MIT Solve

Solution Overview & Team Lead Details

What is the name of your organization?

Train Up A Child Inc.

Is your organization registered as 501(c)(3) status with the IRS?

Yes

Where our solution team is headquartered or located:

St. Louis, MO, USA

Which dimension of the Challenge does your solution most closely address?

Assisting with access to capital, capital campaigns, and/or financial education and information

What is the name of your solution?

Operation Save Our Seniors (OSOS)

Provide a one-line summary of your solution.

OSOS offers virtual retirement planning services for minority low to middle income clients. Such clients do not ordinarily have access to financial retirement advisors in general and free of charge.

What is your solution?

OSOS utilizes zoom technology to instruct low to middle income senior minorities (Black, Hispanics, others) on how to prepare for retirement with the money and time that they might have. Many of these groups may have had a slow or late start on retirement planning due to low income and wages. Many cannot also afford financial advisors or planners. This program instructs them on what they can do with what they have to make the most out of their retirement planning. This program is free of charge to our clients and the instruction is given in the privacy of our clients home. each client is assigned a financial planner that works one on one with them to help them achieve their financial and retirement goals. The programs last for one year. Finally, it should be mentioned that the client can ask for financial advice at any given time during that years time. Their personal advisor is very accessible for them.( This plan is scaled to operate nationwide)

What specific problem are you solving?

OSOS seeks to give those with limited funds and financial knowledge, a greater knowledge on how to retire in comfort, while making the most of their funds at this given point of time in their lives. Many minority groups often cannot afford financial advisors to guide them through uncertain and unknown variables in the financial market. It is felt that this program would help meet the needs of our clients via professional and personal zoom financial advising.

Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.

OSOS aligns with the MIT Solve Challenge in that it:

1.) Gives minority seniors valuable knowledge about retirement planning, free of charge

2.) Provides minority seniors unlimited financial retirement advice for one year

3.) Helps minority seniors make the most of what they have in funds to maximize retirement and their current living circumstances

4.) Gives minority seniors a greater understanding about budgeting their finances for retirement

5.) Gives minority seniors a greater peace of mind about late retirement planning

Who does your solution serve, including demographics, and how does the solution impact their lives?

The demographic of OSOS include:

1.) Low-income, Senior Blacks (Male, Female)

2.) Low-income Senior Hispanics (Male, Female)

3.) Low-income Other minorities (Male, Female)

Is the solution already being implemented in at least one of the Truist Foundation’s target geographies: North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C., Delaware?

No

Are you planning to expand your solution to at least one US state? If so, please provide an overview of your expansion plans. What is the market opportunity for your business or product here?

This planned is scaled to go nationwide via Zoom technology. We are currently in St. Louis, Missouri at the moment.

Is your organization’s mission to help launch small businesses and/or to sustain small businesses?

No.

What is your theory of change?

The theory of OSOS is that if minorities and senior minorities are given the proper tools and an even operating field( Good financing, proper education, mentoring) they can thrive just as well as any other thriving demographic group.

Our solution's stage of development:

Pilot: a product, service, or business model that is in the process of being built and tested with a small number of beneficiaries or working to gain traction.

What is your organization’s stage of development?

Growth: A registered 501(c)(3) with an established product, service, or business model in one or several communities, which is poised for further growth. Organizations should have a proven track record with an annual operating budget.