February 2022 Issue: Bob Swift Discusses his Nonprofit, 3rd Decade-Bob Swift Discusses his Nonprofit, 3rd Decade by Susan Weiner

Bob Swift Discusses his Nonprofit, 3rd Decade by Susan Weiner

Pdf Summary

Bob Swift, a NAPFA member, has won the NAPFA Consumer Education Foundation's 2021 Pro Bono Service Award for his work with his nonprofit organization, 3rd Decade. Swift established 3rd Decade in 2016 with the aim of educating and empowering adults between the ages of 20 and 35 through a two-year program of classes and mentorship. The program also provides a $1,000 Roth IRA contribution for individuals who complete the program. To be eligible for the program, applicants' households must have an adjusted gross income of less than $75,000 (or $120,000 for a two-earner household). The program has partnered with Dimensional Fund Advisors to expand to three new locations in 2021. Swift and his wife initially funded almost 100% of the program's operating expenses for the first five years, but it has also received support from the Charles Schwab Foundation, Dorrance Family Foundation, private family foundations, and individuals. The program has helped close to 1,000 people, with an average net worth increase of over $70,000 per household for the 214 students tracked over the program's two years. Swift started 3rd Decade to address the lack of sound financial guidance for the majority of the population, regardless of income level. He believes that no 30-year-old should go without understanding the benefits of compounding interest and how to manage debt. The program offers personalized actionable plans, financial mentorship, and a Roth IRA award as incentives for participants. Swift encourages other NAPFA members to get involved in pro bono work and help change financial futures.

Keywords

Bob Swift

NAPFA member

Pro Bono Service Award

3rd Decade

education

Roth IRA contribution

adjusted gross income

financial guidance

debt management

financial mentorship