INVESTMENT

Latinox employees share financial advice to generations


The people of Latin are not exclusive – we come from different countries, speak different languages ​​and are part of every ethnic group. But still, when it comes to living in Latinos and the United States, we share the experiences of generations involved in cultural, family, and social and economic strife because of the experiences of immigrants.

In honor of Hispanic American Heritage Month (HHM), we ask our Latinox employees to share their experiences with personal money and give back to their community through the advice they have learned.

Have you received any advice from your parents and elders on money management?

Gabriel Talavera, Software Engineer: My mother always taught me to maintain good savings. You never know when something will come – such as a car problem or any other unforeseen event – where good storage will help you get out of a difficult place.

Kenny Ritz, Sales Development Representative: When I was little my mom always said never spend every dollar in your pocket, because you never know if you’ll get another one tomorrow. Growing up and people of color (POC), as well as Latinos, I always wanted to be financially independent and not want to be in the “rat race”, as some would say.

Natalie Rodriguez-Jackson, Software Engineer: My father always told me that I should look for money. He is not computer savvy, so instead of using Google Sheets or Excel, he actually draws a spreadsheet on a notebook. The great thing is that now, the notebook is about 35 years old so it is filled with some interesting information. Today I use an app to track my costs and savings rates.

Nicole Ramos, Senior FP&A Analyst: Growing up, I didn’t get much financial advice. My parents were struggling to manage their cash and expenses. They often come to me and my sister to help them understand different aspects of money that they have not learned or are having trouble understanding. As a result of their personal experience, they had strong feelings about having cash and not going into debt.

Michael Mayaguari, Junior Software Engineer: From a very young age, my mother taught me the importance of always budgeting, saving, and spending only on the things I needed. He always said “every penny counts,” teaching me that no matter how small things are, they are important. Growing up in Ecuador had an impact on this advice because I realized how my mother was talking from her own experience with money management and raising four children on a limited budget.

Jacqueline de los Santos, Senior Operations Associate: I came from a very poor farm, so “money talk” was unusual. We relied on land supplies and funds to send DRs from NYC as a source of income.

How Does Latin Affect Your Personal Financial Planning?

Nicole Ramos, Senior FP&A Analyst: They say millennials are poised to inherit the largest intergenerational transfer of 30 30 trillion in history. I won’t get anything. Growing up, my family lived from paycheck to paycheck and their combined income is now less than mine – all of them supporting a family of 8+ families. Living life without safety nets and finishing college is one of my immediate siblings, I need to be very aware of my costs and savings. For me, personal financial planning is not just personal, it is family. I have to make sure that I am making unexpected plans not only for myself, but also for my siblings.

Michael Mayaguari, Junior Software Engineer: Moving from Ecuador to the United States exposed me to differences in lifestyle, culture, and habits. As a first generation, I didn’t face the importance of long-term investments until my high school teacher told my class to buy bonds or stocks when we were 1 turned years old. My personal financial planning and investment in practice.

Jacqueline de los Santos, Senior Operations Associate: Budgeting includes sending money to immediate relatives (inside and outside the United States). It was something I saw growing up, so it’s an expected behavior.

Kenny Ritz, Sales Development Representative: My financial plan revolves around creating wealth for generations, for which I need to be disciplined.

Tiana Duran, CX Associate: I consider every step I take to help my three siblings, parents and grandmother financially to ensure that I am financially stable.

What financial advice do you give to your community now?

Jacqueline de los Santos, Senior Operations Associate: Pay yourself first for personal growth and investment. My immediate community in NYC was on projects. Rotating debt and lack of resources for personal development is a recurring factor that hinders progress.

Natalie Rodriguez-Jackson, Software Engineer: Do some checking where all your money is. Make a list of everything from credit card balances, available credit, income, expenses, liquid cash in a bank or investment account, etc. so you know what you have and what you’re working on. Do the same for all your ts. Clear your numbers so you know what you need to do to get to where you want to go.

Tiana Duran, CX Associate: I tell my younger siblings that it is not too early to prepare yourself financially for the future, especially when you do not have much financial responsibility.

Michael Mayaguari, Junior Software Engineer: Invest in the long term and yourself.

“I tell my family and friends to build your own wealth base to fund your retirement life … your future investment must always be first.”

– Kenny Rits

Nicole Ramos, Senior FP&A Analyst: Please prioritize paying your credit cards. Don’t be afraid to invest your money in the long run. Beware of day trading because the rich are not rich and there is a lot of tax involved. Think about what you are spending and why.

Gabriel Talavera, Software Engineer: I always recommend setting goals for yourself. For example, when I was going to college and working, I was setting savings goals for myself. I will try to get and maintain 800 from my savings, and then $ 1000, and so on until I think I have enough room. Even early in my career, I was working on a variety of goals: getting rid of student debt, saving for a home, and so on.

What does financial stability mean to you?

Kenny Ritz, Sales Development Representative: Financial stability means having complete control over my time and helping future generations get time too.

Michael Mayaguari, Junior Software Engineer: Freedom and peace of mind.

Gabriel Talavera, Software Engineer: It means being able to live comfortably. If your car makes a noise, you may not think about going to the mechanic if you are scared of the bill. This means having the ability to go on vacation and explore the world. Being financially stable means having the ability to live life to the fullest and be comfortable doing it.

Jacqueline de los Santos, Senior Operations Associate: Ability to cover your living expenses without the need for employment.

Nicole Ramos, Senior FP&A Analyst: This means having enough money not to struggle financially. Being comfortable enough to enjoy life and not being afraid or stressed about how I will eat or where I will sleep next month. Feeling confident that the pitfalls will not be small and catastrophic. It also means having enough so that all of the above extends to my siblings.

Tiana Duran, CX Associate: To me financial stability means being able to live comfortably without giving up things like career balance just to support myself.

Natalie Rodriguez-Jackson, Software Engineer: Being financially stable means that I have what I need for my family and my well-being: enough to cover things like extra family, vacations and educational experience that will help my family and help me live a full and prosperous life.

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