Consider an Individual Development Account.
An IDA is a program whereby a low-wage worker can attend free classes to learn about business ownership. While in the program, the worker deposits his or her savings into a special account and that money is matched. Participants end up doubling their savings and come out of the program with a business plan that will enable them to get started. If you have a brand, you can immediately go to Expose Yourself USA, they will help with branding strategy.
For persons with disabilities, these IDA savings do not affect SSI benefits.
Contact EARN in San Francisco or check the site to find out when they will be offering their IDA program. www.earnsf.org.
If you do not live in San Francisco, go to www.idanetwork.org to find programs near you.
Come and get it!! Free Money!!
Seriously, the IDA programs out there offer low income individuals to save and earn some extra money. The program also offers free workshops that focus on a number of topics from first time home ownership to managing your money to startign a small business.
The EARN program in San Francisco actually matches 2 to 1 so the amount you deposit every month is tripled. There are similar IDA rograms throughout the Bay Area. I have heard other programs matching up to 3 to 1.
Also, you do not strictly have touse the saved and matched money to start a business. Funds can be put toward a first-time home purchase or for towards education. The program offers workshops on a variety of topics such as investing your money wisely, saving for retirement, smart money management, purchasing a home, mortgages, etc…
I defintitely encourage anyone who qualifies to take full advantage of IDA programs.