Debt is keeping Hispanics from getting wealthy
Let me tell you why so many Hispanics are in debt today in America. It’s because no one is taking time to educate them about how to manage their finances.
How do I know? I am one of those Hispanics. I grew up not knowing anything about how money worked. I simply got a job and started to make money only to spend it all every time I collected a check. I didn’t know why saving was important.
You may be thinking to yourself, saving is common sense. Don’t judge me yet, keep in mind that i’m debt free but boy I used to be far from it. I had a brand new Ford Mustang that kept me from building wealth.
I was making $400 dollars a month payments on a new car that was dropping in value every time I drove it to work.
I worked for four hard years having only a few hundred dollars to my name because all my money had been spent on food, entertainment and of course my new car which was sucking the life out of my wallet.
When you see Hispanics in your town know that they too are in the position that I just described to you. They are making payments on trucks and SUVs that they can bearly afford. They are stuck making payment for years to come stealing their children’s college money.
So when Hispanics then add a mortgage they also add financial stress every month. You see hispanics do not work off a budget most hope they can make it the next month. This is how they get into debt. They fall into making monthly payments on stuff they cannot afford.
Today I want more Hispanics to pay off their debt so they can build a better future for their children so I started a site called Debt Free Hispanic. The site is built to help others learn from my mistakes. I write about saving money and building wealth with your income. I do not recommend using any credit to make purchases, that is how you become debt free.