“New year, new me.”
The adage is often thrown around for New Year’s resolutions and ambitions for the future. For many of the participants in Heartland Alliance’s Family Self Sufficiency (FSS) program, that “new me” is a little more concrete.
At the end of 2019, dozens of participants graduated from our FSS program, a savings program delivered in partnership with the Chicago Housing Authority (CHA) that connects participants with asset development coaches and financial incentives to save money as they achieve their educational and career goals.
This class of graduates represents real change, as the group saved an accumulative $270,000 – building nest eggs, down payments, and real wealth. Now, these graduates are homeowners, business owners, graduates, and community leaders. For Rita Johnson, the program has been nothing short of transformative.
“This program helped me budget, build credit, and redirect my money into things that really matter,” Rita said. “I have a condo now. I used to live in CHA and now I actually work for them. All of this was hard work, but now I can say I’m finally able to do me and accomplish things on my own.”
Heartland Alliance’s Asset Building and FSS teams are dedicated to closing our city’s racial wealth gap, one of our city’s (and nation’s) greatest barriers toward achieving equity and opportunity for all people. Since the early 1980s, median wealth among Black and Latino families has been stuck at less than $10,000. Meanwhile, White household median wealth grew from $105,300 to $140,500, adjusting for inflation.
The FSS team is dedicated to providing the opportunities necessary to bridge that gap, from financial education courses to personalized Individual financial coaching sessions. At the onset, we help people set up their first savings accounts, find work, and ensure they have the tools and resources necessary to thrive. Later on, we’ll help them apply for mortgages or colleges. Most importantly, we help people understand the opportunities awaiting them – and provide the support necessary for them to achieve it on their own.
“Financial stability is a marathon, not a sprint,” said Tonya Edwards, former FSS graduate and current program coordinator. “Everything that these people accomplish, they are doing it themselves. That confidence moves with them, and they’ll be able to pass this wealth – and knowledge – on to their children.”
Ultimately, all of this work multiplies into something even greater. When you know you can save, when you know you can achieve these things, it changes you fundamentally – and spreads into the community. Every new homeowner, every skilled employee, and every new business slowly brings wealth to entire communities. We help individuals invest in themselves so that they can go on to invest in their neighborhoods.
For graduate and business owner Steffon Gladney, this graduation is only the beginning of something big.
“We want to take better care of ourselves and each other, and this program – these people – have given us exactly what we need to get started,” Steffon said. “A bow and arrow doesn’t just shoot. You have to pull it back first, and that takes work. We’ve pulled our bows back, and now it’s time to fly.”
