8 Latino Financial Pros on Building Wealth and Knowledge in 2022 – NerdWallet

Want to build generational wealth? Education is key, financial experts say. Money shouldn’t be a taboo topic for families of color anymore, they add, so communication is vital, too.

We asked eight Latino financial professionals for their advice on how to grow wealth, talk to children about finances and start a business — even amid rising inflation.

Responses have been edited for length and clarity.

Build wealth by investing

Nora Dávila

The median net worth of a Hispanic family is $36,050, according to the 2019 Survey of Consumer Finances, the latest data available. That’s five times less than the median net worth of a non-Hispanic white household, which is $189,100.

To grow your net worth, consider buying assets, paying off debts, building your credit history and credit score and investing in the stock market, said Nora Dávila, founder of Inversionista Gal, a Spanish-language financial education platform. You can also invest in your retirement plan, especially if there are tax incentives and your employer offers a company match.

Delyanne Barros

Delyanne Barros, known as Delyanne the Money Coach, also recommends investing in the stock market. That’s “one of the best ways to build life-changing and generational wealth,” she said.

“Many Latinos will focus their efforts on building a business or buying a home, but the stock market is a powerful and passive way to supplement their wealth. Latinos are incredibly hard-working, and they assume that they will continue to work indefinitely. But that is actually quite an expensive gamble.

“Businesses can underperform or fail. People can get sick or become disabled. By investing slowly and consistently, Latinos can build a safety net …….

Source: https://www.nerdwallet.com/article/finance/8-latino-financial-pros-to-follow-in-2022