This is part of a sponsored collaboration with Prudential and DiMe Media about changing your financial story. However, all opinions expressed are my own.
Latino families in the United States today can be funny about money. We don’t like to talk about it. I’m 100% guilty of it. That’s why it’s important to me know to have a conversation about how we can begin to create our financial story. Your financial story is what you are saying to yourself about money. It’s how you relate to money.
Who Is Hearing Our Financial Story?
One of the biggest reasons I didn’t like to talk about money is because we simply didn’t talk about money in my house growing up. If we did, it was usually declaring that we just didn’t have enough. Not having enough was my financial story. I don’t blame my parents. They didn’t know how to talk about money either. This is usually a generational thing. I didn’t really realize this until I began mentoring students who wanted to go to college. Their response was always the same: My parents can’t afford it.
This isn’t surprising to me. Latino families typically do not trust the financial service industry. This is part of many families’ financial stories. 42% of Latinos believe they have different financial planning needs than the average American household (Prudential). So, if Latinos don’t trust the financial service industry and they are struggling with money, who are they talking to about their money?
More often than not, the answer is no one.
Prudential at Hispanicize Los Angeles
Prudential has found ways to meet Latinos where they are to have these conversations. One of those places was at Hispanicize Los Angeles. Prudential was the presenting sponsor. I’m so happy they were there. As a leading event for Latinos in social media, journalism, media, and music, attendees could have many honest conversations about money with Prudential. At their interactive activation wall, attendees could learn how to plan for the future in an easy and intuitive way because it was a gamifying experience.
Financial Advisors like Robert Torok were in attendance as well. They were more than happy to discuss financial planning for your future. Robert works in Florida and is familiar with the unique challenges Latino families face in financial planning. When you begin to feel more comfortable talking about money, you can create a new financial story for you and your family by beginning a new financial strategy.
Robert and I sat down to have a great discussion about parents planning for the future when their kids want to go to college. WATCH the FB Live Replay here:
A highlight of Hispanicize Los Angles was meeting a Latina Entrepreneur Powerhouse who I’ve admired from afar – Patty Rodriguez. She is the CO-Founder of Lil Libros and MALA by Patty Rodriguez jewelry line. Patty is a successful entrepreneur because she’s learned to talk about money. Not only that but she’s teaching her family what it means to be smart about money.
“It’s not enough for us to find the knowledge and the tools and the resources to learn about money. We also need to teach our children. They are the ones who are going to carry one the baton.”PATTY RODRIGUEZ, CO-FOUNDER LIL’LIBROS
Basics of Creating a Financial Strategy
What about you, Queridos? What you would do differently than your parents did to create a financial strategy? Need to prioritize? Visit the Prudential website for help in getting started. Start today to begin to change your family’s financial story.