Precious loves her car rides.
The longer the better.
Like most dogs, Precious is happiest when the wind blows through her hair and the hot sun warms her little body.
As she sits with ears up and her beady eyes wide open, she doesn’t seem to realize that these car rides take money.
She also doesn’t know that a year ago, her owner was drowning in debt.
Student loans. Credit cards. Utility bills.
When 77-year-old Nileita Williams and Precious moved to Milwaukee, she owed close to eight thousand dollars.
That’s when Nileita turned to the Social Development Commission (SDC)’s Financial Literacy program that is supported by the Social Development Foundation.
Like many seniors living on a fixed income, Nileita needed to do two things: reduce debt and save for a car so she could maintain her independent lifestyle.
Thanks to a gift from the Social Development Foundation, she was able to find a financial coach nearby.
Together, Nileita and her coach created a customized plan to prioritize the best way to spend her money.
Now she has credit cards that are almost paid off.
The car Precious enjoys is new.
The challenges Nileita faced aren’t unique.
Today, the elderly are the fastest growing population likely to experience poverty. And the need for better financial planning is expected to continue as the next generation doesn’t have adequate savings to sustain their current lifestyle.
Learn more about SDC’s Financial Services.
By funding community organizations that offer financial services, the Social Development Foundation is working to reverse a downward spiral into poverty. We’re helping our neighbors create wealth so they can invest, buy a new home, or like Precious and her owner, enjoy the golden years of retirement debt-free.