Selfless Words & Actions
can Illuminate the Whole Universe
Contact : (213) 263-2744
Workshops
Workshops
Selfless Words & Actions can Illuminate the Whole Universe
Welcome to Economic Opportunities Empowerment Workshop
Our workshop today will consist of the following:
- Financial Literacy
- Education
- Affordable Housing
- Career Planning & Job-training
- Savings/Investments & Entrepreneurship
Who we are…
Poverty Solutions designs and deploys programs that empower low-income families to divest poverty In the last four years, P-Solutions successfully served 21,205 low-income individuals needing financial education or job-training, and 877 small businesses needing financial, accounting, and business management assistance.
Topics to be Covered Today
Financial Literacy
- Banking & Budgeting
- Time and Resource Management
- Consumer Credit &
- Debt Management
- Financial Management
- Taxes & Bookkeeping
- Insurance
Education
- Educational Opportunities
- Employment Opportunities
- Youths without High School Diplomas
- GED2College & Adult Education
- Opportunity Cost of Education
- Professional Licenses and Certifications
Affordable Housing
- Homeownership
- Foreclosure Prevention
- Mortgages & Real Estate
Jobs & Job-Training
- Career Planning & Job-training
- Resume writing & Job Application
- Job-hunting & Job Interviews
Entrepreneurship
- Civic Entrepreneurship
- Self-Employment & Vetpreneurship
- Writing Business Plans
- Capital Sources & Savings
- Mentorship & Acquisitions
What to know before you start
- What to expect from this workshop?
- Demand and Supply of Money & Credit
- Your needs could be your opportunities
- There is a solution for your challenges
- Most solutions require your sacrifices
- Most solutions require your actions
- Bad credit don’t change to good without your action
- Can you run a business, a shop?
All of our topics today are connected to money in one way or another.
Financial Literacy
- Banking – the importance of operating a bank account and using checks or debit cards for most transaction.
- Financial Management – How to contain your needs within your means.
- Taxes & Bookkeeping – Timely filing your taxes and always tracking your expenses.
- Insurance – Protect you from the unknown.
Budgeting
- Income items and issues
- Expense items and issues
- Planning all expenses ahead of spending
- Increasing income
- Savings
- Surpluses
- Time management
- Resource management
- Human capital
Consumer Credit & Debt Management
- Credit scores
- Credit cards & merchant accounts
- Assets, capital, & liabilities
- Bad credit & delinquent accounts
- Collection agencies
- Settlements
- Credit repairs
- Reestablishing credit
- Secure debts
- Bankruptcy
Education
- Educational Opportunities
- Employment Opportunities
- Youths without High School Diplomas
- GED2College & Adult Education
- Opportunity Cost of Education
- Professional Licenses and Certifications
- Increasing income
- Human capital
Education… GED2College
- This GED2College project is geared towards Youth Development and encompasses innovative initiatives that help low-income and at-risk youths succeed in school and prepare for post-secondary education.
- This initiatives is the GED2College harmonize community resources, support curriculum innovation, and is replicate-able in other underserved communities.
- Participants in our GED2College tries to provide adequate education and marketable-skills to secure well-paying jobs in conjunction with our institutional partners.
Los Angeles Southwest College
The Los Angeles Southwest College (LASC) is our major partner for this GED2College.
Our GED2College works in concert with LASC’s Bridge to Success Program.
The Bridges to Success Center assists students in:
- Bridging from ESL to college-level degree applicable courses
- Transitioning from non-credit to credit classes
- Bridging to become a more active member of work and community
- Bridging into education-specially higher education
- Student registration and enrollment assistance (credit and non-credit).
- ESL (credit and non-credit) placement
- Instructional support for students transitioning into degree or transfer level courses
- Financial Aid assistance (BOG and FAFSA)
- Student referrals to on-campus and community agencies
- CASAS testing
Affordable Housing
Are you ready to buy a home or continue renting?
Homeownership
- Advantages & Disadvantages of Homeownership
- Understanding the buying process
- Understanding the REAL costs of homeownership
- How much can you pay for a home?
- How much can you afford?
When renting is your current option
- Is renting your only option?
- Renting smart
Affordable Housing
Important Considerations and Qualifications
Homebuyers
- Loans of up to $75,000 at 0-3% for Families at below 120% AMI
- Homebuyer Education Requirement
- Rehab Loans also Available
| Family Size | 2010 HUD-Income Limits | ||
|---|---|---|---|
| AVERAGE MEDIAN INCOME | |||
| 50% | 80% | 120% | |
| 1 | $ 29,900 | $ 47,850 | $ 71,760 |
| 2 | $ 34,200 | $ 54,650 | $ 82,080 |
| 3 | $ 38,450 | $ 61,500 | $ 92,280 |
| 4 | $ 42,700 | $ 68,300 | $ 102,480 |
| 5 | $ 46,150 | $ 73,800 | $ 110,760 |
| 6 | $ 49,550 | $ 79,250 | $ 118,920 |
| 7 | $ 52,950 | $ 84,700 | $ 127,080 |
| 8 | $ 56,400 | $ 90,200 | $ 135,360 |
Mortgages & Loan Documents
- Mortgage Loan Basics:
- Pre-Qual or Pre-Approval
- Understanding The 4 C’s of Credit (Capital-Capacity-Credit History-Collateral)
- Loan Documents:
- Interest Rate (Fixed or Adjustable)
- Loan Type
- Down Payment assistance:
- How do they work?
- Who is eligible?
- What properties are eligible?
- How can I get more information?
Borrowing Smart: Fraud & Foreclosure Prevention
- Loan Scams and Predatory Lending
- Protecting Your Equity
- Refinance Considerations
- What is Foreclosure?
- Avoiding Foreclosure – Remember the Budget!
- Counseling Help is Available
Rent/Own Analysis
- Shopping for a Home
- Timeline and Steps in the Homebuying Process
- Your Homebuying Team and Realtors
- Finding the Right Neighborhood
- Home Type: What’s Right For Me?
- Elements of the Transaction
Homeowner's rental equivalence model
| Price | Rate | Monthly Mortage | Tax Adjusted | # of Rooms | Monthly Rent | Current Price | Price Range | Result | City |
|---|---|---|---|---|---|---|---|---|---|
| 175,000 | 6% | 1,049 | 892 | 3 | 1,250 | 175,000 | 245,332 | Ok | Pacoima |
| 230,000 | 6% | 1,379 | 1,172 | 3 | 1,800 | 230,000 | 353,197 | Ok | Crenshaw |
| 179,000 | 6% | 1,073 | 912 | 3 | 1,250 | 179,000 | 245,326 | Ok | Pacoima |
| 200,000 | 6% | 1,199 | 1,019 | 2 | 1,100 | 200,000 | 215,866 | Ok | Crenshaw |
| 149,000 | 6% | 899 | 764 | 2 | 1,000 | 149,000 | 194,988 | Ok | Compton |
| 195,000 | 6% | 1,169 | 994 | 2 | 1,200 | 195,000 | 235,495 | Ok | Los Angeles 90044 |
| 400,000 | 6% | 2,398 | 2,038 | 4 | 2,516 | 400,000 | 493,745 | Ok | Los Angeles 90016 |
| 220,000 | 6% | 1,319 | 1,121 | 3 | 1,650 | 220,000 | 323,775 | Ok | Lynwood 90262 |
| 120,000 | 6% | 719 | 611 | 1 | 1,100 | 120,000 | 215,986 | Ok | Los Angeles 90044 |
Rent/Own Analysis
| Inglewood | |||
| 2 bed.r | 3 bed.r | 4 bed.r | |
| 1200 | 1500 | 2950 | |
| 1100 | 1900 | 4500 | |
| 1350 | 2050 | 3000 | |
| 1450 | 2300 | 3250 | |
| 1905 | 2500 | 4225 | |
| Averages: | 1,401 | 2,050 | 3,585 |
Rent/Own Analysis
Crenshaw | ||
| 2 bed.r | 3 bed.r | 4 bed.r |
| 1350 | 2750 | 2000 |
| 1600 | 1800 | 2100 |
| 1650 | 1850 | 2200 |
| 1750 | 2000 | 2295 |
| 1900 | 2300 | 2300 |
| 1,650 | 2,140 | 2,179 |
| Downey | ||
| 2 bed.r | 3 bed.r | 4 bed.r |
| 1750 | 1800 | 4000 |
| 1400 | 1950 | 1900 |
| 1500 | 2000 | 2650 |
| 1850 | 2100 | 3200 |
| 2000 | 2195 | 3500 |
| 1,700 | 2,009 | 3,050 |
| Norwalk | |||
| 2 bed.r | 3 bed.r | 4 bed.r | |
| 1295 | 1695 | 1950 | |
| 1325 | 1700 | 2100 | |
| 1400 | 1750 | 2200 | |
| 1500 | 1850 | 2400 | |
| 1600 | 1900 | 2500 | |
| Averages: | 1,424 | 1,779 | 2,230 |
| Western/Florence | ||
| 2 bed.r | 3 bed.r | 4 bed.r |
| 2000 | 2400 | 3250 |
| 1200 | 1500 | 2200 |
| 1250 | 1400 | 2250 |
| 1300 | 1600 | 2350 |
| 1361 | 1685 | 2500 |
| 1,422 | 1,717 | 2,510 |
| Torrance | ||
| 2 bed.r | 3 bed.r | 4 bed.r |
| 1200 | 2800 | 3500 |
| 2000 | 1800 | 3300 |
| 2300 | 1850 | 5000 |
| 2350 | 1900 | 2300 |
| 2500 | 1950 | 2400 |
| 2,070 | 2,060 | 3,300 |
| San Fernando | |||
| 2 bed.r | 3 bed.r | 4 bed.r | |
| 1900 | 1695 | 2150 | |
| 1750 | 2200 | 3800 | |
| 2600 | 2100 | 2200 | |
| 1500 | 1195 | 2550 | |
| 2100 | 1800 | 3200 | |
| Averages: | 1,970 | 1,798 | 2,780 |
| Long Beach | ||
| 2 bed.r | 3 bed.r | 4 bed.r |
| 1700 | 2195 | 2300 |
| 1480 | 1950 | 2395 |
| 1050 | 4750 | 1600 |
| 1600 | 2000 | 1895 |
| 1175 | 1500 | 2000 |
| 1,401 | 2,479 | 2,038 |
| San Pedro | ||
| 2 bed.r | 3 bed.r | 4 bed.r |
| 1595 | 1900 | 2650 |
| 1600 | 1995 | 3250 |
| 1700 | 2000 | 3550 |
| 1250 | 2200 | 3200 |
| 1500 | 2300 | 3150 |
| 1,529 | 2,079 | 3,160 |
EMPLOYMENT & JOB-TRAINING
- Job-Training Need Assessment
- Career Planning
- Job-training
- Resume writing
- Job Application
- Job-hunting
- Job Interviews
Job-Training Need Assessment
- “Remember, training is not what is ultimately important… performance is.” Marc Rosenberg”
- Needs Definition – Macro vs. Micro Analysis
- Key Skills
- Competency Analysis
- Major Skills Deficiencies
- Causes of Major Skills Deficiencies
- Learning Capacity
- Obstacles & Past Solutions Tried?
Career Planning
- “The career planning process begins with setting goals/objectives”
- Definition – a person’s “course or progress through life (or a distinct portion of life).
- Development of overall goals and objectives
- Development of a strategy
- Development of the specific means (steps) to implement the strategy, and
- Systematic evaluation of the progress toward the achievement of the selected goals/objectives
- Modify strategy, if necessary.
Job-training
- Youths, Veterans, & enhanced job-training
- Basic required skills training
- Resume writing
- Job application
- Job-hunting (Staffing Agencies)
- Job interviews
- Internships
Job-Retention
- Mentoring
- Performance Bonuses
- Skills diversification
- Making oneself a key team member
- Job enthusiasm
- Workplace Decorum
- Workplace relationship
Job-Related Mentoring
- Why Mentoring? Benefits of mentoring
- Hands-on guidance
- Mentor-Mentee relationship
- Matching you with the right mentor
- Feedback
Entrepreneurship
- Civic Entrepreneurship
- Social Investments
- Vetpreneurship
- Self-Employment
- Writing Business Plans
- Capital Sources & Starts
AN ENTREPRENEUR IS A Person who Organizes and Manages a Business,
Assumes the Risk for the Sake of Profit
- All Entrepreneurs are Concerned with Three Things…
- A Product or Service, Paying Customers, and Sales.
- New Businesses Must Explore the Following…
- Legal Issues, Insurance, Taxes,
- Financing, Marketing, Pricing, and
- Regulations.
- Types of Self-employment
- Business Organization Types
- Successful Self-employed
- Products or Services
- Business Management Mentoring
- Opportunities
Types of Self-employment
- Consultant
- Internet-based Business
- Home-based Business
- Non-home-based Business
- Buy an Existing Business
- Buy a Franchise
- Purchase a Portion of a Business
- Participate in a Multi-level Venture
- License Your Product or Invention
Types of Self-employment
- Must Have Optimism
- Not Easily Bored
- Must Put Goals in Writing
- Must Enjoy Handling Cash
- Want to Pursue Different Paths of Life
- Could Often be Alone
- Must be Resolute or Tenacity
- Must be a Risk-takers
- Willing to Use Savings to Finance a Project
Business Organization Types
- Sole Proprietorship
- Partnership
- Subchapter S Corporation
- Corporation
- Limited Liability Company
Business Plan
- Business Description
- Products or Services
- Management and Staffing Plan
- Marketing Plan
- Financial Performance and Projections
Capital Sources & Starts
- Do You Need (More) Capital?
- How Do You Define Your Need?
- How Urgent is Your Need?
- How Great are Your Risks?
- State of Your Business Development?
- Purposes and Uses of the Capital Needed?
- What is the State of Your Industry?
- Is Your Business Seasonal or Cyclical?
- How Strong is Your Management Team?
Capital Types & Sources
- Savings
- Equity
- Stock Dividends
- Insurance Policies
- Friends or Family
- Commercial Loan
- Credit Cards
- Business Startup Grants
Entrepreneurship Mentoring
- Benefits of Mentoring
- Conditions for a Successful Mentoring
- Protégé Guidelines
- Mentor Guidelines
- The Various Roles of the Mentor
- Mentoring Activities
- Leadership Insights from General Peter Pace
- Poverty Solutions
EEOP-IDA SAVINGS
Entrepreneurship Mentoring
- Benefits of Mentoring
- Conditions for a Successful Mentoring
- Protégé Guidelines
- Mentor Guidelines
- The Various Roles of the Mentor
- Mentoring Activities
- Leadership Insights from General Peter Pace
- Poverty Solutions
Poverty Solutions, Inc.
Designing and Deploying Programs to Empower Families
Los Angeles:
3699 Wilshire Blvd. Suite 530, Los Angeles, CA 90010
South LA:
10024 Vermont Ave., Los Angeles, CA 90044
For more information:
Call: (213) 263-2744
THANK YOU FOR ATTENDING OUR
ECONOMIC OPPORTUNITIES
EMPOWERMENT WORKSHOP!
WE WOULD BE DELIGHTED TO ANSWER
ANY ADDITIONAL QUESTIONS YOU MAY
HAVE AT THIS TIME!
Email: contact@povsol.com
Web: www.povsol.com
POVERTY SOLUTIONS, INC.
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