I relate to many of the comments made. Early in our marriage, my wife and i wanted to give 10% to our church, but the cost of living with two small children made that seem impossible. So we decided that, whenever we got a raise in pay, we would give 20-40% of the new money to our church. We still got more take-home pay than before, so there was little pain in reducing slightly the amount of new money. We noticed that our giving level of around 2% of income slowly rose each year because of the new money being allocated at a higher level. In short, it took us a little over 20 years to reach our 10% goal, but we kept using the same process. It was good to note that we were able to contribute over 25% of our income last year to religious and charitable causes, and every year for over 50 years we have had more take-home pay than the year before while giving away more money than we did the year before. Baby steps can add up.
Donor advised funds can be another excellent way to optimize charitable giving. Early DAFs often had expenses around 1%, which felt a little high to me. I have been studying daffy.org as a potential vehicle for my DAF. Since this organization is a relatively recent addition to the options available, there is not a lot of history available, but their fee structure appears to be far superior to that of others. Comments from other readers with more experience or expertise than I have would be appreciated.
You might want to check out www.daffy.org for DAF management (be sure not to try daffy.com). They have really low fees and options for investing your contributed cash while awaiting your requests for distribution.
I assume you are referring to the quote, “No one ever went broke underestimating the intelligence of the American public,” which is often attributed to Barnum but is actually a paraphrase of a line written by H. L. Mencken. Whoever said it or adapted it seems to have nailed a basic truth about humanity.
For readers who want to learn more about the meaninglessness of college rankings, there is a revealing three-part podcast by Malcolm Gladwell that deconstructs the whole system. It's well worth your time. Lord of the Rankings | Revisionist History (pushkin.fm)
There is one other way one can use the rules to his or her advantage. If you choose coverage under COBRA up until the 60th day, you have 45 days after opting in to make the first payment. So it's possible to hold onto coverage for up to three-and-a-half months without making a payment. Of course, if you wait that long, the first payment will be huge. I have known people who used this route to cover themselves in arrears if a medical need arose before they started a new job with medical benefits. It's the only time of which I am aware that you can buy medical insurance retroactively if it turns out that you need it. It's not cheating--the rules are written that way.
Comments
I relate to many of the comments made. Early in our marriage, my wife and i wanted to give 10% to our church, but the cost of living with two small children made that seem impossible. So we decided that, whenever we got a raise in pay, we would give 20-40% of the new money to our church. We still got more take-home pay than before, so there was little pain in reducing slightly the amount of new money. We noticed that our giving level of around 2% of income slowly rose each year because of the new money being allocated at a higher level. In short, it took us a little over 20 years to reach our 10% goal, but we kept using the same process. It was good to note that we were able to contribute over 25% of our income last year to religious and charitable causes, and every year for over 50 years we have had more take-home pay than the year before while giving away more money than we did the year before. Baby steps can add up.
Post: Saving and Giving
Link to comment from June 28, 2025
Donor advised funds can be another excellent way to optimize charitable giving. Early DAFs often had expenses around 1%, which felt a little high to me. I have been studying daffy.org as a potential vehicle for my DAF. Since this organization is a relatively recent addition to the options available, there is not a lot of history available, but their fee structure appears to be far superior to that of others. Comments from other readers with more experience or expertise than I have would be appreciated.
Post: What’s the best strategy for charitable giving?
Link to comment from March 2, 2024
You might want to check out www.daffy.org for DAF management (be sure not to try daffy.com). They have really low fees and options for investing your contributed cash while awaiting your requests for distribution.
Post: Forget the Check
Link to comment from December 13, 2023
I assume you are referring to the quote, “No one ever went broke underestimating the intelligence of the American public,” which is often attributed to Barnum but is actually a paraphrase of a line written by H. L. Mencken. Whoever said it or adapted it seems to have nailed a basic truth about humanity.
Post: Ripoff Royalty
Link to comment from October 5, 2022
For readers who want to learn more about the meaninglessness of college rankings, there is a revealing three-part podcast by Malcolm Gladwell that deconstructs the whole system. It's well worth your time. Lord of the Rankings | Revisionist History (pushkin.fm)
Post: Games Colleges Play
Link to comment from September 13, 2022
There is one other way one can use the rules to his or her advantage. If you choose coverage under COBRA up until the 60th day, you have 45 days after opting in to make the first payment. So it's possible to hold onto coverage for up to three-and-a-half months without making a payment. Of course, if you wait that long, the first payment will be huge. I have known people who used this route to cover themselves in arrears if a medical need arose before they started a new job with medical benefits. It's the only time of which I am aware that you can buy medical insurance retroactively if it turns out that you need it. It's not cheating--the rules are written that way.
Post: COBRA Call Option
Link to comment from December 25, 2021