Asset Specific Training Or Homeownership, Small Business or Preparing for College
If you are taking this course because you are participating in the Individual Development Account program, you are saving for one of four goals.You could be saving for a down payment on a home or repair or remodeling to a home you already own and in which you are living. Then the material in the Homeownership section is for you.You could be saving for your own small business expenses. Then the material in the Small Business section is for you.You could be saving for higher education for yourself or a member of your family. Then the Preparing for College material is for you.
However, we ask all IDA participants to go through all three sections. The information in all three sections is good and at some future time in your life you could be interested in another goal that the one you are working toward today.
Read the material on pages 1and 2 “When NOT to Buy a Home.” You could be at a time in your life when it is a better idea to rent or to live with a family member or friend. |
Pages 3 and 4 “How Much House Can I Afford” give you some good exercises on how to decide how much money you can spend on a home right now. |
Read page 5 “How Much House is that?” Then read page 6 and the top part of page 7, “Is it Better for Me to Buy or Rent Right Now?” Complete the exercise part way down page 7. |
Read the rest of this section: the end of page 7, pages 8, 9, 10, 11 and 12. Then refer to Appendix A on page 13 which provides you with some more sources of information on home ownership. Then read Appendix B on page 14 and Appendix C on page 15 which tells you about the United States Department of Agriculture as a lender for either home purchase or home repairs. |
Perhaps your IDA goal is to capitalize your own small business.
Every business to be successful must be marketed. Read the Fifty Marketing Ideas on page 1 and 2. Then read the Ways to Organize Your Business on page 3 and 4. |
Most businesses need to use credit or obtain loans. Read the information on page 5 about Types of Business Loans. Then on page 6 read the Credit Checking Process for Business Loans. |
To assure success with your small business it is important that you develop a business plan and review it and update it often. The outline on pages 7, 8 and 9 gives you a good format to follow as you develop your own simple business plan for your business. |
If you are using your IDA money for college expenses the last pages are designed for you. Since post high school education is usually designed to prepare you for a career it is a good idea to develop some career goals before you start taking college classes so you are assured that you will be taking the right classes.
Take the assessment on pages 1 and 2 to help you determine what could be a good career field for you. Then move on to page 3 and complete the assessment on Examining a Career.
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This is an economic literacy program and it is all about money. So in the Preparing for College section we now talk about Sources of Money for College. Read pages 4, 5 and 6 which cover this topic. |
If you are an IDA client who is returning to college chances are you are a non-traditional student who will have to balance school and studying with family and child care and even a job. On pages 7, 8 and 9 we talk about time management and managing multiple priorities. Read those pages and then think about the strategies you use so you can always manage to do several things a once.
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Now that you are once again a student you may enjoy greater academic success if you understand your own personal learning style. Take the Learning Style Inventory on page 10 and score it using the Scoring Procedures on page 11 and record your findings on page 12.
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This website has a page of Recommended Reading for Improving Your Financial Intelligence. I encourage you to continue to read and study the field of personal finances so you can get in a position so you are controlling your money and it is not controlling you. [Click here to download Recommended Reading ]
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