Dec 24, 2013
I’m really excited about the opportunity I have to use money to make the world a significantly better place. Furthermore, it’s a core conviction of mine that living an ethical and fulfilling life requires donating as much as one can spare to the best causes.
But what are those best causes? The only honest answer is that I don’t know. I think I have a good grasp of where the best causes aren’t, but a lot more research has to be done by myself and others before I can feel confident giving anywhere. Therefore, I’ve decided to donate very minimally and save my donations for later.
If anything is the core foundation of effective altruism theory, it’s that causes can differ from each other in expected impact by tremendous amounts. The example of spending $42K on a guide dog in the developed world versus spending $25 to cure blindness in the developing world is very salient comparison to me, though perhaps it is not completely fair. There’s also a concern echoed by Brian Tomasik that since we’re uncertain about a lot of cause-and-effect relationships, what appears to be doing good might actually be a harm! I therefore want to be pretty careful with how I donate even $1K, because that could be worth the same as millions of dollars elsewhere.
This makes it a huge priority to learn more about opportunities for doing good, whether by donating or working. Thus, I’ve decided to spend my money and time trying to figure out how to learn more in reliable ways and I’m going to be slow to disperse money until I find ways I can reliably invest that money in learning. You can see the money I donate, as I donate it, on my donations page.
My current plan is to keep a line in my budget spreadsheet that specifies how much donations I “owe”, which currently will be 20% of my total income. Currently, I don’t have any plans to earmark these donations in any other way, and they will just remain a part of my total investments.
If I keep up the plan of saving long-term, I will eventually get a donor advised fund for tax reasons. However, right now I am still a college student and I am not yet in a position where I need to worry about taxes. I’m also not worried, at least in the short-term, about the traditional concern of values drift that a donor advised fund protects against.
I also think there are two compelling advantages to keeping some donatable money outside of a donor-advised fund: (a) keeping the ability to move money to projects that do not have 501(c)3 status (something I expect to run into a lot, actually) and (b) keeping the ability to save money for myself, in case I want to retire early and work full-time on EA stuff.
I have high trust and broad epistemic and methodological agreement with GiveWell. I normally look to GiveWell’s recommendations as solid opportunities for doing good. However, this year, the recommendations available seem to be poorer than usual. As Carl Shulman points out and GiveWell employees confirm, this favors saving to wait for later.
However, I still find GiveDirectly to be intuitively appealing and I’m attracted to the relative simplicity of the model and using GiveDirectly as a way of spreading cost-effectiveness. Therefore, while I haven’t personally put any money toward GiveDirectly, I’ve asked for donations to GiveDirectly for my birthday and Christmas.
I thus have strongly considered donating to GiveWell directly to help them, and have done so in the past. However, as of their recent partnership with Good Ventures, I believe them to now have all the funds they need to operate. GiveWell wishes to have additional donations for diversification purposes, so as to maintain their independence from Good Ventures.
However, I personally don’t find this to be a compelling and urgent need. If the situation were that Good Ventures were withdrawing and GiveWell was going to scale back significantly, I would probably donate (depending on the reason for Good Ventures) splitting. But right now, I think there are more urgent needs and therefore I consider GiveWell to have no “room for more funding”. I intend to write more about this.
Perhaps one can think of moving money to GiveWell Labs as a donation to Good Ventures’s future funding, increasing the amount of money that is moved to future recommendations by GiveWell. This could be compelling given my broad trust about GiveWell, but right now I think it’s generally more robust to wait and see what other opportunities I find, since (a) there’s a risk that I might stop trusting Good Ventures / GiveWell, (b) I might run into a better funding opportunity that Good Ventures / GiveWell is not in a position to also fund, and (c) I don’t yet get tax benefits on moving donations out of my investment account.
I’m also watching closely the work of other organizations, like the Centre for Effective Altruism (CEA), the Machine Intelligence Research Institute (MIRI), the Future of Humanity Institute (FHI), Effective Animal Activism (EAA), and Brian Tomasik’s upcoming Foundational Research Institute (FRI). All of these organizations seem focused on learning in potentially useful ways and I could see myself moving significant amounts of money to them.
Unfortunately, I do not yet have enough detail on what these organizations are doing to learn and whether they are following methodologies for learning I would endorse and therefore I’m not quite confident enough to give large sums of money to these organizations. Spending more time figuring out what these organizations are doing and spending more time figuring out what methodologies for learning I would endorse are top priorities for me going forward. Some aspects I’m concerned about is whether good monitoring and evaluation procedures are in place to make sure progress is made. It’s very easy to do things and not learn about them and end up spinning in circles, especially with theoretical work.
But I’m excited about 80,000 Hours’s recent impact report, Giving What We Can’s plan to focus on monitoring and evaluation for their pledgees, and MIRI’s commitment to “lean non-profit” methodologies. I look forward to following more development in these areas and I plan on writing more about this.
I also intend to spend a substantial amount of time looking for projects that I myself can take on to both perform and fund necessary expenses out of my donation account. I’ve created an organization with Ozzie Gooen, .impact, that will allow us to both do this. I’m not yet sure if .impact will produce more promising opportunities in research or other areas than these other organizations, but I look forward to further exploration to see what I can find. .impact has not fully launched yet, and I expect to write a lot more about it later.
Crossposted from Everyday Utilitarian