Do Individual Development Accounts Work?

Individual Development Account (IDA) are one of the tools that encourage people to save. These accounts are managed by community organizations in every state in the US. and usually offer a monetary “match” to those that save a specific amount of money. For example, if you open an IDA with the promise to save $1,000 to open a business the community organization will promise to contribute an extra $3,000 giving you a total of $4,000 to open your business.

Community organizations claim that IDAs are great ways to help low income families save, but I’m not so sure. The motivation behind the IDAs is that low income families will be able to save money quickly and, hopefully, start making some long-term behavioral changes. My concern is that the matching is what motivates people to save. What motivates people to save when there is no matching? Everyone working in financial education understands that giving people more money isn’t the answer to ending poverty. Unless people decide to make different decisions they will be just as broke as they were before they received the money.

Click here to locate an IDA program in your city.

Shay on African Speak

I’m excited to be featured Saturday, July 10th on African Speak “Honoring Powerful Black Women in our Community”. As usual I’ll share some financial literacy tips, but I’ll also be talking about my journey from foster care to professional speaker and author in the personal finance arena. Along with me will be:
Jewel Carter – Community Activist / President Urban De’Version
Zekita Tucker – Author / CEO Zeniam Publications
Shanquil Merriwether – Community Activist / Milwaukee Chapter Pres. Action Network.

Join us every Saturday at 6:00pm (Central) for our Live Radio Show. We are dedicated to a rise in awareness of Afrikan people World-wide. We will cover topics that concern our Nation. Come share your views in our Chat Room with individuals of like mind. Call in your questions: (646) 381-4162 / Email your questions at AfrikanSpeak@yahoo.com or Text us at 414-379-7969 http://www.AfrikanSpeak.com

As a special treat I’ll be providing a discount code to purchase 10 Things College Students Need to Know About Money and Money Matters: The Get It Done in 1 Minute Workbook. Listen in online or by phone Saturday 4pm PST and 6pm CST.

African Speak

Money & Emotions May 29th in Carson, CA

Shay Olivarria will be the keynote speaker at this event on personal finance in Carson, CA.

I’m really looking forward to giving the keynote address at the money & emotions event hosted by Become N.E.W. on Saturday, May 29th in Carson, CA.

Become N.E.W. says

Join N.E.W for another EMPOWERING event! This is a financial workshop. Addressing our relationship with money and learning valuable skills in overcoming emotional spending and remaining financially stable in a struggling economy.

Shay Olivarria will lead our Financial Workshop. http://www.ShayOlivarria.com

Lester Barrie will host this event. http://www.lesterbarrie.org

Comedy relief by Comedian Barry Brewer. http://www.myspace.com/barrybrewerthecleancomic

There will be other speakers and presenters as well as additional treats and surprises to make this a very memorable and EMPOWERING event.

Can’t wait to see you there!

Please RSVP today to SAVE THIS DATE!! :o)

Money Matters: The Get It Done in 1 Minute Workbook and 10 Things College Students Need to Know About Money will be available at the event.

See you there!

We All Have Agency

A favorite topic of mine is the concept of agency, especially with the working poor. Too many times I’ve spoken with people that get up at the crack of dawn to work a menial job then follow up a full day’s labor with yet another low paying job in the afternoon/evening and they will not agree that there is much they can do to change their lives.

There is an idea that the social, financial, and governmental systems that meter their lives are incapable of being changed, amended, and/or disrupted by people in their position. What?! As the saying goes, “power is never given, it is taken”. I honestly don’t understand why the working poor don’t put up more of a fight to understand, and change, these systems.

The first step is to learn all you can about credit, debt, taxes, investing, etc. You can’t manage or change what you don’t understand.

The second step is to become an advocate for yourself, your family, and your community. For example, make sure that you are paying a fair price for things, make sure that you are shopping around for the best loans for your credit history, ask questions and make sure you get answers before you sign any documents.

Next, vote according to what makes the most sense for you and your family. Don’t become swayed by flashy t.v. commercials or slick talking politicians. The government works for us, the people. The decisions the politicians make effect you in your daily life more than you think.

Lastly, share what you know with anyone that asks. Make sure that you pass on the knowledge and practice of that knowledge to your children and others in your community. There is strength in numbers and power in accumulated knowledge.

Power to the people!

Host of Scholarships for Connecticut Residents

The Community Foundation of Greater New Britain connects donors who care with causes that matter in Berlin, New Britain, Plainville and Southington.

Several scholarships available.

 

Central NY Community Foundation, Inc. Scholarship

 

The Central New York Community Foundation will award two $2,400 college scholarships to Onondaga County seniors planning to study engineering, manufacturing, science or education next year.

Students have until May 15 to apply for the Frederick K. Killian Memorial Scholarship. One male student and one female student will be selected based on academic performance, commitment to their chosen field and volunteer work.

Download the application and informational flyer, or call Stephanie Parzych at 422-9538 ext. 232. 

 

$10,000 Scholarship for Student Committed to Community Service

Applications are now being accepted for The Dr. Alma S. Adams Scholarship for Outreach and Health Communications to reduce tobacco use among what the American Legacy Foundation calls “Priority Populations.” Priority populations are those populations who are disproportionately targeted by the tobacco industry, or who often lack the tools and resources to combat smoking in their communities. Identified priority populations are Native Americans/Alsaka Natives, Hispanics, African Americans, Asian/Pacific Islanders, Low SES, and Lesbian, Gay, Bisexual and Transgender communities.

The Adams scholarship will award a total of $10,000 annually for up to two candidates to pursue undergraduate or graduate studies at an accredited institution of higher education in the U.S. The scholarship, named for founding Legacy board member, Dr. Alma S. Adams, will be awarded to individuals who have demonstrated a commitment to community service or used the visual arts or media to convey culturally-appropriate health messages on behalf of a disadvantaged population.

Applications will be accepted from December 15, 2008 until April 30, 2009. Awardees will be notified by June 30, 2009.

Awardees will be notified by June 30. For more information, email:adamsscholarship@americanlegacy.org.