I splurge on travel. It is definitly the most uneccessary of my expenses, but it brings me great joy to travel to see the ones I love and to travel to new places with the ones I love. My husband and I have saved for a whole year to see the running of the bulls in Pamplona this summer and I cannot wait.
that's definately wrong, you need new air filters, check out some independant tests............i've worked in parts/maintanece and hvac.......don't be too cheap and reuse filters!
Transmission fluid shouldn't be changed if you've never ever done it
false! do not have your transmission power flushed! ever.......that will loosen stuff up in the trans mission and cause failure......instead have a knowledgeable mechanice drop the pan, change the filter and put in new fluid. transmission fluid does wear out!
also check some trans need to be changed in a s little as 25k or they will wear out premature........check with a good shop!
Your article has been helpful. I have a home and 10 mortgages on rental properties. I'm having to take part of my income to keep the rentals afloat. Is there any advice you can give me to start digging out of this hole?
Food for thought: most people don't file donations under a certain increment (ie, if i'm donating $1 or $5, tax deductibility might not be a huge deal).
In a lot of the non-profits where I donate, I don't have a real connection with how the money is being spent. With Love Drop, I watch videos + learn about the recipients + feel inspired and engaged. Those feelings of engagement + accessibility are a service, so I know that I'm paying for a service while also making a donation.
Understand that it's not for everyone. Completely understand that people might choose to donate their money in other ways - perhaps the services offered by Love Drop aren't that valuable to them.
But I think it's important to note that people give for many different reasons, which is why there are so many different ways to give.
Wow, such strong sentiments about the fact that Love Drop isn't a charity.
Yes, many donation-based organizations are in fact non-profits. Yes, if you're not a non-profit, then you have potential to make a profit.
However, there's an emergence of social businesses that pursue multiple bottom lines. Where financial gain isn't the only indicator of success. These businesses are cause-drive and use profits to make themselves sustainable. Additional money is reinvested back into the cause they support.
I suspect that once the subscription level reaches certain tipping points, Love Drop will be able to lower the percentage in order to continue paying for their own operation costs (instead of relying on grants) and thereby pouring more of the subscription money into the individual drops.
However, I can understand your hesitation about not having this information clearly presented and outlined.
There are enough hybrid business models that there should be room to be an organization that does good without automatically locking yourself into non-profit status, especially if it doesn't serve the goals of the organization you wish to create.
I wouldn't take that New York loft guy's lack of heating seriously. There's a possibility that he had people living in apartments above, below, across the hall, both sides of him all setting their thermostats at appropriate temps. He may only have one side that actually faces the elements. With all that "insulation" surrounding him, he could probably get by just fine most winters. I'd almost consider him a leech. He's stealing the heat from his neighbors without providing any of his own. I guess that doesn't matter since he's saving the world.
Ive done this before in the past. I can come up with all kinds of things I want in my life, I can dream it up all day but if I have no clue how to succeed with these things what good is it going to do for me? Not knowing what I want isnt the problem. It's finding a way, knowing where to start.
30% does sound like a lot, but giving 50% of your money is better than giving 0% of your money and using it on other things.
I think I was reading that the average charity takes 10-15% of your dollar for operations. So perhaps it will trend that way. I'm sure it's tempting to use the 30% for anything and everything, so I'm sure they'll publicize exactly where the 30% will go, line item by line item.
We give away 100% of our money to our Yakezie Writing Contest winners. So I think it's great they can use the 30% for their own operations. It's a good cause.
Thank you for sharing your experience with us Leigh. Personally how do you decide which candidates to vote for? I'm sure it is quite a tough process since so many people are deserving of help.
I'm guessing it won't always stay at 30%. Right now the organization is fairly small, so probably everything is really expensive for them. They don't have economy of scale or an army of volunteers to do free work for them.
I agree with you that if you want to get maximum efficiency out of your charity dollar, you might do better going on Charity Navigator and find a super efficient charity. But I can also see that some folks might prefer to do Love Drop because it is more fun and gives a sense of community that might be lacking from simply donating to a big charity.
Good Article! We live in the Catskill Mtns. and purchased an 87 Blazer with a plow for 900 dollars two years ago. Our driveway is 200 feet and we have an additional parking area of about 70 x 100. The plow isn't registered so that saves us $ (no insurance, no plate fee). We have definitely paid for that plow with all the snow we've gotten! We both work long hours and we own subarus (also paid for - no collision insurance) This last storm dumped 7 inches on us by Wednesday. We didn't plow until today (Sunday) and our subies made it up our drive with no problem! We do all of the snow removal ourselves. We pace ourselves when it comes to shovelling and roof raking. We figure it is good exercise in this fresh mountain air and we ain't no spring chickens!
Integrating exercise into a daily routine is also a great way to work out, without "feeling" like you're working out. Maybe you can walk to the grocery store instead of driving (and get a great arm workout carrying a jug of milk back on the way home). Try a series of run/walks the next time you take your dog on walk (Walk two minutes, run one), and repeat for a nice little interval workout. Ride your bike to your weekend Starbucks grab, or over to a friends house instead of driving. Every little bit adds up (and, these are all free!)
How does that work with tax-advaantaged accountants such as IRA, 401ks, ta- adantaged college savings, Health Savings Accounts, etc? These all have rules about when and for what you can use them. If you use your 401k to sae for a goal before you reach a certain age, you will likley pay a penalty. To avoid that, you need to make sure the "labels" fir what you are planning to use the money for. In other words, to compentalize.
I love the idea of peer to peer giving rather than lending
However I'm a little troubled by the fact that the goal is never to be a recognized charity. If you're not looking to be a charity, then you're looking to be a profit-making enterprise - it's really the only two choices.
Charities can pay salaries as part of their expenses.
The idea of a profit-making enterprise using 'donations' to a person in need to make a profit feels kind of wrong, to ME. I wouldn't give to that sort of organization.
I know you're not making a profit right now, but it felt like the interview suggested that you plan to in the future.
Most folks who are doing what you do either take nothing but strict out of pocket expenses as portion of the donations, or nothing at all, or are a 501(c)(3) corp.
Just my .02
I'm a Love Dropper so I thought I'd chime in. I make one-time donations each month (instead of a predetermined subscription) so that I can give as much as possible within my monthly budget. It might be $5. It might be $15. And hopefully in the future, even more.
What I love about Love Drop is the community and accessibility. I think people are looking for ways to give back that aren't intimidating. With subscriptions starting at $1, it's really easy to join.
And, I'm a community nerd. So, I'm happy to see people come together to help someone. I live and work in Cambodia, but can be actively involved in a drop happening in Chicago - that's pretty awesome.
30% is a lot for operating expenses. Charities take a cut too, but normally only around 15%. Why give through these guys when you could give through a charity, have more of your money get where you really want it, and get a tax write off at the same time???
This smells like a big scam. There are 100's of companies that do similar charity work. Why start another company and skim 30% of the top? What a joke.
Longtime reader but only just figured out you live in Seattle! I'll look for your speeding Prius overtaking me on the freeway. :)
I splurge on travel. It is definitly the most uneccessary of my expenses, but it brings me great joy to travel to see the ones I love and to travel to new places with the ones I love. My husband and I have saved for a whole year to see the running of the bulls in Pamplona this summer and I cannot wait.
new Air filters when you cant pat the dirt out
that's definately wrong, you need new air filters, check out some independant tests............i've worked in parts/maintanece and hvac.......don't be too cheap and reuse filters!
Transmission fluid shouldn't be changed if you've never ever done it
false! do not have your transmission power flushed! ever.......that will loosen stuff up in the trans mission and cause failure......instead have a knowledgeable mechanice drop the pan, change the filter and put in new fluid. transmission fluid does wear out!
also check some trans need to be changed in a s little as 25k or they will wear out premature........check with a good shop!
REPLY
I splurge on good, healthy food. I think it's a worthy investment in my health, though.
Your article has been helpful. I have a home and 10 mortgages on rental properties. I'm having to take part of my income to keep the rentals afloat. Is there any advice you can give me to start digging out of this hole?
Thanks,
Recovered
Food for thought: most people don't file donations under a certain increment (ie, if i'm donating $1 or $5, tax deductibility might not be a huge deal).
In a lot of the non-profits where I donate, I don't have a real connection with how the money is being spent. With Love Drop, I watch videos + learn about the recipients + feel inspired and engaged. Those feelings of engagement + accessibility are a service, so I know that I'm paying for a service while also making a donation.
Understand that it's not for everyone. Completely understand that people might choose to donate their money in other ways - perhaps the services offered by Love Drop aren't that valuable to them.
But I think it's important to note that people give for many different reasons, which is why there are so many different ways to give.
Wow, such strong sentiments about the fact that Love Drop isn't a charity.
Yes, many donation-based organizations are in fact non-profits. Yes, if you're not a non-profit, then you have potential to make a profit.
However, there's an emergence of social businesses that pursue multiple bottom lines. Where financial gain isn't the only indicator of success. These businesses are cause-drive and use profits to make themselves sustainable. Additional money is reinvested back into the cause they support.
I suspect that once the subscription level reaches certain tipping points, Love Drop will be able to lower the percentage in order to continue paying for their own operation costs (instead of relying on grants) and thereby pouring more of the subscription money into the individual drops.
However, I can understand your hesitation about not having this information clearly presented and outlined.
There are enough hybrid business models that there should be room to be an organization that does good without automatically locking yourself into non-profit status, especially if it doesn't serve the goals of the organization you wish to create.
I wouldn't take that New York loft guy's lack of heating seriously. There's a possibility that he had people living in apartments above, below, across the hall, both sides of him all setting their thermostats at appropriate temps. He may only have one side that actually faces the elements. With all that "insulation" surrounding him, he could probably get by just fine most winters. I'd almost consider him a leech. He's stealing the heat from his neighbors without providing any of his own. I guess that doesn't matter since he's saving the world.
Ive done this before in the past. I can come up with all kinds of things I want in my life, I can dream it up all day but if I have no clue how to succeed with these things what good is it going to do for me? Not knowing what I want isnt the problem. It's finding a way, knowing where to start.
30% does sound like a lot, but giving 50% of your money is better than giving 0% of your money and using it on other things.
I think I was reading that the average charity takes 10-15% of your dollar for operations. So perhaps it will trend that way. I'm sure it's tempting to use the 30% for anything and everything, so I'm sure they'll publicize exactly where the 30% will go, line item by line item.
We give away 100% of our money to our Yakezie Writing Contest winners. So I think it's great they can use the 30% for their own operations. It's a good cause.
Cheers
Thank you for sharing your experience with us Leigh. Personally how do you decide which candidates to vote for? I'm sure it is quite a tough process since so many people are deserving of help.
It is always good to be skeptical of any organization asking you for money. =)
But J. Money has been an active member of the PF blogosphere since 2008, so I think it is fair to adopt a wait and see attitude.
If you come across any complaints (or praise!) please check back with us on this thread and let us know.
I'm guessing it won't always stay at 30%. Right now the organization is fairly small, so probably everything is really expensive for them. They don't have economy of scale or an army of volunteers to do free work for them.
I agree with you that if you want to get maximum efficiency out of your charity dollar, you might do better going on Charity Navigator and find a super efficient charity. But I can also see that some folks might prefer to do Love Drop because it is more fun and gives a sense of community that might be lacking from simply donating to a big charity.
Or better yet, leave this article up on your computer screen whenever you leave your desk!
Good Article! We live in the Catskill Mtns. and purchased an 87 Blazer with a plow for 900 dollars two years ago. Our driveway is 200 feet and we have an additional parking area of about 70 x 100. The plow isn't registered so that saves us $ (no insurance, no plate fee). We have definitely paid for that plow with all the snow we've gotten! We both work long hours and we own subarus (also paid for - no collision insurance) This last storm dumped 7 inches on us by Wednesday. We didn't plow until today (Sunday) and our subies made it up our drive with no problem! We do all of the snow removal ourselves. We pace ourselves when it comes to shovelling and roof raking. We figure it is good exercise in this fresh mountain air and we ain't no spring chickens!
Integrating exercise into a daily routine is also a great way to work out, without "feeling" like you're working out. Maybe you can walk to the grocery store instead of driving (and get a great arm workout carrying a jug of milk back on the way home). Try a series of run/walks the next time you take your dog on walk (Walk two minutes, run one), and repeat for a nice little interval workout. Ride your bike to your weekend Starbucks grab, or over to a friends house instead of driving. Every little bit adds up (and, these are all free!)
How does that work with tax-advaantaged accountants such as IRA, 401ks, ta- adantaged college savings, Health Savings Accounts, etc? These all have rules about when and for what you can use them. If you use your 401k to sae for a goal before you reach a certain age, you will likley pay a penalty. To avoid that, you need to make sure the "labels" fir what you are planning to use the money for. In other words, to compentalize.
I love the idea of peer to peer giving rather than lending
However I'm a little troubled by the fact that the goal is never to be a recognized charity. If you're not looking to be a charity, then you're looking to be a profit-making enterprise - it's really the only two choices.
Charities can pay salaries as part of their expenses.
The idea of a profit-making enterprise using 'donations' to a person in need to make a profit feels kind of wrong, to ME. I wouldn't give to that sort of organization.
I know you're not making a profit right now, but it felt like the interview suggested that you plan to in the future.
Most folks who are doing what you do either take nothing but strict out of pocket expenses as portion of the donations, or nothing at all, or are a 501(c)(3) corp.
Just my .02
Fancy soaps and good food (to be eaten at home).
I'm a Love Dropper so I thought I'd chime in. I make one-time donations each month (instead of a predetermined subscription) so that I can give as much as possible within my monthly budget. It might be $5. It might be $15. And hopefully in the future, even more.
What I love about Love Drop is the community and accessibility. I think people are looking for ways to give back that aren't intimidating. With subscriptions starting at $1, it's really easy to join.
And, I'm a community nerd. So, I'm happy to see people come together to help someone. I live and work in Cambodia, but can be actively involved in a drop happening in Chicago - that's pretty awesome.
30% is a lot for operating expenses. Charities take a cut too, but normally only around 15%. Why give through these guys when you could give through a charity, have more of your money get where you really want it, and get a tax write off at the same time???
These are some very interesting proverbs! I just found your site when was searching about finances. I mentioned you my post this week.
Cheers!
This smells like a big scam. There are 100's of companies that do similar charity work. Why start another company and skim 30% of the top? What a joke.
i use it in my fish tanks its the same think as the gravel but cheaper
You are welcome Ray! It is a great article!