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Older Entrepreneurs Rewrite Retirement Rules

Purpose Prize

Startup Journal:

President Bush turned 60 Thursday. If he’s wondering what to do in the years after he leaves office, he might take some ideas from the finalists for the Purpose Prize, a new award that recognizes older Americans who start innovative projects aimed at helping others.

Robert Chambers is one of the 15 prize finalists. He’s a 61-year-old former car salesman in Lebanon, N.H., who decided he wanted to help low-income car buyers after watching scores of them get scammed by car dealers.

“When I worked in the car dealership I got sick and tired of watching low-income individuals get taken advantage of,” Chambers said.

Chambers now runs a nonprofit organization that arranges low-interest-rate auto loans and provides financial-education workshops for low-income people.

Often, their lack of good credit forces them to buy from car lots selling older used cars at steep profits. And, Chambers said, low-income people routinely pay steep interest rates on their auto loans. “Every week we see people that are paying 25%.”

Since 2001, Chambers’ nonprofit venture — Bonnie CLAC (for “car loans and counseling”) — has put new cars into the hands of 750 low-income people, all of whom also went through personal-finance classes.

   

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