Welcome to the
MyPath Hub for HOPE
If you are a young person eligible for the HOPE Trust Account Program or an adult working with an eligible young person, you are in the right place. The HOPE Trust Program selected MyPath to provide financial education resources to support you as you navigate your HOPE Trust Account and funds. We are excited to be on this journey with you. Congratulations on getting here!
Front Side Text Description
MyPath is a nonprofit organization that partners with youth to design programs that ensure young people have the knowledge, tools and confidence they need to make their path to wealth-building. We also support young people to advocate for better financial and economic opportunities through projects like our Youth Economic Bill of RYTS. We believe in young people’s leadership and potential, and we know youth have what it takes to make decisions that are right for them. We build resources and train financial mentors to help provide information and guidance for youth as they make their path.
Front Side Text Description
The California State Treasurer’s Office serves as the administrative and oversight body for the HOPE for Children Trust Account Program. State Treasurer Fiona Ma chairs the program's governing board, which manages the state-funded trust accounts designed to provide long-term financial security for eligible foster youth and COVID-bereaved children. Additionally, the office is responsible for designing the enrollment information distributed to eligible families and submitting annual audited financial reports on the program's operations.
Front Side Text Description
The HOPE Trust Account Program, administered through the California State Treasurer's Office, gives money to eligible California foster youth and young people who lost a parent or guardian to COVID-19. The HOPE Program gives youth a financial foundation to break cycles of poverty and close the racial wealth gap. For more information and how to apply, take a look at the HOPE Trust Account website.
MyPath AND HOPE
The California HOPE Trust Account Program through the California State Treasurer’s Office gives eligible foster youth and young people who lost a parent or guardian to COVID-19 a real financial head start. Check the HOPE Trust Account website to see if you’re eligible and learn how to apply.
MyPath is partnering with the California State Treasurer’s Office to bring you the MyPath Hub for HOPE to help you understand your HOPE Account and make a plan for your money. This is the first release of the Hub and the next one is coming in mid-October. As a HOPE Trust account holder, the Hub offers lifelong learning for you as you Make Your Path. We need your feedback to help shape the Hub, so check out the link below once you have taken a look at what’s here.
Want to make sure you get every penny of your HOPE Trust funds?
We want to make sure you don’t lose any of your HOPE funds to check casher fees, which could take up to $300 of your money. If you use a credit union or bank to cash your HOPE check, you may have to wait for a hold, but you won’t lose up to $300 in fees like you will if you use a check casher.
Let’s Get Started
Making Your Path….
STEP 4: Dive into the MyPath Hub FinCap Tools and Resources
The MyPath team has put together these financial capability (FinCap) tools and resources for you. We would love your feedback at the link below!
Money Basics
Financial Goal Setting
A good financial goal is clear, realistic, and has a timeline. Breaking a big goal into small steps can make it easier to reach. Many people use the SMART goal-setting method for this. Once you set your goal, it’s helpful to check your progress every so often and make changes as needed.
Video:
How to Set a Financial Goal & Make it SMART
Source: Khan Academy
Worksheet/Game:
Set a SMART Financial Goal Worksheet
Source: Consumer Financial Protection Bureau
Learn More: If you’d like to learn more about goal setting, you can download the FDIC Money Smart for Young Adults module “Setting Goals and Making Financial Decisions.”
Setting Goals and Making Financial Decisions: PowerPoint
Setting Goals and Making Financial Decisions: Participant Guide
Banking
You can use a bank account to save money, pay bills, get paid, and make purchases. Banking matters because it gives you a safe place to keep your money and tools to help you manage it. It can add convenience to your life and help you reach your financial goals. You have a lot of choices when it comes to banking, so don’t be afraid to shop around and find the one that’s right for you! Check out the resources below to learn more.
Video:
Bank Talk: What are Your Banking Options & How to Open an Account – Financially Inclined Podcast
Source: Marketplace APM
Worksheet:
Opening a Bank Account Checklist
Source: FDIC
Learn More: If you’d like to learn more about banking, you can download the FDIC Money Smart for Young Adults module “Bank On It.”
Budgeting
Budgeting helps you make a plan for how to use your money. It helps you see how much money you have coming in and where your money is going. A budget can help you pay for your needs and wants, save for your goals, and make smart choices about spending. There are many different ways to budget, and over time, you may find that you want to try different approaches and add in more detail. Some people new to budgeting manage their expenses using a simplified 50/30/20 approach as shared here.
Video:
How to Budget: Simple and Easy Tips – Financially Inclined Podcast
Source: Marketplace APM
Worksheet/Game:
Beginning to Budget: The 50/30/20 Approach Worksheet
Source: GPO Federal Credit Union
Learn More: If you’d like to learn more about budgeting, you can download the FDIC Money Smart for Young Adults module “Your Spending and Saving Plan.”
Fraud & Scam Prevention
Protecting your money and personal information can help keep you safe from scams and fraud. Using strong passwords, keeping personal information private, and checking your accounts can help you spot and stop fraud.
Definition/intro: Steps you take to protect your money and personal information from scams and theft
Videos:
Avoiding scams
Source: PBS
Consumer Protection 101
Source: Khan Academy
Resource: If you think you’re a victim of fraud or a scam, you can submit a complaint with California’s Department of Financial Protection and Innovation (DFPI) — they’re the state’s official watchdog for banks, loan companies, and financial apps, making sure everyone plays by the rules with your money.
Grow Your Money
Saving
Saving money helps you prepare for things you need or want in the future. It can help you handle emergencies, reach your goals, and feel more prepared when unexpected costs come up. When it comes to savings, it’s ok to start small and save more over time. The most important thing to do is to start early and save regularly.
Videos:
Best Money Saving Tips– Financially Inclined Podcast
Source: Marketplace APM
Building an Emergency Fund
Source: Schools First FCU
Worksheet/Game:
Emergency Fund Bootcamp One-Pager
Source: RBFCU
Learn More: If you’d like to learn more about saving, you can download the FDIC Money Smart for Young Adults module “Saving for your Goals and Your Future.”
Investing
Investing can help your money grow over time. When you invest, you put your money into things that may increase in value, such as stocks or funds. While investing early in life is powerful (especially because of the compounding growth / returns effect), it’s important to learn about the basics of investing before you commit your money. This is because investments can also lose value, and some investment options are riskier than others. Learn about your options, the pros and cons of each, and how investing fits into your overall budget to help you start building money for your future goals.
Videos:
Invest or Save? Key Differences Explained
Source: Nova Scotia Securities Commission
What you need to know before investing in the stock market
Source: Marketplace APM
Worksheet/Game:
Build Your Stax Investment Game
Source: Next Generation Personal Finance
Stock Market Showdown Game
Source: Banzai
Learn More:
Investing Basics
Source: Finra
Compound Interest
Compound interest is a financial superpower. It can help your savings grow faster over time. You earn interest on the money you save and on the interest that money has already earned. It’s like a snowball rolling down a hill: it starts small, but as it rolls, it picks up more snow and grows bigger and faster. And by saving early, you give the snowball the maximum amount of time to roll, which means even tiny amounts saved today can create bigger savings later in life.
Video:
Compounding: The Ultimate Wealth Hack
Source: Schools First FCU
Worksheet/Game:
The Money Multiplier: A Compounding Calculator
Source: Investor.gov
Credit and Borrowing
Credit
Credit can help you buy things you need, like a car or home, when you don’t have all the money upfront. It matters because using credit responsibly can help you build a good credit history, making it easier to borrow money and possibly get better interest rates. It can also affect your housing options because landlords often check your credit history when you apply to rent an apartment. Learning basics around credit today is a great way to set yourself up for success and prevent potentially costly credit mistakes.
Videos:
Credit 101 and Why Credit Matters
Source: Khan Academy
Credit Card Tips for Beginners | Financially Inclined #podcast
Source: Marketplace APM
Worksheet/Game:
Master your FICO Credit Score
Source: Banzai
Learn More: If you’d like to learn more about credit, you can download the FDIC Money Smart for Young Adults module “Charge it Right.”
Credit Reports
Credit reports matter because they help lenders and others understand how you manage borrowed money. A strong credit history can make it easier to get approved for loans, rent an apartment or home, or get better interest rates. Some employers even check your credit when you apply for a job. For all these reasons, it’s important to check your own credit report every so often so you can see what others see about you and to correct any mistakes or address signs of fraud.
Video:
Understanding your Credit Report
Source: Edpuzzle
Activity:
Check Your Own Credit Report For Free
Source: AnnualCreditReport.com
Learn More: If you’d like to learn more about building your credit, you can download the FDIC Money Smart for Young Adults module “Building Your Credit History.”
Borrowing Money and Managing Debt
Debt can help you pay for things when you don’t have enough money to pay for them right away. But you have to pay the money back, and you may also have to pay interest. Understanding debt can help you make smart borrowing choices and avoid owing more than you can afford to repay.
Video:
Borrowing Money
Source: PBS
Worksheet/Game:
Debt Tracker Worksheet
Source: Consumer Financial Protection Bureau
Learn More: If you’d like to learn more about borrowing money and managing debt, you can download the FDIC Money Smart for Young Adults module “Borrowing Basics.”
Planning for the Big Stuff
Planning for Housing
Transitioning to independent living is a huge milestone, and taking time to understand the money aspects of housing is key to success. With renting, there are many options to consider and choices to make, so it’s good to do the research ahead of time so you can be ready with all the things you need to make your housing goals a reality.
Video:
Living on Your Own: Are You Ready?
Source: Schools First FCU
Your First Apartment: Typical Expenses & Some Cost-Savings Considerations
Source: YNAB
Renter’s 101: Understanding Your Lease Agreement
Source: Khan Academy
Learn More:
Planning for Transportation
Getting to and from the places you need to go, like school, work, or home, is essential to daily life, and it takes both planning and money. If you are thinking of buying a car to help, it’s critical to consider all the costs involved as well as the options you may be presented with when shopping – for the car itself, and loans as well. Start exploring the world of car buying today so you are in the know and in control. It will help you stay in the driver’s seat and make sure you don’t get taken for a ride.
Videos:
Buying Your First Car: Tips, Tricks & Mistakes to Avoid
Source: Marketplace APM
To Buy or Lease? Car Options Explored
Source: Khan Academy
Worksheet/Game:
Car Loan Shopping Worksheet
Source: Consumer Financial Protection Bureau
Learn More: If you’d like to learn more about buying a car, you can download the FDIC Money Smart for Young Adults module “Buying a Car.”
Planning for College
Paying for college can be a big expense, but there are many ways to help cover the cost. Scholarships, grants, savings, work-study, and student loans can all help. Understanding your options can help you choose how to pay for school while keeping future costs in mind.
Video:
Paying for College: How to Minimize Student Debt
Source: Marketplace APM
Worksheet/Game:
PayBack College Planning Game
Source: Next Generation Personal Finance
College Alternatives Game
Source: Banzai
Paying for College Game
Source: Banzai
Scholarships Game
Source: Banzai
Learn More: If you’d like to learn more about planning for college, you can download the FDIC Money Smart for Young Adults module “Paying for Education and Training.”
Planning for Career Pathways
Planning your career can help you understand the steps needed to reach your goals. Exploring different jobs, learning new skills, gaining experience, and finding education or training can help you build a career that fits your interests and strengths.
Video:
Work or school after grad?
Source: Red Canoe Credit Union
How to Network Like a Pro
Source: HubSpot
Worksheet/Quiz:
Which Jobs Align with My Interests?
Source: Next Gen Personal Finance
Career Field Quiz
Source: Bonzai
Learn More:
Career Assessment
Source: Department of Labor CareerOneStop
Step 5: We need your feedback!
We need your feedback to help shape the Hub!
MyPath is building the Make Your Path Hub with input from young people, staff and partners, but we need your input, too! We will use your feedback to build the next version. Check out what’s here now, let us know what you think at the link below[no link here]!
What’s coming next?
The MyPath team is busy working on the following features:
- Links to book virtual appointments with MyPath-trained Financial Mentors ready to answer your financial questions
- A Tool to help you create a plan for your HOPE Funds
- More financial education resources (tell us what other topics you want to see next, like entrepreneurship, tax credits, small business lending programs)
- Contests with cash prizes (like a contest for best videos on financial hacks)
- Ways to connect with MyPath and earn incentives, like focus groups or training on storytelling and public speaking
Tell us what you think about these ideas by clicking below.
Have a question for MyPath?
If your question is about making a plan for your HOPE Trust Account money, or you're an organization currently partnering or wanting to partner with us, complete this form. A MyPath staff person will get back to you within 2–3 business days.
Have a question about your HOPE Trust Account?
For questions about the application, eligibility, account, disbursement, missing check, or other general questions, contact the CA Treasurer's Office directly: [email protected]