💸Moneda Moves (40): Becoming a US citizen may be about to get way more expensive 🇺🇸
It's Friday, mi gente, and after a beat we are back at it with another notita. ☀️
Thanks for joining us on this journey with more than a year of the digest all about Latinos, money and our role in the American economy. Let's get to business.
We are officially five days away from one of the biggest days for a newsletter like Moneda Moves: That's Latina Equal Pay Day on November 20, which observes the extra months Latinas must work overall to earn the same amount of money as a non-Hispanic white male, aka the biggest wage gap by group.
(Credit: Latina Equal Pay Day)
Today, Latinas overall make 54 cents for every dollar a non-Hispanic white male makes. These kinds of statistics however can seldom stand on their own without caveats. Let's break down this jaw-dropping figure:
Latinas tend be overrepresented in lower wage jobs, also making it harder to obtain good benefits
A significant portion of Latinas are single mothers and breadwinners
Biggest wage gaps are seen in retail, sales, restaurant industries (64 cents) and the lowest in office and admin support (94 cents)
While this stat may be grim, the future looks hopeful, folks. Because 25% of the female population is under 18, Hispanic women represent a critical segment to the success of every industry. There's also a huge opportunity to close this wage gap by addressing some of the bullets stated above. That said, this gap won't autocorrect -- it is vital to draw attention to the disparity and take active steps to make level the field.
More to come from us, but in the meantime visit Latina Equal Pay Day to learn how to participate in the conversation and find out what issues Latinas talking about wage gap are talking about all across the country next week. #LatinaEqualPay
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Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
Trump admin. wants to raise costs to become a U.S. citizen by 83 percent🇺🇸: This increase would affect the roughly 9 million immigrants in the US that are eligible to become U.S. citizens. The reason for the hike as put forth by U.S. Citizenship and Immigration Services? "Current fees do not recover the full costs of providing adjudication and naturalization services."
But as the proposal stands, this would come at exclusively the cost of immigrants with prices for DACA renewals going from $495 to $765 and citizenship fees nearly doubling from $640 to $1,170.
Advocates like Angelica Salas, executive director of the Coalition for Humane Immigrant Rights, say the proposed hike is "a targeted and brazen attack especially on those who are poor and vulnerable." The piece comes from Nicole Acevedo at NBC Latino.
Know the powerful/potentes Latinx and up-and-comers in the money world.
The two brothers that launched a loan company to help small Latino businesses thrive💰: For Sean and Kenny Salas, the downfall of one family business gave birth to an idea that would help others thrive. Many years after their mother had to close down her chain of Los Angeles restaurants, they launched Camino Financial to help Latinos grow and manage their business. Any businesses applying for a small business loan at Camino Financial must meet a few requisites:
Have been in business for nine months
Have annual gross sales of $30,000
SSN is not required
Remember, there are around 4.4 million Latino-owned businesses in the U.S. which contribute upwards of $700 billion to the economy annually, according to the U.S. Hispanic Chamber of Commerce. With barriers that exist to getting capital however, a service like Camino is definitely one to keep an eye on. The story comes from wearemitu.com staff.
Put your money/monedita where your mouth is! Some money updates for thought.
These founders are unlocking trillions of dollars in untapped capital through credit profiles🏦: There are 45 million people in the U.S. without credit profiles, particularly low and middle income folks. And it's a big deal, especially for immigrant communities who are financially excluded without these profiles. Establishing these credit profiles gives people access to a mortgage and credit. On Nasdaq's Trade Talks, we spoke with co-founders Abbey Wemimo and Samir Goel about their vision for Esusu, the company helping people build credit profiles. Watch the full episode here.
(Credit: Nasdaq's Trade Talks)
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(Credit: Giphy)