Moneda Moves (143): Start Managing Your Finances Like A CEO w/Her Dinero Matters
Que tal, mi gente? I hope you had a good Election Day and made time to get out to the polls and vote on the last day to exercise your right to vote. In our last newsletter, we wrote about the special importance of voting this year especially for the Latino cohort, and if reports are any indication — making sure our voices are heard will only be more important from here on out.
We are deep in the fourth quarter of the year and while personally it’s a time of gratitude, it’s also a time when companies are knee deep in the annual budgeting process to set themselves up for the new year. So naturally, we're also thinking about building! What are our goals, visions and plans for the new year? These are the kinds of questions we encourage you to begin thinking about as well.
Today, on Moneda Moves we have a guest who is a firsthand expert in this space to share her story and practical tips for our listeners creating their financial plans for 2023: Jen Hemphill, money expert and podcast host of Her Dinero Matters.
Jen is an Accredited Financial Counselor and started her podcast to talk about the importance of learning your money story and how to build confidence in personal finances. Jen started her podcast around the same time our host started covering the influence of Latinos and money, so we discussed her storied journey, the difference between different kinds of financial guides and how to best prepare for the new year. Take a listen.
Con poder,
Lyanne
Headlines to put on your radar.
Latino-owned businesses on the rise : We often speak about the number of Latino entrepreneurs contributing to the US economy in this newsletter, but when it comes to the future for business owners it also looks bright. According to a recent report from Action 10 News, not only has the historical growth of new Latino businesses been significant, they are continuing legacies, businesses passed down by family and employing others, too. Latino-owned businesses employ about 1 million workers, with more than $100 billion in annual payroll, per The Joint Economic Committee. Meanwhile, JP Morgan and Chase estimates that Latino entrepreneurs will make up nearly 30% of the American population by 2050 — an incredible figure.
Black and Latino entrepreneurs see immense growth, but not the business opportunities to match: Not only are Latino entrepreneurs opening new businesses, but both Black and Latinos see revenue growth in their companies. And despite their proof of financial viability, they are not receiving opportunities for long-term partnership to match. Per the report from EY Entrepreneurs Access Network: “Only 34% of entrepreneurs surveyed received offers of business collaboration in the last year, as compared to 50% in 2021.” There is immense room for improvement, and if anything is clear it’s this: Now more than ever is the time to support growing BIPOC-owned businesses. You can find top level findings from the report here.
A new generation of workers is remote, global and flexible: The pandemic has made abundantly clear: people prefer flexibility and remote work options. In a recent study by McKinsey noted that while 19 percent of older workers did not accept a remote work opportunity when offered, just 12 percent of younger workers declined that offer. But remote work is not the only trend that young workers are powering. We spoke with CEO of Growrk, Carlos Escutia about other trends to watch out for powering the future of work.
Rising voices in business, fintech, entrepreneurship and beyond.
Meet NextGen Collective’s 30 Under 30: It’s Lyanne again here, creator of Moneda Moves. And I’m here to share with you that the stories we tell matter.
Last week, we gathered to celebrate NextGen Collective’s 30 Under 30 and I had the privilege to meet so many talented Latine leaders across the country I’m excited to build relationships with. I know we have so much more ground to cover – we’re just getting started.
I also shared a keynote onstage with our cohort and leadership at Goldman Sachs. The main thematic? The power story has had in my life and what it can unlock for so many others. You can find the full list of 30 Under 30 covering sectors from tech, to government, healthcare and media here.
One of my favorite journalistic interviews I’ve done to date with Luis Von Ahn, Guatemalan immigrant and founder of language-learning app Duolingo. At the time, he was a recipient of the MacArthur Fellowship, known as this generation’s “genius” award. He also had sold two companies to Google. What an incredible vantage point that must have been!
But he was far from done with fulfilling his vision. His goal at the time? To equalize access to education, especially learning new languages and it had everything to do with where we came from. In 2016, he told me: “At some point the university was kicking the project out because it had too many users and they just said, ‘You can’t be in the university, you have to do something about it,’” he said. “I had to turn it into a company.” And that’s exactly what he did. Today, Duolingo has more than 500 MILLION registered users. His story was an excellent reminder to run on your own timeline, see your visions through, even if you don’t know the full script yet.
Here’s to 30+ more…
Thank you for joining us! Until next week, catch us here on Moneda Moves.