Individual Development Accounts (IDAs) are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are building towards purchasing an asset - most commonly buying their first home, paying for post-secondary education, or starting a small business. IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.
A variety of government and private sector sources matches $2 for every dollar you save. NO STRINGS ATTACHED.
So if you want to save for a house, start a business or build wealth. IDA programs can contribute to your goals.
Directory of IDAs in your state
Tuesday, March 18
Individual Development Accounts (IDAs)
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6 cool comments:
great link!
I researched IDAs a few months back in order to get matching funds for my home purchase savings. I hated to hear that I did not qualify b/c I "earned too much." I wonder who comes up with these income limits. You basically have to be dirt poor. Pisses me off!
I have to admit I did not research, but I just know it's for low income people, not sure what's considered low income.
I guess I should have never post this
I think it's a great resource! Thanks for sharing. I'll include this in my roundup.
No, you should have posted it Money Monk. I'm sure minimum wage can use it.. LOL. He always says y'all don't post stuff he can relate to.
Whatever the answer was, it looks like Your Mileage May Vary.
I found a few IDA, went to their websites, and the eligibility varies.
I found eligibility up to 80% of median family income and also up to 100% so I guess if you're not eligible for one program, try a different one.
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