Cottage of Asset Management
Acquiring and maintaining assets is the final step to obtaining financial stability.
Statistics about the need for obtaining and maintaining assets
- Working towards home ownership should be a key goal for every family. In Ogden, 38.3% of the occupied housing units are rented, compared to the 29.4% for the state and the 15.8% for Weber County less Ogden city.
- Obtaining post-secondary education is a long-term asset that will assist in obtaining financial stability. On average in Utah, an individual over the age of 25 can earn up to $37,612 a year with a 2 year degree as compared to $24,977 earned with a high school diploma.
- From 1989 to 2001, bankruptcies jumped 125% in the United States, many due to unexpected medical bills, loss of employment and even short-term disability. Working hard to acquire assets is not enough. It is equally important to protect them once obtained, by way of savings accounts, insurance and even through available public or employer benefits.
Mission
The Cottage of Asset Management is dedicated to assisting individuals and families on the path to prosperity by offering instruction in the process of obtaining and managing long-term assets and understanding their importance in becoming financially stable.
Program Outline
Home Ownership
- Partnering with other local agencies and using such tools as IDA and VITA, we will assist individuals in acquiring a home of their own through incentive based matched savings and claiming of the Earned Income Tax Credit. Together with a strong support network we will teach individuals basic principles and instill within them the discipline needed in order to maintain this asset for the future.
Auto Purchase
- We will offer on site counseling in opportunities and benefits as well as potential threats related to automobile and other major purchases. With the benefit of a potential EITC return and/or in partnership with local financial institutions we will introduce individuals to available low interest loans that would assist in building credit.
Financial Investments
- Once an individual’s basic needs are being met consistently and their budget is in place and operating well we will partner with local organizations to introduce different investment strategies and teach families how to plan for the future and take the first step towards short and long-term investing.
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