Vance Roush is the founder of Overflow.co, a startup designed to make giving non-cash donations like stocks, assets and crypto to churches easy. As Web3 expands and Boomers transfer 18 billion dollars in wealth in the next few decades, how people give has to change.
As a 32-year-old entrepreneur and church planter, Vance shares the journey that led him to create Overflow and where he sees the future of money, generosity and giving heading for every church and even business leader.
Welcome to Episode 472 of the podcast. Listen and access the show notes below or search for the Carey Nieuwhof Leadership Podcast on Apple Podcasts or wherever you get your podcasts and listen for free.
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World Vision
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Insights From Vance
1. The Church leads in generosity
More than $450 billion is given in philanthropic donations every year in America, and 33% of that goes to the local church. The Church is by far the most generous category–education is second place at 13%. However, 90% of wealth is held in non-cash assets. Therefore, the Church has a little bit of a conundrum when it comes to charitable giving–how’s it supposed to process non-cash gifts and donations easily and effectively? And, how does that question change when we bring in stocks, EFTs, DAOs and crypto?
2. The largest generational wealth transfer in history is on the horizon
As the Baby Boomer generation ages, we stand on the cusp of the largest generational wealth transfer in history. According to one study, the amount of money expected to be passed down to younger generations comes in at around $18 trillion. Most of this transfer will be in the form of assets (like homes and private property) and stocks.
Currently, most people donate to the church via cash, credit cards and checking/saving accounts. The unasked question facing most church leaders will soon be, “How does the Church handle donations that will come in non-traditional formats–stocks, NFTs and cyptocurrency?”
3. Churches need to start thinking about non-traditional generosity—especially as decentralized currency becomes more mainstream
Cryptocurrency and NFTs may still feel like science fiction (or a fad), but people once felt the same way about credit cards. With the amount of financial education and resources out there, people are growing more confident in investing their money in stocks, property and crypto. As a result, in the future, tithes and donations will be less likely to come in the form of cash and checks. A hybrid approach to asset management will allow the local church to be less constrained by physical resources and on-hand cash.
Quotes from Episode 472
What I learned is my capacity and my ability to move quickly is fully dependent on the people around me. @vanceroush Click To Tweet If we remove friction from people being able to allocate and distribute that's more aligned with their intent, we actually unlock a whole net new channel for resources. @vanceroush Click To Tweet What the world is now rewarding is generalists. @vanceroush Click To Tweet My vision for the future is that nonprofits, churches, and universities continue to take a more hybrid approach to portfolio management. @vanceroush Click To Tweet The reality is that the only thing that will sustainably change the world is actually the change that happens internally first. @vanceroush Click To TweetRead or Download the Transcript for Episode 472
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Next Episode: Max Chafkin
Bloomberg Businessweek editor and author, Max Chafkin, talks about the unintended consequences of technology, how tech leaders wield political and social power, and the absence of theologians and philosophers in the emerging field of AI.
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