How To Overcome Latina Financial Barriers Now
There are many Latina financial barriers that make it difficult to achieve success. Here are a 3 barriers Latinas face and how to overcome them.
Latina Financial Barriers: Why?
First generation Latinas and women of color (WOC) start off in life waaaay behind everyone else. For instance, most of us grow up in families that are financially disadvantaged and undereducated. Our parents do not understand finances besides work, save, and pay bills. Oof! As a result, we don’t get much education about finances.
For example, the few pieces of advice I was given were to save money, pay with cash, and never use credit cards! My family did the best with the little they were able to learn after immigrating to the United States. Although, most of this advice was not terrible, especially for that time period, it definitely set me up for a few failures. I had NO clue about financial planning!
Latina Financial Barriers: What are they?
Similarly, Latinas and WOC face many obstacles and disadvantages that we must overcome to become successful. We are so behind the curve compared to everyone else! These barriers include:
- Financial illiteracy
- Education access
- Access to Networks
Financial Illiteracy Is A Huge Learning Curve
Most first generation Latinas and WOC go through life without much knowledge about finances. Therefore, we end up financially illiterate. By the time we figure out that we should learn about finances, we are so behind the curve! It can be overwhelming trying to learn it all! This is a huge problem, as it sets us up to be taken advantage by predatory financial services or even scams.
When I first began to learn about finances, I felt overwhelmed. Trying to learn about credit score, savings, investing, and other finances is rough when there is no one to guide you. As a result, I ended up with high interest loans, mismanaged my money, and had a late start in life in building wealth, including real estate investing.
Access to Education
In addition, we grow up with little access to quality education. Due to our family’s financial situation, we are more likely to attend schools that have low funding. This is a huge disadvantage as the quality of education we receive is inadequate compared to our counterparts.
So, what can you do to catch up? Well, luckily we have access to so many free resources online! Also, we are now building communities to help each other learn finance. We are teaching each other how to build multiple sources of income, how to invest, how to build wealth, and gain financial freedom. Take advantage of Youtube, Tiktok, Instagram and other social media outlets. You can find numerous finance related content. There are also many Facebook groups dedicated to finance, real estate investing, stock investing, side hustles, and many more. Many also offer courses, guides, books, etc. You can find more resources here. Don’t forget about libraries!
Another obstacle we face, is the lack of networks. A network can catapult you to success, by learning from others. However, first generation immigrants navigate their lives without much guidance. As a result, we make numerous mistakes that can set us back.
A network can include family members who help you with milestones in life like applying for college, finding a job, and many other life events. Career-wise, many have networks to help them gain skills that gives them access to higher-paying jobs and careers. The network I have built now is a big reason for my success. I have a mentor for almost every aspect of my life.
Luckily, we continue to build our own network of first generation latinx and WOC. Those who have gone through the struggle of navigating life on their own, now use social media to help other first gens. There are now numerous youtube channels, podcasts, blogs, and more dedicated to helping our gente reach success! You can find a list of awesome Latina influencers here.
Pay it forward
As we learn to overcome these obstacles, we must remember to hold the door open for those who come after us. First generation latinx and POC are trailblazers. We are the first to guide our families and future generations to success. It is a lot of pressure, but we must remember to continue to share our experiences and knowledge.
Although I am glad that information is more readily available, we still have a long way to go! We are still behind the curve, are under-represented, and still deal with a wage gap. We must continue to lift each other up and make spaces for ourselves! Si se puede!
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