Access to Assets – Changing the economic expectations of people with disabilities
Posted December 10, 2010 by Mandy Smith in Consumer Education
Every time we turn on the television or open up a newspaper, we are bombarded with news of the bad economy. It seems as though most people are in survival mode when it comes to finances and asset building isn’t their top priority; however, at a recent conference session about a program called Access to Assets, which opens doors for the disability community in terms of finances, I learned that it is ALWAYS a great time to move toward self-sufficiency even if it comes through little steps here and there.
Asset building is an anti-poverty strategy, helping low-income people move toward greater self-sufficiency by saving and purchasing long-term assets. Building assets, as opposed to increasing income, provides the stability to escape the cycle of poverty.
Some of the most common tools for asset building include:
- Individual Development Accounts (IDAs) – matched savings accounts designed to help people with low-incomes save for high return investments in long-term assets such as a home, higher education, or a small business.
- Earned Income Tax Credit (EITC) – refundable federal income tax credit for low-income workers. EITCs enable many low-income tax filers to receive a cash payment from the government regardless of whether they pay income taxes.
- Family Self-Sufficiency (FSS) Program – promotes employment among and boosts assets of low-income families participating in certain federal housing programs.
- Children’s Savings Accounts – savings accounts that enable parents to build savings, and eventually long-term assets, for their children’s future.
- College Savings Accounts – savings accounts that enable families to save for the costs of college for their children.
If you would like more information about asset building or the Access to Assets program, call 1.866.723.1201.
