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What is Opportunity Passport™? It is financial literacy and asset match savings program designed for young adults, age 14 up to 26, who have experienced foster care. If that’s you, Opportunity Passport™ is a great way to increase your money IQ and help you save for your future.Financial Literacy If you’re financially capable, you can manage the day-to-day aspects of money, plan for the future, and get through life’s unexpected events. It also means you know where, and how, to find appropriate financial advice. With Opportunity Passport™ you’ll learn how to manage and use your money now.
Matched Savings Program What’s on your wish list? College? A car? Your own apartment? You need a savings strategy to achieve any of these. That’s Opportunity Passport™. It helps you save and even contributes to your savings account when you follow through on the money strategies that Opportunity Passport shares with you.
You’re eligible to participate in Opportunity Passport if you are:
- Age 14 to 26 years old
- Were in foster care at age 14 or older
- Live in Maricopa County
Here are the Opportunity Passport requirements:
Get Educated To get enrolled in Opportunity Passport, you attend and complete a series of financial literacy classes. The class topics include asset building, credit, and money management.
Save & Purchase Done with the three classes? You’re now ready to enroll in the program. You’ll receive funds to open or maintain an existing savings account. You then have the opportunity to save and have your money (up to $3,000) matched dollar-for-dollar to purchase an approved asset! That’s right. When you’re ready to purchase an asset, for every dollar you save, one dollar will be matched. Approved assets include investments that help you get ahead in life:
- First month’s rent or housing down payment
- Medical/dental/healthcare expenses
- Educational expenses like tuition, fees, books, or a computer for school
- Purchasing a vehicle including the cost of insurance, and registration
- Microenterprise (starting your own business)
- Credit building (improving your credit score or paying off a debt in collections)
Keep Learning Once you’re signed up for the program, they stay in touch to help you meet your financial goals. As you begin saving, planning for the future, setting goals, and earning money, you’ll get coaching from knowledgeable mentors. For example, if you’re not sure how student loans work, what your rights are as a renter, or how to find a car loan? Opportunity Passport™ offers additional in-person classes on the following topics:
- Housing: Reality in Realty
- Educational and Training: The Power of Knowledge for Work and College
- Transportation: Enjoy The Ride
- Savings and Interments: Making the Change By Keeping It