By Barclay Jones, vice president, Assets for Family Success

In the early days of the country, Thomas Jefferson wrote:

“Loading up the nation with debt and leaving it for the following generations to pay is morally irresponsible.  Excessive debt is a means by which governments oppress the people and waste their substance.  No nation has a right to contract debt for periods longer than the majority contracting it can expect to live.”

Recent challenges in the U.S. and global financial markets remind us of the inextricable link between the issues of national budget policy and the way each of us manages our own budgets.  Are we running a deficit to cover our expenses (national debt, credit card debt)?  Are we keeping a monthly budget and working to get our expenses in line with our income?  Are we setting aside some money for savings?

For the past eight years, Mile High United Way has helped individuals and families to address these issues and to begin building their financial assets.  For eligible families, MHUW has opened more than 1,100 Individual Development Accounts (IDAs) during this period.  These matched savings accounts have helped Colorado residents to improve the quality of their lives by purchasing their first home, capitalizing a small business, or continuing their education. 

This local experience was recently shared at a national conference in Washington, D.C.  At CFED’s 2008 Assets Learning Conference over 1,200 attendees met to discuss the latest efforts in building assets, financial education and the most effective strategies to encourage savings.

One critical element of the conference was for attendees to visit members of their Congressional delegation at the United States Capitol.  MHUW visited with, or distributed information, to eight of the nine Colorado members of the House and Senate.  The visits provided a tremendous opportunity for two IDA savers to meet with Congressional staff and share their personal stories.

One of these savers, Gustavo Lomeli shared of his experience in using his IDA to complete his undergraduate degree.  Currently an employee with the City and County of Denver, he is working to complete a degree in Business Management at Metro State College.

Since the inception of Mile High United Way’s Assets for Family Success program, more than $2 million has been invested in the community through its investment of savings and match funds. To donate to the IDA program through Mile High United Way’s Adult Self Sufficiency initiative, please click here.