Understanding How Latinos View Money
Thank goodness for Financial Literacy or I would still be using Condina’s to “Build Wealth”.
One of the things that separate Latinos most from other cultures is how we deal with money.
I love my culture to death, but when it comes to building wealth we are far behind. Our focus has always been on extreme giving, saving, and/or living frugally.
When you live in a country where work is not stable, you are in survival mode 99% of the time. Even when latinos leave their home countries for more stable income they cannot let go of the fear. The focus is on paying for necessities and taxes but that’s about it. Everything else, no matter how beneficial it is for one’s well-being or family is non-essential and is not prioritized. For this reason, Second Generation Americans have not learned how to build wealth when they leave their homes.
I am certain that Third Generation Americans will be the first to build wealth as a whole while maintaining the giving nature of our culture.
Although they will not have financial literacy skills when they leave home, Second Generation Americans will lead the way. They will have the task of changing their mindset about money in order to transfer that down to the new generation.
