An individual development account or asset development account helps an individual gain extra cash. Basically, you put some money in and a third-party matches it. For example, a program might offer $3 for every $1 you save in the account (up to a limit). Bonus: These savings accounts are often exempt from calculations of total assets, such that you continue eligible for additional supports.
You heard right: free cash!
Such accounts have been instrumental in my financial journey. I highly recommend utilizing as many as are available to you.
To find one, Google phrases such as:
- individual development account [plus your region], or
- asset development account [plus your region]
For example, when we Google individual development account United States, we find the following one-stop shopping site:
When we Google individual development account Canada, the following are among those that pop up:
- http://prospercanada.org/Our-Work/Savings-and-Asset-Building/Individual-Development-Accounts.aspx (for people with low-income in Ontario)
- http://seedwinnipeg.ca/programs/detail/individual-development-account (for people in Winnipeg, currently being redesigned for April 2017)
For people with disabilities in Canada, the Registered Disability Savings Account is another such program.
No results for your area? Google for a case advocate, disability support agency, or similar resource in your region and ask them for local leads. No luck? Contact me via the comments field below.
Accessing excellent resources such as individual asset development accounts can be a critical step to moving from poverty to abundance. Grab it!