Rockstar Finance Gave Me $100: This is How I Spent It
Spread Joy & Happiness For Someone In Need
It’s been 10 days since I got the email from the guys at Rockstar Finance asking me to spend $100 with the aim to Do Good. The timing was perfect, because each Christmas I donate money with the goal to do exactly that, create happiness for someone who really needs it.
We who are fortunate to have time to worry about stuff like financial independence, stock markets, and dividend income have a responsibility to do good. To act not just for our self, but also for the general good.
So How Did I Spend The Money?
First, I used the core fundamentals of Effective Altruism (EA). The general idea is if you want your money to have the most effect, to save the largest numbers of lives or to maximize the effect of your contribution, you should choose with your mind rather than your hearth.
EA uses the principles from economic theory and rationality to find the organizations who most efficiently make the world better. A few terms are cost per life year saved, marginal impact, and time value of money. The main idea is to stay neutral and objective and to actually figure out how you can maximize your donation.
Second, now that you know this, I went over to GiveWell, a non-profit research company who finds outstanding charities. I went through the list and choose my two candidates, namely $70 for Against Malaria Foundation (AMF) and $30 for the Schistosomiasis Control Initiative (SCI).
Let’s Start With AMF:
What do they do? AMF provides funding for protection against malaria in developing countries. In 2015, there were 212 million malaria cases and an estimated 429 000 malaria deaths.
What do you get for your dollar? GiveWell estimates that the cost to purchase and distribute an AMF-funded net is $4.22, or $4.02 excluding in-kind contributions from governments.
Which means my $70 bucks donation bought 16.5 malaria nets, which again means I most likely saved 16.5 children, at least as long as the nets work (3 years).
Schistosomiasis Control Initiative:
SCI treats worm diseases and parasite infections (with difficult names). Schistosomiasis, or snail fever, is a disease caused by a parasite that enters the body while bathing or staying in freshwater.
Snail fever affects 250 million people annually and may potentially be fatal. Infected children get physically drained, exhibit learning difficulties, and lag developmentally. Fortunately, medications that break these are only 5-10 kroner per year. It’s an incredibly small amount! Medication in one and the same area for several years in a row can potentially eradicate the parasites from the entire area.
What do you get for your dollar?
GiveWell estimates that children are dewormed for a total of around $1.13 per child in SCI-supported programs. Which means my $30 bucks saved 24,59 children.
In total, almost 40 lives might have been saved because of my small $100 donation.
I want to credit Rockstar Finance for giving me the chance to show my readers how one can do even more good by doing proper research. Here is a link to the Rockstar Finance community fund: Rockstar Finance Community Fund
With that said: Happy Christmas Everybody!