While there are hardly ever really free money sources, there are ways that low to middle income people can go to save up their money and fulfill a dream.
One of these ways is the Individual Development Account (IDA). It's a savings plan where the person chooses a financial goal, like starting a business, continuing their education, or buying or fixing up their house. Then, they make a plan to regularly save money, and their savings are matched by the sponsoring nonprofit agency until they reach their goal. Along the way, the savers receive counseling about budgeting and financial planning for their new goal. How much the nonprofit organization matches varies from one organization to the next. Sometimes, they will contribute dollar for dollar, or even 2 for 1 or 3 for 1.
Most organizations that offer IDAs are nonprofits that are attempting to help low and middle income people in a particular area, so geographic boundaries, as well as income limits apply. To find an organization that offers IDAs where you live, go to the IDA directory at the Corporation For Enterprise Development. Just put in your state, and leave the other search options blank. It will pull up a list of organizations that provide IDAs. Remember, however, that since these nonprofit organizations depend on grants for their programs, there may not be money available if they have run out themselves. But check it out. It's worth a try.
One of these ways is the Individual Development Account (IDA). It's a savings plan where the person chooses a financial goal, like starting a business, continuing their education, or buying or fixing up their house. Then, they make a plan to regularly save money, and their savings are matched by the sponsoring nonprofit agency until they reach their goal. Along the way, the savers receive counseling about budgeting and financial planning for their new goal. How much the nonprofit organization matches varies from one organization to the next. Sometimes, they will contribute dollar for dollar, or even 2 for 1 or 3 for 1.
Most organizations that offer IDAs are nonprofits that are attempting to help low and middle income people in a particular area, so geographic boundaries, as well as income limits apply. To find an organization that offers IDAs where you live, go to the IDA directory at the Corporation For Enterprise Development. Just put in your state, and leave the other search options blank. It will pull up a list of organizations that provide IDAs. Remember, however, that since these nonprofit organizations depend on grants for their programs, there may not be money available if they have run out themselves. But check it out. It's worth a try.
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1 comment:
Appreciate your work here, didn't read everything but your intentions are very clear
you may not find time for this in the future but it will help those who find it
good luck to ya
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