On January 26, New Century IDA (Individual Development Account), a program of Experiment in Self-Reliance, held their Wave (class) 37 graduation for their economic literacy training at ESR.
Wave 37, a class of 30 (IDA’s biggest class yet) has successfully completed 12 financial literacy classes over the course of one year. As a part of their graduation, past graduate and homeowner LaShonda Stone-Minor shared her success story, and encouraged graduates to never give up despite any setbacks that may occur. Mayor Allen Joines commended the graduates for their hard work and talked about the economic impact of the IDA program on the community. Each graduate received a certificate. Food and fellowship followed the ceremony.
As a part of the program, clients work one-on-one with their Success Coach to budget, reduce debt, improve credit, and save for their home. Each client is required to complete twelve financial literacy classes before graduating from the program. Classes include the Psychology of Money, Wise Use of Credit, Foreclosure Prevention, and more. Since the program’s inception in 1999, over 550 people have graduated from the program and purchased assets.
One of the Wave 37 graduates was amazed at the information she learned and was able to apply to her life. Her goal is to purchase soon. “She has been a hard worker in getting her things in line to follow her action plan,” said Barbara Johnson, IDA Program Manager.
Following graduation, clients must complete a series of classes through the Center for HomeOwnership, a program of Financial Pathways of the Piedmont. Once their credit, debt, and budgeting are where they should be, they are ready to purchase.
“For many of our graduates, obtaining an asset such as a home was just a dream before they started this program,” said Executive Director, Twana W. Roebuck. “Now, that dream is becoming a reality.”
Wave 37 was sponsored by The Women’s Fund of Winston-Salem.
For more information in participating in New Century IDA or sponsoring a wave, call Experiment in Self-Reliance at 336-722-9400 or visit www.eisr.org.