Scott is acting as both critic and participant in philanthropy’s top echelons, he noted.
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Scott’s latest update is “absolutely remarkable,” and also “inspiring and problematic,” said philanthropy scholar Ben Soskis, senior research associate at the Center on Nonprofits and Philanthropy at the Urban Institute, a Washington, D.C.-based think tank. She topped Forbes magazine’s list of the world’s 100 most powerful women this week, ahead of U.S. The sheer size and speed of Scott’s philanthropy has indeed won her plenty of media attention, as well as praise from philanthropy observers. Scott said she’ll leave it up to groups who’ve received her money to “speak for themselves first if they choose to, with the hope that when they do, media focuses on their contributions instead of mine.” “Why does one form of compassionate action, one group of beneficiaries, one group of givers have to be more important than the others? Financially valuable versus socially valuable.” “We tend to give more focus to things we can tally, and to rank everything else,” Scott wrote. Simple acts of kindness between people should count as “philanthropy” too, she wrote, and the amount of money or who’s doing the giving shouldn’t determine whether society pays attention, she said. Scott argued for a more generous definition of philanthropy, one that’s not limited to describing how ultra-wealthy people like her use their resources to try to solve society’s problems. If we acknowledge what it all has in common, there will be more of it.’ ” You might even decide to go back to school to pursue an advanced degree.“‘Intention and effort make it philanthropy. That could mean taking an online or in-person course that allows you to learn a new skill, or paying to attend a business conference your employer won't foot the bill for. And now that you're privy to that extra cash, you can use it as an opportunity to earn even more money in the future by putting some of it toward career development. Rather, you earned it, whether by working hard or climbing the ranks. Invest in your continued successĬhances are, your employer didn't give you a raise for no reason. Setting aside an extra $200 a month, for example, over two decades will give you an additional $98,400 to work with during your golden years, assuming your investments generate a 7% average annual return during that time, which is a reasonable assumption based on the stock market's historical performance. Even if you're already contributing steadily to a retirement plan, it never hurts to boost your contribution rate. If you have a 401(k) plan through work, doing so is easy - just tell your employer you want to allocate a larger percentage of your earnings for retirement, and your payroll or HR department will take care of the rest. Boost your retirement plan contributionsĪn uptick in earnings offers you a great opportunity to ramp up your retirement plan contributions. And if your emergency fund is solid but you're still sitting on debt, you can use that extra cash to pay it down to avoid wasting money on interest. You should, ideally, have anywhere from three to six months' worth of living expenses socked away for unforeseen bills. For example, if you're short on emergency savings, you can use that extra money to boost your bank account balance. Having more money at your disposal gives you a prime opportunity to make up for whatever financial shortfalls you may be grappling with - so figure out what those are and use your heftier paychecks to address them. Use your newfound cash to close some financial gaps
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