High hopes: Gena Jefferson wants to pursue her dreams of property ownership in a very expensive housing market.

AT AGE 43, REV. GENA JEFFERSON HAS accomplished a great deal, but she wants to do more,

"I did everything I was told to do as a child--go to school, work hard--but I don't feel like I have anything to show for it," says Jefferson, who lives in Brooklyn, New York,

Jefferson has three master's degrees: one in education from Long Island University, the second in social work from Fordham University, and a third in educational administration and supervision from Touro College. She earns $69,600 as a social worker with the New York City Board of Education, a job she's had since 1996. For seven years prior to that, she was a special education teacher in New York City. So why all the anxiety? "I haven't bought my first house," she says.

Jefferson also hopes to buy real estate so she can house a center that offers a variety of children's services-everything from fine arts programs to therapy and tutoring.

Since she is an independent interfaith minister, Jefferson would like her center to have a spiritual flavor. "I want a one-stop shop that serves children's needs," she says. "If everything is under one roof, it will be easier for everyone involved."

Jefferson figures her center can become a home for existing children's programs that have had proven success. Before she opens the center, she wants to intern at other nonprofits to learn from program managers in preparation to run her own operation one day. "I want to be more than the landlord. I want to know what it takes to run these programs," says Jefferson.

She hopes to find a site that can accommodate her idea soon. Unfortunately, she can't afford to purchase a building for her dream center and a home of her own at the same time. "What should I do first?" she asks.

She searched diligently for a one-family home last summer but gave up because prices were between $400,000 and $500,000, higher than the $370,000 she was pre-approved for. "I don't want to be tied to [an unaffordable] mortgage, to get so in debt that I have to work two jobs to pay for it. Then I won't be able to save for my business," she says.

Right now, Jefferson has saved $75,000 in her 403(b), $6,000 in a regular savings account, and $18,000 in a money market account. Her biggest obstacle is the $30,000 she owes in student loans. She also owes $11,000 on her 2003 Honda Pilot and $5,000 on credit cards.

While real estate is her primary focus, Jefferson has other goals as well. She intends to pursue a doctorate in social work, and one day she hopes to get married and adopt children. She knows developing a financial plan now is critical to her success.

"In five years I see myself not only with a home but at least one center, even if it has to be small," she says optimistically.

THE ADVICE

To assist Jefferson in pursuing her financial goals, we enlisted Vicki R. Brackens, a financial planner with HetLife. Brackens lauds Jefferson for putting away more than 15% of her income, a healthy savings habit. "She's doing an admirable job in taking the right steps for personal financial freedom," says Brackens.

And with the right planning, Brackens believes, Jefferson can have both the children's services facility and a home for herself. "Gena's passion and what she's trying to accomplish is to have a wonderful place to live and to eventually raise a family, but more so to have her resources concentrated around establishing this multiplex of community service/social service system," says Brackens. "Because of that, the recommendation was to think outside of the box a little and to incorporate both of those goals into one."

One solution for Jefferson, says Brackens, is incorporating her living quarters into her business structure. This could be accomplished by purchasing a commercial space that has a residential area or capabilities within the deed restrictions.

Fortunately, Jefferson has a relatively long time horizon to get things done. And in order to get there, she'll need time. "She has set a time line for accomplishing this in five years, so it's not as if it's something we're trying to take care of in a very short time," says Brackens, who outlined four steps to put Jefferson on the right track:

* Reduce debt, To eliminate her $30,000 student loan debt, Jefferson will have to aggressively pay it off over the next two to four years or find ways to repay the debt through service to her community. Brackens suggests she consider the National Health Services Corps because it offers two-year loan repayment contracts to clinicians dedicated to working with the nation's underserved. The current maximum loan repayment is $25,000 per year. Brackens found that there are 14 social workers currently listed with the National Health Services Corps in Region II (New York, New Jersey, Puerto Rico, and the Virgin Islands), 10 of whom are in the Bronx. However, "In making this decision, Gena would need to weigh the benefits of loan repayment versus ending her credited service time" with the New York City Board of Education, Brackens points out.

To accomplish her goals, Jefferson will need to become savvy about money management. She should commit to working with an adviser who can help her learn investing basics and review her portfolio to ensure that her asset allocation matches her goals and her risk tolerance.

Fortunately, Jefferson has a good amount in her 403(b) plan and some personal savings. "The 403(b) plan is not my No. 1 area for accomplishing liquidity for purchasing things," says Brackens. "But because there are loan capabilities in the 403(b) program, Gena would have an avenue for tapping additional resources in the future."

* Think outside the Big Apple. Real estate prices are sky/high in New York City, so Jefferson might want to expand her location options. "She's not going to make $200,000 in the next five years as far as her income level, that's just not in the demographics of what her profession is," says Brackens. "So we have to look at other areas, because she's not tied to the Brooklyn." Other areas could include nearby New Jersey, which still has areas with more reasonable housing prices.

* Get entrepreneurial training. A center such as the one Jefferson hopes to open would have to run like a business to succeed. Brackens recommends that Jefferson obtain training from the U.S. Small Business Administration, particularly its Women's Business Center Program and SCORE (Service Corps of Retired Executives). "Gena will find the mentoring services of SCORE helpful in her development of a business plan, corporate structure, and best practices," says Brackens. She recommends Jefferson use the $2,000 contest winnings for entrepreneurial training, to research the development needs of her center, and to pay down debt.

* Begin estate planning. Even though she is single, Jefferson has already built up resources, so it's important that she has the proper estate-planning documentation in place. "Because she is single, without a will, durable power of attorney, healthcare proxy, etc., there is a gap for getting assets to her family should something happen to her." In that scenario, her family would be forced to go through probate to receive her assets.

If Jefferson follows Brackens' advice, she should be positioned nicely to own her residence and launch her venture. "Those are the primary areas that I want her to start working on," says Brackens. "If she can do all of that over the next 24 to 36 months, we still have a good 24 months to get everything implemented for her to have her kick-off in five years."

Financial Snapshot:
Gena Jefferson

HOUSEHOLD INCOME

Gross Income          $69,600

ASSETS

Checking               $2,000
Savings                 6,000
Money Market           18,000
403(b)                 75,000
Company Stock Fund      1,500
Value of Car *         20,120
Total                $121,120

LIABILITIES

Car Loan               11,000
Student Loans          30,000
Credit Card Debt        5,000
Total                 $46,000

NET WORTH             $75,120

* ACCORDING TO KELLEY BLUE BOOK.