Divesting
Whenever you add money to your bank account, it doesn’t just sit there. Your bank lends your money to industries and projects with the intent of making a profit. Many banks (and all the big name banks in particular) regularly invest OUR money into the fossil fuels industry, thereby funding the continued mining and burning of oil, coal, and gas.
To give you a scope of the problem: In 2021 alone, Citigroup, Wells Fargo, Goldman Sachs, and Bank of America spent a combined $137 BILLION on fossil fuel projects.
There’s a solution, and it’s divesting. Intentionally putting your money in places that don’t fund the fossil fuels industry is a small lifestyle tweak that will do loads of good for the planet.
Today I speak with Certified Financial Planner Gary Grewal about finding the right bank or credit union that’s aligned with your values.
Here’s a preview:
[2:30] What banks actually do with your hard-earned money
[6:10] The big bank worst offenders
[14:30] How to find a better bank
[17:30] 3 reasons why you may want to consider your local credit union for your banking needs
[24:00] Gary’s personal and professional thoughts on Aspiration
Resources mentioned:
- Episode #258: Conscious Spending
- Financial Fives: The Top 325 Ways To Save, Earn, And Thrive To Retire Before 65
- Mighty Deposits
- Global Alliance for Banking on Values
- Nerd Wallet
- As You Sow
- Banking on Climate Chaos Fossil Fuel Finance Report
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