Why I’m giving 10% of my income to charity (forever)

Summary

In this video, the speaker introduces the 10% pledge, a commitment to donate 10% of income to effective charities, which they've adopted for both personal and business profits. They discuss the concept of effective giving, emphasizing the significant impact that can be achieved by donating to highly effective charities versus less impactful ones. The speaker shares their personal journey, the ethical considerations behind their decision, and the practical implications of giving, including the potential to save lives. They also encourage viewers to consider the pledge and provide resources for further information.

Takeaways

• 🤝 The speaker has committed to the 10% Pledge, donating 10% of their income to effective charities, and has extended this commitment to their business as well.
• 💼 The 10% Pledge is associated with the nonprofit 'Giving What We Can', which encourages donating to charities that are proven to be effective in their efforts.
• 🔍 Effective charities are defined as those that can produce the greatest benefit with each dollar donated, with a potential 100-fold difference in impact compared to less effective charities.
• 🌐 The importance of giving effectively is underscored by the many pressing global issues and the vast number of charities available, which makes it crucial to choose where to donate wisely.
• 💡 The concept of effective giving is illustrated through an example comparing the cost-effectiveness of curing blindness through cataract surgery versus providing sightseeing dogs.
• 🤔 The speaker reflects on personal ethical considerations, questioning the value of material possessions versus the opportunity to save lives with charitable donations.
• 🌟 The impact of donating can be profound, with the potential to save more lives through charity than through certain professions, such as being a doctor in a developed country.
• 💰 The speaker emphasizes that donating 10% of income can be a significant yet manageable commitment that aligns with both personal financial stability and global ethical responsibility.
• 🏆 The business is projected to donate a substantial amount to charity, which, based on the cost of saving a life through certain charities, could result in saving dozens of lives.
• 🔑 The decision to involve the business in the pledge brings a new sense of purpose to the company's operations and provides motivation beyond just financial success.
• 🌍 The script concludes with an invitation for others to consider the 10% Pledge, highlighting the potential for collective impact and the importance of spreading awareness about effective giving.

Q & A

What is the 10% pledge?

The 10% pledge is a commitment to donate 10% of one's income to effective charities for the rest of one's life. It is run by a nonprofit called Giving What We Can.

Why is the speaker taking the 10% pledge for their business?

The speaker is taking the 10% pledge for their business to ensure that a portion of their business profits are consistently donated to effective charities, aligning their business success with making a positive impact.

What is an effective charity?

An effective charity is one that achieves significant positive impact with the resources it receives. There can be a substantial difference in effectiveness between charities, with some being able to do much more good per dollar donated.

Why is it important to give effectively?

Giving effectively is important because it maximizes the positive impact of one's charitable donations. By choosing charities that are highly effective, one can do more good with the same amount of money, potentially saving or improving more lives.

How does the speaker use the example of corrective surgery for blindness to illustrate the difference in charity effectiveness?

The speaker uses the example to show that donating to a charity that provides corrective surgery for blindness (Charity A) is more cost-effective than donating to one that provides sightseeing dogs (Charity B), as it costs significantly less to restore sight than to provide a sightseeing dog.

What is the thought experiment presented in the script about?

The thought experiment is about the moral obligation to save a child's life, regardless of the cost to oneself or the location of the child. It is used to highlight the ethical imperative to take action when one can save a life, even if it's not immediately visible or convenient.

How does the speaker's personal income compare to the global median?

When the speaker was working as a junior doctor, their post-tax income was 13.5 times the global median, placing them in the richest 2.3% of the global population.

What is the significance of donating 10% of one's income according to the speaker's experience?

Donating 10% of one's income is significant because it allows the speaker to maintain a comfortable lifestyle while still making a substantial positive impact. The speaker believes that the 10% is a balance between personal quality of life and global ethical responsibility.

What is the projected donation amount from the speaker's business and what impact could it have?

The projected donation amount from the speaker's business is $260,000, which, based on the cost of saving a life through the Against Malaria Foundation, could potentially save 47 lives.

What is the role of GiveWell in the speaker's charity selection process?

GiveWell is a charity evaluator that provides research and recommendations on the most effective charities. The speaker plans to use GiveWell's recommendations to decide which charities to donate to, ensuring that the donations have the maximum impact.