Developing Personal Wealth (DPW)

Mission/Goal

Provide financial education to low income individuals who make up the working-poor in Leflore County, Mississippi using the FDICs Money Smart Curriculum. By participating in this program individuals will learn to manage their personal incomes and wealth accumulation by budgeting, saving, investing, and reducing the risk of fraud.

Program Description

The Developing Personal Wealth program uses the FDICs Money Smart curriculum to educate low income individuals in Leflore County, Mississippi. Money Smart is a training program created by the FDIC to help individuals with little or no banking experience to enhance their money skills and create positive banking relationships. This financial education program fosters financial stability for individuals, families, and entire communities. The more people know about credit and banking services, the more likely they are to increase savings, buy homes, and improve their financial health and well-being.

Participants are invited to complete the 10 modules of the Money Smart curriculum in a workshop setting. The module topics are as follows:

• Bank On It – an introduction to banking services
• Borrowing Basics – an introduction to credit
• Check It Out – how to choose and keep a checking account
• Money Matters – how to keep track of your money
• Pay Yourself First – why you should save, save, save
• Keep It Safe – your Rights as consumer
• To Your Credit – how your credit history affects your future
• Charge It Right – how to make a credit card work for you
• Loan to Own – know what you are borrowing before you buy
• Your Own Home – what home ownership is all about

Upon completion of the curriculum, 25 participants who qualify will be invited to open an Individual Development Account. Individual Development Accounts are matched dedicated savings accounts designed to help low-income families and individuals save money for homeownership, education, and business capitalization. Qualifying participants are required to make a commitment to save $1,000 the program will then provide an incentive of a 4:1 match (four dollars for each dollar saved). Thus 25 qualifying participants of the Developing Personal Wealth program will have the opportunity to accumulate a total of $5000 for use toward a home purchase, education, or business capitalization.
**This part of the program is still seeking funding before it can be fully implemented. If you are interested in learning more about how IDAs are funded please contact the Project Manager (contact information is below).

Eligibility requirements for participation in the Developing Personal Wealth Program:

• Household income less than 200% of the Federal Poverty Guidelines
• Household asset must not exceed $10,000 (excluding primary residence and one vehicle)
• Participants must be employed

Program Success

Due to the economy of the program’s service area, enrollment in the program is low. Persons interested in participating in the program as a participant or referral provider are encouraged to contact the Project Manager (contact information is below).  Current participants of the program have indicated that this is a service needed in their area. It provides individuals with information on saving money, managing money and creating budgets to continue to save.

Contact Information

Pamela Gary Forrest 
(662) 614-6144

Funders

Foundation for the Mid-South
Assets for Independence

Partners

Mississippi Valley State University’s Delta Research & Cultural Institute
Solutions Management, Inc.
Greenwood Housing Authority
Three Rivers Community & Economic Development Corporation
Central Mississippi, Inc.
WIN Job Center
Carroll-Greenwood-Leflore-Economic Industrial Board
McDonald's
Voter's League