💸Moneda Moves (38): “We need to be the leaders that we’re waiting for."
Feliz viernes, Moneda Moves readers!
This week in our highlights, we were reminded of the growing influence and economic potential Latinx have in the American economy. We kicked off the week with a panel at NYC-based coworking space Luminary to talk about the evolving ways we view money and career through diverse Latinx lens.
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I had the great pleasure of speaking candidly with three entrepreneurial Latinas on a panel about their earliest money memories, overcoming financial insecurities and how we make an impact in a world where we have a $2.3 trillion GDP. I'll share our takeaways at the bottom. Onto this week's notita.
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
When Latinx become the leaders they were waiting for⚡: It's no secret that the current presidency has generated controversial rhetoric about immigrants and the Latino community. In his campaign, President Donald Trump labeled Mexican migrants as rapists and drug traffickers. Throughout the last four years, the administration has vowed to crack down on legal and illegal immigration. In California, hate crimes against Jews and Latinos spiked in 2018, a trend that several analysts blamed on anti-immigrant rhetoric and hate groups.
In turn, many Latinx have re-evaluated their cultural identities and their role in American society. This week, The Los Angeles Times published an insightful piece about how some Latinx have chosen to explore their layered identity and contributions to American society through career changes. For example, a 26-year-old Adrian Rios adjusted his career plans to go to law school, help his family out of poverty and then help other disadvantaged Latinos with free legal services. Others aim to serve the community through their mental health -- take Adriana Alejandra for instance. She launched the platform Latinx Therapy, which helps patients find bilingual and Latinx therapists. It's powerful piece written by Ruben Vives and Andrea Castillo.
Latino-owned businesses' earnings jumped 46% in the last 12 months💰: That's according to Biz2Credit’s annual study. This jump in earnings correlates with an increase in credit applications from Latino-owned businesses as well. Average credit scores did dip slightly year over year, but experts say Latino businesses are growing and thriving nonetheless.
“The growth of Latino businesses is undeniable and will undoubtedly increase as this important group becomes a larger section of the population. By 2050, Latinos are expected to comprise almost 30% of the population, compared to 18% today,” said Manuel Chinea, COO, Popular Bank.
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Know the powerful/potentes Latinx and up-and-comers in the money world.
Oscar-winning filmmaker Alfonso Cuarón strikes multi-year deal with Apple 🍎: If you've watched "Roma," "Y Tu Mamá También" or "Children of Men," you have likely heard of Alfonso Cuarón. If not, you are about to see a lot more of his work through Apple TV plus. Under a new contract he has with the company, the award-winning filmmaker will be making projects exclusively for Apple TV plus. This piece comes from Variety.
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Put your money/monedita where your mouth is! Some money updates for thought.
The evolution of money & career through a Latinx lens👓: This week we were at Luminary to speak openly with a few entrepreneurial Latinas about how their views on money and career had changed over the years, as well as lessons learned. Here's a few of our takeaways for you:
Being Latinx is not a monolith and therefore the ways we were raised to think about money are different from one another
Taking action to build generational wealth early will set you up for success
When it comes to personal finances, overcoming shame is a big feat and asking for help is not a weakness
Learn to take calculated risks with your money
Address family care early, because not only is it important -- it will come at a cost
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Thank you to the women that joined me on stage to share their stories and expertise: Ramona Ortega - CEO and Co-Founder, My Money My Future, Maribel Lara - SVP, Head of Consulting, The Sasha Group and Yai Vargas - Founder, The Latinista. And of course, mil gracias to founder Cate Luzio for creating a beautiful space to bring diverse Latinx voices to the table. 🔥
Vamos pa'lante.
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