The True Cost of Crowdfunding - Beware the 5%!
Everyday I see more crowdfunding campaigns cross my social media feeds and inbox. All I see is cash flow, and in this case, cash flowing out of everyday people's pockets. You know if you've read my book, The Cold Hard Truth: Men, Women and Money, that I loathe the little ways that money goes to die. I call it Ghost Money. Well, when you're running a crowdfunding campaign, the typical platform fee of 5%, amounts to $50 on a $1000 campaign - that's $50 gone from your pocket. Ghost money.
Last season on Shark Tank I invested in the crowdfunding platforms Honeyfund and Plumfund. What I loved about this company is that they've found a way to bring everyday crowdfunding for weddings, honeymoons, anniversaries, birthdays, hardships and more to the masses, without the 5%!
When I spoke with co-founders, Sara and Josh Margulis, about the 5%, here's what they shared with me:
So next time you need to crowdfund a life event, project, or cause, please do me a favor and let your money live! Both platforms work in both the US and Canada.
Last season on Shark Tank I invested in the crowdfunding platforms Honeyfund and Plumfund. What I loved about this company is that they've found a way to bring everyday crowdfunding for weddings, honeymoons, anniversaries, birthdays, hardships and more to the masses, without the 5%!
When I spoke with co-founders, Sara and Josh Margulis, about the 5%, here's what they shared with me:
So next time you need to crowdfund a life event, project, or cause, please do me a favor and let your money live! Both platforms work in both the US and Canada.
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