Barajas: Unbanked Latinos, who once hid cash in mattresses, mayonnaise jars, lack money mentors investinyou (In partnership with acorns.)
Sadly, while technology and social media have made financial information accessible to everyone, the Latino community still trails way behind in investing, specifically in well-diversified investment portfolios.
So, with much financial literacy available today, why are Latinos still lagging behind on building wealth through investing? Overall, Latinos do understand how to handle money. Latinos are good at managing budgets and saving like our parents did. By example, we even watched as our parents helped family members financially in Latin American countries.
If you are a Latino and already invest in a 401 plan or a brokerage account, make it a point to share your investing experience with other Latinos who might never have the opportunity to invest.
For those people, it may be scary at first, but they suddenly realize that it's not such a big deal. They took the risk and now they are no longer intimated by the world of finance.I believe money mentors are key for the Latino community. So, if you are a Latino and already invest in a 401 plan or a brokerage account, make it a point to share your investing experience with other Latinos who might never have the opportunity to invest without your helping hand and heart.
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