1. Goal by Nov 2019 is to have $1000 (worst case scenario). We would then present this to the family while we are in Tennessee. If a core group of us set aside $25 a week we could reach our goal.
2. By fam reunion in 2020 we want to have at least $5,000 and $10,000 by the end of 2020.
3. Will Welch will research a tool we could use for holding the money collected. We would like a solution that allows automatic withdrawals from family members checks.
4. Josh will be a compliance officer for the group. If we get to the point of loaning money to family members we need someone to make an effort to retrieve funds if a member does not pay back on time.
5 Derrick will be our real estate investment consultant. Our mid-term goal is to build the fund to $50,000. Once we reach that milestone we can start looking into real estate investment opportunities.
6. We will eventually need to hash out an incentive for investing. A core group of us want to have something to pass down to future generations, but we need a more personal reason for some in order to maximize participation.
7 Tim will serve as the secretary. He will keep track of what is discussed etc. Eventually this role will include keeping track of how much we collected, who contributed, how much we loaned, and who has/ hasn’t paid back loans.
8. Tim will create a webpage that shows how much has been collected. This will not take place of a quarterly financial report.
9. Heyward Financial group is the name we decided on. We love the name because it does not pigeon hole us into one category of investment.
10. Josh will work on Policy/ laws. We need to have rules in place before we bring this idea to the family