Building Wealth on Modest Means

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BuildingWealth-0125.mp3

Common financial knowledge dictates certain things are essential to building wealth and establishing a financial future. Among these suggestions: Owning a home and/or car, having money in a savings account, and contributing to a 401K. But what about those who rent, take public transportation, work part-time, or those who don’t even have a savings account? How do low-income or moderate-income individuals build assets?

To discuss some of the challenges that may prevent individuals from building wealth, Tom talks to Althea Saunders-Ranniar, the director of financial services at “Our Money Place.” The non-profit is a program of the Bon Secours Working Family Initiative.

For many people, receiving a tax refund presents an opportunity to 'get ahead' for a while. How can that one-time windfall impact one’s financial future? Sara Johnson, executive director of the“Baltimore CASH Campaign” gives examples of the ways in which individuals of various income brackets can invest for the future.