Assets Build Financial Freedom

At the Neighbor Project, we believe in Strengthening Communities from Within—and that Every person has a God-given ability to contribute—to be an important part of building a stronger and better community. But without an asset like an education, savings or a house, that ability is limited. Become a part of building a stronger community by investing in yourself and your community.

 

 

Budget & Credit Counseling Steps to Homeownership Networked Savings
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Every community includes neighborhoods and families that are struggling to gain financial stability and economic mobility. Financially unstable families contribute to unstable neighborhoods, and struggling neighborhoods contribute to the instability of families. The greatest untapped resource in these communities are the working families themselves whose economic potential remains hidden by debt, increasing housing costs and a lack of financial literacy and tools to build wealth. Despite steady employment, many families still struggle to convert their income into assets like a house, savings accounts, an education or small businesses that help stabilize their families and the larger community.

So, what exactly is an asset?

The term asset is used often in the financial sector—or maybe by your dad, or your rich uncle who manages investments. But, assets are for everyone—accessible to everyone. They aren’t just large, nebulous investments funds. Assets are economic resources—think savings account, an education, a home, or a small business—that provide value to their owner. Assets, unlike income, provide long-term stability. Think of income as temporary. Income comes in, and income goes out. Unless that income is harnessed to create an asset (a savings account, a house, or a retirement fund), its benefits last only as long as that job. Income alone is insufficient for both families and communities who are pursuing greater economic stability. Assets on the other hand, “have been proven to create a financial buffer to weather emergencies, promote success in the labor market, inspire long-term thinking and planning, and enhance the economic and psychological well-being of individuals and their families” (Andrea Levere and Leigh Tivol, CFED). Assets move families further away from the edge of financial catastrophe, creating margin for unexpected losses and for economic growth. That’s something we can all get on board with.

How do you save and obtain an asset?

The Neighbor Project has built a pathway to help with just that—and this pathway is for everyone. The pathway is designed to meet individuals and families where they are today—whether that is a need to maximize income through budgeting, pay down debt and build credit, access a tool to help save money, or accumulate and keep an asset like a home—in order to enhance individual and collective financial well-being. This is not work we do for people; this is work we do with people. This work is collective. Because we’re all in this together. Because when our neighbors prosper, we do too.