💸Moneda Moves (47): Let's talk about this "wealth rule" & the American Dream☁️
Welcome to another Moneda Moves and the last week of the first month of the new decade. It's no small feat making it here.
January 2020 has had no breaks in news, and this week was no exception. In a 5-4 vote, the Supreme Court is now allowing the Trump administration to implement the "wealth rule" which is exactly what it sounds like. Immigrants will now have to prove they are financially self-sufficient. It will also become more challenging for immigrants to secure a green card if they are deemed likely to need public assistance.
Factors that may hinder an immigrant from receiving a green card under this new ruling include:
Using Medicaid
Food stamps
Housing assistance
If a person is unemployed
Not fluent in English
Dropped out of high school
The test is a stark contrast to the concept of the American Dream. Politicians as well as activists across the board have spoken out against it. In a tweet, congresswoman Alexandria Ocasio-Cortez called the rule "shameful."
(Credit: Twitter)
Meanwhile U.S. District Judge in New York George Daniels called the rule “repugnant to the American Dream," per Reuters. You can find more details on the rule and its recent revisions in The New York Times. We will be keeping a pulse on the rule and keep you updated of its effects here on Moneda Moves.
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinos and money.
Latino entrepreneurs now make 15% of all entrepreneurs💰: If we are talking about Latinas in the workforce and Latino entrepreneurs overall, we can't sleep on this stat. Latinas are entering the workforce at an all-time high and a lot of them are choosing to also take the entrepreneurship route. Long-time entrepreneur himself and founder of Larrea Wealth Management, CEO Aquiles Larrea joined me on Nasdaq's Trade Talks to break down the numbers.
(Credit: Trade Talks)
Just in 2001, this number representing Latino entrepreneurship was closer to six percent. That means that in the last two decades, the Latino entrepreneurs have more than doubled in this country. Larrea says that Latinos continue to "out-hustle" and take on multiple jobs -- among them, entrepreneurship. A challenge however, is funding and the disparity in earnings for Latinas. Latino-founded companies overall don't often exceed one million dollars in revenue. Crucial to closing this gap is tapping into networks and sponsorship and mentorship, he says. Watch the full interview here.
Know the powerful/potentes Latinos and up-and-comers in the money world.
Diane von Furstenberg CEO on making it as a Latina⚡: In 2018, the iconic fashion brand announced the arrival of a CEO, Sandra Campos, but what you may not know is her background. A Texas native and first generation Mexican-American, she came to New York on a mission and ready to make waves.
Prior to her position at the helm of the luxury brand, she spent 20 years in the fashion industry and took leadership roles in fashion lines from brands like Bebe, BCBG and Herve Leger.
In CNBC's series, "Invest In You," she dropped a couple of gems for aspiring powerhouses in the industry and entrepreneurs like herself. Her advice ranged from what it takes to make it in her profession to personal finance tips. The report comes from Brandon Gomez at CNBC.
Put your money/monedita where your mouth is! Some money updates for thought.
New financial resources for Spanish-speakers🔈: There's a new financial service revving up, and I wanted to share with you all the work over at We Are Unidos. The emerging platform will be dedicated to serving the hispanohablantes in your life and serving them information about personal finance, navigating the financial system in the United States and services, like managing bills, monitoring subscriptions and more. The platform is still being built out, but you can check out the website here and Instagram here.
(Credit: Unidos Instagram)
Shout-out to Francisco Javier Arceo and his team who are building out the service as I write. This is definitely a platform to keep an eye on.
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(Credit: Giphy)