Financial Literacy, Let’s Build a Stronger Financial Future with the Riqueza Club!

We had the pleasure of chatting live with Wealth Coach and CEO of the Riqueza Club– Lea Landaverde. The Riqueza Club serves first-generation immigrants, queer, bipoc, women and is committed to help break generational money curses to align, build and grow your wealth. Lea is a first-generation, queer, Latina financial professional and activist.

“Our mission is to amplify the voices of our marginalized community so that we can get access to the financial education we deserve. In this community we focus on Activism, Community, Education and Wellness. “

Latinos are projected to make up 22.4 percent of the US labor force by 2030 and more than 30 percent by 2060. Yet they remain concentrated in roles generally dismissed as “jobs no one else wants to do.” They are underpaid, less likely to have non-wage employer benefits, and disproportionately vulnerable to disruption. The $288 billion annual gap in income compared with non-Latino White workers not only represents lost economic opportunity but has significant implications for Latinos’ ability to start businesses, build wealth, and fully participate as consumers. In a scenario of parity, wages for Latino workers could be more than 35 percent higher and an additional 1.1 million Latinos could join the middle class.

The Latino community drove 78% of the us labor force growth but Latinas only earn $.55 for every $1.00 a white male earns. On average, Latinas in the U.S. are paid 45% less than white non-Hispanic men, meaning they have to work twice as long or twice as hard to take home the same paycheck.

We represent 19% of the population, contribute 2.3 trillion$ to the economy but we only have $1,000 in savings.

LET’S PLANT THE SEED TO FINANCIAL INDEPENDENCE

LET’S MAKE SAVINGS AND INVESTING A PART OF THE CONVO

What is Financial Literacy?

It has been defined as:

“The ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day.

In the US, we make great efforts to teach children to read and write, but we don’t give their financial literacy the same attention. As a result, few young people know how to manage their personal financial lives.

Wealth is a state of mind:

The voice says- “You’re never going to be able to do this, you’re not worthy” This comes from social media or what we heard growing up. Change your mindset!

Set a healthy mindset:

-Create your vision

-Be intentional with your time, money, parenting, know why you are doing what you are and the way you are doing it.

-Live abundantly and then you will thrive

SETTING FINANCIAL GOALS

Action planning for successes and not setting ourselves up for failure:

-Create an Emergency fund

-Pay off all high-interest debts

-Contribute to 401k, invest with a brokerage account

So, here’s to creating more opportunities for us to be seen, heard, valued – and of course, to getting paid!!