483 | Effective Giving for the FI Community | Rebecca Herbst & Jack Lewars
ChooseFI
Brad Barrett | Choose FI Media
4.8 • 5K Ratings
🗓️ 18 March 2024
⏱️ 73 minutes
🧾️ Download transcript
Summary
In this episode: building a giving framework, the giving pledge, compound impact, donor advised funds, and different ways to give.
Is it better to give to charity in a lump sum versus incrementally? What are the tax implications of donating? What are the benefits of using donor advised funds? This week we answer these questions and more with the help of Rebecca Herbst and Jack Lewars as we discuss charitable donations and effective giving while on the FI journey. A large part of FI is taking actionable steps to improve your life, but this journey also opens up opportunities to improve the life of others. While navigating donations while on the path to FI can seem tricky because we are so focused on attaining our FI numbers, there are still many ways you can give back and make a difference. Creating the habit of effective giving can help you leave an impact on yourself and the world at large! There are many resources available that can help calculate what you can give while remaining on the FI track, as well as help you see how your donations are making a difference!
Rebecca Herbst & Jack Lewars:
- Yield and Spread: yieldandspread.org
- Rebecca’s Coaching Program: Coaching for do-gooders
- 1 For The World: 1fortheworld.org
- Jack’s LinkedIn: Jack Lewars
Timestamps:
- 1:37 – Introduction
- 4:24 – The Giving Pledge
- 11:59 – Building A Framework And Effective Giving
- 23:20 – Should You Get To FI Before You Give?
- 33:12 – Compound Impact
- 39:48 – Feedback From Giving And Fun Funds
- 51:08 – Different Ways To Give
- 61:09 – Donating Appreciated Stocks
- 66:59 – Conclusion
Resources Mentioned In Today’s Episode:
- Join Your Local ChooseFI Group
- “The Life You Can Save: How to do your part to end world poverty” by Peter Singer
- School of Hard Knocks
- “Practical Ethics” by Peter Singer
- GiveWell
- The Life You Can Save
- “Die With Zero: Getting All You Can from Your Money and Your Life” by Bill Perkins
- Yield & Spread’s DAF Series
- “Doing Good Better: How Effective Altruism Can Help You Help Others, Do Work that Matters, and Make Smarter Choices about Giving Back” by William MacAskill
- Subscribe to The FI Weekly!
More Helpful Links and FI Resources:
- Top 10 Recommended Travel Rewards Credit Cards
- Empower: Free Dashboard to Track Your Finances
- CIT Bank Platinum Savings Account
- M1 Finance: Commission-Free Investing, 1-click rebalancing
- CashFreely: Maximize Your Cash Back Rewards
- Travel Freely: Track all your rewards cards and points
- Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
- Student Loan Planner: Custom Consult (with $100 Discount)
Transcript
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| 0:00.0 | Hello and welcome to choose a five today in the show we're talking better really critically important topic that doesn't get enough attention in the five community |
| 0:07.8 | Charitable giving and specifically effective giving and how charitable donations factor into your five journey and a well-lived life. |
| 0:15.6 | We're joined by Rebecca Herps, who is a longtime member of the Choose of My community and an |
| 0:25.0 | admin of our Ogden, Utah local group, she's the founder of Yield and Spread.org, an |
| 0:26.7 | organization that is on a mission to use personal finance as a force for good. |
| 0:30.7 | They teach the ins and outs of investing and financial planning, but with a |
| 0:34.4 | greater goal to encourage people to give back and help others. They donate 100% of their |
| 0:40.0 | proceeds to high impact charities. Jack Lures sits on the board of Yield and Spread and is the executive director for One for the World, |
| 0:47.5 | a community of people who have pledged to give 1% of their income each year to charity. |
| 0:52.1 | One for the world is revolutionizing |
| 0:54.0 | charitable giving by making an incredibly easy to donate to the best |
| 0:57.4 | nonprofits in the world that address extreme poverty and global health issues. They |
| 1:02.0 | are also dedicated to building a |
| 1:03.4 | thriving sustainable community of individuals who share values in |
| 1:06.7 | effective giving through organizing, training, and education. I think you're really |
| 1:11.2 | going to enjoy this episode. I know I had an absolute blast |
| 1:14.3 | speaking with Rebecca and Jack and it really opened my eyes to the general concept of charitable |
| 1:18.9 | giving of course which has always been in the back of my mind, but effective giving and what that truly means. |
| 1:25.9 | I think you're really going to enjoy this. |
| 1:27.4 | And with that, welcome to choose out high. Rebecca and Jack, thank you both so very much for being here. I really appreciate it. |
| 1:40.4 | So glad to be here. |
| 1:41.4 | Thanks for having us. |
... |
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