A Better Way To Grow A Business
Get to know myWeatlhBeing
Problem.
We all dream of working hard and retiring comfortably, but many of us are not savvy in money matters, finances or strategies that will make our dream come true. One that elevates the consciousness of the value of our hard earned money and assets, and how it relates to wealth creation from simple tasks like budgeting and calculating your net worth to complex tasks like buying a house, understanding how to invest in the stock market, or starting a business.
The Facts.
In the United States, 44% of all families and 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
Purpose.
To offer education, tools, strategies and consultations to help create wealth and prosperity for all individuals and families in our communities.
Keywords: Economic Opportunity, Financial Security, Latino and other Minorities, Seniors, People with Disabilities, Families, Homeownership, College Savings, Retirement, Advocacy, Education, Consultation, Personal Improvement, Self Help.
Mission.
To guide participants through standardized processes to help them plan, save and invest for the future, buy a house, start a business, and retire securely. All while teaching our participants the concepts behind the processes, so they can apply them for themselves for the rest of their lives.
Vision.
To create an ecosystem that builds on itself: By helping individuals manage their personal finances, generate a monthly surplus so they can save for an emergency fund, get out of debt, save for a down payment to buy a home, invest in the stock market, education, safe retirement, or start a business.
Technology.
We will use technology to help us manage our participants, programs and business.
How we are different.
Our coaches will take every participant through a series of one-on-one consultations and guide them through our standardized step by step building blocks to create sound financial habits that will survive economic cycles. Though we will offer educational presentations and workshops, this program is intended to be a hands-on process where we put into practice what we’ve learned about personal finances.
Perseverance.
Building wealth is not a destination, it’s a lifestyle. We will give every participant all the time they require to go through the program. This means that we don’t really have a finish line, only a starting line, and therefore will be making ourselves available not only through the initial process, but after follow-up meetings.
Market.
Many organizations offer educational programs and training courses that help the community learn and understand how to create wealth (i.e. personal finances, opening business, investing in stocks and buying a house). We strive to augment these organizations efforts, and offer personalized consultations to their participants and guide through their new found knowledge.
Community outreach organizations that work with low-income communities. We will offer our help to their audiences to augment their efforts and help this sector be better prepared for the future.
Private and government organizations that have their employees’ best interest in mind. We will offer our services to their employees to help them put their earnings to work, while maintaining a healthy and sustainable standard of living.
Our senior community is vulnerable and in some cases not prepared to make ends meet for the rest of their lives. We strive to offer strategies and help make natural connections that can help resolve this issue and solve more than one problem at a time.
People with disabilities are especially vulnerable to finance and economic cycles. We strive to offer strategies to help them get through life, throughout their lives, and to make connections with other organizations that can help create financial security for participants.
Programs And Other Services Ideas
- Building Blocks : Set the Foundation and Wealth Generation
- Homeownership Guidance
- Rent to Own housing program
- Tax Time – Assist with filing taxes
- Life Document (Will and Testament)
- Filing Bankruptcy
- Yearly Convention
- Debt Repayment Negotiation
- Jobs Search bulletin board or announcements
- Cliff effect strategies
- Estate Planning and Probate
- Senior Community: Get to the finish line
Staff, Demographics, and Funding
Board of Directors.
We will start with a board of three directors (BOD) and grow to seven directors, and will be comprised of a President, a Secretary, a Treasurer, and members. The full BOD’s will be comprised of seven individuals, and will be selected by their field of expertise, as it relates to his project: financial advisors, Software Developer, Real Estate agent, banker, psychologist, Community, rover.
Staff and Volunteers.
An Executive Director and additional staff to properly administer the organization. Staff should be paid at competitive wages in line with their responsibilities, a reasonable living wage with benefits. Benefits: Vacations, Medical, retirement match, sick days, comp time, more. Volunteers will be needed to offer consultations and other services for our participants.
We’ll strive to find professional individuals to become staff and volunteers, certified whenever possible, in the fields of Real Estate Professional, Financial Professional, Legal Professional, Business Professional/Entrepreneur, Tax Professional, and Community Professionals.
Participant Demographics.
- Age demographics Non working, working, retired, seniors.
- Income demographics Poverty, low, medium, high income.
- Ethnic demographic: Everyone is welcome.
- Region Starting in Boulder County, growing to Colorado, then the world.
Funding.
We will pursue funding from various sources, including foundations, private and government grants, individual donations, and a social enterprise.
Certifications
We will use industry standard quality processes, and if appropriate, implement quality certifications four our nonprofit, our employees, trainers, ande partners to ensure high quality customer service and gain credibility within the community and participants.
Budget Projection. (detail available upon request)
Phase One Two Three
Operations $3,000 | $1,550 | $4,000
Professional Services $2, 000 | $2,500 | $3,000
Technology $15,000 | $15,000 | $5,000
Salary/Benefits $195,000 | $320,000 | $565,000
Total: $215,744 | $340,794 | $577,626
Key Partners.
We consider key partners organizations whose participants can be natural clients for our programs and services, and volunteers.
- Schools and School Districts
- Minority groups and organizations
- Senior Services organizations
- Outreach organizations
- Family Resource organizations
- Food Bank organizations
- Nonprofit organizations
- Human Services non profits
- Housing assistance organizations
- City and government organizations
- Unions and workforce goups
- Private for profit organizations
501(c)3 Designation.
Reviewed and granted on October 2022.
Business Strucuture
Growth Plan
Phase One – Set the Foundation
Our initial phase is one for establishing and organizing.
Incorporate myWealthBeing in Colorado as a nonprofit corporationGet a Federal Tax ID.Open bank accountCreate myWealthBeing Bylaws and corporate structure.Select a board of directors (Ingrid Castro, Ricardo Cabrera, Peter Salas)Approve our Bylaws.Submit our 501(c)3 designation request to the IRS.Create a website, brochures and other basic communications tools.Create initial Business Plan and BudgetMilestone:Receive 501(c)3 designation from the IRS. (10/29/2022, effective 12/15/2021)
Phase Two – Infrastructure and Programs
Our second phase focus is Corporate and Program Building.
First Board RetreatFundraising PlanEnact administrative, CRM and other systems in place to ensure a smooth running of operations, grant management, scheduling and other infrastructure processes.Define and activate pilot programs: Workshop series, One on One Coaching.Find a technology partner to start defining and designing our phone app.Start key partner search, and start filling our participant funnel.- Create a Business Plan for Programs, and other offerings.
Create a referral network to all local resources where participants can reach out for assistance.Grow our 1-1 coached participants to 100 and touch 400 by workshops.- Fundraise $50,000 (We are at 28K in 2024)
- Milestone: Reach fundraising goals,
and participant goals.
Phase Three – Technology and Participants
Phase Three focus is Escalation, Participant acquisition and Technology improvements.
- Continue growing our partner network, and expand farming operation to grow our participant funnel.
- Escalate our staff and volunteers:
- 1) Defining roles and responsibilities for Board Members, Executive Director, Program Managers, and Volunteers, and
- 2) Hire our first employee and increase our volunteer base to keep us with growth.
- Complete the initial development of our phone app.
- Milestone: Reach a participant goal of 250 individuals and launch the first version of the phone app.
Phase Four – Participants
Phase four is Participant and Community.
- Once our phone app is completed and fully released
- Start a full (paid) marketing campaign to further expand our farming operations
- Research needs to add additional programs/managers.
Milestone: Complete phone app and reach second participant milestone of XXX participants.