| What do you have to do to be part of MYOI?
In order to enroll in the Opportunity Passport™ you must complete 8 hours of financial literacy training. This will help you learn lots of things like budgeting, credit, keeping bank accounts, and investing in your future.
And then you have to commit to save money! We'll help you open two savings accounts at a local bank. One account is for your personal use - you can save for a cell phone, new clothes, or whatever you want. But the second savings account is the important one. It's called an Individual Development Account - or an IDA. The IDA is a matched savings account - that means for every dollar you save we'll match it dollar-for-dollar up to $1,000 per year. Having an IDA is a way to save for long-term asset purchases. You have to get approval to withdraw money and can only use this account for these things:
- Down payment on a house, or rent deposit.
- Health or dental costs or insurance.
- Vehicle purchase.
- Educational costs.
- Small business startup.
- Investments (stocks, 401k or IRA).
There are other things you can do in MYOI too - like joining a foster youth board in your county. MYOI pays stipends for youth board meetings and sometimes incentives for things like getting good grades, graduating from high school, and attending college. Every time we pay you, we put half of it in your IDA to help you save more. And besides that it's a great way to help reform the foster care system and make things better for other kids in care. Join a youth board and guarantee your voice will be heard by the people who make decisions about your life!
Remember - it takes income to get by, but it takes assets to get ahead in life!
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