The Prosp(a)rity Project Economic Empowerment Fund
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UPDATE: This campaign is no longer active as of Sep 1, 2020! To make a contribution to The Prosp(a)rity Project, please visit: https://theprosparityproject.org/donations.
In honor of Juneteenth, The Prosp(a)rity Project is proud to kick off our first-ever Economic Empowerment Fundraiser!
The Prosp(a)rity Project is an organization created with the purpose of helping Black girls and women achieve higher rates of financial, professional and personal prosperity through providing resources and enacting initiatives that facilitate equity.
One of the largest affronts to the success of Black women in all three of these areas is the $1.5 trillion (and growing) student debt crisis, as members of this demographic on average carry the most in student loans (upwards of $33,000 per borrower), yet earn significantly less than their non-Black and/or non-female counterparts at .63 on the dollar and are disproportionately denied or overlooked for opportunities to land higher paying positions.
This reprehensible combination accounts for why the average lifetime net worth of a Black woman is $0-$11,000.
As many money experts advise, the most practical approach for surpassing this point and achieving financial security is following the seven baby steps, which entail:
1. Creating an emergency savings of $500-$1,000
2. Paying off all debt (sans mortgage)
3. Saving 3-6 months’ worth of expenses
4. Investing 15% of income for retirement
5. Putting money aside for children’s future (college fund, savings account, etc)
6. Paying off mortgage (if applicable)
7. Building and maintaining generational wealth
But straightforward in concept as this method may be, the ability for Black women to make it past step two, let alone through all seven, is drastically reduced due to both being impacted by the aforementioned circumstances, as well as not having received the same levels of financial education.
This being the case, we’ve designed this effort to be an end-to-end solution as a tool that enables more Black women to achieve financial freedom, which is why we therefore will not only be choosing awardees to receive the funds, but also pairing them with experienced financial coaches who will work with them one-on-one to create a customized plan for executing all seven steps and reaching any other financial aspirations they may have.
How we will effect meaningful change: Our aim, quite simply, is to go deep rather than wide—which means that each selected recipient will have all student loan debt paid outright, rather than partially, since this is what will set our beneficiaries up for maximum success. Thus, we do not have a set number of anticipated beneficiaries; we simply want to ensure that the funds accrued are able to offer total relief for as many as possible.
What this will look like: Throughout the months of July and August, we will conduct interviews to select awardees whose stories we will share in efforts to highlight the day-to-day and larger challenges of managing such substantial student debt and also present examples of how being free from the burden of these loans will enable them to realize their potential to the fullest extent.
After paying out the funds, we will then match each recipient with their respective financial coach to help them develop and over the ensuing months, execute their personalized action plan.
We invite you to be part of this fight for economic equality and would be most grateful for any contribution you’d be willing to offer!
In honor of Juneteenth, The Prosp(a)rity Project is proud to kick off our first-ever Economic Empowerment Fundraiser!
The Prosp(a)rity Project is an organization created with the purpose of helping Black girls and women achieve higher rates of financial, professional and personal prosperity through providing resources and enacting initiatives that facilitate equity.
One of the largest affronts to the success of Black women in all three of these areas is the $1.5 trillion (and growing) student debt crisis, as members of this demographic on average carry the most in student loans (upwards of $33,000 per borrower), yet earn significantly less than their non-Black and/or non-female counterparts at .63 on the dollar and are disproportionately denied or overlooked for opportunities to land higher paying positions.
This reprehensible combination accounts for why the average lifetime net worth of a Black woman is $0-$11,000.
As many money experts advise, the most practical approach for surpassing this point and achieving financial security is following the seven baby steps, which entail:
1. Creating an emergency savings of $500-$1,000
2. Paying off all debt (sans mortgage)
3. Saving 3-6 months’ worth of expenses
4. Investing 15% of income for retirement
5. Putting money aside for children’s future (college fund, savings account, etc)
6. Paying off mortgage (if applicable)
7. Building and maintaining generational wealth
But straightforward in concept as this method may be, the ability for Black women to make it past step two, let alone through all seven, is drastically reduced due to both being impacted by the aforementioned circumstances, as well as not having received the same levels of financial education.
This being the case, we’ve designed this effort to be an end-to-end solution as a tool that enables more Black women to achieve financial freedom, which is why we therefore will not only be choosing awardees to receive the funds, but also pairing them with experienced financial coaches who will work with them one-on-one to create a customized plan for executing all seven steps and reaching any other financial aspirations they may have.
How we will effect meaningful change: Our aim, quite simply, is to go deep rather than wide—which means that each selected recipient will have all student loan debt paid outright, rather than partially, since this is what will set our beneficiaries up for maximum success. Thus, we do not have a set number of anticipated beneficiaries; we simply want to ensure that the funds accrued are able to offer total relief for as many as possible.
What this will look like: Throughout the months of July and August, we will conduct interviews to select awardees whose stories we will share in efforts to highlight the day-to-day and larger challenges of managing such substantial student debt and also present examples of how being free from the burden of these loans will enable them to realize their potential to the fullest extent.
After paying out the funds, we will then match each recipient with their respective financial coach to help them develop and over the ensuing months, execute their personalized action plan.
We invite you to be part of this fight for economic equality and would be most grateful for any contribution you’d be willing to offer!
Fundraising team (2)
Briana Franklin
Organizer
Palo Alto, CA
Cori Lopez
Team member