Health Concerns, no Succession Plan
A Reality Check
In this article, you will learn about a passionate nonprofit owner who has dedicated her life to helping others while her finances have been derailed by a life-threatening illness and the advice she gives.
Angelica is a 50-year-old divorcee with three adult children, one of which lives with her in Illinois USA. She works as a type of social consultant and is the proud founder and president of a small nonprofit that helps young girls and displaced women get back on their feet. She spends most of her time working, attending networking events, and occasionally going to church with friends and family. Even though she falls within the middle-income bracket, she has a struggling consulting practice and a dysfunctional nonprofit operation which adds to her health concerns. This has negatively impacted her personally, professionally and financially. With decades of experience helping others, she realized that she needed help and after some research she crossed paths with ROFAKI and this is a modified version of the initial interview as per our privacy policy.
Questions and Answers
1. Where are you now financially?
Answer: I would say that I am struggling financially because the cost in terms of time, energy, and money has been exhausting due to the fact that I do most things as the CEO of my business, and nothing happens without me. I am still paying off my mortgage, I have tons of personal debt, and i get little financial benefits outside of my income and personal savings which has been used up due to some of my treatments that are not covered by my insurance.
2. Where do you plan to be at age 65?
Answer: I want to be secured financially, debt free, with a profitable consulting practice and nonprofit organization that would work fine without me if I chose to retire. I don’t need to be rich, but I would like to be able to maintain my current lifestyle and do the things I enjoy doing for as long as I can.
3. What do you think about your performance so far?
Answer: If you had asked me that question a few years ago I would have said it was very good and I would be able to retire before the age of 65. Now, I am not so sure because things have changed, and I have not done the best job of changing with them. My health, savings, income, and productivity have declined while my expenses, debts, and operating expenses have all increased. As it is now, I have to be doing more to earn less and that’s it.
4. What exactly are you trying to accomplish?
Answer: I need to take better care of myself if I am going to live long enough to be able to retire. In order to do that, I need to change the way I do things so I can do more with less including taking care of my finances and improving my business operations. I only have so much time in my day, so I am looking for someone to help me to make that change in way that I can work with. I reached out to you because I was told that you help entrepreneurs to use their resources more effectively and I need to do just that.
5. What is the main problem you are facing right now?
Answer: I am very busy, and my team of volunteers and I are exhausted which makes things that more difficult. Everyone has an idea about what we should be doing but I need an objective and professional look at things so I can make the right decision for myself as well as my business. I need that kind of help but at a price I can pay.
6. What advice would you give to other social entrepreneurs?
Answer: I like to get things done but I realize that I should have spent more time planning and building an organization that can run without me, allowing me to earn enough to save even though it is a nonprofit, especially because it is a nonprofit organization.
This is where the wealth development partnership began between for Angelica and ROFAKI. As a social entrepreneur experiencing a health crisis, managing a consulting practice and a nonprofit operation became a major problem as she tried to recover her health. Making the right decisions become critical when resources are limited, so working with a professional that help entrepreneurs to strategically use their resources more effectively just makes sense.
Takeaway 1: Our health is our primary resource that if overlooked will become a major expense in the future.
Takeaway 2: Having adequate emergency funds are essential to securing financial freedom as life happens.
Takeaway 3: Build your business so that it can run without you if it needs to while you are able to.
Learn More: Social Entrepreneur Improved Wealth Development System with ROFAKI
