“The most important thing for me, as a single mother,
as an immigrant, was learning how to use money, how to save for college,
how just to get realistic about my financial situation.” Stella, saved
$3564 toward daughter’s college education.
Mission
Compass Working Capital (“Compass”) provides incentive-based savings and financial coaching programs that enable low-income families to access opportunities, build assets, and achieve their financial aspirations. More broadly, Compass seeks to catalyze and expand asset building opportunities for low-income families by sharing innovative, replicable ideas that help place families on the pathway to economic security.
Philosophy
Aspire.
At its core, Compass promotes a culture of aspiration and achievement. Our first goal is to help families define their dreams for the future. For some families, the American dream means owning their own home; other families dream about sending their children to college. We fervently believe that successful asset building must begin with a fundamental shift in a family’s orientation toward, and confidence about, their financial future.
Plan.
Through a unique approach to financial coaching, Compass helps participants break down their goals into measurable and achievable steps. The real, day–to-day, and at times frustrating, work of budgeting, saving, managing debt, and repairing credit begins here. There are no shortcuts in this process. Small steps, such as paying down a single credit card, as well as larger steps, such as securing a second job to boost family income, are all key inputs into a successful plan. Our goal is to equip families with the financial knowledge, skills, and habits required to both build, and ultimately preserve, financial assets.
Invest.
Our vision is to help low-income families learn how to invest: in financial markets, through products such as Roth IRAs and 529 college savings plans, in productive assets, such as a first-time home, and in the broadest sense, in education. Notably, we promote education – for both parents and children – as one of the most important investments low-income families can make. Ultimately, we also believe that asset building is a proven strategy to help low-income families invest in and rebuild their own communities.