Best of the Week
Most Popular
1.US Dollar Crashes, Gold And Bitcoin Skyrocket As Economic Recovery Lie Is Exposed - Jeff_Berwick
2.Now Obama Warns Americans to ‘Be Prepared’ for Disaster… What Does He Know? - Jeff_Berwick
3.EU Referendum - Britain's Immigration / Migrant Crisis Explained - Nadeem_Walayat
4.EU Referendum - British People vs Establishment Elite, Vote LEAVE an Act of Defiance! - Nadeem_Walayat
5.Prominent Billionaire Investors Warn of Financial Crash, Quietly Position Themselves - MoneyMetals
6.Bankers Warn of BrExit Financial Armageddon if British People Vote for Freedom - Nadeem_Walayat
7.Bad U.S. Jobs Report Prompts Stocks Bear Market Rally Towards New All Time Highs! - Nadeem_Walayat
8.Gold And Silver – Friday May Have Marked A Pivotal Turnaround - Michael_Noonan
9.EU Referendum - British People vs Establishment Elite, the Illusion of Democracy and Freedom - Nadeem_Walayat
10.Felix Zulauf: Monetary Stimulation Creates Bubbles, Not Prosperity Nor Growth - GoldandLiberty
Free Silver
Last 7 days
Gold And Silver: Security, And BREXIT - 25th June 16
Dow, Euro & Brexit Recap - 25th June 16
Resistance Holding Gold Stocks after Brexit - 25th June 16
Venezuela vs. Ecuador (Chavismo vs. Chavismo Dollarized) - 25th June 16
Gold, Silver And PM Stocks Summer Doldrums Risk - 24th June 16
Here’s Why China “Economic Hard-Landing” Worries Are Overblown - 24th June 16
Jubilee Jolt: Markets Crash, Gold Skyrockets as Britain Takes Brexit - 24th June 16
BrExit Morning - New Dawn for Britain, Independence Day! - 24th June 16
LEAVE Wins EU Referendum - Sterling and FTSE Hit Hard, Pollsters, Bookies and Markets All WRONG! - 24th June 16
Trading BrExit - British Pound Plunges, FTSE Stock Futures Slump on LEAVE Shock Referendum Win - 24th June 16
EU Referendum Shock Results Putting BrExit LEAVE in the Lead Hitting Sterling Hard - 24th June 16
Final Opinion Poll Gives REMAIN 52% Lead, Bookmakers, Markets and Pollsters ALL Back REMAIN Win - 23rd June 16
Does BREXIT Matter? Outlook for Sterling - 23rd June 16
Keep Calm and Vote BrExit - Last Chance to Break Free of EU Superstate - 23rd June 16
Here’s the Foreign Policy Trump and Clinton Really Want - 23rd June 16
Details Behind Semiconductor Stocks Leadership - 23rd June 16
Trading BrExit - Stocks, Bonds, Sterling, Opinion Polls, Bookmaker Odds and My Forecast - 23rd June 16
BrExit Looks Set to Win EU Referendum, Final Opinion Polls Give LEAVE Lead Over REMAIN - 22nd June 16
Proof that the Gold Bears are Wrong - 22nd June 16
Here’s a Trillion-Dollar Investment Opportunity for Those Few with No Debt - 22nd June 16
BrExit to Save Europe from Climate Change Refugee Migration Apocalypse - 22nd June 16
Increase In U.S. Rig Count Will Not Cap Oil Prices - 22nd June 16
Are Copper and China Stocks Set to Rally? - 22nd June 16
SPX May Break Its Trendline - 22nd June 16
Believe it or Not: More Kids Live At Home Now than Since The Great Depression - 21st June 16
EU Referendum Latest Opinion Polls Show LEAVE Halting REMAINs Surge - 21st June 16
British Pound Outlook - BREXIT, Europe and You - Does your vote matter? - 21st June 16
Fascist Victory Behind the European Union - 21st June 16
EU Referendum Opinion Polls Analysis Shows Strong Momentum in REMAINs Favour - 21st June 16
Is It Time to Dump Gold and Buy Platinum? - 21st June 16
Could Central Bankers Be Gold and Silver's BIGGEST Allies? - 20th June 16
Words Still Mean Things – Brexit With Graham Mehl - 20th June 16
Baroness Warsi the Manchurian Candidate Quits LEAVE for REMAIN, Boris Johnson Next? - 20th June 16
FTSE Soars, Stock Markets Bounce on LEAVE Polls Surge, Bookmakers Widen BrExit Odds - 20th June 16
Brexit Would Trigger Devolution of Europe - 20th June 16
Stock Market Week Of Uncertainty - 20th June 16
Will Gold’s Bullish Price Chart Outperform Gold’s 5 Bearish Indicators? - 20th June 16
Bonds And Stocks At All-Time Highs: Are Markets Confused Or Broken? - 20th June 16
Silver Sleeping On the Job - 19th June 16
BrExit Odds Sink, REMAIN Polls Boost by Jo Cox Killing by Radical Right Extremist, Conspiracy? - 19th June 16
How Elliott Waves Tell You When to "Jump In" & When to "Jump Out" of Markets - 18th June 16
Stock Market Inflection Point During Bifurcation - 18th June 16
Gold And Silver – Insanity Is World “Norm.” Keep Stacking! - 18th June 16
Gold Stocks - Bull Markets that Follow Epic Bears - 18th June 16
The Fed Giveth and the Gold Bullion Banks Taketh Away… - 17th June 16
Brexit: "The Vote Heard Around the World" - 17th June 16
Gold Stocks Summer Breakout? - 17th June 16
Stock Investors Get Higher Returns and More Dividend Income - In Less Time With Less Risk - 17th June 16
How to Use the Gold-to-Silver Ratio? - 17th June 16
Inflation, Deflation & Associated Trading Prospects - 17th June 16
Overnight Markets Struggling to Stay Flat - 17th June 16
Gold Price Surges to Highest in Nearly Two Years On Central Bank and Brexit Haven Demand - 17th June 16
Stock Market Thinking Upside Down; Dow 18k Still Key - 17th June 16
Jo Cox MP Terror Attack Killing Claimed for "Britain First" - Witness Report - 17th June 16
Stock Market, Iron Ore, Bitcoin – Is Silver Next for Chinese Momentum Investors? - 16th June 16
EU Referendum Campaigning Suspended Following Shooting of MP Jo Cox, Suspect Named as Tommy Mair - 16th June 16
Why People are Migrating to the UK, Illegal Immigration, Housing Crisis Consequences - 16th June 16
Stocks Fluctuate Following Recent Decline - Bottom Or Just Pause Before Another Leg Down? - 16th June 16
The US Consumer-Driven Economy Has Hit a Brick Wall - 16th June 16
Bitcoin Price Going Parabolic Again, Now At $730 and Up 60%+ In Last Three Weeks - 16th June 16
China's Hard Landing Has Already Begun! - 16th June 16
Crude Oil Price - Oil Bears vs. Support Zone - 16th June 16
Central Bankers Are Wrong About Inflation and Deflation - 15th June 16
Alignment Of The Dow, Interest Rates, Debt and Silver Cycles Will Deliver A Fatal Blow - 15th June 16
Stock Market Bounce May be Over - 15th June 16
EU Referendum: Have the Bookmakers Got it Wrong? LEAVE Opinion Polls Lead - 15th June 16
Gold Price Rally - 15th June 16
How to Invest for Brexit Report - 15th June 16
Stock Market Short of the Decade? - 15th June 16
Stock Market Sell Off Coming! - 14th June 16
QE - The Good, Bad & Ugly - 14th June 16
This Demographic Shift Makes Our Social Security Useless - 14th June 16
Gold Stocks Ultimate Objective in a World of Monetary Transition - 14th June 16
Philosophy of the New World Order - 14th June 16
The Brexit Game - Boris Johnson vs David Cameron EU Referendum Zombies - 14th June 16
EU Referendum: LEAVE Opinion Poll Lead of 51% to 49% Whilst Bookmaker Odds Still Strongly Favour REMAIN - 14th June 16
George Soros Making Big Bets on Gold - 14th June 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Why 95% of Traders Fail

Using Crowdfunding As Part Of A Comprehensive Personal Finance Strategy

Personal_Finance / Money Making Mar 29, 2016 - 09:18 AM GMT

By: Larissa_James

Personal_Finance

Crowdfunding is being used for everything these days, from launching promising startups to affording education. As you chart out your personal financial goals and the plan that you need to achieve them, you may find yourself wondering about the possibilities for crowdfunding to help you in your own life. This is especially true if you’re struggling with debt or if you can’t seem to get solid footing for yourself when it comes to paying your bills.

In some cases, crowdfunding is the right way to go, but you have to know what you’re doing; otherwise, you’ll earn zero donations, and you might damage your reputation in the process.


Know When It’s Right

There’s almost no objectively “wrong” way to ask for money via crowdfunding, but there’s some social etiquette to follow if you want to be respectful and to maximize your chances of success. For starters – and this should be obvious – only make a crowdfunding campaign if you truly need the money. This isn’t a way to generate passive income; it’s a way to help you get back on your feet. If you’re dealing with a genuine financial disaster, and you can’t afford to pay your bills or put food on the table, this is the time to ask for help.

You may also decide to crowdfund during a particularly exciting or momentous time in your life. For example, Plumfund suggests using their funding platform as a means of allowing baby shower attendants to pool their resources for bigger-ticket items.

Choose the Right Platform

Next, you’ll want to make sure that you’ve chosen the right platform for your crowdfunding efforts. Some platforms, like Kickstarter, have specific regulations that forbid any non-compliant posters from making their campaigns live. Most, like Indiegogo, will skim a little off the top to compensate them for use of the platform. Every platform has different demographics and different community expectations. Do your research in advance, and know what you’re getting into before you jump in blind.

Have a Measurable, Attainable Goal

You can’t just start a campaign asking for “money” or generic “donations.” You need to know exactly how much money you need. This goal should be both measurable and attainable. For example, if you’re trying to gather money for an important home repair that you can’t put off, show that you’ve already gathered several estimates; this makes your goal measurable. Then, make sure that your goal is realistic; if it’s too much money, people won’t donate. Consider asking for a fraction of the costs if it’s more than you can realistically hope to achieve.

Have an Action Plan

Develop an action plan for how, and when, you’re going to spend the money. This will convince the people in your life that you’ve thought this through and that their donations will make a positive impact, helping you to get more donations and to make a better impression at the same time. Even more importantly, it’ll give you a blueprint that you can use for your future. For example, if you’re trying to “start over,” you might explain that you’ll use the money as a down payment for a new apartment and to pay for a portion of your moving costs, then outline a plan for how you’re going to get a new job closer to your area of expertise and grow from there.

Express Humility and Gratitude

Crowdfunding campaigns give you ample opportunities to communicate with your audience: you can add more content to your campaign, post about your campaign on social media, and even talk about your campaign to friends and family in person. When you’re doing this, express as much humility and gratitude as you can. Show that you’re asking for these donations out of necessity, not out of greed or laziness. Show that you understand that anybody who donates is truly making a sacrifice, and express your appreciation for those who have already donated.

Show Thanks

Your donors have made sacrifices to support you. You owe them thanks. After your campaign is over, show your appreciation for the support that everyone has given you, and do something special for them. This may be as simple as writing out a handwritten note to everyone who participated in your campaign, or it could be something more extravagant, like throwing a party when you finally do get back on your feet.

Pay It Forward

You’re doing this because you’re going through a challenging time, and you’re relying on other people who are more established to be there for you. Hopefully, with this aid, you’ll become more established in your own right, and you’ll be in the position to help someone else who’s fallen on challenging times. When you do come to that position, you owe it to them (and to yourself), to pay your good fortune forward and to help them out in their campaigns. Otherwise, the system isn’t going to work. Personal crowdfunding is a delicate balancing act of relationships and finances, so if you truly believe in the system, you have to be there on both sides.

Copyright © 2016 Larissa James - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife