In the world of personal finance, there are many different priorities and goals that people have. However, one group that is often overlooked is people like me – immigrant Latinas, and their unique financial priorities. This is a shame, as our experiences and financial priorities are just as valid and important as anyone else’s. In this article, I will talk about things that are not talked about in personal finance but are important to me as a Latina immigrant and first gen everything.
Financial Assistance for Mami and Papi
One priority for many immigrant Latinas is to financially assist their parents. For many, their parents are still living in their home country and may be struggling financially. This can put a significant amount of pressure on us, as we feel a strong sense of responsibility to help our parents. This can mean sending money back home on a regular basis, which can put a strain on our own finances.
Many people outside our culture don’t know what it’s like to have the responsibility of taking care of our parents. Whether our parents are in the US or back home. The near obligation to send them money is there and it is not understood by outsiders.
Retiring our parents
Not only do we feel the obligation or desire to help our parents now, but we also must think about saving for their retirement. Many of our parents brought us up with very limited resources and have close to nothing saved for their retirement.
Traditionally, parents end up living with their children as they age, and sending them to a nursing home is sort of frowned upon. I won’t get into morals or ethics because these are very personal decisions and everyone has different beliefs.
Just know that for many, this is an added expense that should be kept on the radar.
Buying property in your home country
Another priority for many immigrant Latinas is buying property in the motherland. There is something to be said about having your own piece of land back home. This is a dream for many of us because it provides a sense of financial security for ourselves and our families, all while maintaining a connection to our cultural roots.
However, I’ve seen people tell me that this is a terrible investment and that international real estate shouldn’t be trusted. I get that buying property in another country can be a complicated and challenging process, especially if you’re not familiar with the local real estate market. But I also know that everything is figureoutable.
Paying your way through life
I think it’s beautiful that parents help their kids get started in life by helping them pay for things like college, their first home, a wedding, and later on in life with an inheritance. Really, I am happy for the privileged folks because this is one less thing they have to worry about.
Many of us don’t have wealthy parents who have money set aside for us. In fact, many of our parents are still living paycheck to paycheck. This adds additional pressure on us because not only do we have to fund everything ourselves, we have to figure out how to do that. Also, there is no financial safety net. It’s kind of like being the first on a tightrope and there are many things on the other side fighting for your attention. It feels like one wrong move and you are done.
This is the mindset we adopt as first-generation everything and it’s something that I help my clients overcome in my coaching sessions.
What to do about it
Know that your Desires are Valid
This may not be the norm because the financial industry caters to people who come from a more affluent and American background. Those are their priorities and they assume yours should be in line with them. When your priorities are not respected or understood, they are often dismissed.
Know that your desires are put in your head for a reason – to be manifested in real life. Your intentions are 100% valid. They belong in this conversation as much as you belong in the millionaire category. So don’t even allow anyone to make you think otherwise.
Have Clarity on your WHY
Your WHY is the reason for wanting these goals in the first place. Ask yourself, why do you want to manifest more money? It’s not just to travel and be rich. It usually goes much deeper than that. Money can give you freedom and security,
But it goes much deeper than that
- You may want freedom because you’ve always felt like you were in shackles to your debt and always felt out of control.
- You may want freedom because you are releasing yourself from generational trauma about money
- You may crave security because all your life you’ve seen how much your family struggled with keeping their savings.
- Security can come from the fact that you thrive on caring for your family, especially when you didn’t have that growing up.
Have your WHY handy to remind yourself of this goal. When someone attempts to shut down your priorities, repeating your why to yourself keeps you focused and it will be easier for you to avoid having someone convince you why you shouldn’t have those goals.
Be Firm about your Priorities.
It is what it is and you are not changing your mind about what is important to you. Trust me, diluting your goals so that they can be palatable to others will only lead to unhappiness and resentment. You are put on this earn for so much more.
On top of that, you don’t owe anyone an explanation and they don’t have to understand or agree with you for the goal to be yours. In other words, trying to convince the other person that your goal is valid is a waste of time.
Instead, focus on finding solutions to make it happen.
Final Thoughts
I have been in the finance field for over 10 years and it kills me a little inside whenever I see affluent financial gurus shutting down the priorities of women like me, an immigrant and first-gen everything. Be mindful of who you talk to and get advice from. If they don’t respect your priorities, then find someone who will.
Overall, it’s important to acknowledge and respect the unique financial priorities and experiences of immigrant Latinas. We are making important financial decisions that will impact not just ourselves, but also our families and communities. By recognizing and validating our experiences, we can help create a more inclusive and supportive financial landscape for everyone.
You don’t have to be limited by what you think is possible — it’s time to uncover and break free from the mental shackles keeping you in the same financial stop. Start transforming the way you feel about money and life with my 1:1 Money Manifestation Coaching sessions, a combination of personalized financial guidance and empowering self-reflection.
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Cheers to Abundance!