Imagine learning that you are a financial ghost, all because you did not have a credit history. When Jhoanna Astudillo returned from a tour in Iraq, she was unable to purchase a car, even though she had a large downpayment. Jhoanna learned the hard way, how the lack of financial literacy can have negative effects. Now, as the Hispanic Segment Leader of the BOK Financial, she is sharing her story and providing financial literacy resources to the Latino community.

Growing Up with little Financial Literacy

Jhoanna grew up in Ecuador before making the big move to the United States at the age of 18. Her early experiences with money were built on a foundation of scarcity. She grew up hearing phrases like “money doesn’t grow on trees” and “we don’t have money for that.” Over time, these messages painted money as something rare and unattainable, not as a tool you could manage, grow, and use wisely.

When she arrived in the U.S., the financial culture shock hit hard. After joining the military, Jhoanna was thrown into the American banking system with almost no English skills and zero background in financial basics. Even understanding something as simple as direct deposit felt overwhelming. Without anyone to guide her, Jhoanna spent most of her military paychecks on gifts for family members back in Ecuador. This is often a familiar story for so many immigrants who feel they need to prove their success and show gratitude to those who sacrificed for them.

Learning the Negative impact of Financial Literacy

Her wake-up call came after returning from her tour to Iraq. Jhoanna was able to stash away some savings and wanted to buy herself a new car. So off she went to the dealership. “It was a Nissan dealership and I only went to Nissan,” Jhoanna states, “just like any other Hispanic.” However, when she got there, she was denied a loan. “I will never forget they told me I was a ghost in this country after coming back from Iraq and fighting in the war.” Jhoanna found that due to her lack of credit history, she was basically a ghost in the financial world. Even though she was able to put 50% down for the loan, she still had to use a co-signer.

The lack of financial literacy continued to haunt Jhoanna. Unfortunately, the cycle didn’t stop there. Even after finishing college, Jhoanna found herself drowning in $15,000 of credit card debt. She felt the pressure to “look successful” which fueled a lot of unnecessary spending on things that had nothing to do with real financial security.

Path to Financial Literacy begins

The turning point for Jhoanna was when her boyfriend at the time, now her husband, sat down with her, laid out all her debts, and helped her build a real action plan. They focused on paying off the highest-interest accounts first, chipping away little by little. It wasn’t a comfortable process. It was raw, uncomfortable, and humbling. But it was the beginning of real financial change.

As she progressed in her financial journey, she began to learn about the unconscious ways that the Latino community passes money trauma to the next generation. Despite having more financial stability than she ever had growing up, Jhoanna caught herself telling her young daughter the same old line: “We don’t have money for that.” It stopped her in her tracks. She realized she wasn’t just managing dollars, she was managing mindsets. She began shifting the conversation to focus on spending choices and priorities, rather than scarcity and fear.

Advocating For Financial Empowerment for the Latino Community

Now, as the Hispanic Segment Leader for BOK Bank, Jhoanna is working to change that narrative. She’s focusing on culturally relevant financial education, creating community partnerships, and meeting the Latino community where they are. She knows the power our community holds. If Latino Americans were their own country, their economy would rank among the top five largest in the world. Latino-owned businesses already pump $800 billion into the U.S. economy. That’s real power, but financial inclusion hasn’t caught up yet.

The complicated relationship between Latino immigrants and money usually starts way before any of us even hold a dollar in our hands. It’s rooted in childhood memories, family struggles, and cultural teachings that shape how we see wealth, spending, and saving.

Another layer to all this is the paradox that Latino immigrants are bold enough to risk everything by leaving their home countries but often hesitate when it comes to financial risks like investing. Jhoanna highlights that nearly half—49%—of Hispanic/Latinos in the U.S. don’t own any investments. That hesitation isn’t about a lack of courage. It’s about financial systems that feel foreign, memories of corrupt or unstable banks back home, and a deep, generational distrust in institutions.

The solution isn’t just basic financial literacy workshops. It’s building programs that speak to the Latino community’s real experiences, our struggles, our financial traumas, our hopes. It means unpacking old money beliefs and choosing to create new, healthier ones.

Final Thoughts

Many first-gen immigrants bring with them financial trauma that affects how they interact with money in the U.S., whether or not those old fears still apply. It’s not about being irresponsible; it’s about surviving in a system that never felt built for you in the first place.

Our communities are full of risk-takers, entrepreneurs, and dreamers. We have the power to create generational wealth and rewrite the financial narrative for ourselves and for our kids. But first, we have to be willing to confront the old stories we’re still carrying and write new ones.

Jhoanna Astudillo’s story is a perfect example of how deeply these financial mindsets can run in the Latino community, and how they can quietly pass from one generation to the next if we’re not paying attention.

By addressing both the practical skills and the psychological barriers, the Latino community can shift from a mindset of scarcity and survival to one of abundance and empowerment. Our gente deserve a future where money isn’t a source of stress and shame but a tool for building opportunity and generational wealth. Tune into the episode for the full interview!