By Isis Simpson-Mersha mlive.com
WWR Article Summary (tl;dr) Latrice Goodwine's money mentoring business, "Girl, What’s in your PURSE?" took home the top prize at a local Michigan pitch competition. Her company aims to use a "non-intimidating" friendly approach to helping women grow and protect their money.
Latrice Goodwine’s business to give women financial guidance was awarded top prize in the Saginaw Soup competition designed to help entrepreneurs grow or start their business.
Goodwine took home $1,000, three to six months of consulting services from investment group BlueWater Angels and pre-approved business services from Central Michigan University Research Corp. for her business, Girl, What’s in your PURSE?
Saginaw Soup took place on Wednesday, Feb. 12, at CMURC’s coworking space, 203 S. Washington Ave.
Goodwine, a registered financial adviser, prepared for the competition as if she was the underdog, noting her competitors had sound business ideas as well.
Antonio Cuellar, owner of Cuepop Entertainment, came in second place and won a $500.
“Even though it was a competition, we all worked together to make sure everybody was on their A-game.” Goodwine said.
Goodwine captured the attention of the judges with her plans of furthering her business with an app. She plans to use the award to help pay for her first phase of the process.
Girl, What’s in your PURSE? is a mentoring-style business that aims to help women grow and protect their money. Goodwine’s book of the same name uses a “girlfriend approach” to talk about finances so it's not intimidating. “It's going to take you places,” Goodwine said. “It's going to give you leverage.”
The Saginaw native has over 17 years of experience in the finance business and has sold about 500 books since it was first released a year ago.
Tom Miller Jr., vice president of project development for Saginaw Future, describes Goodwine as organized and motivated.
At the beginning of the year, Goodwine took a leap of faith and left her job to commit to her business full time.
“I was excited,” she said of the big decision. “It was scary because it's new territory. I had to practice what I preached and make it happen.”
Aside from financial coaching and advising, the entrepreneur also offers credit repair services and enhancement. She’s planning to launch her app this year and host her third annual women’s conference called Health is Wealth.
Goodwine is also crunching the numbers for a financial boot camp program to help men with their money, too.
Miller said the competition is a positive way for entrepreneurs, service providers and organizations that help businesses to collaborate.
He added you can’t have those interactions unless you have everyone in the room together.
“We're going to stay engaged with all applicants as much as they stay engaged with us.” Miller said.
Alina Anderson, assistant to Saginaw Future’s president and operations coordinator, said about 20 applicants applied to the competition and ultimately five were chosen to pitch their business plans.
The three other participants who pitched their ideas include Andrea Richmond, owner of Leopard Print Books, Gifts & Curiosities, Keoshia Banks, owner of Self Love, Self-respect and Sisterhood Inc., and Demar Brazil, owner of Big Al’s Banana Pudding & More, LLC.
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