EARN Overview
EARN (Earned Assets Resource Network) is a nonprofit organization in San Francisco whose mission is to break the cycle of poverty among the low-wage workers. The FPA works with EARN to support their programs.
With access to EARN's financial services, low-wage, working families are transforming their lives. Averaging less than $18,000 in annual income, EARN families are saving over $75 a month, about 5% of their income, and reaching goals that once seemed unattainable.
EARN has a “Saver” program which combines ongoing classroom education (EARN Workshops) with matched savings accounts. Participants can save up to $2,000 and earn a 2:1 match for every dollar they save. The combined $6,000 can then be used for a home, small business, or higher education. The Saver program is highly competitive and there is a waiting list of over 500 people.
Alumni of the Saver program are encouraged to proceed from their savings success toward the creation and implementation of a financial plan. The financial plan will serve as a tool to help the Alumni...
- Further define their financial goals and take steps towards meeting those goals.
- Leverage and preserve their newly acquired assets.
- Connect Alumni to products and services that will help them and their families achieve greater levels of financial security.
EARN offers three ways to do this.
- A full day, eight-hour intensive program offered by Dr. Doug Rice.
- A semester engagement in concert with the Financial Planning department at Golden Gate University which links student-planners with EARN Saver alumni. This program is called the Financial Planning Practicum.
- A year-long engagement with a coach and financial planner. Called WealthCare, this program is scalable by using coaches from a variety of community-based organizations.
FPA members are encouraged to get involved. Programs and volunteer opportunities are discussed at length in the links provided above.
