Comment from Sam: Do the winners of the Purpose Prize get to keep the money they win, or does it all go to funding their organization?
Freedman: Hi Sam. The winners have great flexibility in using the funds in a manner that best advances their initiative. In practice, almost all the winners have asked that their prize money be donated to the nonprofit they started. Since the organization is tax exempt that means the full amount is directed to the cause.
Comment from Dave: Good advice for Cathy, but how does one pay the bills while pursuing a new direction?
Pauley: Dave, we’ve got a couple of stories in the works for Your Life Calling next month and in October. In each case, the individuals are still working in their old jobs while pursuing their new objectives at a considerable financial sacrifice.
Alboher: Dave, I'll piggyback on Jane's advice. Figuring out how to pay the bills during a transition is an issue many people struggle with. Career transitions take a long time, often longer than you expect. I agree with Jane -- often the best option is to continue working in a field where you have experience until you gain the skills and training you need to make a change. Many people find opportunities as freelancers, consultants and part-time workers -- so that they can continue to have an income while having the time to go back to school, network, and create a new career.
Comment from Alice: Would my nonprofit be eligible for the Purpose Prize? I am over 60. If so how would I go about getting the application? Op-eds are good, but your information is only printed if they need space to fill. Ovarian cancer and PPC are deadly. Since I have opened this branch all costs have been from my SS too.
Alboher: Alice, full details on the Purpose Price application process are at www.encore.org/prize.
We’re trying something new on today’s webchat: A poll question inspired by today’s Lawrence McRae “Your Life Calling” story. If you haven’t seen it yet, for 10 years he’s been spreading the word in eastern Alabama about prostate health, and almost entirely funded by his Social Security check. So here’s our question for you:
What is or will be the top item you spend your Social Security check on?
Starting a nonprofit (25%)
Supporting a charity (0%)