Wealth-Building Resources
Introduction: What are your life goals?
We all have financial goals — you may want to save for education or retirement, get out of debt or buy a house.
CRCC’s inspirational leader Rev. Dr. Cecil L. Murray taught that faith leaders should help people with their spiritual AND social condition. The USC Center for Religion and Civic Culture vision for its Economic Empowerment program is that congregations and faith organizations become resource hubs that help community members achieve their financial goals and gain economic wellbeing.
In the below resource guide, you will find personal financial advice and resources that can help both leaders and their community members — students, parents, business owners, seniors — work on their financial health and build their wealth.
Explore the menu to skip to a particular topic, or continue reading below — and please share the resources.
Why focus on building wealth with faith organizations?
Faith leaders are trusted voices within their communities and can play a significant role in individuals’ spiritual, social, physical and financial health.
As Rev. Murray said,
Give a man a fish, a woman a fish, they will have fish for a day. Teach them to fish and they will have fish for a generation. Help them own the pond, and they will fish indefinitely.”
Learning from Rev. Murray, CRCC’s Economic Empowerment program does not promote the prosperity gospel — the idea that God blesses individuals with wealth based on behavior such as giving. Rather, when somebody “owns the pond,” they can give back and empower others. A congregation’s financial health improves along with the financial health of its members. Families and congregations can become more economically sustainable together.
We encourage you to attend our Economic Empowerment workshops, implement best practice for financial management in your personal and professional lives, and share your knowledge and the below resources with others.
Together, we can help one another build wealth and meet our financial and life goals.
Budgeting & Personal Finance
A budget is a plan of action. The following tools allow you to track your income and expenses so that you can see how much you are spending and give every dollar a job.
Budget Templates
If you use Microsoft Office products, you can download the files in Excel. You can also open them in Google Sheets (view only). In order to use the Google Sheet, select “Make a copy” under “File,” and it will save a unique version of the budget template in your Google account.
Personal Budget:
Family Monthly Budget:
College Budget:
Credit Scores
You can check your credit score for free at the following websites:
Learn more about your credit score from the Consumer Financial Protection Bureau.
Debt Reduction
If you need help getting rid of debt, it’s recommended that you seek credit counseling from an approved agency. Not all debt-relief services may be advantageous, and some may be fraudulent.
The Federal Trade Commission and the Consumer Financial Protection Bureau both provide guidelines on how to find a trusted agency, and the Department of Justice lists approved agencies on their website (search by state and district).
InCharge Debt Solutions is a non-profit debt consolidation company listed on the approved credit counseling agencies. In this blog post, InCharge shares about three debt consolidation methods: non-profit debt consolidation, debt consolidation loans and debt settlement. It also has financial information and resources specifically for African Americans.
Watch and Learn: Working with a Budget
Homeownership & Rental Resources
Homeownership is the number one path to building wealth.
Homeownership Resources
HomeReady First Time Home Buyer Program
Prepare for possibly the largest purchase of your life with this course from Fannie Mae and Framework. Find more information about the HomeReady Mortgages on Fannie Mae’s website.
FACE Homeownership Program
Faith and Community Empowerment provides up to $200,000 in down payment assistance.
County programs:
Neighborhood Housing Services of LA County
Neighborhood Housing Services of the Island Empire – Riverside
Neighborhood Partnerships Housing Services – San Bernardino
Cabrillo Economic Development Corporation – Ventura County
Renters Resources
Moneygeek provides resources for renters, including guides for first-time renters, renter’s rights and responsibility and renters insurance.
Investments: Saving for College, Retirement and More
Savingforcollege.com
Savingforcollege.com is an independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how they can prepare to meet the challenge of increasing college costs.
RetireGuide.com
RetireGuide.com is a health and wealth website dedicated to providing accurate information and research on a variety of retirement topics. Check out their guides on Medicare and Retirement After the COVID-19 Pandemic.
Additional Investment Options
Additional investment options include cryptocurrency, NFTs, shares of art, and the stock market through Robin Hood. These provide multiple streams of income but are also very volatile. Please do your education before investing in any of these streams. As with any investment, do not invest more than you can afford to lose. We will be sharing a workshop from a partner when it’s available.
You can also start your education at coinbase.com/learn.
Entrepreneurship: Resources for Small Business Development
Small Business Administration
The Small Business Administration helps small business owners and entrepreneurs pursue the American dream. Its website includes guides on how to plan, launch, manage and grow our business. The SBA provides technical support and training. The SBA also has ready-made presentations with instructor and partner guidelines. Faith and Community Leaders can find these files here.
The Opportunity Fund
The Opportunity Fund provides microloans for small business owners in California, expanding access to financial services to businesses too small or young to access traditional loans.
Watch and Learn: The Mindset for Building Wealth
Finances for Seniors: Retirement, Estate Planning and Elder Fraud
Estate Planning
An estate plan is an essential tool in order to build and preserve generational wealth. Consumer Reports shares 7 steps to creating an estate plan with the assistance of a lawyer. While it is possible to make a basic estate plan on your own, it is advisable to work with a professional to be sure that your wishes are clear and will be honored after you are gone.
Association for Black Estate Planning Professionals
This association brings together professionals committed to bridging the racial wealth gab by creating, conserving and channeling wealth. Search the membership directory.
American College of Trust & Estate Counsel
The website includes an extensive education guide, including FAQs on topics related to estate planning. You can also use their directory to find an attorney in your area.
National Academy of Elder Law Attorneys
Elder Law Attorneys help families with planning around health and long-term care, including Medicaid and Medicare coverage, insurance, trusts, benefits, housing and related issues. Search the NAELA directory.
Retirement Resources
RetireGuide.com
RetireGuide.com is a health and wealth website dedicated to providing accurate information and research on a variety of retirement topics. Check out their guides on Medicare and Retirement After the COVID-19 Pandemic.
Elder Fraud
Elders are especially vulnerable to financial fraud. You can find out more about elder fraud and what to do if you or a loved one has been targetted at the Los Angeles County District Attorney’s Office.
You can also call 211 to access the Elder Abuse hotline or (877) 4-R-SENIORS – (877) 477-3646.
Watch and Learn: How to Avoid Fraud and Predatory Practices
City of Los Angeles' Wealth-Building Resources
Look for resources from your local government. Below are resources in the City of Los Angeles.
Business Stakeholders
The City of Los Angeles provides a variety of services for businesses, including loan programs, the Minority Business Development Agency, tax resources and information about city contracts. Visit this page to find links to these services.
L.A. Business Portal
The L.A. Business Portal provides you with all of the information you need to plan, start, manage, and grow your business. Try the Start Up Guide to quickly map out how to register your new business and be compliant. Explore a rich library of content and resources to help you manage and grow your business.
Private Citizens
The City of Los Angeles provides many resources for individual residents, from the Department of Water and Power to cultural and recreational activities. Visit this page to find links to these services, including 311, animals services, housing, transportation and parking, utilities and more.
Employment
On this page, you will find links job boards for the City of Los Angeles, the fire or police departments, the airport, the Department of Water and Power and more. You will also find information about job boards and job training programs, including resources for financial aid, computer classes, youth programs, internships and volunteer programs.
Housing and Homelessness
The Los Angeles Homeless Services Authority provides information for people in need of shelter as well as well as tools for providers, including information about applying for funding and securing contracts.
- Hotline: (213) 225-6581 (Monday through Friday, 7:30 a.m. to 4:30 p.m.)
- Shelter Hotline: 1-(800) 548-6047 (Daily After 5 p.m.)
- TDD: 1-(800) 660-4026 (for the deaf and hearing disabled)
- L.A. County: Homeless families can dial 211 or visit 211 L.A. County.
Start a Wealth-Building Ministry
The USC Center for Religion and Civic Culture works with faith leaders and communities to bring them essential knowledge on financial literacy. Our goal is to help you uplift yourself and your community.
We envision churches and congregations becoming resource hubs and center of financial wellbeing, benefiting their members, their communities and ultimately, their bottom line.
Here’s how you can get involved:
- If your church is interested in partnering with us, contact Rev. Najuma Smith.
- Start a wealth-building ministry at your congregation. Check out our guide here:
Operation Hope
Operation Hope can provide free financial education sessions to congregations and other organizations interested in building out wealth-building programs. Visit their website for more information or contact CRCC for an introduction.
George B. Thompson
George B. Thompson is a financial expert and advisor, as well as Senior Pastor of Stewardship and Finances at Faithful Central Bible Church. He can guide churches through his 21-Day Fast Start Challenge. Visit his website for more information or contact CRCC for an introduction.
Banking Options
The below list includes minority owned banks in Los Angeles, along with the USC Credit Union and our sponsor First Citizens Bank.
If you are based elsewhere, Investopedia lists Black-owned banks, Hispanic American-owned banks and Asian American-owned banks by state.
First Citizens Bank sponsors financial empowerment programs conducted by the USC Center for Religion and Civic Culture.
Explore “Insights” sections on their website under personal, small business and commercial finance, plus wealth management.
USC Credit Union
The University of Southern California has an associated credit union. A member-owned nonprofit financial cooperative, the credit union operates like a bank, with bank accounts, credit cards, loans and investment accounts. Any and all persons and businesses in LA or Orange Counties are eligible to apply to join the USC Credit Union. See eligibility rules and apply to join the USC Credit Union.
One United is a offers checking and savings accounts, credit cards, and online banking. For more information on how to handle your finances, One United offers a financial education center.
City First Bank offers checking and savings accounts for personal, businesses and nonprofits, among other products.
Community Commerce Bank (Latino-owned)
Community Commerce Bank (CCB) is part of The East Los Angeles Community Union (TELACU) family of companies. CCB specializes in commercial real estate loans, loans to non-profit and religious organizations, apartments (5 units or more), as well as other real estate loans regardless of reason, for both consumer (commercial properties) and business purposes.
Commercial Bank of California is a full-service, FDIC-insured, business bank headquartered in Irvine, California.
Economic Empowerment Workshop
The USC Center for Religion and Civic Culture hosts an annual Economic Empowerment series.
We encourage faith leaders, their teams and members to watch past session and sign up for CRCC’s newsletter to find out about future programs.
Please note that presenters share information, resources and general strategies for economic empowerment. The presentation is not intended to be investment advice or personal financial counseling. Seek a duly licensed professional for advice.
Find out how to get engaged in the Economic Empowerment program, learn about past events and future workshops.
View videos on topics from investing, entrepreneurship, managing church finances, running a community development corporation and more.
Find out about future Economic Empowerment series and additional resources by signing up for CRCC’s newsletter.
Learn More: Additional Resources for Financial Education
The USC Center for Religion and Civic Culture hosts an annual Economic Empowerment series. Visit this page to watch past workshop and hear about future events.
Sign up for CRCC’s newsletter to hear about future workshops.
First Citizens Bank sponsors financial empowerment programs conducted by the USC Center for Religion and Civic Culture.
Explore “Insights” sections on their website under personal, small business and commercial finance, plus wealth management.
USC Credit Union provides information money basics, including savings and investing, preventing elder fraud, planning and managing retirement, paying for college and buying a home. Use their “Financial Focu$” resource to access personalized learning according to your needs.
Operation Hope provides free financial education and counseling to individuals. It also can provide free financial education sessions to congregations and other organizations interested in building out wealth-building programs. Visit their website for more information or contact CRCC for an introduction.
George B. Thompson is the author of the 21-Day Fast Start Challenge. Individuals and groups can sign up for the challenge. Thompson, who is a financial expert and advisor, as well as Senior Pastor of Stewardship and Finances at Faithful Central Bible Church, can guide churches through his 21-Day Fast Start Challenge.
Visit his website for more information or contact CRCC for an introduction.
Rev. Frank Jackson, Jr. is an affiliate with CRCC and found of Village Solutions Foundation. He works with organizations to ensure that they are in compliance with non-profit registration and regulations. He can also advice congregations and faith organizations on conducting organizational and community assessments and setting up wealth-building ministries.
Connect with CRCC
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Contact Us
Center for Religion and Civic Culture
University of Southern California
Los Angeles, CA 90089-0520