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Building Personal Assets:
A Highway to Prosperity
|A MoneyWork$ class taught by an expert volunteer|
More than three out of five Hispanic households live in a state of
persistent financial insecurity, according to a study released earlier this month by Family Assets Count. This means that these families lack the savings necessary to weather a financial storm, from unemployment, to car repairs, to unexpected medical costs. Financial instability is not only detrimental for families and individuals; it also inhibits our region’s economic growth.
Opening Doors understands the importance of financial well-being, which is why we began our MoneyWork$ Financial Academy. For the past four years, MoneyWork$ classes have been empowering the Hispanic community to develop healthy financial habits that lead to savings, debt reduction, and other financial management skills. Opening Doors remains the only organization in our community offering classes on these critical skills to Spanish speakers.
The Marmolejos are one family who benefit from MoneyWork$. Alejandro Marmolejo supplemented his low paying job fixing friend’s computers. However, he and his wife did not have the financial resources or knowledge to break the cycle of living month-to-month. MoneyWork$ gave them the tools to pay-off their debt, and build their savings. From there, they were even able to start a small business with help from the Business Development Academy.
Families with similar stories to the Marmolejos come to MoneyWork$ for an opportunity to become financially secure. Interest in MoneyWork$ is so high in the Hispanic community that even with two cohorts running every year, the wait list to join frequently reaches the limit. This program is vital to families, and to our economy’s stability and growth.
We would not be able to offer this powerful and community-focused program without support from our community, including grantors, professional volunteers, interns, donors, and in-kind contributors. Support from funders like JP Morgan Chase, United Way California Capital Region, Citi, Wells Fargo, US Bank, Comerica, Kelly Foundation, Bank of America and First Northern Bank, allow us to help approximately 70 people a year become financially stable. We thank them and our dedicated volunteers for their ongoing support.
That is why we are asking for your help. With more support, MoneyWork$ will be able to help more people like the Marmolejos, who work hard to increase their assets. MoneyWork$ seeks bi-lingual, professional volunteers to present on financial systems, business management, or legal resources. We also seek in-kind contributions, interns, and potential funders who want to help the Hispanic community build healthy financial lives. Please share this story with anyone in your contacts and networks who might be interested.
|This graph from the Family Assets Count report explains who is considered financially instable.|
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