Brandon Tuttle
October, 2012
Blog #2
M&F 11:30
The Cost of Our Future
“I have so many business ideas but it’s hard to come up with the cash to do anything about it.” This is a common phrase that you hear from entrepreneurs, mostly ones who are still going through school. Everyone could use more money; it’s tough, especially when one has good intentions. I’m always on the lookout for new investments and smart ways to save money. The sad thing is many options and organizations are available to help young students, but they are hard to find. UIDAN, Utah Individual Development Account Network is one of these programs few people know about. Imagine someone matching what you save 3:1, that’s what this government program is all about. “A savings match is a promise to supplement an IDA Saver’s deposits at a 3:1 rate. For every dollar saved (up to $1500), another 3 dollars is matched towards the purchase of an approved asset.” (UIDAN) With this savings program the most you can contribute is $62.50 a month, or up to $1500; after its match you will have a good $4,500 of free money added to your $1,500 to give you a total of $6,000. Money can be saved for one of many approved assets. I want to focus on three. A small business, your first home and education are vital today, all these once done can and will change your future.
“I have so many business ideas but it’s hard to come up with the cash to do anything about it.” This is a common phrase that you hear from entrepreneurs, mostly ones who are still going through school. Everyone could use more money; it’s tough, especially when one has good intentions. I’m always on the lookout for new investments and smart ways to save money. The sad thing is many options and organizations are available to help young students, but they are hard to find. UIDAN, Utah Individual Development Account Network is one of these programs few people know about. Imagine someone matching what you save 3:1, that’s what this government program is all about. “A savings match is a promise to supplement an IDA Saver’s deposits at a 3:1 rate. For every dollar saved (up to $1500), another 3 dollars is matched towards the purchase of an approved asset.” (UIDAN) With this savings program the most you can contribute is $62.50 a month, or up to $1500; after its match you will have a good $4,500 of free money added to your $1,500 to give you a total of $6,000. Money can be saved for one of many approved assets. I want to focus on three. A small business, your first home and education are vital today, all these once done can and will change your future.
(Passion + skill) → (problem + marketplace) = opportunity. (Guillebeau) This is how to create a successful business. A great book, The $100 Start-Up, helps the reader realize how inexpensive starting a business can be and how much success and freedom can be created. Paying hundreds of dollars a month to your landlord, never to see that money again isn’t going to help increase one's financial future. Owning a home is a forced savings plan, in most cases it’s a huge investment, however starting out can be expensive. “Typically, lenders require a downpayment of 20 percent.” (360) Most people dream about owning their first home but a 20 percent down payment of thousands of dollars is holding them back.
Education is one of the greatest tools to be used to better lives. Education always comes with a price. “My life has become a daily swim in a tar pit with very little hope of ever getting out.” (Elite) Aside from programs like UIDAN, plenty of ways are available to pay for our education while also staying out of debt. About.com had many ideas such as Scholarships, Grants, Military, Employment Reimbursment and gave lists of many others. (5 ways)
Please visit for more information. http://uidan.org/overview.aspx
Works Cited
"5 Ways to Pay for Your College or Medical School without Piling On Debt." About.com Health
Careers. N.p., n.d. Web. 02 Oct. 2012. <http://healthcareers.about.com/od/financinghealthcareers/a/payforcollege.htm>.
Guillebeau, Chris. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love,
and Create a New Future. New York: Crown Business, 2012. Print.
"How Much Money Do I Have to Put down to Buy a House? - 360 Degrees of Financial
Literacy." How Much Money Do I Have to Put down to Buy a House? - 360 Degrees of
Financial Literacy. N.p., n.d. Web. 02 Oct. 2012.
<http://www.360financialliteracy.org/Topics/Home-Ownership/Buying-a-Home/How-much-money-do-I-have-to-put-down-to-buy-a-house>.
UIDAN. Multiply Your Saving Efforts. N.p.: UIDAN, 2012. Print.
"Young Man’s Life Is Completely Ruined By Student Loans | Elite Daily." Elite Daily. N.p., n.d. Web.
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