“Get rid of the fear” to invest
Jully-Alma Taveras, founder of the bilingual financial literacy platform Investing Latina, wants Hispanic women to get rid of the idea that investing is too risky.
“Start off, get rid of the fear because I know it can seem very scary at first,” Taveras told Hispanic Women. “Because we hear these ideas from previous generations that it’s risky, we don’t do it,” Taveras told Yahoo Finance.
For Latinas who are trying to build wealth, the odds are stacked against them. They typically only earn 55 cents for every dollar paid to non-Hispanic white males. According to the Federal Reserve, the typical white family in the United States is five times the wealth of the typical Hispanic family. And only 28% of Hispanic families in the United States are invested in the stock market, compared to 61% of white families, according to Pew Research.
“It’s so powerful to invest in the stock market,” Taveras said. “Once I realized how amazing it is to invest a little bit of money and then make that money work for you… it caught my attention. “
Taveras got his first investment account through his employer sponsored pension plan. She says she didn’t pay much attention to her 403 (B) records at first, but when she saw the count go up she started to wonder, “How come I make money?” money without doing anything? “
She started to pay more attention and “started to google what those funds were,” Taveras said. “I had target date funds, there were index funds in there, there were bonds in there. So it was a combination of things, and that’s really where my self-learning started, literally looking at what I already had in my job.
“I became very obsessed,” said Taveras, who started Investing Latina in 2019. “My goal was really to help others.” As a Latina, Taveras experiences the lack of education of Hispanic families on money management.
“My parents are Gen X and they thought you wouldn’t have to worry about these things, you will marry someone who will care about these things,” Taveras said. “These are the traditional roles that have been played.”
For Latinos interested in investing, Taveras suggests they calculate their survival count – the minimum amount of money needed for shelter, food, and basic needs – to determine what their opportunity will be.
“You want to know exactly how much you make in a year. You want to know how much you spend in a year and then you want to set a goal, ”Taveras said. “Start [out investing] with maybe only $ 100 for the year. Taveras adds: “I always push people to invest more so that you can access financial freedom faster. “
Of course, investing comes with its share of challenges. “It really takes consistent and diligent work so that you can continue to learn and understand how you can make things work for you, for your family, for your situation,” she said.
“Look at what happened last year, the pandemic hit us,” Taveras said. “There are things that are going to be out of our control, but there are a lot of things about our money that we can control and become financially powerful because of it. “
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