It was great for me to see this because, when I went on to start my own business, I remembered the lessons their path taught me: Both the importance of building something for yourself and the need to diversify income.
Something I recently recognized was the importance of working as a community. The more that we work together, connect more with our family and relatives, and combine our resources, the further we can get in terms of building wealth. Ultimately, generational wealth has everything to do with passing down new traditions. Having an investment account is a new tradition in my family. It’s good to build new financial traditions with my immigrant family.
Take the time to understand the structure of the financial system. We can’t expect to know how to play a game if we don’t know the rules. It’s important to understand the rules and parameters. We are not going to build generational wealth by trying to earn every single dollar that we have. The way we build generational wealth is by earning money and putting that money to work as quickly as possible.
Also, really focus on your needs rather than your wants. We need a roof over our head; we want a huge, 3,000-square foot house. Understanding the difference between the two is important, especially for immigrants. Finally, talk about money as often as possible with your friends and family. That’s the only way you’re going to come up with more money-making ideas. Latinxs love investing inHow To Build Generational Wealth According To Experts
So we’re deadnaming Latinas again