I don’t have this fully worked out for myself yet, but here are some things I’ve been considering recently. They’re not exactly novel but might be helpful nonetheless.
1) Not having runway/savings has been really quite stressful/ inconvenient at times. I think there is some amount that does just seem robustly good to have. I don’t have a clear idea of exactly how much that is though. Maybe thinking through the specific scenarios that have either happened or I’m worried might happen may point me in the right direction of a figure.
2) I’ve really noticed the hedonic treadmill now that I (and my friends) earn a salary. I also expect the pressure to use money for things other than donating to only increase as I get older (more responsibilities, unexpected life events, social pressure etc.). By donating now, at the same time as I’m trying to build up savings, I feel like I’m locking it in as part of my identity and habits, rather than waiting and trusting a future me to donate, when in the future my goals might change.
3) For me at least, it doesn’t feel like I’m only weighing up savings and donating, it feels more like I’m weighing up— donating (you could say ~investing in my values) - investing financially in my future (savings) - investing in other ways in my future (eg. getting fit, eating well, going to therapy, taking care of important relationships, trying to have experiences that help me grow and learn).
3) There is a chance though that money is disproportionately more useful sooner for the 3rd category—eg. getting help for (mental) health issues before they get worse, acquiring skills you can then use for longer, being able to do experiments that help you make life decisions. However, the benefit of acting sooner likely applies to savings and donating too, so I’m not too sure how to weigh them up.
4) If you’re waiting to donate while you build up savings, (or invest in other ways) I’d consider having a specific set goal/plan in advance. I have a (non-EA) friend to whom saving is really important. No matter how much he saves, though, it never feels ‘enough’ and he keeps moving his goalpost.
5) If I really sit with it, most of the things I think I need, I really don’t, but giving them all up would likely make me very sad. On the margin, however, I absolutely could (and should by my values) give more. Elliot recently wrote “Do what you can. No more. No less”. I personally need to do a big sit down and think hard about where the no more, no less, truly lands me.
I don’t have this fully worked out for myself yet, but here are some things I’ve been considering recently. They’re not exactly novel but might be helpful nonetheless.
1) Not having runway/savings has been really quite stressful/ inconvenient at times. I think there is some amount that does just seem robustly good to have. I don’t have a clear idea of exactly how much that is though. Maybe thinking through the specific scenarios that have either happened or I’m worried might happen may point me in the right direction of a figure.
2) I’ve really noticed the hedonic treadmill now that I (and my friends) earn a salary. I also expect the pressure to use money for things other than donating to only increase as I get older (more responsibilities, unexpected life events, social pressure etc.). By donating now, at the same time as I’m trying to build up savings, I feel like I’m locking it in as part of my identity and habits, rather than waiting and trusting a future me to donate, when in the future my goals might change.
3) For me at least, it doesn’t feel like I’m only weighing up savings and donating, it feels more like I’m weighing up—
donating (you could say ~investing in my values)
- investing financially in my future (savings)
- investing in other ways in my future (eg. getting fit, eating well, going to therapy, taking care of important relationships, trying to have experiences that help me grow and learn).
3) There is a chance though that money is disproportionately more useful sooner for the 3rd category—eg. getting help for (mental) health issues before they get worse, acquiring skills you can then use for longer, being able to do experiments that help you make life decisions. However, the benefit of acting sooner likely applies to savings and donating too, so I’m not too sure how to weigh them up.
4) If you’re waiting to donate while you build up savings, (or invest in other ways) I’d consider having a specific set goal/plan in advance. I have a (non-EA) friend to whom saving is really important. No matter how much he saves, though, it never feels ‘enough’ and he keeps moving his goalpost.
5) If I really sit with it, most of the things I think I need, I really don’t, but giving them all up would likely make me very sad. On the margin, however, I absolutely could (and should by my values) give more. Elliot recently wrote “Do what you can. No more. No less”. I personally need to do a big sit down and think hard about where the no more, no less, truly lands me.