l always knew that New Hampshire would be a great state to live in. Over at the Community Loan Fund, there is a fantastic New Hampshire IDA that allows for an 8-1 match if you save $500. Do the math, and that means this program will match you with $4,000 that you can use to buy a house or expand on your education. The opportunity cost of this New Hampshire Individual Development Account is enormous.
For someone who is young and trying to make a start on their life, this is a good opportunity to generate some cash. By using this IDA, a young college grad can save a few thousand dollars. Then by combining this with other government programs like the mortgage credit certificate and state loan programs, this person can buy a house with minimal out of pocket cash. By then sharing this space with friends, our college grad can generate a few extra thousand dollars a year in cash that can go to paying off student loans, buying additional real estate investments, or building a stock portfolio. The other option is using this IDA to help pay off future school expenses rather than adding on the debt that is crippling other Americans. Imagine going into a professional career with one less hurdle to clear, it’s fantastic not having to worry about going into debt to put food on the table.
This particular New Hampshire Individual Development Account is an amazing opportunity for those who take advantage of it. While there are a few drawbacks like income and wealth limits, these programs are literally some of the best things available for the poor and middle class in the USA. Someone who starts off in poverty who wanted to be like Barbara Corcoran on Shark Tank could use this program as a springboard to a real estate empire if they are diligent and intelligent enough. I know I have said this before, and I will say it again, these programs change people’s lives, why don’t you use it to change yours.