I believe that donating is better than saving, but I also believe it is wise to have some savings. There are some relatedposts, but as far as I can tell not about these questions:
How much money do you save, and why? (E.g. 6 months of your usual costs of living, anything that doesn’t go into my 10% donation, nothing at all)
What do you do with your savings? (E.g. savings account at bank, cash in a vault, ETF, real estate)
I would like to learn how other effective altruists are handling this, and maybe change my behaviour if I hear better alternatives.
Here are my own answers as an example, and in case others are interested in the same information:
How much money do you save, and why? I donate 10% of my income, and save whatever is left after regular costs. I keep those savings because I might want to become the owner of a house in the future and I probably can’t get a mortgage that covers the full costs of the house, furthermore there might be times when I don’t have any income.
What do you do with your savings? 50% is in a regular bank savings account, 30% is in investment funds from Triodos (the most ethical bank I could find), 20% is in loans to people in developing countries through Mintos (as far as I know regular banks in developing countries are not very good at helping people start businesses, which I believe would help their development).
[Question] What do you do with your savings?
I believe that donating is better than saving, but I also believe it is wise to have some savings. There are some related posts, but as far as I can tell not about these questions:
How much money do you save, and why? (E.g. 6 months of your usual costs of living, anything that doesn’t go into my 10% donation, nothing at all)
What do you do with your savings? (E.g. savings account at bank, cash in a vault, ETF, real estate)
I would like to learn how other effective altruists are handling this, and maybe change my behaviour if I hear better alternatives.
Here are my own answers as an example, and in case others are interested in the same information:
How much money do you save, and why?
I donate 10% of my income, and save whatever is left after regular costs. I keep those savings because I might want to become the owner of a house in the future and I probably can’t get a mortgage that covers the full costs of the house, furthermore there might be times when I don’t have any income.
What do you do with your savings?
50% is in a regular bank savings account, 30% is in investment funds from Triodos (the most ethical bank I could find), 20% is in loans to people in developing countries through Mintos (as far as I know regular banks in developing countries are not very good at helping people start businesses, which I believe would help their development).