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Celebrating the 2nd Annual Run Germantown Race

Saturday, September 10th marked the day of the second annual Run Germantown race. Local sponsors combined forces to support The One Less Foundation and our non-profit partners, True Way Youth Empowerment Foundation and the Historic Johnson House, to raise money for these three great organizations.

The morning of the race was beautifully sunny and made for comfortable running weather. The race itself winded through the historic Germantown district and allowed residents and visitors alike to enjoy the scenic architecture and urban environment as the miles passed. There were also games and a relay race to keep the kids entertained.

Congratulations go out to our 5K winners:

Fastest Overall Male: Marc Hem Lee

Fastest Overall Female: C.C. Tellez

Fastest Team: MLK High School

Half of Americans Losing Sleep Over Finances

According to Money magazine, about half of Americans over the age of 35 report losing sleep due to worries about their finances. It is by far the biggest worry, surpassing relationship, health, or career concerns. Most of those hours are spent worrying about short-term money troubles such as paying this month’s bills or covering an expense in the event of an emergency. These worries can be debilitating and have real impacts on the health of an individual as well as their relationships and career, yet money management is rarely considered to be a necessary topic for school curricula.

So how do we solve this problem? Financial literacy plays a key role in financial security. When an individual has the tools to manage their finances effectively, they’re more likely to have funds saved in the event of an emergency. The One Less Foundation is committed to providing individuals with the knowledge they need to help manage their finances and advocates for mandatory financial literacy education in Pennsylvania schools.

A Life in Poverty is a Life of Hard Choices

With millions in poverty in the United States, it’s worth understanding exactly what these individuals face on a daily basis. These are typically individuals and families that have never known stability. They live in constant fear of falling short on money, and are often forced to make tough decisions between feeding themselves and their children or paying rent. Single mothers have to decide whether to stay home with a sick child and miss out on a day of pay from their employer that could put them in financial turmoil. These are financially fragile families that are struggling to get by every day.

The thought of finishing high school or completing a GED program is overwhelming at best, and higher education is a rare possibility. Imagine living in this unrelenting world where even the slightest misfortune can unravel whatever financial security you might have. Imagine the fear that comes with ensuring your children can survive in this environment while always wanting more for them, but feeling that it will always be just out of your reach. This is a terrifying reality for nearly half of Americans that struggle with these tough choices everyday.

TOLF Attends Preview of “All the Difference”

On August 25th, the One Less Foundation attended a preview of “All the Difference” presented by WHYY at their Philadelphia studio. The documentary follows two African-American teens from the South Side of Chicago as they graduate from high school and pursue their dream to graduate college. Their journey brings to light several issue ranging from the emotional and academic support available to these individuals, to the financial challenges associated with attending a four year college.

As part of the event, there was also a panel discussion that addressed current issues with our educational system in the United States and possible paths to address these widespread barriers that can inhibit students from reaching their full potential. In particular, college affordability was addressed at some length. Dr. Kathleen Shaw, the Executive Director of the Research for Action organization, urged that as a nation, we have to do a better job of educating our students as to the cost of their degree. Most students entering college do not understand how much their degree will cost them, and when these payments will start. By leaving these conversations until after graduation, students are often left with a mountain of debt and no way to dig out from underneath it. This is especially problematic for those students that attend some college, but are unable to complete their degrees.

Additionally, Wes Moore, the founder and CEO of BridgeEdU spoke to the millions of dollars of financial aid left on the table because FAFSA forms were incorrectly filled out and submitted. The One Less Foundation is proud to offer courses for college readiness that helps students navigate through these unclear issues. If you or someone you know is looking for resources regarding these issues, please visit our site at www.theonelessfoundation.org/rise.html.

The Shocking Cost of Payday Lending

We talk a lot about payday lending and the danger it poses to consumers. The One Less Foundation spends time and resources to fight against such predatory lending practices through legislative action, but just how damaging is this practice? Courtesy of the Filene Research Institute here are three shocking stats you should know about payday lending:

1. “If it were a country, the "Empire of Payday Lending" would be the 104th largest economy in the world.”

2. “Every 90 seconds, $67,000 in payday debt is issued.”

3. In certain states the maximum finance charge and APR for a loan can potentially be limitless.

At The One Less Foundation, we regularly meet individuals trying to dig themselves out of payday loans with interest rates upwards of 300%. These are individuals that didn’t have the money to cover unexpected expenses in the first place, let alone the interest and finance charges associated with these loans.

The Growing Wealth Gap Between Races

It’s no secret that inequality between the impoverished and the wealthiest Americans is a stark reality, but there appears to be no end in sight. A recent study by the Corporation for Enterprise Development (CFED) found that the wealth gap between races is growing exponentially. In fact, if the current trend continues, by the year 2043, the average wealth gap between white families and Latino and black families will be about $1 million.

So what’s causing this gap to widen? Researches attribute the divide to a combination of the advantages that seem to benefit white families as well as the disadvantages that black and Latino families seem to regularly encounter. White families tend to benefit from a better financial starting point that allows them to pursue higher education, homeownership, investments, and tax incentives. Meanwhile Latino and black families struggle with lower levels of educational attainment, significantly higher unemployment, and overall financial fragility that precludes them from participating in wealth building endeavors.

The Understated Epidemic of Poverty

For years, the poverty level has been measured based on a family’s income as compared to a national annual income amount predetermined by the U.S. government. If an individual or family fell below that amount, they were considered to be living in poverty. Unfortunately, the poverty line does not seem to be representative of just how widespread financial fragility really is.

The disparity between those with a higher education and those without has never been greater and racial divisions have grown increasingly stark. How can we expect students to achieve a college degree if our government struggles to provide even a basic education? Education should be a right and not a privilege, and students should feel safe and supported in their classrooms. Without a proper education, individuals are struggling to survive and save for a better future.