A few issues ago, I interviewed Doug Lynam, a former monk who now works as a money manager in Santa Fe, N.M. (see “Ahead,” July).
One of the topics we discussed was the importance of charitable giving, and it got me thinking: How can I make a difference on a limited budget?
One strategy is to combine philanthropy and saving by investing in companies that seek to make the world a better place. There are apps that will help you do that. The Stash app, for example, identifies exchange-traded funds and individual stocks that allow you to invest in companies that align with your convictions, from clean energy to workplace equality. (You can also invest in specific sectors or pick ETFs that match your risk tolerance.) You need only $5 to open a Stash account, and you’ll pay just $1 per month for a beginner’s account. Another option: Find out if your 401(k) plan offers a socially responsible fund, such as VANGUARD GLOBAL ESG SELECT STOCK (SYMBOL VEIGX) or PARNASSUS MID CAP (PARMX), a member of the Kiplinger 25 list of our favorite actively managed no-load mutual funds.
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