358: Giving Tuesday 2022: Which Charities Will Use Your Money Wisely?
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 29 November 2022
⏱️ 48 minutes
🧾️ Download transcript
Summary
For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time, to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire need?
We brought on Elie Hassenfeld, GiveWell co-founder and CEO, to help us navigate the tricky subject of giving to worthwhile charities. Elie knows a thing or two about validating which charities are worth donating to. At GiveWell, he spends his days researching thousands of charities for hundreds of millions of donatable dollars, helping those of us that are too busy to find a home for the donations that we are willing to give.
In just six tips, Elie will give you the framework for finding a worthwhile charity or organization to give to, so you know that your dollar is being stretched the farthest it can. We also touch on whether or not high administration costs are ared flag, whether it's better to give goods rather than money, and how to truly measure an organization's impact to see how many lives they’re saving or improving with each dollar donated. If you're still on the fence about where to give this Giving Tuesday, head over to GiveWell.org to know your dollar is making a difference!
In This Episode We Cover
Why donating overseas has much more of an economic impact than domestic donations
How GiveWell validates the charities they approve and how to do the same in your local area
Top tips for finding a charity that will use your dollar for its highest use
Red flags to watch out for when researching charities and organizations
GiveWell’s past mistakes and how they’re using them to grow a better organization
Top charities that both GiveWell and BiggerPockets recommend donating to (like CrossPurpose!)
And So Much More!
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Transcript
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| 0:00.0 | Welcome to the Bigger Packets Money Podcast, bonus giving Tuesday edition, |
| 0:05.4 | where we interview the founder and CEO of Give Well, |
| 0:08.6 | Ellie Hassenfeld, and talk about maximizing the impact of your charitable donation. |
| 0:13.5 | It's also really important to be open-minded about what you'll support. |
| 0:17.6 | You know, if you've already focused in on a single organization and you don't want to |
| 0:22.4 | consider any others, you just have fewer opportunities and fewer options of what you might find, |
| 0:27.2 | and the more flexible you can be, the better. Once you've sort of got to the organizations that |
| 0:32.8 | you want to consider, I think it's a great idea to press them a bit for, you know, |
| 0:37.1 | how do they know their program works? Or maybe a better question is, how would they know if it weren't working? |
| 0:42.7 | Hello, hello, hello, my name is Mindy Jensen, and with me, as always, is my very generous co-host, |
| 0:48.0 | Scott Trent. Yeah, thank you to my very charitable co-host, Mindy Jensen. |
| 0:52.3 | Scott and I are here to make financial independence less scary, less just for somebody else, |
| 0:57.2 | to introduce you to every money story, because we truly believe financial freedom is attainable |
| 1:01.6 | for everyone, no matter when or where you're starting. That's right, whether you want to retire |
| 1:05.4 | early and travel the world, go on to make big-time investments and assets like real estate, |
| 1:08.8 | start your own business, or give generously to the highest possible impact cause. |
| 1:14.2 | We'll help you reach your financial goals and get money out of the way, so you can launch yourself |
| 1:17.6 | towards your dreams. Scott, today is the 10th anniversary of Giving Tuesday, an idea that was formed |
| 1:23.8 | in 2012 as a day that encourages people to do something good. Every act of generosity counts, |
| 1:29.9 | and everyone has something to contribute toward the building, the better world we all want to live in. |
| 1:35.6 | Today, we're speaking with the CEO of Give Well, an organization that is devoted to researching |
| 1:40.0 | charities to find the highest impact evidence-based charities. And during the show, |
... |
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