💸Moneda Moves (39): 1/3 of Latinos are under the age of 18 & what it means for intergenerational wealth
Welcome back, Moneda Moves familia!
Felicidades, we made it to Friday. We're keeping today's digest short and sweet with three takeaways for the week, but keep following us on our social media platforms for updates at @MonedaMoves.
Con poder✊🏽,
Lyanne
(Credit: Giphy and those fin de semana feels)
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
Building generational wealth and closing the racial wealth gap💸: Just a few weeks ago, we covered here, on Moneda Moves, that the Latino GDP is now $2.13 trillion dollars, making it the seventh largest in the world. No small feat. Despite the fact, we still have a jarring racial wealth gap. Today, there is about a $150,000 disparity between Latino and white families in net worth. The good news? 32% of Latinos are under the age of 18, meaning that the opportunity to build wealth is immense for the Latinx community. Ramona Ortega, Founder and CEO of fintech platform My Money My Future joined us at Nasdaq to talk more about what it will take to close the wealth gap and to build that intergenerational wealth.
"(Latinx) save money, we know how to build with very little...but we have to start investing," says Ortega. "It's not about how much you invest, it's how long you invest." Some of the ways she recommends that we get started include:
Roth IRA
401(k)
Diversification
Entrepreneurship
This hit comes from Nasdaq's Trade Talks, hosted by yours truly. Wepa.
(Credit: Trade Talks)
Know the powerful/potentes Latinx and up-and-comers in the money world.
How small farmers are taking their own approach at building a self-sufficient Puerto Rico: There's a group of people in Puerto Rico that see farming as a way to make the island self-sustainable. Following a series of natural disasters on the island including Hurricane Maria, ports closed due to the devastation, exposing an issue for PR: food shortages as it relied heavily on imported food. Additionally, 80% of Puerto Rico’s agricultural industry was destroyed.
Since then, farmers have taken matters into their own hands. Using ancestral knowledge and biology, they are taking steps towards restoring farms and make the island independent through agriculture. The report comes from NowThis News.
(Credit: Giphy)
Put your money/monedita where your mouth is! Some money updates for thought.
Challenges to rebuilding the Puerto Rico economy💰: One way some business people think it can be done? Through investment and construction. Ricardo Alvarez-Diaz is CEO of Alvarez-Diaz & Villalon Architecture & Interior Design and vice chair of Invest Puerto Rico. On a recent episode of Nasdaq's Trade Talks, he explains that he serves as a liaison between the private sector and organizations like FEMA. The new investment philosophy among a group of business people on the island, he explains, is spearheaded by the private sector. "Invest Puerto Rico was built to offer continuity," he said. This live hit comes from Jill Malandrino, Global Markets Reporter at Nasdaq.
(Credit: Trade Talks)
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(Credit: Giphy)