Moneda Moves (148): A Message For First Builders In a Challenging Economic Time
The last few months have illustrated a challenging economic time for many in the U.S.. From the rising inflation, to disproportionate unemployment for BIPOC communities, to waves of layoffs we are seeing across tech companies, slowing investment in early stage startups, and continuing signs that we’re headed for a recession, the future seems uncertain.
In these times of economic unpredictability, we can’t help but to think especially about first builders right now who are in the process of creating companies, experiencing layoffs and getting started closer to home, building generational wealth, and caring for loved ones financially.
With that thought in mind, we put together a list of money resources across the board that could be helpful if this is you, reading this newsletter. As we find more resources, we will continue to share, mi gente. Do remember that in times of uncertainty, community is one of our biggest advantages. As such, reach out to people in your networks to extend a helping hand and know that you can absolutely ask for help.
Personal Finance
This is an abbreviated list, knowing how many incredible resources
Clever Girl Finance, Bola Sokunbi: Completely free courses on financial education to map your financial roadmap, to budget and invest part of your paycheck. We also like that Clever Girl Finance has been voted among the best finance websites for women.
Your Rich BFF, Vivian Tu: Whether it’s better understanding resources to build wealth or the financial news, Vivian, has been able to break down financial information consistently in an easy-to-understand way, leveraging her background in Wall Street. You can find her content on TikTok and Instagram.
In Luz We Trust, Linda Garcia: Teaches about breaking unhealthy relationships with money and working on your money mindset. Additionally, has a waitlist on Stacks, her course to better understand directly investing in the stock market on her businesses’ website.
Yo Quiero Dinero: A podcast and resource sharing Latinx and change makers’ personal finance stories by Jannese Torres.
Latina Wealth Activist: Led by Lea Landaverde, who is certified in financial planning and services, Latina Wealth Activist offers money coaching and perspective through her TikTok page and the Riqueza Collective.
Finance for Your Business
Small Business Majority: The small business advocacy organization based out of D.C. offers online resources, policy, advocacy and research geared towards helping diverse entrepreneurs to build a thriving and equitable economy.
Support Latino Business: SLB is a nonprofit and community-led coalition with the end goals to uplift and equip businesses to scale and thrive for generations to come.
Hello Alice: This is a platform dedicated to helping other small business launch and grow by offering funding, networks and knowledge to entrepreneurs.
Jefa In Training Author and Business Coach, Ashley K Stoyanov Ojeda: I met Ashley through working with Latina entrepreneurs across the U.S. and as she finished her workbook for entrepreneurs, Jefa In Training. She is multicultural and bilingual business development strategist that works with small business owners and startups to create and execute a roadmap for sustainable growth, having worked with the likes of Bonita Fierce Candles and Unstoppable Latina. Today, she does coaching and masterminds for growing business owners.
Con poder,
Lyanne
Headlines to put your radar.
How inflation hits Latino and Black communities hardest: In January, the The Federal Reserve Bank of New York released a report on inflation inequality, marking how high prices don’t hit all groups in the same way. The New York Fed reported that Black and Latino households deal with above average rates of inflation as they have been for the last few years. These are the same demographics that are usually spending a bigger part of their budgets on necessities for the household.
While U.S. unemployment improves, the numbers don’t always translate for Black and Latino communities: At the top of the year, unemployment rate had improved across the board and as of thec— the lowest since 1969. However, that progress doesn’t always track in Black and Latino communities. As this CNN Business piece calls out, unemployment for Black people was actually up at the end of last year. Meanwhile, Latino workers are still recovering from the pandemic, who suffered the biggest unemployment rates. Our communities become increasingly important to track as the economy recovers from COVID.
Incoming: The State of Latino Entrepreneurship Report: Next week, I’m headed to Stanford University Graduate School of Business! Over the years, I've written about the State of Latino Entrepreneurship report and referenced it time over and over through Moneda Moves and in articles about contributions of Latino entrepreneurs to the US economy at large, but next week we will be in the room with creators behind the report. What questions do you want to hear addressed? Drop them in the comments.
⚡The 2023 State of Latino Entrepreneurship Summit at Stanford University will shed light on the current state of Latino entrepreneurship and provide insights for business owners and leaders.
If you're going, please reach out. It would be great to meet. Here's the link to register if you're interested in joining me on 2/16: bit.ly/2023-SOLE
Latino and BIPOC-led businesses and funds raising this week.
How three General Partners last week raised $1M in commitments this week for their SPV: Just last week we attended an event in Chicago that had reached our inbox just a few weeks earlier and caught our attention with the headline “meet 3 Chicago-based women fund leaders!” We noticed one of them was former guest of the Moneda Moves podcast, Supply Change Capital. In this episode, we had an intimate conversation with Noramay Cadena, one of the general partners of the fund, to speak with us about her pivot from being a Boeing engineer to full-time investor and what it meant to break out of scarcity-based money scripts. We’re pleased to announce we had the pleasure of meeting general partner of Supply Change Capital, Shayna Harris this week as well.
Seeing Supply Change Capital, next to two other Chicago-based and women-led venture capital funds, we knew we needed to show up and added the event to our calendars. The event features “3GPs" or general partners: Tessa Flippin, of Capitalize; Shayna Harris, of Supply Change Capital; and, Gale Wilkinson, of VITALIZE Venture Capital. They came together to put together a special purpose vehicle (SPV), a legal entity used to pool money from a group of investors to make investment in a startup. Congratulations to the three GPs who so far have passed $1M in commits to the SPV! This is one of the ways in which venture capital firms are now raising funds and increasing investors’ access to companies.
Fintech gets its own Latina C-Suite trio: SUMA Wealth, a fintech company helping young Latinos build wealth, which is now being run by three Latinas at the helm: Reel Co-Founder and CEO Daniela Corrente joining as Chief Strategy and Business Officer, Co-Founders CEO Beatriz Acevedo, and COO Mary Hernandez. Earlier this week, the company announced SUMA Wealth is acquiring Reel. Congrats, jefas!
Thank you for joining us! Until next time, catch us here on Moneda Moves.