Working hard, spending less, saving and investing for the future!
Pilot Project
We all have a dream of working hard, living with certain financial stability and reaching our non working years safely and worry free, but many of us are not savvy in money matters or have access to the tools and strategies that will help make this dream come true.
44%
of all families
63% of minority families
Do not have sufficient liquid financial assets to sustain their households at the poverty level for three months if they lose their income.
36%
of all senior citizens
Are at risk of outliving their resources. A large percentage of the elderly population lives on the precipice of economic insecurity.
54%
of all U.S. households
Lack sufficient financial assets to make investments in opportunities that increase financial mobility, such as buying a home, creating a business, or investing in their children’s education.
Reference: Asset Funders Network Brief
At myWealthBeing we strive to offer education, tools, strategies and consultations to help create wealth and prosperity for individuals and families in our communities.
Keywords: Economic Opportunity, Financial Security, Latino and other Minorities, Seniors, People with Disabilities, Families, Advocacy, Education, Consultation, Homeownership, College Savings, Retirement.
Program Activity Overview
There is a natural progression to wealth creation that starts with a sustainable personal financial ecosystem and continues to homeownership or opening a business. Our programs follow this philosophy and are intended to help our participants increase wealth, whether they complete one or all three of these programs.
Personal Wealth
This activity will be led by a Project Manager with the help of Volunteers. We will meet participants as needed in person or virtually. We expect this activity will take fifty percent of our time and fifty percent of our expense. We plan to fund this via grants and donations.
This activity consists of meeting with our participants and guiding them through a series of 6 steps or building blocks that will guide him/her toward building a sustainable financial ecosystem. These steps are: 1) Create a Budget/Net Worth, 2) Reach a savings goal of 20%, 3) Save one month's worth of monthly expenses, 4) Pay off all debt, 5) Save three months emergency fund, and 6) Save for a down payment/buy a house.
Additionally, the plan is for the non-profit to create a phone/web app to help guide participants through these steps and offer a direct phone line where a participant can call and ask for help snippets.
This activity is important because it is the most basic and fundamental step for setting up a sustainable financial ecosystem for wealth generation.
Buy A House
This activity will be led by a Project Manager with the help of Volunteers. We will meet participants as needed in person or virtually. We expect this activity will take twenty percent of our time and take twenty percent of our expense. We plan to fund this via grants and donations.
This activity consists of guiding a participant through the home buying steps starting with securing a loan, being paired up with a real estate agent to find the right home through the open market or any of the local affordable housing programs. If securing a traditional loan is possible, we will then refer them to our rent-to-own program. All participants must first graduate from our Personal Wealth Program.
This activity is important. Homeownership is the best way to create personal wealth, therefore being an important second step/stage for a participant's wealth creation plan.
Rent-to-Own
This will be led by a Project Manager with the help of Volunteers. We will meet participants as needed in person or virtually. We expect this activity will take fifteen percent of our time and fifteen percent of our expense. We plan to fund this via grants and donations.
This activity is intended to be a path to homeownership to all participants that do not qualify for a traditional loan and it consists of the program securing a property which in turn rents-to-own to the participant for a term. At the end of the term, the participant will have the option to purchase the property. In case they cannot, the property is sold and the participant keeps the capital gain. All participants must first graduate from our Personal Wealth Program.
Start a Business
This will be led by a Project Manager with the help of Volunteers. We will meet participants as needed in person or virtually. We expect this activity will take fifteen percent of our time and fifteen percent of our expense. We plan to fund this via grants and donations.
This activity consists of helping participants open a business by guiding them through four step building blocks that guide them to create a business plan and infrastructure and offer a better chance of success. The steps are as follows (summarized): 1) Mission/Vision, 2) Marketing, 3) Startup, 4) Administration, Sales. All participants must first graduate from our Personal Wealth Program.
Additionally, the plan is for the non-profit to create a phone/web app to help guide participants through these steps and offer a direct phone line where a participant can call and ask for help snippets.
Starting a business is an important avenue for wealth creation. This program is designed to help individuals create a solid foundation for their business for a better chance at success.
By guiding participants through a standardized process we will help them create a sustainable financial ecosystem. Every participant will complete each of the stages in the process before moving to the next one to building a strong financial foundation so they have a better chance at succeeding in their path to wealth.