IDA’s: Help for low income “savers”- double or triple the money!
Have you heard about these? It’s called an IDA or Individual Development Account and it’s meant to help those with low incomes and low or no assets. Here’s what’s intriguing about it, if you qualify- you can get help from some local organizations in the USA and the government to the tune of investing or saving some money and getting up to a 2 to 1 return on your money! I read an interesting article about it where this organization is helping folks save money- up to $2000 per year of their own money- and then the organization and goverment funds match or exceeds it and gets put into that special savings account for the client too. So the client puts in $1, and they get a $2 match- that means after a year, their $2000 turns into $6000!
You have to see if you qualify and if there’s an organization in your city that is offering the program. It is meant to help people save money for one of only a few important and specific goals, such as for a home, for college, or for starting your own business- and organizations can set other limits on how much per year and how much they’ll match. Also, there’s usually a requirement for the client to have to take some financial education classes that are typically offered through the coordinating area organization. Sounds intriguing for folks who are struggling and would want to tap into some government help that’s available.
Here’s the link to the original article about the IDA and an organization in some local area that’s doing this: Individual Development Account Multiplies Savings for Low Income Savers
Have you heard about these IDA’s? What do you think about it all?