A new way of getting funded which is not a loan!
If there is something that you want, and you can’t get it off your mind, what are your options? You can take a drive down to your bank and hope your consultant will find you credit worthy. You can slide up to the nearest credit card offer and try your best to get as much as you can so you can max it out in one go. You can skip down to the Payday lender and take out a quick short term loan.
Well coveting consumers, here is a crazy new idea. What if you asked everyone you knew on your email list, facebook, twitter, LinkedIn, and every other donor you can think of to give you a few bucks each? How long would it take you to gather the sum total of what you need?
Would you give someone money this way? Remember it is not a loan!
It’s called Crowd-funding and it is the latest way that people can raise funds over the internet from friends, family and even strangers for a host of different reasons. This controversial new way of raising money is also raising eyebrows. Crowd-funding can become very awkward for the people who are being asked to donate, and although in other countries this method of raising funds is being used for more altruistic reasons, Americans, mostly, use Crowd-funding as a way to get friends and family to pay the bill for weddings, honeymoons, breast implants and even cars. Sharon Chase, a single lady living and working in New York explains how a business associate used Crowd-funding to finance her honeymoon. “I wasn’t even invited to the wedding and yet felt obliged to donate $100 because everybody else was.”
GoFundMe is one of the sites that specializes in personal requests only shows the annual returns soar from 5.65$ in 2011 to 128$. People ask for anything. However, specific platforms such as Kickstarter, Giveforward, or Indiegogo take a more altruistic approach and focus mainly on charities, business endeavors, illness and injury of loved ones, and even political causes.
Is this the end of civilized behaviour? Are we at the point where we go on line to simply find and take money because we have to pay the vet bill for the cat? Meanwhile we are driving around in a classy car. Professor Ethan Mollick of the University of Pennsylvania maintains that the fad will not last long. It seems that it is not much more than a challenge for most people. Everyone wants to see if they can actually pull it off.
I know you are my colleague at work, but do I really have to pay for your honeymoon?