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HomeBlog Personal FinanceNeed Money To Pay For Your Dog’s $2000 Operation? Try Crowdfunding It!
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Need Money To Pay For Your Dog’s $2000 Operation? Try Crowdfunding It!

June 23, 2015 by National Debt Relief

Manager working diligently on the computerWikipedia defines crowdfunding as, “Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the Internet. One financial expert describes it as “large groups of people combining their economic power to support an organization, company or project they believe in.”

There are three kinds of crowdfunding. The first is called “rewards crowdfunding” The second is “equity crowdfunding.” And the third is crowdfunding for a cause or project

Rewards crowdfunding is where a company offers a reward in the form of a product or service to raise money to start a business, which allows it to get going without having to go into debt. Three of the most noteworthy crowdfunding start-ups were the video game Star Citizen that raised more than $84 million, the Pebble Time Smartwatch ($20,388,986) and the Cryptocurrency Ethereum ($18, 439,086). The Coolest Cooler raised $13,285,226 and the smartphone game Ubuntu Edge totaled $12,814,196.

The two top rewards crowdfunding sites are Kickstarter and Indiegogo. In addition to the products or services listed above, people have used these sites to fund everything from a 3-D printing pen to a gift delivery service.

What makes rewards crowdfunding successful?

As you might guess, what makes it successful is the rewards part. Companies like Pebble and Star Citizen offer people the opportunity to get their products free in return for backing the company. People respond to this because they don’t have to invest much money and it offers them the opportunity to become among the first to own the product. As an example of this, the people who backed Pebble received one of its watches and could brag to friends that they were among the first to own a smart watch. Plus, with rewards crowdfunding people get all of their money back if the company fails to meet its fundraising goal.

Equity crowdfunding

Equity crowdfunding is where a company offers securities in a business to a group of people in return for their investments. Since it involves investment in a commercial enterprise, equity crowdfunding is subject to securities and financial regulation. It is sometimes called investment crowdfunding or crowd investing.

Crowd funding for a cause or project

The site Gofundme reports that it’s the world’s number one crowd funding website as millions of people have used it to raise more than $1,100,000,000 not to fund a project or service but for what the site calls “life’s most important moments.” People have used this site to fund everything from school tuition to sports teams and from chemotherapy to special events.

How it works

Let’s say that you need $2000 to have surgery on your dog to correct a life threatening condition. You create a page on Gofundme, choose a color, upload a picture of your dog, describe its condition and then set a campaign goal – in this case the $2000 you need for its surgery. That’s pretty much it. As you can see, it beats trying to borrow money in order to fund your dog’s surgery.

Spread the word

The way you raise funds for your GoFundMe project is by putting it on your Facebook page and emailing news about it to all your contacts to let them know about your GoFundMe page. Your friends and family members see your campaign, want to support you and go to your page and make secure online donations to your project or cause. You can go back to your dashboard on GoFundMe at any time to see how much you’ve raised to date, make changes, post updates and send thank you notes to those that have contributed to your project.

What makes GoFundMe different

You’ve already read the biggest difference between GoFundMe and sites such as Kickstarter, which is that you can use this site to raise money for personal projects and not just to fund new products or services. Beyond this, GoFundMe has no deadlines or goal requirements. You can leave your campaign active as long as you would like and you get to keep every donation that you receive – even if you don’t hit your goal. Plus, it assesses no penalties if you don’t make your goal. GoFundMe offers email support within five minutes and has a mobile app. However, as the old saying goes, “there is no such thing as a free lunch” and GoFundMe isn’t free either. It charges a 5% fee per donation plus a payment-processing fee of 2.9%. What this means is that if you were to receive a $100 donation from your Aunt Mary you would actually get $92.10. This fee is subtracted in real time from your donations so you never have to be concerned about getting billed or owing GoFundMe any money. And your donors are never charged anything

The better a communicator you are the faster your dog will get that operationTwo smiling girls have coffee time

People who have been successful in funding their campaigns on GoFundMe say that it’s important to go look at other similar projects and see how they structured their campaigns and how many social shares their campaigns received. Second, it’s critical that you reach out to your personal network. While you might be hoping that strangers will find and fund your campaign the truth is the majority of the money raised on GoFundMe comes from personal networks. In fact, this is what makes GoFundMe work as well as it does. This is due to the fact that the people in your life will not only support your campaign they will help spread the word to their friends and family members, too. This means that outreaching to your personal network is critical. And if possible you should reach out directly and individually to everyone in your network. You will need to explain the purpose of your campaign, how their contribution could make a big difference and how much you would appreciate his or her support.

Finally, another powerful force you could harness in support of your campaign is to contact your local newspaper, nonprofits, and charitable organizations or even set up a community fundraising event. If you want your story to spread via media outlets it must be the type of content that the outlet produces and must emotionally resonate with its readers. As an example of this you might be able to write an emotionally rich story about your dog’s operation and send it to websites such as ModernDogMagazine.com, Packdog.com or Dogster.com. As another example of this if your campaign were to raise money for a trip to Ecuador to help build homes, you might write and send an article to ChoiceHumanitarian.org, GoAbroad.com and other similar websites.

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Moderate National Debt Relief Caller: Misty Transcribed WE 3/28/2021 Misty: The call, it may be recorded. Can you tell me do you recall how you heard about NDR? KYLE: I googled it, and then it went to Better Business Bureau or whatever it's called. And you guys have the highest rating. Misty: Which service did they actually provide for you? KYLE: So, basically, I enrolled all my credit cards into the program. And I stopped paying. And then, the lawyers reached out to the company's lawyers. And they've been settling, stuff like that. Misty: How would you describe your interaction that you had with your representative that you worked with on getting everything squared away? KYLE: Oh, it was excellent. Misty: Do you feel that the door of communication is still open if you have any questions or concerns? KYLE: Yes. Yes, I actually have been meaning to call you guys, too. [Laughs] I just haven't had time, but yeah. Misty: How did NDR work with you on your payment plan? Do you feel that they're flexible if you need to change the date? KYLE: Yeah. Yeah, if I ever had to. I don't need to, but I know that if I ever had to, I can just call them. Misty: What are your thoughts on the cost in relation to the quality of service you've received from them? KYLE: I'd say 10 out of 10. Misty: How has working with NDR impacted your life so far? KYLE: It's helped out a lot. I was really underwater with bills, and now I can breathe. And I managed it a whole lot better. Misty: Have you actually finished the program or are you still working through it? KYLE: Still working through it. I got one more card to settle. Misty: But we're making progress though, right? KYLE: Absolutely. Yeah, I think one of my cards was 17,000. They settled it for 6,000. That was pretty cool. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? KYLE: Well, what I was gonna call them about was just as far as the payments that I make, and is there an actual date as to when it stops at 43 months, or if that was an estimated date? So, I guess I should have gotten more clarification in the beginning. But that's kind of what I had questions about. Misty: Well, that brings us to the star rating, which is 1 to 5. So, how would you rate your experience with NDR at this time, and 1 would be very dissatisfied, 5 is that you would recommend them to a friend at this time? KYLE: A 5. Misty: What would you say to that friend who asked you about it, just maybe one or two things you might tell them before they decide who they're going with? KYLE: That your credit is gonna take a hit, but it's gonna bounce back, and you'd be fine. Misty: Would it be okay if we shared your feedback on ConsumerAffairs.com for others to read it or in a similar point in their life where they're like, “I'm not sure who I need to go with,” but they can read reviews of people that have started the process with NDR? KYLE: Yeah. Is it gonna have my first and last name on the review? Misty: No, sir. Only first name, and we do not publish any contact information. KYLE: Okay. Yeah, that’s fine. Misty: I have kylecunningham1873@gmail.com. KYLE: Yes, ma'am.

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Kyle Cunningham
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