Fundraisers, What’s Your Money Story?

I first heard the term “money story” many years ago when attending a budget and money management course. The course helped me to be more conscious of my spending and what triggers might motivate me to spend instead of saving. I discovered a lot about myself and even more about my parents through that course.

Your “money story” is how you first engaged with money or the topic of money. It is created by the adults in your life during childhood. You were born into it and experienced it without being aware of it. It controls how you think about money, react to money, and communicate about it. It also influences how you relate to people with money and without it.

So why am I talking about money stories? Because I believe our “story” impacts how we fundraise. As I’ve worked closely with executive directors and presidents, boards, and staff on fundraising, their hesitation and resistance to fundraising were astounding at times. Why were people so resistant to raising money for a cause in which they believed? Clearly, their time invested in an organization as a volunteer or board member meant that they cared deeply about the mission. Was it just that they didn’t have the proper training, or could it be more profound?

I think for most people, training is a fundamental barrier to successful fundraising. But I have also seen folks with training deeply uncomfortable around people with significant resources and wealth and resistant to making the Ask after months and even years of cultivation.

If we could begin to incorporate questions around money stories within our fundraising training for staff and leadership, could we possibly be of more significant help to those who fundraise? Not that we would ask individuals to share their personal stories with a room full of strangers, but if we could, at the very least, help people to see how their story might inform their attitudes and behavior towards fundraising. We may need to also consider, as fundraisers, our own money stories. How might our stories inform how we engage with donors and prospects? In what ways does it impact the way you view your annual fund donors juxtaposed to major gift donors? Are there ways to create environments that train and support us to be more impactful in our work?

Of course, we should consider the money story of our donors. A lot of work is being done around this especially organizations that are engaged in donor organizing. But as a fundraiser, as you build relationships with your donors, you should have an understanding of their story. There is so much conversation now, as it should be, concerning diverse donors. Understanding that many donors of color, including high net worth individuals have unique money stories and relationship to their wealth (whether inherited or self-made) that informs their giving and also their connection to the mission. This should go without stating but I find that many well-meaning initiatives are missing this key element.

I’d love to continue the conversation about money stories and would love to hear your thoughts and comments.