Operation ReachOut- SouthWest/Bon Secours of Maryland Foundation “It’s Not How Much You Make,...

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