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The Yakezie Writing Contest And Micro-Giving

Updated: 04/12/2021 by Financial Samurai 10 Comments

The Yakezie Writing Contest was my way of giving back to people in need back in 2011.

One of my favorite business school classes focused on Emerging Market Economies.  We read C.K. Prahalad’s book called, “Fortune At The Bottom Of The Pyramid“.

It described how entrepreneurs were finding cost effective ways to serve the poorest people in the world and also be profitable.

Conventional business wisdom states that one must go after those consumers with the deepest pockets and the highest propensity to spend. Prahalad argues that we have a social responsibility to help the other end of the spectrum improve their living standards and not be afraid of going bust in the process.

One of the keys that came out of helping the poor in emerging markets is the concept of micro-lending. Micro-lending is a fascinating concept which essentially pools together the funds of people in usually small communities, and lends out those funds to a select few. 

Together, a community is able to help each other more impactfully than if they were separate. What’s also very interesting is that the tighter the community, the lower the default rates compared to conventional banks because everybody feels a deep sense of responsibility.

THE YAKEZIE WRITING CONTEST

The Yakezie Network of 70+ personal finance and lifestyle blogs have pulled together their funds to provide more than $1,000 to be divided among three winning contestants.

If each of us gave just $15 a quarter, we would collectively be able to distribute at least $600, $300, and $100 to the first, second, and third place winners who will use these funds to further their education.  We hope to slowly raise much more than a combined $1,000 as our blogs flourish and the Network grows.

What’s different from the Yakezie Writing Contest is that we are not a micro-lender, but a micro-giver where we expect very little in return. Whether the recipient ever comes back to the Yakezie Network to interact and learn is up to them. 

All we ask is that they use the funds to help pay for their education.  Students often have very little income and rely on low wages or their parents to get by.  I think we can help them.

In terms of creating profits for this particular venture, the idea is to simply have corporate sponsors with a history of giving, support our initiative. Running the Yakezie Network is an absolute loss-making venture if we were to put a dollar value on the amount of time we spend building, testing, marketing, and running the Network. 

Hence, we appreciate any type of support we can get.  The good thing is that neither Chris, nor I, or the majority of our members rely on our blogs as sole sources of income.  We all do this for the love of community, the challenge of development, and the spirit of giving back.

Related: How Do We Decide Who To Accept Money From?

SPREAD THE WORD AND PARTICIPATE IN THE YAKEZIE WRITING CONTEST

If you know of anybody who enjoys writing, and is looking for funds to help pay for their education, have them visit The CarInsuranceCompanies.com Yakezie Writing Contest today! 

All they have to do is follow the directions and write an essay answering one of eight questions.  The submission window is from Monday, April 18th to midnight, April 22nd.  If you would like to pledge any money to help contribute to our micro-giving efforts, please visit the Yakezie Pledge Page.

It’s been six years since adventuring down to Rio De Janeiro for several weeks to study abroad and get a taste of real life micro-lending examples as discussed by Prahalad.  After a lot of thought and hard work, I’m so pleased to say that we’ve finally created our own sustainable micro-giving platform with the Yakezie Writing Contest!

Thanks for all the support!

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Filed Under: Education Tagged With: triumph, Yakezie

Author Bio: I started Financial Samurai in 2009 to help people achieve financial freedom sooner. Financial Samurai is now one of the largest independently run personal finance sites with about one million visitors a month.

I spent 13 years working at Goldman Sachs and Credit Suisse. In 1999, I earned my BA from William & Mary and in 2006, I received my MBA from UC Berkeley.

In 2012, I left banking after negotiating a severance package worth over five years of living expenses. Today, I enjoy being a stay-at-home dad to two young children, playing tennis, and writing.

Order a hardcopy of my new WSJ bestselling book, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. Not only will you build more wealth by reading my book, you’ll also make better choices when faced with some of life’s biggest decisions.

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Comments

  1. Financial Samurai says

    April 22, 2011 at 7:00 am

    Sounds like a great idea! Although, I doubt for the time being we will have a “huge overflow”. I’m hoping we raise at least $1,500 so that the winners can really get something meaty for their education. Thnx for your $100 pledge!

    Reply
  2. Evan says

    April 18, 2011 at 12:28 pm

    The pledge page is freaking impressive! In!

    Reply
  3. Darwin's Money says

    April 17, 2011 at 8:02 pm

    The “for-profit” microlending funds are booming – way higher returns than the 10% people are bragging about on lendingclub. These loans go for 100%+ annual rates and defaults aren’t that bad. If you buy a villager a cell phone it can change their life (and their income). The kiva.orgs of the world don’t seek to profit the way some of the other outfits are, but either way, all these people want is a chance.

    Reply
  4. Roger, the Amateur Financier says

    April 17, 2011 at 12:41 pm

    As always, an excellent and worthy plan, my friend. I’m glad I was able to up my contribution!

    Reply
  5. Mark says

    April 16, 2011 at 11:39 pm

    Sam,

    Great endeavor! Count me in.

    Reply
    • Financial Samurai says

      April 17, 2011 at 8:47 am

      Thanks Mark. See you up on the Pledge Page!

      Reply
  6. Untemplater says

    April 16, 2011 at 6:53 pm

    Great job Sam on the pledge page for the Yakezie Writing Contest! Untemplater’s pledge is up :) I love helping motivated youth in need and think you created such a wonderful platform for students to share their stories and get support from the community. Giving back feels great.

    Reply
    • Financial Samurai says

      April 16, 2011 at 7:16 pm

      Thanks Sydney for your support and pledge! I was careful to emphasize there is no right about to give. Anything is great, and we were also conscientious that everybody’s finances are different. I hope folks can contribute at least $10 a quarter. Makes a big diff if we pool our might!

      Reply
  7. Sandy @ yesiamcheap says

    April 16, 2011 at 6:50 pm

    I am incredibly happy to be a part of this wholesome adventure of making a small difference in a student’s life. If we pool together very small contributions we can have a big impact on someone’s life. I am always honored to be a part of this group especially when we pool to do well.

    Reply
    • Financial Samurai says

      April 16, 2011 at 7:15 pm

      Sandy, we are honored to have you!

      Reply

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