operation reachout- southwest/bon secours of maryland foundation “it’s not how much you make,...
TRANSCRIPT
Operation ReachOut-SouthWest/Bon Secours of
Maryland Foundation
“It’s Not How Much You Make, It’s How Much You
Keep”
How Much You Make V. How Much You Keep
• Economic Self-Sufficiency Level In Baltimore is $17.75/hour - family of 3
• Average Wage in Southwest Baltimore- $9.6/hour
• Avg. Starting Wage for SW Jobs Program Participants- $7.50/hour
How Much You Make V. How Much You Keep
• High Income Does Not Necessarily Equal Wealth
• Low/Moderate Income Does Not Equal Poverty
OROSW Economic Development Committee Basic Premise
• Younger People Do Not Save
• Unable to Purchase a Home
• Do Not Have Jobs With Pensions
• NO ONE Talking About Financial Issues
• All Committee Members- not High Income, but saved, purchased a home, good retirement or will have a good retirement.
Study- Financial Habits of Residents
• People Need Immediate Access to Cash• Little Savings for Younger People• Severe Credit and Debt Problems• People Want to Save More But Do Not
Believe They Can• People Do Not Like Banks• People with Debt Problems More Likely to
Jump from Job to Job for Slight Pay Increase
Addressing the Financial Problems of Residents
Our Money Place
Goodwill/Bon Secours Workforce Development
Program
Population Served
Walk-ins at Our Money Place
Community-Based Programs
Transitional Housing
Financial Concerns of the Population Served
•Credit/Debt Issues
•Child Support
•Basic Banking
•Retirement
•Tax Liens
•Judgements
Financial Curriculum
• Credit/Debt Management
• Banking• Savings• Taxes• Goal Setting• Budgeting
• Financial Planning Process
• Predatory Lending• Reading the Fine
Print• Rent-to-Own• Money Traps
Going Forward
Group Sessions
One on One