Moneda Moves (86): Biden’s Covid relief bill means Latinos could claim billions. Will they?
Feliz viernes, mi gente. We are back in action here at Moneda Moves, this week with a new installment of our podcast and updates for our community from Biden’s stimulus bill, Latinx-founded companies and more.
First, to highlight our latest podcast episode:
“You can do anything you set your mind to,” said money coach Mayra Alejandra Garcia on tackling debt on the latest podcast episode of Moneda Moves. “Si se puede.”
It’s #FinancialLiteracyMonth, mi gente, and on this week’s episode of the podcast, we are diving in deep to personal finances. We recently connected with Founder and CEO of Debt-Free Latina, Mayra Alejandra Garcia.
She is a financial coach teaching women and families how to get out of debt, grow their net worth and claim their financial independence. In 2010, she was stressed out about our bills, living in a house she couldn't afford, had two car loans, student loans and credit cards. She was ready to make a change and learned how make a budget.
A few years later, she created what she calls The Cash Flow Method, enabling people she coaches to see where every penny is.
Con poder,
Lyanne
Headlines to put on your radar.
Biden’s Covid relief bill means Latinos could claim billions. Will they? 💰“If all Latinos claimed what they are entitled to in the pandemic package and the paycheck loan program, the total could be nearly $60 billion,” Houston investor and entrepreneur Tom Castro told NBC News.
But not all Latinos may claim their fair share of the money. For instance, immigrant families have increasingly stopped using public benefits for fear of risking their shot at American citizenship. This will be a challenge in terms of getting this population to use the money allotted towards the community.
Another challenge is the lack of a bank account to get stimulus money delivered faster. According to The Washington Post, almost 14% of Black and 12% of Hispanic households are unbanked, compared with 2.5% of White households.
Treasury Secretary Janet Yellen addresses how pandemic hit Latino community🏛️: In a Twitter thread, Treasury Sec Yellen expressed what we have heard multiple times: This pandemic has taken an especially hard toll on the Latino population in the US.
“Economic crises generally do this: They take pre-existing inequalities — and make them even more unequal,” she said.
Citing access to capital as a major pain point, she announced that Treasury will introduce $12 billion dollars into Community Development Financial Institutions and Minority Depository Institutions.
She stated she hopes this money will be just the start of a meaningful difference. "Hispanic entrepreneurs can lead us out of a crisis again,” Yellen said.
Rising voices in business, fintech, entrepreneurship and beyond.
Small Steps To Take Control of Personal Finances with Mayra Alejandra Garcia: Mayra is a financial coach aiming to help her clients pay off debt and grow their net work simultaneously. The lessons she learned firsthand she is now teaching others in her community.
For this reason, she is a mujer to watch and refer for those looking to have someone help take control of money. Listen to the full episode here.
Thank you for joining us! Until next Friday, catch us here on Moneda Moves.