Latinos and Finances: #Latism Party Recap

Financial Expert Vielka Burey

Last Thursday [Tax Day], Certified Financial Planner (CFP) Vielka Burey came to our Twitter party to promote financial literacy for Latinos. For almost two hours, Vielka shared tips and answered questions on the topics of credit card debt, entrepreneurship, financial planning, saving and more – all in 140 characters or less. That’s quite a feat!

Well, a promise is a promise is a promise. Many of you requested a recap of the financial tips she shared that night, and here you have it!

Read them, share them and most importantly, apply them! You’ll be on your way to making your $$Primer Millón$$!

ON GETTING YOUR FINANCES IN ORDER:

Photo courtesy of FreePhoto.com

  • First you set up a budget. Write down your assets and liabilities
  • Mint .com is a great budgeting tool. http://bit.ly/b5s0v1. I use it to see all my expenses in an organized way
  • There is a saying “pay yourself first” transfer a percentage of your paycheck before you get in your account
  • If you are single, you should have at least a 6 month’s  “emergency fund”- if you are married -both working – then at least 3 months
  • Put your money in a savings account until you have enough to cover your emergency fund and your debts (credits cards) are paid off
  • Start taking a % of your paycheck directly to a savings account
  • Deduct a percentage of every paycheck (10%) for savings
  • Once you have a “healthy” amount you should consider mutual funds and EFTs
  • If you save 50 per week when you are 25, you should have around $600,000.00 by the time you are 65 [based on a 7% interest]
  • Remember that the money in your IRA is to be there until you are at least 59½
  • It takes discipline first. All of us can start saving as soon as we get our first paycheck
  • It’s hard to start but then you realize you become more conscious with your $$

ON GETTING OUT OF DEBT:

  • First, get all your credit cards latest statements. Put them in order of balance. Second, put them in credit card interest rate order
  • Start paying MORE than the minimum balance in the cc that has the highest balance
  • See if you can consolidate [your credit cards] into a lower interest rate. Check the cc that has the lowest interest rate and if you have still credit transfer to the lowest int rate cc
  • Plan accordingly (2 pay your debt off) once you have very little debt start saving
  • Here is a link to find out how soon you can pay off a cc http://bit.ly/cBBJ37

ON ENTREPRENEURSHIP:

  • Having a degree is important but usually an independent person, a leader makes a good entrepreneur
  • First, you should have enough savings 2 start your own business. A high % of business go bankrupt on their 1st year
  • Have an business plan, a marketing plan, and willingness to work long hours
  • You have to be careful on choosing your partner – like everything in life

ON KIDS AND FINANCES:

  • Saving for college should start since conception
  • First you should save for your retirement because for kids college there are always loans; if you can do both even better
  • For emergencies: You should create a special needs trust. I wrote an article in lifetunner.org http://bit.ly/aBVvRA
  • For children: First you should create an estate plan. Trusts are created when there is $$$
  • The purpose of a TRUST is to REPOSITION your valuable assets to protect and manage your wealth for the benefit of your heirs

For more of Vielka’s Latina Financial Wisdom, check out her upcoming podcast about College Funding and read her blog on everything related to Latinos and $$$ at http://www.lifetuner.org/users/vburey

What has worked out for you? Please share your tips, comments or questions below!

Comments

comments

2,466 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*

We want to hear from you!

We're here to serve you. Just send us an email and we'll get back to you, asap.

Sending

©[2015] Latinos in Tech Innovation & Social Media (#LATISM)

or

Log in with your credentials

Forgot your details?