David vs. Goliath – Where’s My Sling?
Who helps middle-income Americans improve their finances? That was the question discussed by four business leaders and friends in 1996. The Illinois group’s collective answer was… “no one!” Then came the thought …”somebody should so why not us?”
A Small Revolution
At the time, one of this group, Mark Pettyjohn, was National Sales Director for a division of Citigroup and had personally helped over 2,000 middle-income families develop their own budget and written plan. His experience reinforced the need for a new and innovative program centered on financial literacy. After much reflection, the four friends collectively put $8,000 in as seed money and began writing the education course “What I should have learned about money in high school, but didn’t!”
In 1996, a small revolution began. Consumers who were introduced to the program loved it and quickly word of mouth brought in many more people. Inquiries poured in from churches, businesses and organizations seeking financial education programs for their members.
Soon new classes were developed, including Employee Enrichment for businesses and Good Stewards for churches. A program for high school students was added to the mix. More volunteer instructors were trained and classes expanded to the Chicago and St. Louis areas. We had hit a nerve and uncovered a huge need!
The Not-For-Profit
In 2002 the little group was granted status as a 501 (c)3 not-for-profit organization. CAFE (Community Association for Financial Education) was launched. Proprietary software was written to help graduates translate what they learned in class into a written prosperity plan.
As we continued to grow, over 25,000 people were reached and helped. Marriages were strengthened. Home down-payments were saved. Teens were educated and college tuition paid. Debts were paid off, retirements realized and mortgages were burned. Many members claimed long-term financial gains from the program exceeding $100,000. However large success soon led to large challenges.
Large Success = Large Challenges
The public had discovered a program that they loved and millions of Americans needed. The overwhelming response quickly made us victims of our success. We found our organization continually short on funds, requiring additional contributions from the original founders. We were unable to contact over 60,000 families referred to the program by graduates. As a not-for-profit, we were unable to raise capital, pay instructors or hire staff to follow-up on the referrals received. Many graduates requested ongoing-financial guidance which the program was not designed to deliver. What were we to do?
Same Mission, Next Generation
Our solution was to keep what works and improve what didn’t. We expanded the 2½ hour evening class to four, two-hour classes on selected evenings and included powerful new topics. We added a second written plan specifically for retirees.
Members were compensated to follow-up on their own referrals and help enroll them. Ongoing financial coaching was provided to all. Funds were available to hire marketing staff and management. Prosperity Partnerships was born!
Whether you are a consumer searching for personal prosperity; a business, church or organization concerned about the financial health of your members; or an ethical entrepreneur seeking a rewarding career… welcome to our exciting mission!
