Editor’s Note: To understand the financial literacy needs of our Latina readers, Adrianna Domingos-Lupher, our personal finance contributor, recently launched an online survey, “Latinas & Wealth,” and produced an infographic depicting the findings of this pilot survey. Fifty-one Latinas completed the survey and provided valuable quantitative data, as well as qualitative data focusing on their financial goals, needs and challenges. The findings of the survey will serve as the anchor from which to launch the Back to Basics Budgeting Series, here on NEW LATINA. We will expand this survey in the future. We thank all our readers for their participation and support.
Adrianna Domingos-Lupher’s Note: Thank you to all the wonderful NEW LATINA readers who took the time to complete the Latinas and Wealth survey. We thoroughly enjoyed reading your responses. Participants provided such honest and open feedback, and for that we are very grateful. When it comes to money, it can be really difficult to open up and be honest about our relationship with our personal finances. Our society, and specifically our culture, can be very private about our family finances, but the survey participants bared all. Muchismas gracias a todas!
What You Told Us
Latinas are setting financial goals.
Not only are you working to become debt free and save for emergencies and major milestones, but you are also investigating in ways to “secure several streams of income” to bolster your drive towards financial freedom. You know how important it is to set goals and you aren’t afraid to take a “sky’s the limit” approach to your financial dreams.
We have the best intentions when it comes to our finances, but need a little direction.
Though we all agree on the importance of saving, 51% of the participants have not established an emergency savings account. Before we start looking towards investments like mutual funds and stocks, we have to make sure that our day-to-day budget basics are strong. Sometimes the best way forward is taking a step back and examining our financial foundation so we can put our extra dollars to work for us!
We are ready to save for our retirement, but aren’t sure exactly where to start.
401K? IRAs…Roth or traditional? Pensions? Social Security? It’s a lot to take in and a lot to figure out. Retirement planning can seem overwhelming and feel like it’s eons away, but I assure you retirement is just around the corner. And it’s more important than saving for college para los niños. There is no time like the present to start saving for retirement and NEW LATINA is going to help you get there.
Next week, NEW LATINA is going to launch its Back To Basics Budgeting Series. I’m going to walk you through how to get your personal finances in order beginning with budgeting. We’ll start by taking a snapshot of your current financial situation. Then, we’ll evaluate your spending and find ways to cut costs. After we fine tune your spending plan, we’ll take a hard look at your debt and establish a plan to get you setting aside money in savings. Once your financial picture becomes clear, we’ll begin the process of setting goals and venturing into long term financial plans and the tools you’ll need to succeed!
Are you ready to join us and take control of your financial future? Stay tuned for our Back to Basics Budgeting Series!