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Smart Philanthropy

Smart Philanthropy

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Charities and causes are not created equal; there are better uses for your money and other ones that seem to waste your dollars. Just because you are being charitable doesn’t mean you should ignore the rules of prudent financial management. To help you develop a sound and effective donation strategy, here are a few tips.

smart charity strategies

Pick a cause carefully

There are a lot of charities out there, so choose one that you have a personal interest in. Sprinkling money around is usually not the most effective way of giving; rather, you should find charities or causes that you can commit to for the long haul.

Many organizations are engaged in long-term projects that require a steady commitment of funds. A firm commitment to giving on your part could make a bigger difference in the end.

If you want to be certain about how your money will be used, look for charities that allow you to donate to specific causes. For example, large and reputable charities like Oxfam or World Vision have contribution programs that allow you to donate to a special cause, such as disaster relief, or to achieve a tangible result like buying a goat for a family or planting a tree.

Check how efficiently it operates

Some charities are so inefficient that only a small fraction of the donation is actually used for the intended cause. Charities that spend a lot on fundraising and giveaways should be avoided at all costs.

On the other hand, there are groups like United Way that help fund other charities and are convenient to give to if you do not have the time for research; however, you have less control over how your money will be spent.

There are also outright scams. If you have never heard of a charity, do not donate to it, no matter how official it sounds.

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