yego.me
💡 Stop wasting time. Read Youtube instead of watch. Download Chrome Extension

What you should know about microfinance


less than 1m read
·Nov 8, 2024

I want to tell you about micro finance because you might want to either donate to it or get some money from it. I especially want to tell you about Gine America, which is a micro finance bank that I support the most. Micro finance is small loans to people who don't have any money for them to build businesses. They're typically a few thousand dollars in size for small endeavors, like buying a rug cleaning machine to get into the rug cleaning business.

The banks I financed are in economically depressed areas, so it's been incredibly satisfying for me to see people in these underserved communities flourish. In some cases, they evolve into pretty big businesses with that type of financial support. For every dollar I donate, roughly $12 is loaned out and paid back over the next 10 years. So the money keeps going round and around to help many people over many years.

For that reason, I love donating to Gine America and micro finance. If you're philanthropic and you want to have an impact on underserved communities, you should consider it. Or if you are in an underserved community and are looking for a grubstake that will give you the opportunity to start your small business, check it out.

More Articles

View All
How To Invest $500 Per Month
What’s up, you guys? It’s great here! So, I realized in many of my videos I talked about investing ridiculous sums of money or putting 20% down to buy real estate, which could work out to be like six figures in cash. But I wanted to take a different appro…
Bitcoin For The Intelligent Layperson. Part One: Context.
[Music] In 2008, an anonymous person going by the name Satoshi Nakamoto wrote a paper describing a protocol for a digital currency called Bitcoin. Bitcoin brought together ideas discussed on the cipherpunk mailing list during the 1990s. The cipherpunks st…
Geoff Ralston: The Story of Your Startup
Yeah, I just wanted to spend a couple of minutes talking about something that I think is absolutely vital to startup success. But although it’s fundamental, it is often somewhat overlooked, and that is really the invention, the creation of the story of yo…
7 Steps to Start Building Long-Term Wealth (The Richest Man in Babylon)
George S. Clayson first published The Richest Man in Babylon in 1926. Today, this book is still regarded as one of the best personal finance books ever written due to the wealth of wisdom that lies within its pages. Now, in this book, Clayson focuses on s…
How to Get Your Dream Job When Nobody is Hiring | Ask Mr. Wonderful Shark Tank's Kevin O'Leary
Hi everybody! Welcome to another episode of Ask Mr. Wonderful. Now this week, we got a deal with the 10,000-pound gorilla in the room, and there are 30 million-plus people out of work right now. It’s extraordinary, unprecedented, and the majority of the q…
Khan Academy "Hamilton" song
How does a website platform educational and non-profit shot in a cramped damp shoebox of a closet as an office built by a Bengali trooper? This product turned out to be the schoolhouse of the future. The not recruit hedge fund suitor without a suit got a …