Last month I had the opportunity to attend Hispanicize 2016, the nation’s premier gathering of Latino digital content creators. The Presenting Sponsor of this year’s Hispanicize was Prudential Financial, Inc., who challenged all attendees of to make a pact to serve their communities and to invest in their own future financial growth.
To fulfill the first part of the pact, I decided that this month I will write two blogs a week (on Wednesdays and Thursdays) that focus on the Hispanic community and go back to the basics! These blogs will act as your guide through the entire process of homeownership, beginning with the idea of becoming a homeowner, the process of buying a home, and then finally, the financial implications that come hand-in-hand with homeownership.
First, I’d like to start by highlighting some of the findings in Prudential Financials’ report, “The Hispanic American Financial Experience”. The study found that:
- Hispanics often have a very clear financial goal but may be unsure about how to achieve it, especially when family is ranked as the main source of financial advice for current financial decisions.
- Of those surveyed, Hispanics with low incomes, as well as those born outside of the U.S., place a higher priority on funding near-term goals (31%), saving to purchase a home (23%) and supporting elderly family members (15%).
- One in six Hispanics (16%) is currently supporting his or her parents and 42% of non-U.S. born Hispanics send money to relatives in their home country (of the relatives supported in other countries, 65% are parents and 43% are siblings).
As the report mentioned, “Hispanics are half as likely to currently have a professional financial advisor and significantly less likely to have been contacted by a financial advisor, regardless of income level.” When you begin to think about buying a home, do your homework! As we can see, nobody is going to come looking for you because it is your job to find them. Search for a local real estate professional in your area, look at the information that they are sharing on their social media as well as possible reviews from past clients. If you feel more comfortable looking at this type of information in Spanish, ask if they have those resources available.
Next week, we will talk about two of the top priorities in the report, reducing debt and saving to purchase a home.