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Rich millennials with more money than they need or want have found a new way to spend their cash – Finance – Pulselive.co.ke

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  • Resource Generation is a group of wealthy American millennials who put their money toward social justice causes.
  • The group was founded 20 years ago and isn’t a foundation — they focus on education and skill-building to promote social change.
  • With 600 members nationwide, Resource Generation carries out its mission by hosting conferences and workshops, fundraising for social and racial justice causes, and teaching financial literacy.
  • There’s no income or net worth requirement to become a member, but there’s a $250 annual membership fee.

Iimay Ho, 32, is from an upper class family. Her mother accumulated wealth by building an insurance company, and Ho stands to inherit $1 million.

But she doesn’t want to use the money for vacations or luxury items, she told Business Insider. As the executive director of Resource Generation, she’s more focused on dedicating her money, and her time, to social change — and she’s not alone.

More than 600 wealthy millennials belong to Resource Generation’s 16 chapters across the US, working to redistribute some of their inherited, earned, or future wealth in the name of social equality. All of them have a “money story,” just like Ho.

Resource Generation was founded in 1998 when two young women who inherited family money, Tracey Hewitt and Lynne Gerber, found that the philanthropies they were getting involved in didn’t speak to their personal experiences, Ho explained to Business Insider. They sought to create more spaces for young people who were building money and wealth with ambition for social movements, she said.

But Resource Generation isn’t a foundation — instead of giving grants or connecting donors to organizations, they focus on education and skill-building for young wealthy people who can affect social change.

“Our mission is to organize young wealthy people in the top 10% to use their money to support racial and economic justice,” Ho said. “We do that by providing a clear role, training, and skills to support the working class through giving.”

Millennials are most interested in civil rights and racial discrimination

When it comes to social causes, millennials are more giving “with their time, money, and influence” than other generations, Wes Gay previously wrote in a Forbes article. The Millennial Impact Project, an annual survey of millennial’s involvement with philanthropy, found that millennials became more engaged with social issues from 2016 to 2017. They were most interested in civil rights and racial discrimination.

And the World Economic Forum found that millennials care deeply about global issues, including poverty and lack of economic opportunity — and they’re determined to combat them, Business Insider previously reported.

Now in its 20th anniversary year, Resource Generation is recruiting around 150 members annually and has a 65% membership renewal rate, Ho said. Since its inception, it’s evolved from a donor network to a national network organizing everything from social movements to campaigns.

Members pay $250 annually to be part of Resource Generation, most of which covers operating expenses for the organization. Resource Generation doesn’t impose a specific threshold for wealth on members. Some members don’t have personal wealth, Ho said, but have access to philanthropic resources — such as board members of family foundations.

“Generally, everyone involved feels that they have or will have access to more resources than they need,” states the website. Members can make a difference by doing everything from getting involved with their family foundation to increasing their personal giving amount, Ho said.

Creating a world where wealth is transparent

According to Ho, Resource Generation creates social change in two major ways: conferences and workshops, which cover everything from best donor practices and financial literacy to social justice philanthropy.

“The shared workshops that we do every year have a shared total education on racial wealth divide — we talk about how racism is deeply connected to wealth accumulation and why racial justice is so critical for social justice,” Ho said. “Another workshop involves members telling their money story.”

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A “money story” details a member’s wealth background, explains Ho: How much money they have access to, how much money their family has access to, how they build their wealth, etc. The goal with money stories is to be transparent “because there’s so much taboo about wealth,” Ho said. They’re supposed to help members not feel ashamed or uncomfortable about their financial situation.

According to Ho, both the local and national community share resources on curriculum and education for solutions and problems about inequality. Local chapters also come together for practice groups and monthly two-hour workshops, which involve much of the same content as the national workshop, and local campaigns.

For example, the Triangle North Carolina Resource Generation chapter of six members recently ran its first public-facing fundraising campaign. They strategized with local organization Durham Community Land Trustees, which works on preserving affordable housing in the area, to raise money for a full-time housing organizer. They set a goal of raising $100,000 for a two-year salary. In the end, they ended up raising more than $120,000.

Members of Resource Generation have also:

  • Moved over $2,000 to support Turning the Tide, which focuses on stopping police and ICE collaborations leading to more deportations
  • Given $1,000 in grants to partner organizations, such as 3rd Space, PUENTE, and Arizona Dream Act Coalition
  • Raised $135,000 for the Social Justice Fund Northwest, which addresses causes of social, economic, and environmental inequities
  • Posted a $2,000 bond to release someone from ICE detention

“I’m proud of how we’ve grown from an organization that didn’t have chapters at first to a place and home for young wealthy people to organize movement for social change,” Ho said. But most of all, she’s proud that Resource Generation members on average give 16 times more money to social justice than they did before they joined Resource Generation.

“How do we create a world where it’s not just the wealthy making decisions, but where we think about where the wealth is going?” she asked. “What are more democratic ways of thinking?”



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Public officers above 58 years and with pre-existing conditions told to work from home: The Standard

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Head of Public Service Joseph Kinyua. [File, Standard]
In a document from Head of Public Service, Joseph Kinyua new measure have been outlined to curb the bulging spread of covid-19. Public officers with underlying health conditions and those who are over 58 years -a group that experts have classified as most vulnerable to the virus will be required to execute their duties from home.

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However, the new rule excluded personnel in the security sector and other critical and essential services.
“All State and public officers with pre-existing medical conditions and/or aged 58 years and above serving in CSG5 (job group ‘S’) and below or their equivalents should forthwith work from home,” read the document,” read the document.
To ensure that those working from home deliver, the Public Service directs that there be clear assignments and targets tasked for the period designated and a clear reporting line to monitor and review work done.
SEE ALSO: Thinking inside the cardboard box for post-lockdown work stations
Others measures outlined in the document include the provision of personal protective equipment to staff, provision of sanitizers and access to washing facilities fitted with soap and water, temperature checks for all staff and clients entering public offices regular fumigation of office premises and vehicles and minimizing of visitors except by prior appointments.
Officers who contract the virus and come back to work after quarantine or isolation period will be required to follow specific directives such as obtaining clearance from the isolation facility certified by the designated persons indicating that the public officer is free and safe from Covid-19. The officer will also be required to stay away from duty station for a period of seven days after the date of medical certification.
“The period a public officer spends in quarantine or isolation due to Covid-19, shall be treated as sick leave and shall be subject to the Provisions of the Human Resource Policy and procedures Manual for the Public Service(May,2016),” read the document.
The service has also made discrimination and stigmatization an offence and has guaranteed those affected with the virus to receive adequate access to mental health and psychosocial supported offered by the government.
The new directives targeting the Public Services come at a time when Kenyans have increasingly shown lack of strict observance of the issued guidelines even as the number of positive Covid-19 cases skyrocket to 13,771 and leaving 238 dead as of today.
SEE ALSO: Working from home could be blessing in disguise for persons with disabilities
Principal Secretaries/ Accounting Officers will be personally responsible for effective enforcement and compliance of the current guidelines and any future directives issued to mitigate the spread of Covid-19.

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Uhuru convenes summit to review rising Covid-19 cases: The Standard

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President Uhuru Kenyatta (pictured) will on Friday, July 24, meet governors following the ballooning Covid-19 infections in recent days.
The session will among other things review the efficacy of the containment measures in place and review the impact of the phased easing of the restrictions, State House said in a statement.
This story is being updated.
SEE ALSO: Sakaja resigns from Covid-19 Senate committee, in court tomorrow

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Drastic life changes affecting mental health

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Kenya has been ranked 6th among African countries with the highest cases of depression, this has triggered anxiety by the World Health Organization (WHO), with 1.9 million people suffering from a form of mental conditions such as depression, substance abuse.

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Globally, one in four people is affected by mental or neurological disorders at some point in their lives, this is according to the WHO.

Currently, around 450 million people suffer from such conditions, placing mental disorders among the leading causes of ill-health and disability worldwide.

The pandemic has also been known to cause significant distress, mostly affecting the state of one’s mental well-being.

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With the spread of the COVID-19 pandemic attributed to the novel Coronavirus disease, millions have been affected globally with over 14 million infections and half a million deaths as to date. This has brought about uncertainty coupled with difficult situations, including job loss and the risk of contracting the deadly virus.

In Kenya the first Coronavirus case was reported in Nairobi by the Ministry of Health on the 12th March 2020.  It was not until the government put in place precautionary measures including a curfew and lockdown (the latter having being lifted) due to an increase in the number of infections that people began feeling its effect both economically and socially.

A study by Dr. Habil Otanga,  a Lecturer at the University of Nairobi, Department of Psychology says  that such measures can in turn lead to surge in mental related illnesses including depression, feelings of confusion, anger and fear, and even substance abuse. It also brings with it a sense of boredom, loneliness, anger, isolation and frustration. In the post-quarantine/isolation period, loss of employment due to the depressed economy and the stigma around the disease are also likely to lead to mental health problems.

The Kenya National Bureau of Statistics (KNBS) states that at least 300,000 Kenyans have lost their jobs due to the Coronavirus pandemic between the period of January and March this year.

KNBC noted that the number of employed Kenyans plunged to 17.8 million as of March from 18.1 million people as compared to last year in December. The Report states that the unemployment rate in Kenya stands at 13.7 per cent as of March this year while it stood 12.4 per cent in December 2019.

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Mama T (not her real name) is among millions of Kenyans who have been affected by containment measures put in place to curb the spread of the virus, either by losing their source of income or having to work under tough guidelines put in place by the MOH.

As young mother and an event organizer, she has found it hard to explain to her children why they cannot go to school or socialize freely with their peers as before.

“Sometimes it gets difficult as they do not understand what is happening due to their age, this at times becomes hard on me as they often think I am punishing them,”

Her contract was put on hold as no event or public gatherings can take place due to the pandemic. This has brought other challenges along with it, as she has to find means of fending for her family expenditures that including rent and food.

“I often wake up in the middle of the night with worries about my next move as the pandemic does not exhibit any signs of easing up,” she says. She adds that she has been forced to sort for manual jobs to keep her family afloat.

Ms. Mary Wahome, a Counseling Psychologist and Programs Director at ‘The Reason to Hope,’ in Karen, Nairobi says that such kind of drastic life changes have an adverse effect on one’s mental status including their family members and if not addressed early can lead to depression among other issues.

“We have had cases of people indulging in substance abuse to deal with the uncertainty and stress brought about by the pandemic, this in turn leads to dependence and also domestic abuse,”

Sam Njoroge , a waiter at a local hotel in Kiambu, has found himself indulging in substance abuse due to challenges he is facing after the hotel he was working in was closed down as it has not yet met the standards required by the MOH to open.

“My day starts at 6am where I go to a local pub, here I can get a drink for as little as Sh30, It makes me suppress the frustration I feel.” he says.

Sam is among the many who have found themselves in the same predicament and resulted to substance abuse finding ways to beat strict measures put in place by the government on the sale of alcohol so as to cope.

Mary says, situations like Sam’s are dangerous and if not addressed early can lead to serious complications, including addiction and dependency, violent behavior and also early death due to health complications.

She has, however, lauded the government for encouraging mental wellness and also launching the Psychological First Aid (PFA) guide in the wake of the virus putting emphasis on the three action principal of look, listen and link. “When we follow this it will be easy to identify an individual in distress and also offer assistance”.

Mary has urged anyone feeling the weight of the virus taking a toll on them not to hesitate but look for someone to talk to.

“You should not only seek help from a specialist but also talk to a friend, let them know what you are undergoing and how you feel, this will help ease their emotional stress and also find ways of dealing with the situation they are facing,” She added

Mary continued to stress on the need to perform frequent body exercises as a form of stress relief, reading and also taking advantage of this unfortunate COVID-19 period to engage in hobbies and talent development.

“Let people take this as an opportunity to kip fit, get in touch with one’s inner self and  also engage in   reading that would  help expand their knowledge.

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