New Mexico Prospers in 2011
“I’m walking out of this financial education course with the knowledge of what I want from my future”. “I am barely 18 and I now know how to manage money, I understand loans, interest rates, and how my money can work for me.” The year of 2011 was one where we saw great joy within tremendous economic hardship for hundreds of thousands of New Mexicans. The joy for so many came from learning through financial capability training and from leveraging assets through self-investment.
In 2011, Prosperity Work’s consortium supported 103 New Mexico families to increase their own economic standing through obtaining an asset that they will be able to leverage in the future. Another 300 plus families are continuing to save to meet their goal, and over 600 have already achieved their goal. Of those who purchased assets in 2011, 21 now have affordable homes, 29 people are furthering their education, and 53 businesses have been started or expanded opening the door to home-grown job creation.
There are many economic impacts that have happened in New Mexico’s local economies through helping families establish a promising financial path. At the most basic, with the 624 people who have already purchased their asset, $3.1 million of cash has been put back into our local economy. Yet the most rewarding news for our staff is young people who testify that they now have knowledge of how to direct their economic future.