By Erin @ Team Afford Anything
Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
In this episode, we cover what donor-advised funds are, how they work, how to open one, and the benefits of including a donor-advised fund in your financial plan or giving strategy.
By Paula Pant
Let’s start with the good news: the majority of U.S. households, 6 in 10, donate money to nonprofits and charities, and 1 in 4 adults in the U.S. volunteer their time and talent.
The only way our society is going to get through the struggles and the stresses that we face is if we are good to each other. Compassion and common humanity are crucial.
In this PSA episode we discuss strategies around giving, including how to donate money and volunteer time effectively, as well as how to embrace the opportunity to practice informal, random, spontaneous acts of kindness.
By Paula Pant
Matt and his fiance earn $7,500 per month combined. They save more than half of their income. He’d like to take a different job that will decrease his income by $2,000 per month, but improve his quality of life. Should he?
Suja wants to take out a loan for business growth. What red flags should she watch for?
Anonymous and her husband are thinking about buying half-million-dollar home, purchasing a second car, and having a baby. They’ve saved an emergency fund and a 20 percent downpayment. Are they ready?
Trayci wants to quit her 9-to-5 and start working as a 1099 self-employed lifestyle. How should she manage this transition?
Daria is curious about the economics of a podcast. What do the income and expenses look like?
Jared wants to retire early and then sell off his rental properties, but he’s worried about the depreciation recapture tax rate. How should he plan?
Ali wants to set up a long-term giving plan, but most of the advice out there is geared towards wealthy donors. How should middle-class workers set up their charitable giving?
Financial planner Sophia Bera (hailed by Investment News as one of the Top 40 Under 40) joins me on today’s episode to answer these seven questions.
Written By Paula Pant
A year and a half ago, I saw a speech that changed my life — and the lives of at least 600 other people in the developing world.
I was at the World Domination Summit in Portland, where I’d later be speaking. I sat in the audience as Scott Harrison took the stage.
Scott is a former nightclub promoter who, at age 28, had a crisis of conscience. His job was encouraging people to get drunk. He smoked two packs a day. He gambled. He felt like he wasn’t adding anything to the world. And he wasn’t sure if, or how, he could.
“One day, I woke up and I realized I was the worst person I knew,” he wrote in an article on Medium.
He quit his job, sold most of his possessions, and spent the next two years as a photojournalist on a hospital ship off the coast of Liberia in west Africa. He saw diseases that were unlike anything he’d imagined.
As WIRED describes: “Some of the patients were grotesquely deformed by grapefruit-sized tumors, while others were nearly blind from cataracts that turned their eyes opaque.” (Here are images.)
He felt surprised — and then sad, then angry, then determined — when he realized that thousands of people die from preventable diseases, like cholera and dysentery, that are spread by drinking dirty water. More than 660 million people in the world don’t have access to clean drinking water, which is almost 1 out of every 10 people. That’s twice the population of the U.S.
That’s unacceptable.
By Paula Pant
Andy from Michigan loved the episode with charity:water founder Scott Harrison. After the episode, he and his 6-year-old daughter started watching videos about charity:water, and now they’re both inspired to give.
Andy’s question is on the topic of giving. His is to reach financial independence within 5 to 10 years. He and his wife are […]
Written By Paula Pant
I live in Las Vegas. This is my home.
Here are a few things that happened today:
Thousands stood in line for 6-8+ hours to donate blood. Hundreds more donated water, snacks and shade. Locals gathered on Facebook to offer free housing, rides, and pet-sitting for victims and volunteers. Airlines donated free flights to […]
