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Afford Anything | Make Smart Money Choices

PSA Thursday - Your Complete Guide to Donor Advised Funds

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 19 June 2020

⏱️ 26 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Welcome to PSA Thursday, a weekly bonus segment of the Affordable Care Podcast in which we

0:05.6

talk about how to manage money, work, and life in the special circumstances of the year

0:11.0

2020.

0:12.8

These PSA Thursday episodes are bare bones, stripped down versions of the podcast.

0:17.2

There's no intro music, no outro music, no ads.

0:20.5

They're typically much shorter shows, and we deep dive into one specific topic.

0:25.6

So last week, for example, we covered student loans and how the CARES Act, which was passed

0:30.4

at the beginning of the coronavirus pandemic, how the CARES Act impacts student loans.

0:35.3

So tune into last week's episode for that.

0:37.4

Today, we're going to be talking about donor-advised funds.

0:41.1

What are they?

0:42.1

What are the benefits to opening one?

0:43.1

And how would you go about opening one if you wanted to?

0:46.6

Let's begin.

0:47.6

A donor-advised fund is a charitable giving account.

0:51.2

Some people call it a philanthropic fund or a giving vehicle, but it is an account that

0:55.4

you open specifically for the purpose of giving the money inside of that account to charity.

1:01.3

So the money that is put inside of a donor-advised fund technically is no longer yours.

1:07.5

The minute that you put money inside of a donor-advised fund, that money now belongs to charity.

1:14.4

But you get to manage that money and grow that money.

1:17.0

You get to manage and grow the investments until you designate which specific nonprofits

1:21.8

you want that money to go to.

...

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