Issue #248: Do Trump and Harris really need my measly $2?

plus Brisket + a snowboarding cat
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
July 24, 2024 • Issue #248
Dollar Scholar

Hi y’all —

Just before 2 p.m. on Sunday, Joe Biden dropped out of the 2024 presidential race. Six hours later, Kamala Harris was in my inbox asking for $20.

Amid an unprecedented few weeks in American politics, one thing that’s remained steady has been the absolute flood of text messages and emails I’ve received soliciting donations for the upcoming election. I don’t financially support any politician (that's a big journalism no-no), but the Republican and Democratic parties — and their respective candidates — have proven relentless.

Every time my phone buzzes, it’s Harris saying “will you pitch in your first $20 today to elect me as president?” or Donald Trump saying “I need you to do me a personal favor by chipping in.” (Those are real quotes.)

The confusing part is that they’re not demanding huge contributions. They seem to know I don’t have Peter Thiel’s or Seth MacFarlane’s deep pockets. The candidates always beg for $2, or $7, or whatever — some small amount that I can’t imagine actually making a difference. And yet.

Why are campaigns always hounding me for donations?

Jennifer Heerwig, a political sociologist at Stony Brook University, says the biggest reason is an obvious one: Elections are expensive. In 2020, presidential candidates, congressional candidates, the parties and groups supporting them spent $14.4 billion. About $5.7 billion of that was spent on the presidential race alone.

Simply put, “candidates need money to run a viable campaign,” Heerwig says.

Donations are especially important for candidates who haven't run for office before because they need to make themselves known with voters.

Early in a campaign, raising a lot of money can be a way to show the general public (and bigger donors) that a candidate has a fighting chance. And while it’s not an automatic W, in general, the more a challenger spends, the more likely they are to emerge victorious.

“The campaigns use that money coming from donations for all sorts of things we don’t see,” Heerwig adds. “Beyond direct interactions with voters, campaigns are using money to pay campaign staff, to do — maybe, depending on the candidate — some polling, host events, all of these things that happen behind the scenes.”

These aren't static expenditures, either: NPR reported in November that it costs money to remain agile, expanding to new apps or microtargeting certain demographics on the fly.

2000's campaign email subject: Donate to John Kerry Today!

Small-dollar donations are particularly coveted because they can telegraph grassroots support. Grassroots support, in turn, can indicate that a candidate is in touch with everyday people.

This is something politicians love to tout. After announcing her campaign in 2019, Elizabeth Warren boasted that her average donation was $28. Last year, the New York Times reported that 668,000 donors gave less than $200 to Trump. And within five hours of Biden endorsing Harris to replace him as the Democratic nominee on Sunday, ActBlue — a left-leaning fundraising website — excitedly confirmed it had raised over $27.5 million from small-dollar donors.

“Every little bit helps, from the candidates’ perspective, even at the presidential level,” says Conor Dowling, a political science professor at the University at Buffalo. “Those individual contributions signal that they have support from people — and it's not just a few millionaires and billionaires.”

Size aside, another major reason campaigns solicit donations is to collect data. Heerwig says that once a voter makes their first contribution, they become part of the donor list, which can be shared with other candidates and the party, giving them direct access to a highly politically engaged audience.

Remember the fervor over Bernie Sanders’ 2016 email database? There’s a reason Politico called it his “secret weapon.”

Once someone donates, “that person can be targeted with get-out-the-vote communications or [become] a volunteer, somebody who is engaging with the campaign in a different way,” says Shanna Ports, senior legal counsel in campaign finance at the nonpartisan Campaign Legal Center. “They can become an active participant in the campaign.”

They can also, crucially, be asked for further donations. And all those small donations add up to big numbers that make headlines.

“[Campaigns] know that number is going to be splashed around in the press, and it becomes a metric of their likelihood of success,” Ports says. “If they can get a lot of $2 donations, that might put them over the edge to that number they're targeting.”

On a practical level, Dowling says emails and texts like the ones I’m getting are relatively quick and inexpensive for campaigns to send. The lift is low, and the payoff is potentially great. Some back-of-the-envelope math: If a message goes out to 500,000 people, and a fourth of them feel moved to donate $2, that’s $250,000 more in the bank.

No candidate is going to turn their nose up to a quarter of a million bucks.

“They can find a use for money if they have it,” Dowling says.

The bottom line
(but please don't tell me you scrolled past all of my hard work)

Campaigns are always begging for donations — even small ones — because that money can help them get their message out and, ultimately, win.

We got a dollar!
via Giphy

Smart MONEY MOVE
don't let your savings stagnate

SavingsIs your savings account just kind of… sitting there? Let’s turn that couch potato into a cash-spewing machine! (Metaphorically, of course.) We have a great list of high-yield accounts and cash-back options that give epic returns, so your money stops hibernating and starts working for you. The more you stash away, the more you can watch it grow. Feels good, doesn’t it?

Check out Money’s smart savings options and make your dollars dance.

The information provided in this email is not intended as financial or investment advice.

ADVERTISEMENT

Receipt of the week
check out this wild celebrity purchase
Sydney Sweeney
via Instagram

Actress Sydney Sweeney recently purchased a $13.5 million oceanfront mansion in the Florida Keys. Her new house boasts six bedrooms, eight bathrooms, an elevator, an infinity pool, a swim-up bar, a hot tub, an aquarium and a wine room that can hold over 500 bottles. With those amenities, Sweeney is all but certain to feel euphoric.

Internet gold
five things I'm loving online right now
1
Did you see I recently launched the first-ever DOLLAR SCHOLAR SUBSCRIBER SURVEY? (Sorry for the all caps. I’m excited.) Please take it! If you choose, you can even enter a sweepstakes after completing the survey for the opportunity to win one $50 Amazon gift card. Click here to tell me allllll about yourself, your likes and your dislikes.
2
Stop what you’re doing and read the story of how actor Glen Powell came to rescue Brisket, his puppy-turned-Twisters-mascot. “I don't even know how to describe it, I just had the desire to be a father,” he told Entertainment Weekly, adding that he’s obsessed with “the way that [Brisket] brings me so much joy — and brings everybody around me joy."
4
Eton College, a super-posh boarding school in England that counts George Orwell and Prince William among its alumni, is banning smartphones for new students. The BBC reports teens will be given “brick” Nokia phones that can only text and call in order to "to balance the benefits and challenges that technology brings to schools." 👀

401(k)ITTY CONTRIBUTION
send me cute pictures of your pets, please
Samson
via Jane Sumner 
Meet Samson. Forget pawlitics — Samson is humbly asking you to donate a treat to his mouth.

See you next week.

P.S. I loved hearing from y'all after last issue about how Gen Zers are choosing their colleges. Scholar Steve sent me a thoughtful response about how young folks would do well to learn critical traits of employment in today's environment, like how to be a team leader who can solve problems in creative ways. 

P.P.S. Do you donate to political campaigns? Have you responded to my survey yet? Can you snowboard? (I can’t.) Send feedback to julia@money.com, and your Dolla Scholla holla might be featured here in a future issue!

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