Milwaukee financial clinic helps people save money, buy home
MILWAUKEE - You go see a doctor if you’re not feeling well. But you go to this clinic if you’re sick of debt. The Riverworks Financial Clinic has been around since 2008. Earlier this year, the clinic expanded its reach.
From her front porch, Shaunta Gibbs can relax knowing she finally has a place to call her own.
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"I’m a mother of four," Gibbs told FOX6 News. "I just want to be able to teach them some financial stability. Show them that working hard and being consistent and disciplined can build things like this."
Gibbs' journey to homeownership wasn’t easy. It took her three years.
"It was so bad. I was in a very bad place," Gibbs recalled. "I think my credit score was like 400 – it was poor."
Gibbs was able to take an abandoned eyesore in Milwaukee’s Harambee neighborhood and make it a home. It was all thanks to some help from the Riverworks Financial Clinic.
"They ended up connecting me with a financial coach," Gibbs said.
"I basically call it the game: it’s like Monopoly," explained clinic manager Tony Myers. "If you don’t know the rules, you don’t play the game and the game plays you. The rules are financial literacy."
The goal is financial empowerment.
"What we do is work with the folks who are either looking to buy their first home, they may have some credit issues or delinquent accounts on their credit that’s preventing them from doing that," Myers said. "We want to reduce the wealth gap and we want to begin putting people on the path to financial independence and intergenerational wealth."
In just the last year, Riverworks Financial Clinic has helped nearly 700 people with free, one-on-one professional financial counseling. It’s available to anyone in Milwaukee over the age of 18. While each situation is different, Myers said most come in with credit card debt.
"A lot of times, people just need to get over that hump. Just one little obstacle that’s preventing them from getting on that path to financial wellness," Myers explained.
FOX6’s Bret Lemoine asked about the challenges people face who live paycheck to paycheck.
"It’s hard," Myers answered. "It doesn’t mean that you have to save $20,000 or $30,000 – just get to save $1,000. Take those small little steps towards building a savings then eventually we will be able to have a little something to fall back on."
Myers said the average annual income for most people who are achieving their savings goals is $21,000. He said there are two things you can do right now to save:
- Know your credit score. Myers says most people he works with don’t. He says it will help you understand how much work you need to do if you want to buy a home or car.
- Get rid of your credit cards. Myers warns paying the minimum balance each month will land you further in debt.
"Instead of being a piece on the board that’s just being manipulated you should be the one making the financial decisions," Myers said.
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Near Burleigh and Buffum, Financial Coach Clarissa Morales showed FOX6 News how Riverworks is helping to transform a whole neighborhood.
"How have you seen Harambee change since Riverworks has been more engrained here?" FOX6’s Bret Lemoine asked.
"Riverworks has been here for a while and there’s just more and more growth," Morales replied.
Morales helps people here get funding for home repairs and homeowners insurance.
"It shows that there is unity in the community," Morales said.
Gibbs is one of Morales’ success stories.
"The homeowners next to me they loved the fact that I bought the house," Gibbs said from her front steps. "Immediately they see the value of their homes go up."
Gibbs says the help she got from Riverworks opened more than just the doors to her home. She’s starting her own business while also planning for retirement.
"I’m going to tell people – don’t give up. The resources are out there. It’s Riverworks. They have everything you need," Gibbs said.