In The Community
Can the struggles of our immediate family shape our own relationship with money?
Photo by Sai De Silva on UnsplashWomen of color, particularly Latinas, have a distinctly unique relationship with money and finances. If persistent challenge was involved, this bond can inextricably be linked to a trauma response, one that has been woven into the fabric of their identities over generations. This isn't just about struggling to make ends meet; it's about living with the shadows of a past fraught with financial hardships.
These women don't just grapple with the present financial realities; they also bear the weight of the collective experiences of their ancestors — stories of deprivation, struggle, and relentless pursuit of better opportunities. Generations of living in low-income circumstances, facing barriers to quality education, and having limited pathways to homeownership have left a deep-rooted legacy of financial anxiety.
Many Latinas, whether first-generation immigrants themselves or descendants of immigrants, deal with an added layer of challenges. Language barriers, unfamiliarity with a new country's financial systems, and a pervasive fear of being perceived as 'other' create additional hurdles. These obstacles aren’t just about assimilating into a new culture but also about navigating the socioeconomic disparities often accompanying immigrant status.
Embracing leadership while battling wage gaps
Nevertheless, as societal structures shift and evolve, more Latina women are stepping up as the primary earners for their families. The increasing prevalence of Latina ‘breadwinners’ underscores the critical role they play in their families' financial well-being. Yet, with this newfound responsibility comes the shadow of the Latina wage gap, an unjust discrepancy in earnings that highlights the racial and gender inequalities deeply rooted in the job market.
Latina women earn significantly less than their white male counterparts and even less when compared to women of other racial backgrounds. This wage gap is a testament to the systemic disparities in the workforce and adds to the financial pressures Latina women can feel.
Navigating professional spaces as a Latina woman often means confronting the wage gap and a range of challenges that impact mental and emotional well-being. Imposter syndrome, the persistent feeling that one doesn't belong or is undeserving despite evident success, is a common phenomenon among Latina professionals. This internalized self-doubt and external prejudices can lead to toxic work dynamics, further exacerbating the stress associated with financial responsibilities.How can we take steps towards better financial habits?
Photo by Vitaly Gariev on UnsplashUnderstanding the money struggles many Latina women have faced over generations is the first step. So, what can we do to feel better about our finances?
First, learning essential financial skills can make a big difference. Simple classes or online tutorials about budgeting and saving can help. It's also good to break the stigma around discussing personal finances and talk about money with friends or join groups where people share their financial wins and challenges. Finding a mentor, someone who's been there and can give advice can be a game-changer.
Another big step towards a brighter financial future is championing fairness in pay. When everyone gets paid fairly for their work, we all benefit. So, how can we make this happen? First, staying in the know is key. By understanding what people with skills like ours earn, we can better advocate for our worth. Voting plays a part, too, supporting those who fight for Latina equal pay in the political arena.
The Latina wage gap isn't just about numbers; it's rooted in deeper issues like discrimination, limited educational chances, and racial biases. This isn't a simple fix, but by supporting groups that push for equal pay and using social media to shine a light on these challenges, we can make a difference. It might feel like an uphill battle at times, but step by step, we can turn financial stress into a sense of empowerment and control.
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The Wage Gap
Photo by Alexander Mils on UnsplashFor Latinas, the wage gap is quite concerning. On average, they only make 57 cents for every dollar a man makes. That’s fueled by a combination of factors, including systemic oppression, xenophobia, and the need for greater financial literacy. For many Latinas, this combination of factors has reawakened the effects of the generational trauma that comes from financial hardship.
But in the face of these reports and statistics, there’s a growing group of Latinas making space for themselves and other women of color in the personal finance world. While the financial services industry has historically looked white and male, Latinas are showing up on social media platforms to teach other women how to build wealth not only for themselves but for generations to come.
From investing to eliminating debt, these Latinas are tackling a subject that remains taboo in many Latino families out of fear of being considered greedy or too ambitious. Here are five Latinas who are creating financial literacy courses, using social media platforms to connect with their audience, and sharing their own personal finance stories along the way.
Jully-Alma Taveras
Photo by investinglatina on Instagram
Photo by investinglatina on Instagram
Jully-Alma Taveras is the self-described JLo of personal finance. A Dominican raised in New York, Taveras created Investing Latina in 2019 to teach Latinas how to start investing in the stock market. She began investing at age 19, becoming the first person in her family to open a retirement account. Her Youtube channel has nearly 60 videos of free content, including responses to questions that come directly from her followers, and she regularly breaks down complex financial topics into Instagram posts that are easy to understand. As a personal finance expert, she inspires women to spend intentionally and have a minimalist lifestyle so they can invest more. Her focus is on introducing women to investing so they can take their first steps toward financial freedom.
Anna N’Jie-Konte
Photo by anjiekonte on Instagram
Photo by anjiekonte on Instagram
Anna N’Jie-Konte is a first-generation American of Puerto Rican and Gambian descent. She’s a certified financial planner and fiduciary dedicated to facilitating the economic liberation of people of color. N’Jie-Konte is a native New Yorker who worked in the financial services industry before launching her own firm, Re-Envision Wealth, where she offers wealth management services. She also uses her platform on Instagram to offer insights about finances for small business owners. More recently, she announced “The Financial Powerhouse: The Club,” a no-fluff community for people who want to learn about wealth-building tools and have more in-depth conversations about financial fluency, and more.
Jannese Torres
Photo by Jannese Torres
Photo by Jannese Torres
Jannese Torres is the host of “Yo Quiero Dinero”, a personal finance podcast created for Latinas and people of color. An engineer by day and self-described side hustle guru, she advises Latinas to build multiple streams of income and teaches money-making strategies to help women succeed. Torres, a first-generation Puerto Rican woman, is also a fierce advocate of investing with the goal of early retirement. Her content on Instagram, TikTok, and the podcast addresses topics from tackling debt to estate planning to financial independence and more. Recently, Torres became an author with “Financially Lit!” the ultimate guide for modern Latinas to become financially powerful.
Delyanne Barros
Photo by Delyanne Barros
Photo by Delyanne Barros
Delyanne Barros went from attorney to money coach, and she’s dedicated to helping investors take the stock market by storm. Barros, who spent her early years in Brazil before growing up as an undocumented immigrant in Miami, first invested about $50K a few months before the pandemic led to a market crash. She overcame that by growing that amount to over $425K – all while paying off over $100K in student debt. Today, Barros advocates for investing for retirement with low-cost index funds. Her following has increased consistently on TikTok and Instagram, where she regularly shares brief videos and posts explaining the stock market, breaking down investing myths and updating her audience on news that may affect their finances. Barros doesn’t gatekeep her knowledge, offering a free class, Invest for Independence®, to introduce people to the stock market in a way that finally makes sense.
Linda Garcia
Photo by Linda Garcia
Photo by Linda Garcia
Linda Garcia, a Californian with roots in Mexico, began investing several years into her career as a marketing executive in television and film. She’s dedicated to helping the Latino community restructure their generational beliefs on finance and she introduces people to the stock market so they can achieve their dreams. Her “Wealth Warrior” course not only breaks the stock market down but also helps children of immigrants address their toxic relationship with money. Garcia is the founder of In Luz We Trust, an online community where she shares a wealth of resources. She’s also the co-host of the "Investies" podcast, which offers insights into the current stock market and the state of the economy.
These five Latinas are only a few among a growing community focused on creating generational wealth. But this wave of personal finance Latinidad comes at a time when Latinas and Black women across the United States continue making cents on the dollar that white men earn.
Next time you feel anxious about your finances, look them up to learn how to take control of money and heal your relationship with it. And remember – the wage gap that Latinas and other women of color experience can only be narrowed if we talk about money. So let’s build our emergency savings funds, address our debt, and invest in the stock market so we can build the generational wealth that will help our families for years to come.
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