Agree re: marginal returns on personal spending, very uncertain re: savings, especially given uncertain income (I’m currently midway through a one-year grant) and uncertain projected expenditures (traveling to conferences, moving house, supporting family, etc). I’ve thought seriously about the “set threshold and donate everything else” strategy for a long time and envied folks with the financial security and other sources of privilege to feel comfortable implementing it, and I think there are many more people like me (especially from LMICs). So for now I default to giving 10%.
Fair enough Mo, especially when you are from a LMIC!
Another huge factor people should factor in is possible inheritance and safety nets from family, which are often quite large especially in high income countries.
I think many more people should set thresholds though, I was so inspired by Will McKaskill and his threshold (something like 35,000 pounds?) in the original “Doing Good Better” book.
The way I think about it is that factors such as the ones you described will push the level of target savings to a higher level, and therefore the marginal returns on saving will be higher. I believe donating less than 10 % can be good strategy under some conditions.
Agree re: marginal returns on personal spending, very uncertain re: savings, especially given uncertain income (I’m currently midway through a one-year grant) and uncertain projected expenditures (traveling to conferences, moving house, supporting family, etc). I’ve thought seriously about the “set threshold and donate everything else” strategy for a long time and envied folks with the financial security and other sources of privilege to feel comfortable implementing it, and I think there are many more people like me (especially from LMICs). So for now I default to giving 10%.
Fair enough Mo, especially when you are from a LMIC!
Another huge factor people should factor in is possible inheritance and safety nets from family, which are often quite large especially in high income countries.
I think many more people should set thresholds though, I was so inspired by Will McKaskill and his threshold (something like 35,000 pounds?) in the original “Doing Good Better” book.
Makes sense, Mo!
The way I think about it is that factors such as the ones you described will push the level of target savings to a higher level, and therefore the marginal returns on saving will be higher. I believe donating less than 10 % can be good strategy under some conditions.