What is Asset Development? - Indiana Institute on Disability and

Report
Welcome to Asset Development!
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What is Asset Development?
• Asset Development is buying a home, investing in a business,
learning a new skill or putting aside money in a savings
account for emergencies.
• Provides long term benefits.
• Assets are usually thought of as economic resources: Assets
are anything that can be turned into cash(minus the debt).
• A home, a business, a car, a computer or a saving account is
an asset.
• Assets can also be human resources: Skills or education can be
considered assets though in this presentation we will focus on
the economic type.
What is Asset Development?
Asset development is:
“Saving money and making investments
that increase in value over time”.
“As individuals develop assets,
they and their families will be more
able to move out of poverty”.
Task Force on Financial Literacy, 2010
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Did you know that
having assets?
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Increases your chances to stay where you live
Helps you think positively about your future
Enables you to stick to a career choice
Helps you get better terms from the bank
Provides a foundation for risk taking
Increases your ability to make choices
Improves the wellbeing of children
Increases community connections
Increases political participation
(Michael Sherraden, 2005).
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Programs to Help Develop Assets
1. Social Security
– Social Security Work Incentives
– Plans for Achieve in Self-Support (PASS)
– Property Essential to Self-Support (PESS)
2. Internal Revenue Service
– Earned Income Tax Credits
3. Indiana Housing and Community Development Authority
– Individual Development Accounts (IDA’s)
4. Trust funds
– Private Trusts
– ARC Master Trust
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Existing programs that
help people with assets
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Homestead Acts (not good for everyone)
G.I. Bills
Home interest mortgage deduction
Tax shelters for retirement savings
Individual Tax deductions
Business Tax deductions
Trusts
Asset Development
Currently existing programs that can help individuals with
disabilities such as Social Security Work Incentives, Individual
Development Accounts (IDA’s) and the Earned Income Tax Credit
(EITC) are highly underutilized.
“Asset building is an anti-poverty strategy that helps low-income
people move toward greater self-sufficiency by accumulating
savings and purchasing long-term assets. Helping people purchase
an asset, as opposed to simply increasing their income, provides
stability that may allow them to escape the cycle of poverty.”
Assets for Independence/Administration for Children and Families
Asset Development and
Financial Literacy
Financial Literacy is a large body of information
about finances. One of the parts is Asset
Development.
Asset Development
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Where To Learn More
• Contact your local Indiana United Way
(317) 923-2377
• Contact your local Community Action Program (CAP)
(317) 638.4232 or 1.800.382.9895
• Contact the local Purdue Extension office
(765) 494-8491
 Contact the Indiana Housing and Community
Development Authority
(800) 872-0371
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Information Websites
• Indiana Institute on Disability and Community-Benefits Management
http://www.iidc.indiana.edu/index.php?pageId=18
• Individual Development Accounts (IDA’s)
Indiana Housing and Community Development Authority
http://www.in.gov/ihcda/
• National Disability Institute
http://www.realeconomicimpact.org/
Self Sufficiency Programs
Housing and Urban Development (HUD) local offices Development
http://www.hud.gov/local/index.cfm?topic=offices&state=in
• Social Security
http://www.ssa.gov/disabilityresearch/wi/detailedinfo.htm
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Southern Indiana WIPA
http://www.iidc.indiana.edu/disabilitybenefitsandwork/workincentivescoordinators.htm

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