learn. We pay respects to elders past and present, 7 00:00:19,920 --> 00:00:22,160 Speaker 1: and we share our friendship and our kindness. 8 00:00:22,600 --> 00:00:41,880 Speaker 2: She's on the Money, She's on the Money. 9 00:00:45,600 --> 00:00:49,080 Speaker 3: Hello, and welcome to She's on the Money, the podcast 10 00:00:49,080 --> 00:00:51,080 Speaker 3: from Millennials who want financial Freedom. 11 00:00:51,600 --> 00:00:52,479 Speaker 1: The last few. 12 00:00:52,360 --> 00:00:56,520 Speaker 3: Years have been chaotic, to say the least. From bushfires 13 00:00:56,520 --> 00:00:59,680 Speaker 3: and floods to a pandemic and a couple of wars. 14 00:01:00,120 --> 00:01:02,840 Speaker 3: The world has been through a lot in recent times, 15 00:01:02,880 --> 00:01:05,360 Speaker 3: and if you're anything like us, you've probably wanted to 16 00:01:05,360 --> 00:01:08,279 Speaker 3: help out struggling communities by donating to a good cause. 17 00:01:08,800 --> 00:01:11,160 Speaker 3: But how do we decipher where our money should go 18 00:01:11,440 --> 00:01:14,120 Speaker 3: and how can we budget for it? My name is 19 00:01:14,160 --> 00:01:16,840 Speaker 3: Georgia King, and joining me to answer these questions and 20 00:01:16,920 --> 00:01:21,160 Speaker 3: more is the woman whose love language is giving Victoria divine. 21 00:01:21,560 --> 00:01:23,840 Speaker 3: You have lots of feelings about this one. 22 00:01:23,920 --> 00:01:26,479 Speaker 1: My love language is giving tell me I'm wrong, Yeah, 23 00:01:26,520 --> 00:01:30,319 Speaker 1: you're not wrong. It's also words of affirmation. So if 24 00:01:30,360 --> 00:01:33,560 Speaker 1: you're good about it, love language is giving. Also, she's 25 00:01:33,640 --> 00:01:37,399 Speaker 1: really nice, you'd have actually been much better. But I 26 00:01:37,480 --> 00:01:40,240 Speaker 1: have a lot of feelings on this, and come what 27 00:01:40,360 --> 00:01:43,959 Speaker 1: may I feel like this could be an episode that 28 00:01:44,080 --> 00:01:46,440 Speaker 1: divides a lot of us, not in a bad way, 29 00:01:46,480 --> 00:01:48,600 Speaker 1: but I think that a lot of people have colorful 30 00:01:48,640 --> 00:01:52,160 Speaker 1: opinions on giving in philanthropy and whether you should do 31 00:01:52,200 --> 00:01:54,200 Speaker 1: it or not, or whether you should care about yourself. 32 00:01:54,280 --> 00:01:56,520 Speaker 1: But I feel like there's a lot to be learned 33 00:01:57,120 --> 00:01:59,720 Speaker 1: when you give. Like I genuinely am a believer that 34 00:01:59,760 --> 00:02:02,200 Speaker 1: the more you give, the more you get back. And 35 00:02:02,240 --> 00:02:04,520 Speaker 1: there would hope that you know, even with trees on 36 00:02:04,520 --> 00:02:06,680 Speaker 1: the money, you guys are seeing that the more that 37 00:02:06,760 --> 00:02:09,200 Speaker 1: we give to you, the more that comes back our 38 00:02:09,280 --> 00:02:12,440 Speaker 1: way in love, obviously in being able to run a business. 39 00:02:12,480 --> 00:02:15,200 Speaker 1: But gee, we are not here today to convince you. 40 00:02:15,280 --> 00:02:16,880 Speaker 1: But today I guess we're here to give you some 41 00:02:16,880 --> 00:02:20,520 Speaker 1: context and unpack some points around charity and philanthropy and 42 00:02:20,960 --> 00:02:23,840 Speaker 1: give you the information that you need to make a 43 00:02:23,960 --> 00:02:27,360 Speaker 1: conscious and educated decision around it. Today we've got some 44 00:02:27,400 --> 00:02:31,080 Speaker 1: hot stats, some history and some context around what giving 45 00:02:31,160 --> 00:02:34,840 Speaker 1: in Australia means and the difference between charity and philanthropy 46 00:02:35,160 --> 00:02:36,959 Speaker 1: and how does it work and what does it mean 47 00:02:37,040 --> 00:02:39,200 Speaker 1: and ways that you can give back? Are we're going 48 00:02:39,200 --> 00:02:41,400 Speaker 1: to talk about the ick factor, g king the I 49 00:02:42,560 --> 00:02:45,400 Speaker 1: Are we going to talk about tax and some tips 50 00:02:45,400 --> 00:02:47,639 Speaker 1: for working it into your budget and much much more. 51 00:02:47,639 --> 00:02:50,040 Speaker 1: Obviously I'm very passionate about this area. Can't wait. 52 00:02:50,080 --> 00:02:51,519 Speaker 3: I can't believe it's taken us like two and a 53 00:02:51,560 --> 00:02:52,760 Speaker 3: half years to talk about this. 54 00:02:52,880 --> 00:02:55,000 Speaker 1: I mean, I feel like it's been intertwined in the 55 00:02:55,000 --> 00:02:58,600 Speaker 1: conversations that we've had historically, Like it's not a surprise 56 00:02:58,840 --> 00:03:01,920 Speaker 1: that we're talking about it officially on a podcast. But 57 00:03:02,160 --> 00:03:03,760 Speaker 1: I feel like giving has always been a part of 58 00:03:03,760 --> 00:03:05,560 Speaker 1: our budgets and always been a part of what She's 59 00:03:05,600 --> 00:03:08,640 Speaker 1: on the money does, maybe not so visibly though, So 60 00:03:08,680 --> 00:03:10,800 Speaker 1: now is the time to, you know, really talk about 61 00:03:10,800 --> 00:03:11,760 Speaker 1: what it means to us. 62 00:03:12,360 --> 00:03:17,040 Speaker 3: Let's begin be by defining the difference between charity and philanthropy, 63 00:03:17,320 --> 00:03:19,120 Speaker 3: because I kind of thought they were the same thing. 64 00:03:19,720 --> 00:03:22,799 Speaker 1: People might think that nice. That's the different nice. It's 65 00:03:22,880 --> 00:03:25,880 Speaker 1: not all about where the money is going necessarily, the 66 00:03:25,960 --> 00:03:30,040 Speaker 1: simple explanation here is that charity aims to relieve the 67 00:03:30,080 --> 00:03:34,400 Speaker 1: pain of a particular social problem, whereas philanthropy attempts to 68 00:03:34,440 --> 00:03:37,680 Speaker 1: address the root cause of that problem. So that's kind 69 00:03:37,680 --> 00:03:39,800 Speaker 1: of cool. Now you're more educated, we can be done 70 00:03:39,800 --> 00:03:42,440 Speaker 1: with the episode. There's a little more to it. There's 71 00:03:42,480 --> 00:03:44,600 Speaker 1: not a bit more to it than that, you are correct. 72 00:03:44,800 --> 00:03:47,760 Speaker 1: So charity would meet the immediate needs of somebody, so 73 00:03:47,880 --> 00:03:50,680 Speaker 1: like providing them with food and water and shelter and 74 00:03:50,720 --> 00:03:54,280 Speaker 1: medical care. And philanthropy actually looks more at identifying the 75 00:03:54,360 --> 00:03:57,120 Speaker 1: root causes of systemic issues and making the world a 76 00:03:57,120 --> 00:04:00,960 Speaker 1: better place by tackling societal problems at their roots. And 77 00:04:00,960 --> 00:04:03,960 Speaker 1: there's obviously a lot more privilege in being able to 78 00:04:04,040 --> 00:04:08,360 Speaker 1: do philanthropy than just charity, obviously given how big the 79 00:04:08,440 --> 00:04:11,400 Speaker 1: impact is. So charity is probably more what we would 80 00:04:11,440 --> 00:04:14,400 Speaker 1: be able to contribute to on a smaller scale. Yeah, 81 00:04:14,400 --> 00:04:17,320 Speaker 1: And philanthropy is often a bit bigger. It can be 82 00:04:17,360 --> 00:04:19,919 Speaker 1: made up of lots of lots of people donating to 83 00:04:19,960 --> 00:04:23,760 Speaker 1: that particular philanthropic cause. I think today we're going to 84 00:04:23,760 --> 00:04:25,800 Speaker 1: talk a little bit more about charity and what that 85 00:04:25,839 --> 00:04:27,320 Speaker 1: means and how it works for us. 86 00:04:27,480 --> 00:04:29,320 Speaker 3: A couple of stats for you, v lord. All right, 87 00:04:29,400 --> 00:04:33,880 Speaker 3: hi the girl, she's come in early in December twenty twenty, 88 00:04:34,000 --> 00:04:38,000 Speaker 3: they were around fifty eight thousand, six hundred registered charities 89 00:04:38,000 --> 00:04:38,600 Speaker 3: in Australia. 90 00:04:38,640 --> 00:04:41,440 Speaker 1: That's pretty heaps. That's heaps, isn't it. That doesn't mean 91 00:04:41,440 --> 00:04:43,599 Speaker 1: that they're super big and really well known though, like, 92 00:04:43,600 --> 00:04:46,000 Speaker 1: ok around fifty eight thousand massive charities, they. 93 00:04:45,880 --> 00:04:48,560 Speaker 3: Should be quite small, right, Okay, So the Charity's Aid 94 00:04:48,640 --> 00:04:51,880 Speaker 3: Foundation rates Australia as the eighth highest of more than 95 00:04:51,880 --> 00:04:54,600 Speaker 3: one hundred and forty countries over ten years because we're 96 00:04:54,640 --> 00:04:57,200 Speaker 3: nice humans of the world Giving Index, with three in 97 00:04:57,360 --> 00:04:59,760 Speaker 3: five Australians making a financial donation to a. 98 00:04:59,720 --> 00:05:01,440 Speaker 1: Charity see Nice Humans. 99 00:05:01,760 --> 00:05:05,040 Speaker 3: As expected, the pandemic put financial stress on the sector, 100 00:05:05,080 --> 00:05:08,080 Speaker 3: with total giving falling around seven point one percent in 101 00:05:08,120 --> 00:05:11,479 Speaker 3: twenty twenty and a further twelve percent in twenty twenty one. 102 00:05:11,520 --> 00:05:15,159 Speaker 3: That's interesting, good statscal I. Actually that gives us a 103 00:05:15,200 --> 00:05:16,160 Speaker 3: bit of context. 104 00:05:16,279 --> 00:05:18,760 Speaker 1: And then also furthering that, my stat that I'm going 105 00:05:18,839 --> 00:05:21,599 Speaker 1: to share is in twenty seventeen, it's like twenty eighteen, 106 00:05:22,000 --> 00:05:26,120 Speaker 1: four point four million individual taxpayers claimed a total of 107 00:05:26,160 --> 00:05:29,800 Speaker 1: three point seventy five billion dollars as tax deductible donations 108 00:05:30,080 --> 00:05:33,880 Speaker 1: compared with four point five two million claiming three point 109 00:05:33,880 --> 00:05:37,440 Speaker 1: eight four billion the year before. So gee, this is 110 00:05:37,520 --> 00:05:40,080 Speaker 1: consistent with the trends that we've seen over the last 111 00:05:40,120 --> 00:05:44,080 Speaker 1: ten years that actually show, sadly a smaller proportion of 112 00:05:44,120 --> 00:05:48,839 Speaker 1: Australians are giving, but those who are giving are giving more. Okay, interesting, right, 113 00:05:49,040 --> 00:05:49,840 Speaker 1: they're kind. 114 00:05:49,640 --> 00:05:51,159 Speaker 3: Of wonder why. 115 00:05:51,360 --> 00:05:54,960 Speaker 1: I wonder why as well, given how prevalent charity is now, 116 00:05:55,120 --> 00:05:57,839 Speaker 1: Like we're on social media, people are sharing their causes left, 117 00:05:57,880 --> 00:05:59,960 Speaker 1: right and center. Like, I don't think that there's been 118 00:06:00,040 --> 00:06:02,280 Speaker 1: a week I've been on social media that I haven't 119 00:06:02,279 --> 00:06:04,760 Speaker 1: seen a gofund me pop up, Like, I just feel 120 00:06:04,760 --> 00:06:07,880 Speaker 1: like charity is massive. So the fact that less people 121 00:06:07,880 --> 00:06:11,240 Speaker 1: are doing it, what does that mean? Yeah? I don't know. 122 00:06:11,560 --> 00:06:13,880 Speaker 3: Maybe that's just like too much decisions. 123 00:06:13,400 --> 00:06:14,720 Speaker 1: And aaly's this paralysis. 124 00:06:14,880 --> 00:06:16,200 Speaker 3: Maybe that's what I was trying to say. 125 00:06:16,200 --> 00:06:18,040 Speaker 1: Trust I don't know. We're going to break it down 126 00:06:18,080 --> 00:06:19,040 Speaker 1: in a hot second, though. 127 00:06:19,040 --> 00:06:23,920 Speaker 3: We are, Eila, outside of the world of benefit Gala's 128 00:06:24,000 --> 00:06:28,000 Speaker 3: hospital wing donations and other shall we say, like Champagne 129 00:06:28,080 --> 00:06:31,680 Speaker 3: and big name philanthropy. Why do the rest of us 130 00:06:31,720 --> 00:06:34,040 Speaker 3: tend to give just because we're little legends. 131 00:06:34,120 --> 00:06:36,000 Speaker 1: I think it's because we're little legends, so I think 132 00:06:36,000 --> 00:06:39,000 Speaker 1: that we know that supporting our community is really important, 133 00:06:39,080 --> 00:06:41,400 Speaker 1: or I would hope that we know that. But there 134 00:06:41,440 --> 00:06:44,479 Speaker 1: was giving study done by Giving Australia in twenty sixteen 135 00:06:44,960 --> 00:06:48,159 Speaker 1: and they reported the top three reasons why people were giving, 136 00:06:48,440 --> 00:06:50,600 Speaker 1: and these top three reasons were someone said it's a 137 00:06:50,640 --> 00:06:53,640 Speaker 1: really good cause slash charity and thirty nine percent of 138 00:06:53,680 --> 00:06:57,080 Speaker 1: people said that. The second reason was they had respect 139 00:06:57,120 --> 00:06:59,520 Speaker 1: for the work it does and that was twenty one percent, 140 00:07:00,040 --> 00:07:01,960 Speaker 1: and the third one was that they had sympathy for 141 00:07:02,000 --> 00:07:04,719 Speaker 1: the people that it helps and that came in at 142 00:07:04,800 --> 00:07:08,640 Speaker 1: fourteen percent, which is really exciting. But also I feel 143 00:07:08,640 --> 00:07:10,880 Speaker 1: like it's nice to know that they have clarity on 144 00:07:10,920 --> 00:07:13,400 Speaker 1: why they are giving, but I want to see that 145 00:07:13,520 --> 00:07:16,400 Speaker 1: further broken down, Like I don't want people to be like, oh, 146 00:07:16,440 --> 00:07:18,760 Speaker 1: it's a good idea, Like I would really like them 147 00:07:18,800 --> 00:07:21,720 Speaker 1: to give I guess more detailed responses because I think 148 00:07:21,760 --> 00:07:23,440 Speaker 1: the more we talk about it and the more reasons 149 00:07:23,440 --> 00:07:25,640 Speaker 1: why you do something Georgia, the more likely you are 150 00:07:25,680 --> 00:07:28,080 Speaker 1: to influence other people. And I guess I'm in a 151 00:07:28,080 --> 00:07:30,520 Speaker 1: bit of a bias position here, which I probably should 152 00:07:30,520 --> 00:07:32,760 Speaker 1: call out really earlier, is that I am involved in 153 00:07:32,800 --> 00:07:34,720 Speaker 1: a charity. For those of you who don't know, I 154 00:07:34,760 --> 00:07:36,840 Speaker 1: am the treasurer. Of course, I ended up with the 155 00:07:36,880 --> 00:07:40,720 Speaker 1: motto of TLC for Kids, which is an absolutely gorgeous 156 00:07:40,800 --> 00:07:44,040 Speaker 1: children's charity based here in Australia, and I have been 157 00:07:44,040 --> 00:07:45,760 Speaker 1: doing that for the last three years and I am 158 00:07:45,760 --> 00:07:48,080 Speaker 1: obsessed with them. I love it and I can see 159 00:07:48,120 --> 00:07:52,040 Speaker 1: the impact that donating to charity has, like dollar for dollar, 160 00:07:52,200 --> 00:07:55,480 Speaker 1: like we do these measurements that show us exactly where 161 00:07:55,520 --> 00:07:57,840 Speaker 1: every dollar is going and how much of every dollar 162 00:07:57,880 --> 00:08:00,960 Speaker 1: donated actually makes it to the kids, as opposed to 163 00:08:01,200 --> 00:08:03,880 Speaker 1: you know admin costs and you know rent and stuff 164 00:08:03,920 --> 00:08:05,960 Speaker 1: like that which we have to pay as a charity. 165 00:08:06,040 --> 00:08:08,760 Speaker 1: Like we exist as a business, but we are obviously 166 00:08:08,760 --> 00:08:11,200 Speaker 1: and not for profit and all of that goes back 167 00:08:11,240 --> 00:08:13,640 Speaker 1: to the charity and back to the people it impacts. 168 00:08:13,720 --> 00:08:15,960 Speaker 3: That's really cool that you get to see that breakdown. 169 00:08:16,040 --> 00:08:17,040 Speaker 1: It is so special. 170 00:08:17,160 --> 00:08:20,160 Speaker 3: Yeah, a criticism of donating to charities that like, none 171 00:08:20,200 --> 00:08:21,960 Speaker 3: of it will actually get to the person that needs it. 172 00:08:21,960 --> 00:08:24,400 Speaker 3: It's all just admin costs, as I mentioned, help. 173 00:08:24,320 --> 00:08:27,080 Speaker 1: To you as the individual to do the research right, 174 00:08:27,200 --> 00:08:29,920 Speaker 1: So I'm very critical in this space because I'm so 175 00:08:30,080 --> 00:08:33,640 Speaker 1: close to it. Right, But every charity in Australia has 176 00:08:33,760 --> 00:08:36,400 Speaker 1: to publish the annual report. It has to be public 177 00:08:36,559 --> 00:08:39,520 Speaker 1: because you are a registered charity in Australia. You obviously 178 00:08:39,559 --> 00:08:42,160 Speaker 1: get a number of tax benefits for doing that, and 179 00:08:42,200 --> 00:08:44,760 Speaker 1: it's it's a good thing. But if you are genuinely 180 00:08:44,760 --> 00:08:48,360 Speaker 1: interested in donating to a particular cause, maybe do a 181 00:08:48,400 --> 00:08:50,680 Speaker 1: deep dive into the charity and understand what they do 182 00:08:50,760 --> 00:08:53,160 Speaker 1: and how they do it. Because something that really frustrates 183 00:08:53,200 --> 00:08:55,760 Speaker 1: me and this, you know, I understand that a CEO 184 00:08:55,920 --> 00:08:59,320 Speaker 1: deserves to get paid at a CEO level, but sometimes 185 00:08:59,360 --> 00:09:01,400 Speaker 1: I think in char they're making it a bit of 186 00:09:01,440 --> 00:09:03,720 Speaker 1: a joke. Like I look at the way TLC for 187 00:09:03,800 --> 00:09:06,080 Speaker 1: Kids is run and I'm just so proud to work 188 00:09:06,120 --> 00:09:08,600 Speaker 1: for a company that is so transparent and cares so 189 00:09:08,720 --> 00:09:11,800 Speaker 1: much more about the kids than they do themselves. It's 190 00:09:11,840 --> 00:09:14,520 Speaker 1: an argument sometimes to you know, make sure that they're 191 00:09:14,559 --> 00:09:17,800 Speaker 1: paying themselves properly because they care so much more about 192 00:09:18,000 --> 00:09:20,600 Speaker 1: you know, the charity. But then you look at similar 193 00:09:20,720 --> 00:09:24,400 Speaker 1: charities or charities that are you know, benefiting similar demographics, 194 00:09:24,400 --> 00:09:26,800 Speaker 1: and you see that they're CEOs on a million dollars 195 00:09:26,800 --> 00:09:28,560 Speaker 1: a year and you're like, are they doing it for 196 00:09:28,600 --> 00:09:31,400 Speaker 1: the right reasons? It shouldn't take a million dollars to 197 00:09:31,440 --> 00:09:34,440 Speaker 1: have somebody running that business or running that charity. So 198 00:09:34,720 --> 00:09:36,760 Speaker 1: I think we really need to break it down. If 199 00:09:36,800 --> 00:09:39,560 Speaker 1: you're going to donate to charity, great, donate to causes 200 00:09:39,600 --> 00:09:42,679 Speaker 1: that make sense to you. But if you're worried about it, 201 00:09:42,800 --> 00:09:45,760 Speaker 1: make sure that you're doing the research. And because charity 202 00:09:45,800 --> 00:09:49,440 Speaker 1: in Australia is arguably so transparent, you should be able 203 00:09:49,440 --> 00:09:51,720 Speaker 1: to find the information so that you can go, well, 204 00:09:51,920 --> 00:09:54,280 Speaker 1: how much of it is going to kids? You know 205 00:09:54,360 --> 00:09:57,000 Speaker 1: how many things were sent out like how can we 206 00:09:57,040 --> 00:10:00,320 Speaker 1: measure that? What does that mean? And you know who's 207 00:10:00,360 --> 00:10:02,440 Speaker 1: on their board? Do I like them? Do I not 208 00:10:02,720 --> 00:10:04,880 Speaker 1: like them? Am I supporting this? Yet? I think there's 209 00:10:04,880 --> 00:10:07,600 Speaker 1: a lot to it that a lot of us don't 210 00:10:07,679 --> 00:10:10,160 Speaker 1: think about because you just go, it's chucking two dollars 211 00:10:10,160 --> 00:10:11,560 Speaker 1: in the bucket when they come. 212 00:10:11,440 --> 00:10:14,320 Speaker 3: Around, right, And it's so much more than that to 213 00:10:14,360 --> 00:10:17,920 Speaker 3: me interesting on a more of a group level. V 214 00:10:18,440 --> 00:10:20,320 Speaker 3: Workplace giving is a thing, right. 215 00:10:20,200 --> 00:10:22,320 Speaker 1: It's a massive thing and it's just another way that 216 00:10:22,360 --> 00:10:25,160 Speaker 1: we give, right, like workplace giving is essentially a joint 217 00:10:25,200 --> 00:10:29,800 Speaker 1: relationship between the employers, employees and charities that actually enables 218 00:10:29,800 --> 00:10:33,240 Speaker 1: individuals to donate a proportion of their pre tax salary, 219 00:10:33,400 --> 00:10:35,920 Speaker 1: which we love. And some employers and I love this 220 00:10:36,120 --> 00:10:41,040 Speaker 1: g they actually match staff donations because the ATO in 221 00:10:41,160 --> 00:10:45,200 Speaker 1: twenty nineteen released some stats that said two hundred one thousand, 222 00:10:45,320 --> 00:10:49,240 Speaker 1: two hundred and thirty seven Australians donated through workplace giving 223 00:10:49,320 --> 00:10:53,040 Speaker 1: in twenty nineteen. That's pretty cool. The average donation was 224 00:10:53,080 --> 00:10:57,440 Speaker 1: actually two hundred and fifteen dollars. Chunky boy, that's nice. 225 00:10:57,200 --> 00:10:57,760 Speaker 3: Very decent. 226 00:10:57,880 --> 00:11:01,680 Speaker 1: More than sixty six million dollars donated through workplace giving 227 00:11:01,720 --> 00:11:05,760 Speaker 1: platforms that did include the employee matchup program though, just 228 00:11:05,800 --> 00:11:09,560 Speaker 1: be aware. And those that were aged, I love this one. 229 00:11:09,640 --> 00:11:12,640 Speaker 1: Those that were under thirty four, Gee, they're the biggest givers. 230 00:11:12,880 --> 00:11:13,439 Speaker 3: Legends. 231 00:11:13,600 --> 00:11:16,360 Speaker 1: What legends we are both under thirty four For those 232 00:11:16,400 --> 00:11:21,800 Speaker 1: listening along, Yeah, yeah. Can I ask why workplaces offer this? 233 00:11:21,880 --> 00:11:24,160 Speaker 1: Is other tax benefits to them? Is it good pr 234 00:11:24,640 --> 00:11:26,640 Speaker 1: or are they just good blocks? Look, there can be 235 00:11:26,720 --> 00:11:30,679 Speaker 1: tax benefits to donating to charity, absolutely, And you know what, 236 00:11:30,840 --> 00:11:33,920 Speaker 1: there are some people who definitely donate to charity so 237 00:11:33,960 --> 00:11:35,880 Speaker 1: that they don't have to pay to the tax office. 238 00:11:35,960 --> 00:11:37,760 Speaker 1: I don't think that's the worst thing in the world. 239 00:11:37,800 --> 00:11:40,080 Speaker 1: Like I would much prefer people who need it to 240 00:11:40,160 --> 00:11:42,480 Speaker 1: get it, but I just would want to be doing 241 00:11:42,480 --> 00:11:45,040 Speaker 1: it for the right reasons. I think it's really really 242 00:11:45,040 --> 00:11:48,120 Speaker 1: important to understand that, yes, you can claim it on 243 00:11:48,160 --> 00:11:50,600 Speaker 1: your tax actually and get tax back for it. But 244 00:11:50,640 --> 00:11:52,480 Speaker 1: I'm pretty sure your donation has to be more than 245 00:11:52,520 --> 00:11:55,560 Speaker 1: two dollars to be eligible. Okay, seems fair. Uh huh. 246 00:11:55,600 --> 00:11:57,679 Speaker 3: And private ancillary funds, what are they? 247 00:11:57,960 --> 00:12:01,560 Speaker 1: A path, a PAAF. In the philanthropic world, we refer 248 00:12:01,640 --> 00:12:04,760 Speaker 1: to them as paths, and a path actually enables any 249 00:12:04,760 --> 00:12:07,720 Speaker 1: individual or a family or an organization to put money 250 00:12:07,760 --> 00:12:11,160 Speaker 1: aside in trust to support charities over the long term. 251 00:12:11,240 --> 00:12:14,640 Speaker 1: I'm obsessed with this idea. Literally, it is all I 252 00:12:14,679 --> 00:12:17,560 Speaker 1: talk about. Ask the TLC for Kids board. I'm like, path, 253 00:12:17,800 --> 00:12:20,240 Speaker 1: very good idea. One day will be big enough to 254 00:12:20,320 --> 00:12:23,000 Speaker 1: have one, and it will be really incredible. And the 255 00:12:23,080 --> 00:12:25,360 Speaker 1: reason I'm so obsessed with it is because g all 256 00:12:25,400 --> 00:12:27,760 Speaker 1: you hear me talk about is investing in the power 257 00:12:27,800 --> 00:12:30,680 Speaker 1: of investing. And what happens when you have a path 258 00:12:30,920 --> 00:12:34,040 Speaker 1: is that you can actually put money into this and 259 00:12:34,120 --> 00:12:37,040 Speaker 1: have it invested and then the dividends forever to go 260 00:12:37,120 --> 00:12:39,760 Speaker 1: to a charity so you can have a long lasting 261 00:12:39,840 --> 00:12:43,719 Speaker 1: impact instead of just donating two dollars here and there. Obviously, 262 00:12:43,840 --> 00:12:46,679 Speaker 1: this is very I don't want to say elitist, but 263 00:12:46,720 --> 00:12:49,199 Speaker 1: you would be in a very privileged position to be 264 00:12:49,280 --> 00:12:52,439 Speaker 1: able to establish a path. They are not cheap because 265 00:12:52,480 --> 00:12:55,080 Speaker 1: whenever you establish them, they are their own entities, they 266 00:12:55,120 --> 00:12:56,880 Speaker 1: have their own tax returns, they have a lot of 267 00:12:56,920 --> 00:13:00,000 Speaker 1: responsibilities that need to be met. But it is very, 268 00:13:00,040 --> 00:13:02,079 Speaker 1: very cool to think that there are a lot of 269 00:13:02,600 --> 00:13:06,640 Speaker 1: really wealthy families in Australia who have established these paths 270 00:13:06,880 --> 00:13:09,560 Speaker 1: so that they can benefit the community and charity and 271 00:13:09,600 --> 00:13:12,480 Speaker 1: the world basically forever. And I think that's really cool 272 00:13:12,760 --> 00:13:15,520 Speaker 1: that Israel. I've never heard of a path, never heard 273 00:13:15,559 --> 00:13:18,160 Speaker 1: of a path. Now you're a path genius. 274 00:13:18,360 --> 00:13:20,800 Speaker 3: Exactly right. We will move away from paths. On the 275 00:13:20,800 --> 00:13:23,280 Speaker 3: other side of the break, we will be talking about 276 00:13:23,440 --> 00:13:25,959 Speaker 3: other ways of giving back. So don't go anywhere, guys. 277 00:13:30,480 --> 00:13:32,280 Speaker 1: All right, gee, you told us that you were going 278 00:13:32,320 --> 00:13:34,280 Speaker 1: to tell us other ways we can give back. What 279 00:13:34,400 --> 00:13:34,760 Speaker 1: are they? 280 00:13:35,160 --> 00:13:39,440 Speaker 3: Well, not all of us can afford to contribute to 281 00:13:39,520 --> 00:13:43,679 Speaker 3: causes financially one hundred percent, so giving our time. I mean, 282 00:13:43,720 --> 00:13:46,440 Speaker 3: we saw it very recently up in northern New South 283 00:13:46,440 --> 00:13:49,560 Speaker 3: Wales and Queensland, the horrible floods. People were popping on 284 00:13:49,559 --> 00:13:52,480 Speaker 3: their gun boots getting out there and shoveling that mud 285 00:13:52,480 --> 00:13:55,400 Speaker 3: out of those destroyed homes. It was so heartening to see, 286 00:13:55,559 --> 00:13:58,320 Speaker 3: also so horrible. Of course, thoughts are with everyone affected 287 00:13:58,400 --> 00:14:01,320 Speaker 3: up there, But there are many meaningful ways that we 288 00:14:01,400 --> 00:14:05,280 Speaker 3: can affect change without actually putting any money on the line. 289 00:14:05,320 --> 00:14:08,000 Speaker 1: Right, absolutely there are, And I guess that's a really 290 00:14:08,000 --> 00:14:10,840 Speaker 1: good place to point out that you're really privileged if 291 00:14:10,880 --> 00:14:13,600 Speaker 1: you can give money to charity. Like how special is 292 00:14:13,600 --> 00:14:15,960 Speaker 1: it to be in a financial position that you have 293 00:14:16,080 --> 00:14:18,640 Speaker 1: enough money for you, George, but you also have enough 294 00:14:18,679 --> 00:14:21,920 Speaker 1: money to share for somebody else. When you give, you 295 00:14:22,000 --> 00:14:25,240 Speaker 1: often give with no expectation of return, and that's what's 296 00:14:25,280 --> 00:14:27,960 Speaker 1: happening with charity. You're not giving to them in the 297 00:14:27,960 --> 00:14:31,400 Speaker 1: hope that you get a solid investment return. You're giving 298 00:14:31,480 --> 00:14:34,160 Speaker 1: because it is arguably one of the right things to do, 299 00:14:34,520 --> 00:14:36,320 Speaker 1: and it's something that a lot of us feel like 300 00:14:36,400 --> 00:14:38,480 Speaker 1: we should be doing, but we just don't have the 301 00:14:38,520 --> 00:14:41,080 Speaker 1: budget for it. Like you might be a young couple 302 00:14:41,120 --> 00:14:43,440 Speaker 1: and you're desperately saving for your first home, and that's 303 00:14:43,440 --> 00:14:45,880 Speaker 1: okay if it's not part of your budget. I would 304 00:14:45,880 --> 00:14:48,120 Speaker 1: love to think that over time it could be built 305 00:14:48,160 --> 00:14:50,800 Speaker 1: in and from little things, big things grow. It's been 306 00:14:50,840 --> 00:14:53,480 Speaker 1: a while since I said that on the spaction. We're 307 00:14:53,480 --> 00:14:56,520 Speaker 1: bringing it back. We're bringing it back. G But it's 308 00:14:56,560 --> 00:14:58,360 Speaker 1: one of those things that if it's in line with 309 00:14:58,400 --> 00:15:01,520 Speaker 1: your budget, that's okay. If it's not, also okay. But 310 00:15:01,600 --> 00:15:04,120 Speaker 1: it's not just about money. It can sometimes be about 311 00:15:04,120 --> 00:15:06,560 Speaker 1: the thought. It can be about consistently being a kind 312 00:15:06,640 --> 00:15:10,040 Speaker 1: person and helping others where you can and where is feasible. 313 00:15:10,400 --> 00:15:13,320 Speaker 1: But it could also be about volunteering some time, it 314 00:15:13,360 --> 00:15:17,200 Speaker 1: could be about mentoring somebody. Like I am so wildly 315 00:15:17,240 --> 00:15:20,480 Speaker 1: passionate about this, I'm also really passionate about talking about 316 00:15:20,480 --> 00:15:23,480 Speaker 1: the difference between volunteering and you know, giving hands on 317 00:15:23,560 --> 00:15:27,720 Speaker 1: support versus donating money. And I feel like sometimes people 318 00:15:27,800 --> 00:15:29,800 Speaker 1: really want to just get their hands sturdy, and they 319 00:15:29,840 --> 00:15:31,560 Speaker 1: want to get into the nitty gritty of it and go, 320 00:15:31,640 --> 00:15:34,840 Speaker 1: oh my gosh, gee, like we spent a whole day 321 00:15:34,960 --> 00:15:37,800 Speaker 1: out helping pack bags for the homeless, or you know, 322 00:15:37,880 --> 00:15:39,840 Speaker 1: we went down to this soup kitchen or we did 323 00:15:39,880 --> 00:15:41,360 Speaker 1: this or we did that, and you go, that is 324 00:15:41,760 --> 00:15:44,680 Speaker 1: really great. And for a young person who doesn't have 325 00:15:44,760 --> 00:15:47,360 Speaker 1: a lot of money, that is such a fantastic and 326 00:15:47,480 --> 00:15:51,040 Speaker 1: really beautiful way to give back, because we've got to 327 00:15:51,040 --> 00:15:53,840 Speaker 1: be honest with you. Sometimes that can be really confronting. 328 00:15:54,160 --> 00:15:58,000 Speaker 1: It's not easy to change your circumstance and go and 329 00:15:58,200 --> 00:16:00,880 Speaker 1: you know, be a part of that. And I adore it. 330 00:16:00,920 --> 00:16:04,040 Speaker 1: I think it's really important. But on the flip side, 331 00:16:04,160 --> 00:16:07,000 Speaker 1: for people who are much wealthier, you know what, if 332 00:16:07,040 --> 00:16:10,960 Speaker 1: you're a high flying ceo, is your time best used 333 00:16:11,440 --> 00:16:14,840 Speaker 1: down at the soup kitchen serving or is it better 334 00:16:14,880 --> 00:16:17,440 Speaker 1: for you to work a few more overtime hours so 335 00:16:17,480 --> 00:16:20,280 Speaker 1: you can donate some more money to charity so that 336 00:16:20,320 --> 00:16:22,360 Speaker 1: you can fund the soup kitchen for the next few 337 00:16:22,360 --> 00:16:24,840 Speaker 1: weeks or do you know what I mean? Like, I 338 00:16:24,840 --> 00:16:27,400 Speaker 1: feel like we need to have this conversation around trade 339 00:16:27,400 --> 00:16:30,960 Speaker 1: off and what that means, because too often people think 340 00:16:31,200 --> 00:16:33,320 Speaker 1: money's the only way to donate because that's what the 341 00:16:33,320 --> 00:16:36,320 Speaker 1: wealthy do. Whereas we do need hands on deck, We 342 00:16:36,360 --> 00:16:38,600 Speaker 1: do need people, you know, turning up in gum boots 343 00:16:38,600 --> 00:16:42,200 Speaker 1: with a shovel. But sometimes we also need the financial support. 344 00:16:42,480 --> 00:16:44,080 Speaker 1: So all of that is well and good, and we're 345 00:16:44,080 --> 00:16:46,840 Speaker 1: talking about this time versus value trade off here g 346 00:16:47,480 --> 00:16:50,320 Speaker 1: But at the end of the day, I, personally, and 347 00:16:50,360 --> 00:16:52,440 Speaker 1: I know a lot of other people get a lot 348 00:16:52,480 --> 00:16:56,040 Speaker 1: out of volunteering and doing the nitty gritty and getting 349 00:16:56,040 --> 00:16:58,640 Speaker 1: your hands dirty, and I feel like it keeps us 350 00:16:58,880 --> 00:17:01,280 Speaker 1: connected with our communit unity and it genuinely makes you 351 00:17:01,280 --> 00:17:04,000 Speaker 1: feel like you're contributing to your community and so reporting 352 00:17:04,000 --> 00:17:06,840 Speaker 1: them and it's so nice connecting with people when you 353 00:17:06,880 --> 00:17:09,399 Speaker 1: were there. It's not necessarily about just throwing money at 354 00:17:09,440 --> 00:17:11,680 Speaker 1: the problem and hoping it's not a thing. And I mean, 355 00:17:11,920 --> 00:17:13,439 Speaker 1: if that's what you want to do, you're more than 356 00:17:13,480 --> 00:17:16,720 Speaker 1: welcome to. But there is this balance between Okay, giving 357 00:17:16,760 --> 00:17:20,520 Speaker 1: money is really important, but also sometimes it's equally important 358 00:17:20,640 --> 00:17:23,399 Speaker 1: to learn to get in there and to be a 359 00:17:23,480 --> 00:17:25,800 Speaker 1: part of that community and see what they can do 360 00:17:25,840 --> 00:17:27,560 Speaker 1: and how they can do it, and. 361 00:17:27,520 --> 00:17:30,320 Speaker 3: Like connecting with people. I also found. I used to 362 00:17:30,359 --> 00:17:34,080 Speaker 3: volunteer at this legendary place called Orange Sky Laundry. Oh yeah, 363 00:17:34,080 --> 00:17:36,560 Speaker 3: I remember, Yeah, So we'd go down every Monday night. 364 00:17:36,640 --> 00:17:39,639 Speaker 3: We had these vans. One had showers in it, and 365 00:17:39,680 --> 00:17:42,000 Speaker 3: the other had washing machines and we would wash and 366 00:17:42,080 --> 00:17:44,480 Speaker 3: dry the clothes of people doing it tough on the 367 00:17:44,480 --> 00:17:48,199 Speaker 3: streets of Melbourne or in low income housing situations, and 368 00:17:48,240 --> 00:17:50,879 Speaker 3: it was just the best, Like it was so like 369 00:17:51,280 --> 00:17:53,240 Speaker 3: the majority of those people just wanted to have a 370 00:17:53,280 --> 00:17:56,280 Speaker 3: big old yarn, someone that like a friendly face checking 371 00:17:56,320 --> 00:17:58,520 Speaker 3: with every Monday, and it was it was the best. 372 00:17:58,560 --> 00:18:00,000 Speaker 3: And you do you get so much out of it. 373 00:18:00,040 --> 00:18:01,760 Speaker 3: I'm sure I got much more out of it than 374 00:18:01,800 --> 00:18:02,200 Speaker 3: they did. 375 00:18:02,320 --> 00:18:04,120 Speaker 1: I know when you kind of feel a little bit guilty. 376 00:18:04,240 --> 00:18:06,160 Speaker 1: I've done that before as well, and I just feel 377 00:18:06,200 --> 00:18:08,760 Speaker 1: like I end up walking away feeling so nourished, and 378 00:18:08,760 --> 00:18:10,840 Speaker 1: I've heard these beautiful stories and I've got to be 379 00:18:10,840 --> 00:18:14,240 Speaker 1: a part of their community. And usually if you are 380 00:18:14,280 --> 00:18:16,479 Speaker 1: dealing with that demographic, they're so welcoming. They just want 381 00:18:16,520 --> 00:18:18,120 Speaker 1: to have a chat with you, like they just want 382 00:18:18,119 --> 00:18:20,159 Speaker 1: to sit down and have a cup of tea, and 383 00:18:20,200 --> 00:18:22,040 Speaker 1: oh my gosh, like I can afford the time to 384 00:18:22,040 --> 00:18:23,600 Speaker 1: do exactly, I absolutely can do. 385 00:18:23,600 --> 00:18:26,280 Speaker 3: That, yeah, one hundred percent. All right, let's move on 386 00:18:26,359 --> 00:18:29,040 Speaker 3: a little bit here. What sorts of things would you 387 00:18:29,080 --> 00:18:32,480 Speaker 3: say are good to take into consideration in this world 388 00:18:32,480 --> 00:18:35,720 Speaker 3: of charity and philanthropy outside of the fact that there 389 00:18:35,760 --> 00:18:38,120 Speaker 3: are always going to be some causes that we connect 390 00:18:38,160 --> 00:18:39,080 Speaker 3: with more than others. 391 00:18:39,200 --> 00:18:41,919 Speaker 1: Oh absolutely, And I do think it's genuinely important to 392 00:18:41,960 --> 00:18:45,200 Speaker 1: be connecting with causes that you feel passionate about. It's 393 00:18:45,240 --> 00:18:47,919 Speaker 1: not about saying this is the charity of choice. You 394 00:18:48,000 --> 00:18:50,920 Speaker 1: need to go and support this particular one, because you're 395 00:18:50,920 --> 00:18:55,040 Speaker 1: more likely to have sustainable change and sustainable donations if 396 00:18:55,040 --> 00:18:57,919 Speaker 1: you really feel connected with that. And that's to me 397 00:18:58,040 --> 00:19:00,720 Speaker 1: really important to also donate in line with your values. 398 00:19:01,000 --> 00:19:03,480 Speaker 1: But that's one of the things that can get caught 399 00:19:03,640 --> 00:19:07,240 Speaker 1: up in the charity in philanthropic space, right like your 400 00:19:07,320 --> 00:19:09,640 Speaker 1: values might not be being met. And gee, I'm sure 401 00:19:09,680 --> 00:19:12,159 Speaker 1: you've heard of it before as well, But charities exist 402 00:19:12,200 --> 00:19:15,240 Speaker 1: where they do really good work and they support really 403 00:19:15,280 --> 00:19:18,719 Speaker 1: great causes, but then they're not supporters of our friends 404 00:19:18,760 --> 00:19:22,240 Speaker 1: in the lgbtqia plus community, or they're not doing the 405 00:19:22,320 --> 00:19:25,200 Speaker 1: right thing by our indigenous friends, or they're not doing 406 00:19:25,200 --> 00:19:27,879 Speaker 1: the right thing when it comes to having really exorbitant 407 00:19:28,040 --> 00:19:31,240 Speaker 1: organizational CEO costs. And I touched on all of this 408 00:19:31,320 --> 00:19:33,840 Speaker 1: stuff before, but we really need to make sure that 409 00:19:33,840 --> 00:19:36,439 Speaker 1: they're not in a way greenwashing us and telling us 410 00:19:36,560 --> 00:19:39,520 Speaker 1: they do this really great thing, and then it's not 411 00:19:39,680 --> 00:19:42,680 Speaker 1: actually translating, and a good way of understanding that is 412 00:19:42,760 --> 00:19:44,800 Speaker 1: kind of going, all right, well, if I donated a dollar, 413 00:19:45,160 --> 00:19:47,480 Speaker 1: how much of that dollar would actually go to the cause? 414 00:19:47,880 --> 00:19:51,200 Speaker 1: And thinking about charity in that way, for me feels 415 00:19:51,240 --> 00:19:54,080 Speaker 1: like it's a bit more impactful. It's a bit better 416 00:19:54,280 --> 00:19:56,320 Speaker 1: to think of it that way because you're okay, well, 417 00:19:56,359 --> 00:19:58,880 Speaker 1: as much of that dollar is going to charity as possible, 418 00:19:59,080 --> 00:20:02,560 Speaker 1: whereas there is some charity is where twenty percent of 419 00:20:02,640 --> 00:20:05,879 Speaker 1: it ends up with the cause and the rest of 420 00:20:05,920 --> 00:20:08,640 Speaker 1: the eighty years about their fancy office and their fancy 421 00:20:08,720 --> 00:20:12,280 Speaker 1: CEO and supporting strategy days that they might not need. 422 00:20:12,320 --> 00:20:14,439 Speaker 1: And I just I don't want to be supporting that, 423 00:20:14,480 --> 00:20:16,239 Speaker 1: and I'm sure you guys don't. And the only way 424 00:20:16,240 --> 00:20:17,639 Speaker 1: you're going to learn about it is if I call 425 00:20:17,680 --> 00:20:18,240 Speaker 1: it out. 426 00:20:18,240 --> 00:20:20,600 Speaker 3: Yeah, one hundred and as you said before, you can 427 00:20:20,680 --> 00:20:23,360 Speaker 3: kind of find out how legitimate a company is by 428 00:20:23,359 --> 00:20:25,520 Speaker 3: looking at their annual reports or a charity rather. 429 00:20:25,440 --> 00:20:27,560 Speaker 1: Yeah, yeah, and like and charity. At the moment, I 430 00:20:27,600 --> 00:20:30,160 Speaker 1: think is really important to be having a conversation about 431 00:20:30,200 --> 00:20:33,280 Speaker 1: because George you mentioned that we've been through so much. 432 00:20:33,359 --> 00:20:36,320 Speaker 1: We're currently going through some world wars. We've gone through 433 00:20:36,560 --> 00:20:40,120 Speaker 1: bushfires at the start of COVID, then COVID happened. Then 434 00:20:40,160 --> 00:20:42,960 Speaker 1: we're having the floods like we have been through it all, 435 00:20:43,359 --> 00:20:45,919 Speaker 1: and that has meant that people are giving to different 436 00:20:46,040 --> 00:20:49,800 Speaker 1: charities which are very very viable. It's very very important 437 00:20:49,840 --> 00:20:51,760 Speaker 1: to be giving to those who need it, Like there 438 00:20:51,840 --> 00:20:54,159 Speaker 1: is no way I would say, don't donate to the 439 00:20:54,200 --> 00:20:56,960 Speaker 1: flood relief because we need to do something else. In fact, 440 00:20:57,080 --> 00:20:59,280 Speaker 1: she's on the money donated to the flood or relief 441 00:20:59,280 --> 00:21:02,440 Speaker 1: because that's really important to us. But we also need 442 00:21:02,480 --> 00:21:05,480 Speaker 1: to remember that there are lots of charities throughout that 443 00:21:05,560 --> 00:21:08,880 Speaker 1: time didn't survive because they didn't have the donations coming 444 00:21:08,920 --> 00:21:10,880 Speaker 1: in the door that they needed. And I remember having 445 00:21:10,880 --> 00:21:14,359 Speaker 1: these conversations, you know, even in TLC, how are we 446 00:21:14,400 --> 00:21:16,600 Speaker 1: going to make sure that we as a charity survive 447 00:21:16,760 --> 00:21:20,919 Speaker 1: this pandemic because the priority isn't necessarily on donating to 448 00:21:20,960 --> 00:21:24,480 Speaker 1: a children's charity right now. I think it's important, obviously, 449 00:21:24,640 --> 00:21:27,199 Speaker 1: but more often than not, charity that is front of 450 00:21:27,320 --> 00:21:30,359 Speaker 1: mind usually gets serviced first, or the charities that have 451 00:21:30,480 --> 00:21:33,280 Speaker 1: the really really big names and you know, I'm not 452 00:21:33,280 --> 00:21:34,880 Speaker 1: going to call them out on here, but you're very 453 00:21:35,040 --> 00:21:38,040 Speaker 1: likely to give to them because they have the exposure. 454 00:21:38,480 --> 00:21:40,840 Speaker 1: They're in all the supermarkets. You can put the money 455 00:21:40,880 --> 00:21:43,040 Speaker 1: in the tin or you know, they have these big 456 00:21:43,080 --> 00:21:45,159 Speaker 1: call centers that call up and say, hey, do you 457 00:21:45,200 --> 00:21:47,479 Speaker 1: want to make a donation? And I think it's important 458 00:21:47,520 --> 00:21:49,040 Speaker 1: to realize that there are a lot of charities that 459 00:21:49,119 --> 00:21:51,400 Speaker 1: just don't have the funds to do that, that still 460 00:21:51,440 --> 00:21:54,560 Speaker 1: need supporting, especially after the pandemic we've gone through. Like 461 00:21:54,600 --> 00:21:56,919 Speaker 1: it's it's crazy, but I think we need to remember 462 00:21:56,920 --> 00:21:58,879 Speaker 1: that there are a lot of small charities out there 463 00:21:58,920 --> 00:22:02,439 Speaker 1: doing really good things that need a lot more support. 464 00:22:02,520 --> 00:22:05,520 Speaker 3: And that's exactly right. Feet Like, there are fifty eight thousand, 465 00:22:05,920 --> 00:22:09,800 Speaker 3: six hundred, six hundred charities in Australia, Like not all 466 00:22:09,840 --> 00:22:12,280 Speaker 3: of them are going well, it's just impossible. 467 00:22:12,280 --> 00:22:15,000 Speaker 1: And I look at a lot of the charities, I'm like, okay, cool, 468 00:22:15,040 --> 00:22:17,639 Speaker 1: Like is this actually about the kids? Is it actually 469 00:22:17,680 --> 00:22:20,040 Speaker 1: about the cause or is it about you having a 470 00:22:20,040 --> 00:22:22,800 Speaker 1: big bougie charity gala because that costs a lot to 471 00:22:22,840 --> 00:22:26,320 Speaker 1: host and obviously the return on investment there is significant, 472 00:22:26,440 --> 00:22:29,080 Speaker 1: But like the privilege of being able to get a 473 00:22:29,119 --> 00:22:32,040 Speaker 1: bunch of multimillionaires into a room to raise a million 474 00:22:32,080 --> 00:22:34,000 Speaker 1: dollars for charity is gorgeous, but that is not a 475 00:22:34,040 --> 00:22:36,600 Speaker 1: privilege that all charities have. So I think being able 476 00:22:36,640 --> 00:22:38,439 Speaker 1: to find a charity of the lines to your values 477 00:22:38,440 --> 00:22:42,280 Speaker 1: and what you want to achieve, while also funding someone 478 00:22:42,280 --> 00:22:44,640 Speaker 1: that maybe isn't getting the funding that is so visible. 479 00:22:44,800 --> 00:22:47,919 Speaker 3: Yeah, this kind of brings me to my next question 480 00:22:48,160 --> 00:22:51,760 Speaker 3: about go fund me campaigns because these can kind of 481 00:22:51,760 --> 00:22:54,359 Speaker 3: operate on a more personal level. People can put anything 482 00:22:54,440 --> 00:22:57,760 Speaker 3: up there and ask for your money. Remember again, start 483 00:22:57,800 --> 00:22:59,920 Speaker 3: of the pandemic, we were all going through the bushfire 484 00:23:00,119 --> 00:23:03,800 Speaker 3: in certain parts of Australia and Celeste Barber the absolute legend. 485 00:23:04,600 --> 00:23:09,040 Speaker 3: So fifty million dollars insane. But then what a queen 486 00:23:09,240 --> 00:23:12,600 Speaker 3: later on because of I don't even know what the 487 00:23:12,680 --> 00:23:15,639 Speaker 3: details were in that, but the money that she raised 488 00:23:16,000 --> 00:23:18,639 Speaker 3: wasn't able to be distributed how she wanted it to be. 489 00:23:18,720 --> 00:23:19,159 Speaker 2: It all went. 490 00:23:19,240 --> 00:23:22,280 Speaker 1: It was heartbreaking. So what happened was she had raised 491 00:23:22,359 --> 00:23:24,639 Speaker 1: all of this money, but when she signed up to 492 00:23:24,680 --> 00:23:27,399 Speaker 1: the gofund me, in the terms and conditions, obviously you 493 00:23:27,400 --> 00:23:29,960 Speaker 1: have to nominate a charity and if you're raising money 494 00:23:29,960 --> 00:23:32,280 Speaker 1: for that charity, they like their terms and conditions are 495 00:23:32,480 --> 00:23:35,520 Speaker 1: all of that money goes to the nominated charity because 496 00:23:35,560 --> 00:23:38,760 Speaker 1: if you have donated to that, you weren't donating for 497 00:23:38,800 --> 00:23:42,400 Speaker 1: anybody else. You were donating for that specific cause, So 498 00:23:42,440 --> 00:23:44,600 Speaker 1: it has to go to that cause. And she obviously 499 00:23:44,640 --> 00:23:48,000 Speaker 1: established it not knowing she was going to raise fifty 500 00:23:48,200 --> 00:23:51,760 Speaker 1: million dollars, and unfortunately all of it had to go 501 00:23:51,840 --> 00:23:55,280 Speaker 1: to one charity instead of being distributed between a number 502 00:23:55,280 --> 00:23:58,280 Speaker 1: of different charities and locations. So I think it ended 503 00:23:58,359 --> 00:24:01,280 Speaker 1: up only benefiting one state as opposed to a number 504 00:24:01,320 --> 00:24:05,000 Speaker 1: of states. Yeah, which is upsetting, but that's the nature 505 00:24:05,040 --> 00:24:08,720 Speaker 1: of gofund me, right, Yeah, Okay, so that organization is 506 00:24:08,720 --> 00:24:11,040 Speaker 1: obviously putting the money to good use. It's not anything 507 00:24:11,080 --> 00:24:13,920 Speaker 1: to do with them, like they didn't choose that they 508 00:24:14,040 --> 00:24:17,639 Speaker 1: wanted to share it. But then charities also have particular 509 00:24:17,680 --> 00:24:21,119 Speaker 1: mandates to be a charity, so they can only spend 510 00:24:21,200 --> 00:24:25,160 Speaker 1: on certain things, and unfortunately in the mandates, they weren't 511 00:24:25,200 --> 00:24:27,480 Speaker 1: able to distribute it to other charities because it's against 512 00:24:27,480 --> 00:24:29,679 Speaker 1: what their boards say, it's against everything that they were 513 00:24:29,800 --> 00:24:33,840 Speaker 1: established for. Because obviously that charity does this one particular thing, 514 00:24:33,880 --> 00:24:35,680 Speaker 1: and they've got to do that one particular thing. The 515 00:24:35,720 --> 00:24:38,280 Speaker 1: money can't be spent on anything else. So they're good people, 516 00:24:38,320 --> 00:24:40,359 Speaker 1: they're doing good things. It's just a bit of a 517 00:24:40,400 --> 00:24:44,520 Speaker 1: fickle platform, and I'm a bit I guess triggered, especially 518 00:24:44,560 --> 00:24:47,200 Speaker 1: after the pandemic and seeing, you know, on a current 519 00:24:47,240 --> 00:24:50,239 Speaker 1: affair that people were raising money for themselves but they 520 00:24:50,280 --> 00:24:53,800 Speaker 1: weren't their authentic selves. Like it was really upsetting to 521 00:24:53,840 --> 00:24:56,760 Speaker 1: think that you can have something on your Facebook feed 522 00:24:56,840 --> 00:24:58,720 Speaker 1: or your Instagram feed pop up and you go, wow, 523 00:24:58,840 --> 00:25:01,879 Speaker 1: that's such a special cause. Really connect with Georgia. She 524 00:25:02,040 --> 00:25:05,000 Speaker 1: really needs that, and you donate, and then later find 525 00:25:05,040 --> 00:25:08,040 Speaker 1: out that maybe they weren't that truthful, Like it just 526 00:25:08,080 --> 00:25:10,720 Speaker 1: gives me the ick, Like that makes me feel honestly 527 00:25:11,040 --> 00:25:14,640 Speaker 1: sick that people are donating and not being transparent about that. 528 00:25:14,760 --> 00:25:17,879 Speaker 3: It's also enormously I'm just looking at the numbers now, 529 00:25:18,400 --> 00:25:22,960 Speaker 3: there are seventy billion donors donating nine billion dollars as 530 00:25:22,960 --> 00:25:24,880 Speaker 3: of twenty twenty one. 531 00:25:24,880 --> 00:25:29,520 Speaker 1: YELP and ten thousand new campaigns are started every day, 532 00:25:29,520 --> 00:25:31,960 Speaker 1: four million dollars raised every day. 533 00:25:32,080 --> 00:25:37,000 Speaker 3: So it's super effective, super effective, but maybe it is 534 00:25:37,119 --> 00:25:38,879 Speaker 3: pretty open to scammers being able to. 535 00:25:38,880 --> 00:25:42,000 Speaker 1: Super effective, yeah, but also super accessible to start a 536 00:25:42,040 --> 00:25:44,080 Speaker 1: course use. You can raise money for anything, and I've 537 00:25:44,119 --> 00:25:46,720 Speaker 1: you know, donated to different things over time on GoFundMe 538 00:25:46,760 --> 00:25:49,000 Speaker 1: that I want to support, but they might not necessarily 539 00:25:49,040 --> 00:25:52,359 Speaker 1: be official charities. I might not necessarily be causes that 540 00:25:52,440 --> 00:25:55,080 Speaker 1: are registered, but I want to support it, and I'm 541 00:25:55,080 --> 00:25:58,200 Speaker 1: happy with the decisions I've made. But I think gofund 542 00:25:58,240 --> 00:26:01,480 Speaker 1: me is more about the visibility and my opportunity created 543 00:26:01,520 --> 00:26:04,479 Speaker 1: to make tangible change. And that's really great. But I 544 00:26:04,560 --> 00:26:06,520 Speaker 1: just hate that there are people out there that exploit 545 00:26:06,560 --> 00:26:09,920 Speaker 1: platforms like that, Like they shouldn't be allowed to do that. Yeah, 546 00:26:10,480 --> 00:26:12,280 Speaker 1: they should be ramifications if you do that. 547 00:26:12,400 --> 00:26:15,080 Speaker 3: Okay, Well, I feel like the moral of the story 548 00:26:15,359 --> 00:26:18,800 Speaker 3: today is that like intention is the most important thing 549 00:26:18,920 --> 00:26:21,600 Speaker 3: if you're donating your time or your money, it's the 550 00:26:21,640 --> 00:26:24,280 Speaker 3: intention that matters, right, It's like less about what you 551 00:26:24,320 --> 00:26:28,840 Speaker 3: can afford on that thov Have you ever experienced an 552 00:26:28,920 --> 00:26:30,200 Speaker 3: eke after. 553 00:26:30,080 --> 00:26:33,399 Speaker 1: When I see gofundmes. No, not when I've donated, but 554 00:26:33,440 --> 00:26:36,560 Speaker 1: when I've seen gofundmes where I feel like they're not 555 00:26:36,680 --> 00:26:39,080 Speaker 1: super transparent and then I see them blowing up and 556 00:26:39,119 --> 00:26:41,520 Speaker 1: I'm like, well, why are we doing this? Like this 557 00:26:41,760 --> 00:26:44,720 Speaker 1: is not a good thing to be putting your money towards. 558 00:26:44,800 --> 00:26:47,400 Speaker 1: But like each to their own, it's not my decision 559 00:26:47,440 --> 00:26:49,359 Speaker 1: what you donate too, And I mean that's probably me 560 00:26:49,400 --> 00:26:51,560 Speaker 1: being a little bit unnecessarily judgmental. 561 00:26:51,800 --> 00:26:54,199 Speaker 3: All right, before we head off for the day, V, 562 00:26:54,600 --> 00:26:57,080 Speaker 3: let's chat through the tax implications of all of this. 563 00:26:57,200 --> 00:26:58,280 Speaker 3: What do we need to be mindful of. 564 00:26:58,280 --> 00:27:00,000 Speaker 1: Obviously this is cheese on the money, we do need 565 00:27:00,080 --> 00:27:02,560 Speaker 1: to talk about tax. So if you are going to 566 00:27:02,640 --> 00:27:04,760 Speaker 1: donate to a charity, please make sure that they are 567 00:27:04,760 --> 00:27:08,399 Speaker 1: a DGR and that is a deductible gift recipient, which 568 00:27:08,400 --> 00:27:10,320 Speaker 1: means that you are able to claim it on tax. 569 00:27:10,359 --> 00:27:13,240 Speaker 1: It's not necessarily about you being able to claim that 570 00:27:13,320 --> 00:27:15,920 Speaker 1: because like you donated it with goodwill, you're not trying 571 00:27:15,960 --> 00:27:18,560 Speaker 1: to get a benefit out of it. But it means 572 00:27:18,560 --> 00:27:21,280 Speaker 1: they're more legitimate. So g it also has to be 573 00:27:21,320 --> 00:27:24,240 Speaker 1: a legitimate gift or donation. You can't just fudge it 574 00:27:24,280 --> 00:27:26,000 Speaker 1: and put it on your tax return and hope it 575 00:27:26,040 --> 00:27:28,600 Speaker 1: will stick. It has to be legitimate, and that is 576 00:27:28,680 --> 00:27:32,679 Speaker 1: you voluntarily transferring money or a property without receiving or 577 00:27:32,760 --> 00:27:36,479 Speaker 1: expecting to receive any type of material benefit in return, 578 00:27:36,720 --> 00:27:40,199 Speaker 1: because obviously that would be a little bit dodgy. It 579 00:27:40,280 --> 00:27:43,160 Speaker 1: must be as well, George, money or property. It can't 580 00:27:43,160 --> 00:27:46,480 Speaker 1: be anything else. Like it can be financial assets. You 581 00:27:46,520 --> 00:27:50,440 Speaker 1: could donate shares, you could donate cryptocurrency, but it has 582 00:27:50,520 --> 00:27:53,479 Speaker 1: to be an actual asset and it needs to comply 583 00:27:53,600 --> 00:27:57,360 Speaker 1: with relevant gift conditions. So for some dgrs that do 584 00:27:57,440 --> 00:28:00,880 Speaker 1: have income tax laws, there are added canations that affect 585 00:28:00,920 --> 00:28:03,639 Speaker 1: the type of deductible gifts that they can receive, So 586 00:28:03,960 --> 00:28:05,920 Speaker 1: important to just be aware of that. Just make sure 587 00:28:05,920 --> 00:28:08,880 Speaker 1: they're they're legitimate. If you really are worried, look into them, 588 00:28:09,000 --> 00:28:11,359 Speaker 1: see what they're up to, and you know, have a 589 00:28:11,440 --> 00:28:13,359 Speaker 1: think about what means the most to you. 590 00:28:13,640 --> 00:28:16,280 Speaker 3: Yeah, well, I think that's the perfect place to leave. 591 00:28:16,160 --> 00:28:18,720 Speaker 1: It there, v Perfection. Do you want to wrap ith? 592 00:28:18,800 --> 00:28:20,959 Speaker 3: Yeah, yeah, let's wrap it before we head off. 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