How to give it all away: Steps toward smarter giving

Have you wanted to have more impact after the election of President Trump in the fall? Have you considered donating to the ACLU or Planned Parenthood?

I get you. I have also looked for ways to contribute what I can. The ACLU and Planned Parenthood support causes that I care for. They are credible organizations. But a new article on Vox.com, “Rich charities keep getting richer. That means your money isn’t doing as much good as it could,” reminded me to get perspective.

The Vox.com article summarizes why the big charities keep receiving donations at the expense of smaller, possibly more effective charities, challenges for nonprofit startups, and elements of the ‘effective philanthropy’ movement. Yet, it left me wondering what I can actually do. 

What action can I take to make my money count? How can I learn more about making my dollars go farther toward making the world better?

I have wrestled with these questions and want to share with you a few steps of varying time commitments that can help you learn about how to make your money count.

First, GiveWell—”a nonprofit dedicated to finding outstanding giving opportunities“ [1]—is a useful resource, even if you choose not to listen their advice. GiveWell was started in 2007 by two guys in the finance industry struggling to identify the best giving opportunities. Take two minutes and read their Giving 101. Then take another few minutes to explore their website and learn how they research and evaluate charities.

Second, Effective Altruism has a ten-minute written introduction to concepts for doing good better and how to direct our efforts. You don’t need to agree with what the intro suggests. You will still find value in these perspectives and in being mindful of what impact you want to have.

Lastly, if you prefer videos to text, check out Esther Duflo’s 17-minute TED talk on social experiments to fight poverty. Duflo is the founder and director of the Jameel Poverty Action Lab (J-PAL), a research network that evaluates social programs, and a Professor in Economics at MIT. If the TED talk interests you, you’ll enjoy the award-winning [2] book Poor Economics coauthored by Duflo.

Money can do so much good if given to the right organizations. You can make a tangible, measurable difference with your money. The first step is to learn about how your money can do most good.

References:
[1] http://www.givewell.org/about
[2] The book Poor Economics won the Financial Times and McKinsey Business Book of the Year Award as well as the Financial Times Business Book of the Year.

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