IWillTeachYouToBeRich - 4 lessons about fundraising

Reader,

India is very dear to me. It’s where my parents emigrated from, and it’s where I went with my parents to visit when I was a kid. I wanted to make sure that Cass and I traveled there on our honeymoon. 

The COVID situation in India is horrifying. There are so many deaths that they’ve run out of wood for funeral pyres. I have family members who currently have COVID in India.

So a couple of weeks ago on my Instagram account, I decided I’d match up to $5,001 to @Khalsa_Aid to supply oxygen and wood to people in need. 

I was flooded with donations, so I raised the match to $10,001.

The match is now over, but I’d love it if you donated. Here’s the link: https://www.khalsaaid.org/donate.

You may have noticed me using my platform to be more vocal about fundraising and politics lately. It’s part of my Rich Life, and I believe there are people who want to know what’s happening around the world and want to help.

I want to share some lessons that I’ve learned from previous fundraising experiences. 

LESSON #1: Get comfortable with small numbers

My wife and I both come from families of immigrants, and in 2019 we wanted to raise money for families being separated at the border.

Initially, Cass and I set a goal of $50,000. When we went to a few fundraising friends and asked for advice, one of them smiled. “Why don’t you start small?” he gently asked us. Even though it was hard to hear, he was right.

I learned that I had to get comfortable with smaller numbers.

It was humbling to start small and be satisfied with small numbers and modest goals. This was my wife and me setting up our first fundraiser together, trying to find a free event space, and trying to send anything we can to support families at the border.

I had to reframe our new goal of “only” $5,000 as a win. When you’re starting something new, it’s hard to remember that starting small is how EVERYONE starts off. This was a great reminder. Most of all, we were just thrilled to be able to contribute to a cause we care about.

LESSON #2: When a friend asks, show up

In “Ramit’s 10 Money Rules” that I posted a while back, rule #4 is “Never question spending money on books, appetizers, health, or donating to a friend’s charity fundraiser.”

There’s a reason I always donate to friends’ charity events. When your friend emails you for a fundraiser, they really want your help (in general, people HATE asking for money, so when they do, there’s usually a reason for it).

If you respond and donate quickly, they’ll appreciate it.

And if you donate more than they asked for, they will never forget it.

For example, Sam Gavis-Hughson is an IWT graduate who helps job candidates prepare for their coding interviews at companies like Google and Facebook. He used our business program, Zero to Launch, to run a $50,000 launch. When we posted about our fundraiser, he was one of our first donors and came in big with a $500 donation — that’s more than our requested $100 donation. I will never forget it.

Other friends never donated. Maybe they were busy or missed the email. But I’ll never forget that, either.

SHOW UP!! Show up for birthday parties, weddings, book launches, and charity events. ALWAYS.

Those are moments in someone’s life that mean so much to them.

LESSON #3: Deal with critics

Invariably, I have some people who didn’t agree with the cause we were raising money for. I think this stops a lot of people from ever getting started with something like this (or starting a business). What will people think? What will they say? Will my friends get annoyed by me asking them for money?

Whenever you try something new, you’re going to encounter critics. It happened with this fundraiser.

LOL at the critics who decided that instead of donating, they’d leave angry comments on a fundraiser for a good cause.

If you decide to try something new, remember this: Opinions are cheap. You’ll ALWAYS get people saying, “What about this? What about that? How do you know where every cent of this $100 is going? If you did X, maybe I would donate.”

Guess what? They’re not your audience.

Actual supporters didn’t demand that I jump through their gauntlet of requirements for one hundred dollars. They wanted to get involved, they clicked DONATE, and they showed up.

It’s fine if not everyone supports your cause (whether it’s a business, a new hobby, or a fundraiser). 

LESSON #4: Use your time and money to live a Rich Life

THIS is a Rich Life — where you use your time and money to help other people.

When something outrages you or inspires you … when something makes you MAD or SAD or THRILLED, that’s an opportunity to lean into it and use your time and money to improve it.

It’s not about needing to have $1,000,000. A tiny amount can change someone’s life.

What’s a cause you believe in and can make a donation toward today … or maybe even hold a fundraiser for? 

Reply to this email and let me know. I read every email. 

P.S. Here’s the link again to donate to @Khalsa_Aid: https://www.khalsaaid.org/donate.