United of Greater St. Louis (UWGSL) partner agency International Institute of St. Louis helps people from all over the world when they come to America looking for a fresh start. For Ferdous, his migration to St. Louis came at a time when his homeland was on the brink of chaos.
As he arrived in St. Louis with only $50 in his pocket with no clue of what he would do, where he would go or how he would provide for his family, the International Institute introduced him to UWGSL’s Individual Development Accounts (IDA) program. A resource that would help him blaze a new path for him and his family.
UWGSL created the IDA program to help people save for a specific financial goal, like buying a house or car, or starting a new business. The program works by using a special matched savings approach. Participants set up a joint savings account and for every $1 saved the participants have the opportunity to earn additional match dollars toward their savings goal.
This savings approach applied over an extended period of time can lead to substantial financial gain that will create great opportunities for those who are dedicated to the process. The International Institute implemented the IDA program in 2006, and their clients have reaped remarkable outcomes.
“United Way and the IDA program have empowered the immigrant and refugee community at the International Institute of St. Louis,” said Suzy Barbosa, Business Development Coordinator for the International Institute of St. Louis. “These programs have provided invaluable financial education and resources, allowing participants to set and achieve savings goals that once seemed out of reach.”
From peace to peril
Ferdous grew up in Afghanistan with a large, loving family. However, in 2021, their nation went through a tumultuous change following the aftermath of 9-11 and two decades of war.
According to the Council of Foreign Relations, Afghanistan’s economy floundered, malnutrition soared, and hundreds of thousands of jobs were lost.
At that point, Ferdous and his family knew it was time for them to leave.
“In one night, everything changed,” said Ferdous. “We knew we were no longer safe there, we had to move.”
Coming to America
Once safely in America and eventually St. Louis, Ferdous began working for a local manufacturing company. He and his family lived in an apartment with subpar living conditions, and Ferdous was determined to create a better life for them in their new country.
After entering the IDA program, Ferdous focused on saving enough money to buy a home. He took advantage of the financial education classes where he learned practical tools to help with budgeting, saving, banking, staying out of debt, and more. Each month he saved at least $166 to reach his goal.
After about a year, Ferdous had the financial resources to purchase a home in America, something that he had dreamed of after escaping the chaos in Afghanistan.
“The IDA program gave me the encouragement I needed to buy a house here,” said Ferdous. “They helped me understand the IDA program and how to save towards the goal I had.”
Additionally, Ferdous used his savings and lawn care skills he developed in Afghanistan to start his own lawn care service called Ferdous Landscaping and Lawncare LLC.
From homeownership to entrepreneurship, in just three years, Ferdous is proud of how far he has come. He believes he has achieved the American dream.
“I’m so happy for all the good things that have happened since I came to the United States,” said Ferdous. “We have our own house without the stress of having to move every six months. We are so glad and thankful for everything.”
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