The Ethics of Giving

By Phineas Upham

Philanthropy is well-ingrained in American culture. It’s been around since the beginning, when colonial settlers banded together and volunteered their time and effort in building a better society. It’s not a new concept, but the ethics of giving are only recently beginning to come to light.

Aristotle said that there is no selfless act, that even our most gracious act is intrinsically self serving. This statement is quite difficult to disprove. Even when we are at our most selfless, we still take some gratification when others acknowledge our work. But giving is not itself wholly self-serving, and it has led to some excellent advances in society.

Principles and Actions

Giving What We Can is an organization with some admirable aims. The members pledge to devote 10% of their lifelong income to charities that maximize efficiency of spending. This type of pledge is an excellent example of where principles differ from action.

Most people would consider this an admirable pledge to make, but would you make it? Regardless of your financial stature, it’s not an easy choice to part with money we’ve worked for. For those on the lower income bracket, it may be a matter of survival. Higher earners may see it as a matter of preserving one’s family.

We can easily and readily believe that giving is the right thing to do, but we will almost always hesitate to do it ourselves. When we do give to organizations, especially those that support third world entities, we are putting a value on some lives over others. After all, are people not starving at home?

Giving is not as cut and dry as handing someone money. The complex motivations behind giving often drive the charitable contribution.

Phineas Upham is an investor from NYC and SF. You may contact Phin on his Phineas Upham website or Twitter page.

Chapter 7 bankruptcy works differently from Chapter 13 bankruptcy

Article written by : MLAVA Financial Solutions

Chapter 7 bankruptcy requires the debtor to seek discharge of his or her debt in exchange for declaring all his or her assets to an examiner who is an impartial third party and works on behalf of both the debtor and the creditor. Depending on your assets and liabilities as reviewed by the impartial third party, your debt may get discharged allowing you to make a fresh start. The third party is looking for assets with equity after taking into consideration of cost of sale of each asset. However, remember not all debt including student loans can be discharged under this process.

Chapter 13 filings for bankruptcy work differently when compared to Chapter 7 filings. Chapter 13 is for individuals or married couples that have regular income and seeking help to keep their assets. This process could take longer time period, up to five years, and involve a payment plan to pay off the debt. The length of time to repay the debt depends on individual’s income and the ability to make monthly installment payments. At the end of the process debtor retains the asset. Also, it is a process for those who do not qualify to file under Chapter 7.