From our pilot online survey, Latinas and Wealth, we learned that 51% of survey respondents did not have an emergency savings account despite the fact that 86% respondents are committed to or considering the prospect of aspiring to be wealthy. Now it’s pretty clear que tenemos una problema, right? How can we aspire to become wealthy if we haven’t created the solid financial foundation we need to get there?
So many of our readers are eager to save for their retirement, save for college, explore stocks, bonds, and mutual funds. You’re eager to start businesses and diversify your streams of income. And we’re going to get you there. Pero vamos a empezar con lo básico. We need to take it back to the basics by beefing up your financial know-how and guiding you through process to build a strong financial foundation.
Back To Basics Budgeting Series – Latinas and Wealth
New Latina Back To Basics Budgeting Series will guide you through the steps you need to take to create a firm financial foundation by empowering you to sit in the driver’s seat of your financial future. You will learn how to…
- examine your current financial situation
- evaluate your income and expenses
- set realistic and challenging financial goals
- build a budget you can live with
- make a plan to pay down and get rid of debt
- establish an emergency savings account
Once you’ve mastered these skills, we’ll take it to the next level and get down to the brass tacks of estate planning, retirement and college savings, and learning about various investment vehicles.
Getting Real About Your Relationship With Money
So it’s time for us to get real about how you feel about money. We need you to bring three things with you to the table:
- Positive Attitude
We need to open up communication and get dialogue flowing between our readers participating in our Back To Basics series. Comment, share, encourage each other…it will make this experience transcendent. I bet there are some of us who are afraid to open our bills. We haven’t been able to get honest with anybody, much less ourselves, about our finances.
Opening up and getting honest is tough, especially when it comes to money. It’s tough to own up to the fact that you’ve convinced yourself that you can’t afford to save money, but you can afford to get your nails done, or that you knowingly overextended yourself when you bought that new car, but told yourself you “deserved it.” It’s hard to face the facts when your budget will no longer sustain your spending and you have no choice but to change your approach.
We can’t be doom and gloom…negativity begets negativity and we’re not going to get you on your path towards financial fitness, if we don’t bring a positive attitude to this exercise. I want you to repeat this to yourself until you believe it:
Whatever my financial situation is, I have the power to change it right now.
Are you ready to Get Back To Budgeting Basics With New Latina?
Tell us what is motivating you to take charge of your financial future by leaving us a comment below! Do you know a friend that could use a push to get back to basics? Share our post with them!