Pay Others First
Location
About You
Location
Project Street Address
143 Cherry Se Suite 6
Project City
Grand Rapids
Project Province/State
MI
Project Postal/Zip Code
49503
Project Country
United States
Your idea
Will you launch your idea as a business or non-profit?
Non-Profit
Web site (url)
Name Your Project
Pay Others First
Describe Your Idea
Innovation
What is your idea? What makes it innovative? Why is it important?
“Pay yourself first” is a common phrase in the financial world. Basically it means you put money into your savings or investments before you budget for everything else you need. The idea is you will never miss the money because you never see the money. Typically, people will do this through a direct payroll withdraw into a 401k or similar account. Billions of dollars have been saved and invested using this system. It offers tax advantages and consistency.
I suggest a similar program for charitable donations. Pay Others First will allow people to donate funds, before taxes, directly from their payroll check. The program would be setup similar to a 401k. Your money would enter a fund and from there you can choose charities to donate to just like you would choose mutual funds to invest in. The plan would offer immediate tax savings versus the end of the year deductions. The plan would create a consistent giving pattern reducing the effects of economic slumps on charitable donations. The money would be gone before you even see it. You can give back without even thinking about it.
Impact
What will be the impact of your idea?
The impact would be immense. Charities would see a much more consistent revenue stream. That allows them to better plan and budget. It also opens up opportunities for new initiatives. The impact for the donator can be equally as great. The immediate tax benefits help out financially. They will receive an annual report on their giving and activities of their charities. Their giving will become automatic; it will not have to be a conscious act every week or month. It will save those who are already giving time (automation) and money (immediate versus delayed tax benefits). Hopefully they will then re-donate the time and money they are saving just like investors would reinvest their dividends.
This Entry is about (Issues)
People: We are looking for ideas from people who can make them happen.
The team is made up of advisors and volunteers with diverse backgrounds. Everyone is dedicated to solving social issues through their time and talents.
Advisors
John Teodecki – RS Consultants, Eyes on Design Charity
Emily Pilliton - Founder Project H Design
Pay Others First Team
Emily Callaghan – Research Consultant, Herman Miller
Justin Mast – Business Manager, Teamwork Design
Renee Musfid – Engineer, Steelcase
Amy Veldkamp – Certified Public Accountant, Harpo Studios
David Veldkamp – Lead Industrial Designer, Tekna
Rachael Veldkamp – Realtor, Blu House Properties
Sustainability
How much will it cost to launch your idea?
The startup costs would be minimal. It would start as a grass roots campaign in southern Michigan and northern Illinois. First we would enlist our current employers to establish pilot programs. The next step would be to advertise the success of these pilot programs. All media outlets will be contacted. A website would be developed to support the media reports. Relationships with current 401k providers would be established to create wide spread programs linked to their well establish infrastructures. Participation by providers can be expected because of the potential public relation benefits. The initial start up cost for advertising, website, travel and technological support is $50,000.
 | Pay Others First has been chosen as a finalist in The Power of Us: Re-Imagine Media . - 1114 days ago |
