I have been putting a part of my revenues in Kiva.org. This month it kind of equals 17% which is more than what I told myself I would put in (10%) but I like it as a savings account. Some people are investing their toddler’s College fund in Kiva which I think it is a great idea.Let’s say you want to put 75,000$ away for college and say you put 1/3 of it in Kiva.org and grow the rest with interest in a traditional REEE-type account. Those 25,000$ can be returned annually into Kiva.org loans and help thousands of entrepreneurs over the course of 15-17 years. Be aware that there is a very small default rate so your funds are not 100% guaranteed.
My daughter already has two REEE (college savings accounts in Quebec), one from her dad and one from my dad. When she is ready for higher education she can certainly choose from ALL possible programs and schools. While I can’t contribute to them myself I can create for her a Kiva.org portfolio in the hopes that she will soon be able to manage it herself (Choose who gets the new and reimbursed funds.) I think that it will teach her to value money as something that can do more good when put towards a loan rather than a toy or candy.
Kiva.org allows you to read the business info of people applying for a loan. Loans rarely take more than a few days to be funded. The typical loan is about 70$ which can fund individuals or groups of 5 people. Most loans go to women’s businesses. You can contribute in small or large sums, the average contribution is 25$. You get an almost real-time account of the fund raising process, payments and follow-up.
Of course I have another ulterior motive!
Through Kiva.org I would also like to make contacts in Cambodia and Thailand (and to a lesser extent Southern Africa) with woman who own small craft business and sell clothing or accessories either to import their goods or send them second-hand or surplus clothing and shoes to sell (a popular business model in Africa.) I also want to visit in the near future.