💸💪🏾Moneda Moves is back! (21): Power to the small biz⚡
Rise and shine, mi gente! Moneda Moves is back with a revised look for your digest on all things Latinx and money. Today, we talk the power of preserving small business, its importance to the census, how we invest and more.
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Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
President Trump demands money (again) for proposed border wall💰: Earlier this year, the government was partially shut down following the president's unfulfilled demands to fund the proposed border wall. Now the president is said to be demanding funds for the wall once more-- amounting to a grand total of $8.6 billion. Latino USA reporters Maria Hinojosa and Maggie Freleng went to the U.S.-Mexico border to take a look at how the government's plans to build a wall could affect local towns and how they operate today. At the border, they find asylum-seekers, volunteers and activists.
President AMLO credits himself with a stronger U.S.-Mexico relationship 🇲🇽: In a 100th day speech, the Mexican president Andrés Manuel López Obrador (AMLO, for short) gave himself a pat on the back for developing a stronger relationship with the U.S. and higher economic confidence. The write-up comes from the Latin America News Dispatch, with recent updates on the NAFTA here.
We also feel compelled to include that in his first 100 days as president, AMLO got international attention for generating a sort of gas crisis in Mexico when he shut down gasoline pipelines and instead started escorting gas by road as a statement to criminal cartels stealing gas, known as huachicoleros. Most recently, several Mexican publications reported that the government signed to buy more than $80 million USD worth of tanker trucks to deliver fuel, a more expensive process. Planet Money's Sarah Gonzelez recently did a thorough report for NPR.
Know the powerful/potentes Latinx and up-and-comers in the money world.
How local business is crucial to the census📝: Want an accurate 2️⃣0️⃣2️⃣0️⃣ census and fairly allocated federal money in California? 💰 Surveying Latinx business owners will make for crucial indicators, a recent Sacramento Bee opinion piece posits.
“In California, these businesses are economic drivers for local communities. But they represent more than the jobs they offer and revenue they inject into our economy. They’re anchors in our communities. They’re trusted partners, friends and neighbors.” That’s the stance of Jacqueline Martinez Garcel, CEO of the Latino Community Foundation and Julian Canete, CEO of the California Hispanic Chambers of Commerce, who say that these businesses will increasingly be the establishments that serve the population of today and tomorrow.
A cultural district is set to expand in San Francisco's famous Latinx corridor🌯: Mission District is perhaps one of the most well-known corridors in the country for its Latinx small shops, murals and offices set up in the neighborhood. It has also frequently dealt with changes and gentrification. A few nonprofits have reportedly banded together to expand the Latino Cultural District in the Mission Street area. Not only will the expansion further protect the neighborhood, but also allow for nonprofits and cultural institutions to apply for grants with ease. The words come from Julian Mark at Mission Local.
Put your money/monedita where your mouth is! Some money tips for thought.
Latinx slow to join the digital world of financial education and trading📚: We are effectively in an era where education is taking a chance on digital, and the world of investing is no exception. Online courses can not only educate individuals who would like to invest but also offers trading platforms. Despite available resources, Alan Elliott writes for Investors Business Daily that Latinx (and African American) generally invest less than their white counterparts.
Why? A critical racial wealth gap is one reason, but also, Latinx were found to be risk averse:
"Among Hispanics, a 2014 Wells Fargo survey found that 47% of participants would prefer to place money in no-risk savings accounts, rather than in stocks or various funds. That compared with 35% for U.S. investors overall."
That's all for this edition of Moneda Moves, familia! Tell us: ¿Y tú? Have you begun investing? If not, are you planning on doing so?