ITA Wealth Management

As we enter this season of giving, I remind readers to consider a gift to those less fortunate than most who come to this site for financial information.  While there are many charities seeking your help, one unique opportunity is to provide capital to someone so they can begin a business and sustain their family.  One writer, Phil Smith, claims that by helping one person to launch a business, you help an additional 100 people.

MEDA Trust is one place for you to set up your own little endowment fund.  If your charitable contribution is sufficiently large, one can fund an entire business.  Some businesses require only a little over $100 to start.  The largest request is now $70,000.  MEDA now makes it possible for the “lender” to partially fund projects.  If you are a partial lender, you will be paid back the percentage you loan.

Keep in mind that when I say, “paid back,” the money is returned to your account to be reused to fund another business.  If the money is not reused within a specified period, the money will be used by MEDA.

My wife and I are now involved in 67 businesses and we expect to top 100 sometime in 2009 or 2010.  In addition, we are going to help our grandchildren become involved in MEDA Trust businesses this Christmas.  We consider it our responsibility to teach the young what it means to not only receive gifts, but to give as well.

Another program similar to MEDA is Kiva.  Kiva operates on a larger scale and money given to Kiva is not a charitable contribution.  We chose to go with MEDA Trust for two reasons.  1) We know the leadership running MEDA and have the utmost trust in their integrity.  2) We wanted our gifts to be a charitable contribution.

Even though the gifts are charitable contributions, when the businesses begin to payback their loans, the money is returned to the donor account so one can fund new businesses.  The latest information I have is that there is a 3% default rate.  Over the short time we have been involved with MEDA, 27 loans have been paid back and 40 are still active.

I consider this to be a worthwhile program and I highly encourage others to become involved in helping to eliminate poverty in this world.

Lowell Herr

Photograph:  Taken near Harpers Ferry, West Virginia

Click here for 2008 photographs

Friends and family – Here are the photographs of our family and a few more from our 2008 travels.  Click on this link and step through the pictures if interested.

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