Asset Development Strategies for Persons with Disabilities

1. Asset Development Strategies for Persons with Disabilities Module 1 - Warm-Up and Introduction

2. Module 1 • Welcome to our training program Asset Development Strategies for Persons with Disabilities. • There will be four sessions. Each session will last about two hours. • The purposes of the training is to help you learn more about and use tools and strategies that will help you make good decisions about working, saving, and building assets. • We will help you understand what asset building is and why it is important for people with disabilities. • Each training session will help you learn about a different strategy that will complement each other to advance your self-sufficiency, promote choice and community participation.

3. Introductions To get started, let’s go around the room and have each person introduce himself or herself. Tell us your name, If you are currently working, and Something you like to do. For examples, go to the movies, shopping, visit with friends.

4. Introductions We will get to know each other better during the next six weeks as we learn together about a new way of thinking and action.

5. Asset Development Strategies for Persons with Disabilities Module 1 - Overview, Purpose, and Expected Outcomes

6. Module 1 This training program has been developed by the National Disability Institute. The National Disability Institute is a national research and development organization with the mission to promote income preservation and asset development for persons with disabilities and to build healthy financial futures for Americans with disabilities.

7. Setting a framework for Asset Development Strategies • Passage of the Americans with Disabilities Act (ADA) in 1990 brought new hope and expectations about the possibilities of full participation in the workplace and community life for millions of individuals with disabilities and their families. • The ADA law says clearly the nation’s proper goals regarding individuals with disabilities are to assure equality of opportunity, full participation, independent living, and economic self-sufficiency for individuals with disabilities.

8. Setting a framework for Asset Development Strategies Seventeen years later, great efforts have been made to advance opportunities related to employment and independent living. However, we have not really focused on “economic self-sufficiency.”

9. Module 1 What does the term economic self-sufficiency mean to you?

10. Economic Self-sufficiency • Economic self-sufficiency is about making good decisions about working and saving and managing a budget. • It is setting goals to advance employment and economic status. • It is about building assets. This training program will introduce you to new strategies to advance your economic independence and become less dependent on government benefits.

11. Let’s Begin Today we will learn more about what are assets and different kinds of asset building programs. The next three sessions will look more closely at specific asset building strategies and provide an understanding of how these programs work in our community and how they could benefit you.

12. Asset Development • The next three sessions will focus on: • Financial Literacy: Access to Financial Services • Earned Income Tax Credit: Free Tax Preparation Assistance • Individual Development Accounts

13. Asset Development Strategies • Module 1: Introduction and Next Steps • All the training sessions are based on the principles of self-determination. • Module 2: Financial Literacy and Access to Financial Services • Ability to make informed decisions about producing income, savings, and asset building. • Access to mainstream banks and credit unions can save you money.

14. Asset Development Strategies • Module 3: Earned Income Tax Credit: Free Tax Preparation Assistance • Tax refunds even with no tax liability if you are a low-income worker • Free tax preparation assistance • Module 4: Individual Development Accounts • Matched savings plans • Setting an asset goal

15. Asset Development Strategies • Module 5: Microenterprise Development and Home Ownership • Choice of self-employment • Home ownership as an asset building strategy • Module 6: Social Security Work Incentives • Plans for Achieving Self-Support • Combining strategies for a better economic future

16. Self-Determination A person has the FREEDOM to dream, to make his or her own decisions and plan his or her own life. A person has the AUTHORITY to control how money is spent for his or her supports. A person has the SUPPORT needed from friends, family, and other people whom that person chooses. A person takes RESPONSIBILITY to do what he or she says he or she will do. CONFIRMATION – the recognition that individuals themselves are a major part of the design of their long-term services and supports.

17. Asset Development Strategies The information being provided to you through each training session will help you make informed decisions about saving and asset building. Good decisions are the result of good planning. At the end of four sessions, you will have gained new knowledge to plan and make decisions about a better economic future, a better quality of life, and more independence.

18. Asset Development Strategies Module 1 - Main Presentation

19. What do we know about people with disabilities and poverty? • One out of every three adults with disabilities live in very low income households as opposed to one of every eight non-disabled adults (NCD 1996 Report) • Lack of money is a serious problem among 68% of people with disabilities: • 39% of people with disabilities say that the lack of financial resources is the most serious problem they face. (NOD/Harris Survey 2000)

20. What do we know about people with disabilities and poverty? • Even when people with disabilities are employed, they earn substantially less than their non-disabled peers, roughly 72 ¢ to the dollar (NCD 1996 Report) • Public assistance represents 59% of the total income of people with significant disabilities and only 8% of the total income of people who have no disability. (Harris Survey 2002) • Less than 10% of people with disabilities own their own homes compared with 70% of Americans with no disabilities.

21. Asset Poverty Varies Significantly by Race and Gender 33% of all American households have no assets or are in debt. 54% of Hispanic households have a similar status. 60% of African American households have no net assets. 80% of persons with disabilities have no net assets.

22. Whether it is access to: • A quality education • Effective transition from school to work • Needed transportation, housing, technology or long-term supports • Enduring poverty and lack of economic empowerment will diminish choices and quality of life within communities and • Singularly diminish freedom, opportunity, and self-determination.

23. What is Asset Development? Asset Development is a series of strategies that has the potential to help people with disabilities improve their economic status, expand opportunities for community participation, and positively impact the quality of life experience.

24. Which of these are considered assets?

25. What are Assets? • Money you have in the bank • Cash on hand • Securities (shares) (retirement accounts, other investments) • Property you own • Owner equity in a home or business • Furniture and appliances • Miscellaneous items (jewelry, cars, etc.) • Whatever is owed to you • Education level and work experience

26. What Prevents People with Significant Disabilities from Controlling Assets? Eligibility for many public benefits requires individuals with disabilities to not develop assets. You have to stay poor to remain eligible. Examples: Social Security Benefits; Medicaid

27. Why is Asset Development Important to Persons with Disabilities? Assets provide greater financial security and independence Assets improve community participation and quality of life

28. Why is Income Preservation and Asset Development Important? • To persons with disabilities, saving money and developing assets will produce choices that directly impact quality of life, especially regarding: • mental and physical health • positive self-concept and level of community participation • expectations and status with other community stakeholders

29. To design a roadmap out of poverty for individuals with disabilities, there will need to be a change in public attitudes, new expectations in the disability community, and new partnerships that support savings and asset building.

30. Change Public Attitudes – Three Myths People with disabilities are unable to work. - Work produces income which is the first step towards saving and building assets. People with disabilities have all their needs met by their special programs. – People with disabilities want to reduce their reliance on government benefits and have more freedom and independence. People with disabilities can’t be expected to save and build assets. – People with disabilities want a better economic future. They are starting businesses and becoming homeowners.

31. Assets can improve economic stability and independence.

32. Change Expectations in the Disability Community Social Security and Medicaid prevent individuals with disabilities from increasing their income and assets in order to remain eligible for public benefits. This training program will share with you tools and strategies that can help you overcome these policy barriers.

33. There is no single strategy or simple solution that can provide a roadmap out of poverty and overcome common misconceptions. However, through this series of training, “Building Assets and Promoting Choice:” you will learn about new options to advance your economic status and promote greater self-sufficiency.

34. There are new partnerships to be formed with community-based groups. There are new choices to be made that reinforce new expectations about working and building assets. We will learn about six complimentary strategies that could change your quality of life.

35. Asset Development Strategies for Persons with Disabilities Module 1 - American Dream Exercise

36. American Dream For millions of people in this country, the American Dream is owning a home, or starting and owning a business, or saving income from work to retire with a positive quality of life.

37. American Dream If you were to improve your quality of life and achieve the American Dream, what would it be? What prevents achievement of your goal?

38. American Dream Although there is no single strategy or solution to overcome these multiple barriers, there are new opportunities that we will learn about together to advance greater self-sufficiency and quality of life.

39. Introduction to New Tools and Strategies • During the past 15 years, tools and strategies have been developed to help people of low income save and grow assets. • Disability-specific tools and strategies created by federal policy that underutilized. • During the next sessions we will learn about both kinds of tools and strategies that can be leveraged and expanded to benefit persons with disabilities.

40. Three Complimentary Strategies Financial Education and Access to Financial Services Utilization of The Earned Income Tax Credit Individual Development Accounts

41. Next Steps Each session ends with homework assignments. You need to believe that the more you learn and the more you gain knowledge, the better informed you will be to make decisions about a better economic future.

42. Making Connections in Your Community The next session will be on Financial Education and Access to Financial Services.

43. Checking Account A checking account will help you manage your spending and reduce your need to pay cash.

44. Savings Account A savings account is a starting point for planning for the future. For many individuals, saving is fun. The American culture is about spending. We spend very little time thinking about saving and putting money aside for building assets and a better quality of life in the future.

45. Steps to Financial Independence • For many of us, we have not been educated about a stepped approach to financial independence. • Step One: A job that produces income. • Step Two: Planning to increase income and build savings. • Step Three: Set asset goals and gain and sustain assets for a better quality of life and greater independence. • Step Four: Review goals and make adjustments to advance a better economic future.

46. There are strategies we will learn about that will help achieve financial stability, security, and greater self-sufficiency. Managing money and credit are critical skills to advancing self-sufficiency. We will talk more about these topics at our next session as well as the importance of access to financial services.