Operation ReachOutSouthWestBon Secours of Maryland Foundation

1
Operation ReachOut-SouthWest/Bon Secours of
Maryland Foundation

• Its Not How Much You Make, Its How Much You
  Keep

2
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

3
How Much You Make V. How Much You Keep

• High Income Does Not Necessarily Equal Wealth
• Low/Moderate Income Does Not Equal Poverty

4
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.

5
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

6
Addressing the Financial Problems of Residents

• Our Money Place
• Goodwill/Bon Secours Workforce Development Program

7
Population Served

• Walk-ins at Our Money Place
• Community-Based Programs
• Transitional Housing

8
Financial Concerns of the Population Served

• Credit/Debt Issues
• Child Support
• Basic Banking
• Retirement
• Tax Liens
• Judgements

9
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

10
Going Forward

• Group Sessions
• One on One