The Hispanic Wealth Project and NAHREP have joined forces to introduce “Hispanic Wealth Month.” Each year from November 15 to December 15, Hispanic Wealth Month will “encourage Latino families to establish and work toward realistic financial goals with the HWP Wealth Disciplines as a guide to accomplish those goals.”
During the month, these organizations will encourage the Hispanic community by featuring individuals who have already successfully achieved wealth by following the disciplines.
Here is a list of the 10 Wealth Disciplines:
- Have a mature understanding of wealth and prosperity because the one with the most toys usually loses.
- Be in the top 10% of your profession because being good is not good enough.
- Live below your means and be ready for the next recession because downturns are a regular part of our economic cycles.
- Minimize debt because it is the biggest enemy to wealth.
- Invest at least 20% of your income in real estate and stocks because they are the best and safest ways to build wealth (investing in other businesses does not count).
- Know your net worth including the value of your business because you can’t improve what you don’t measure.
- Be politically savvy because public policy matters.
- Be physically fit because wealth without health is meaningless.
- Be generous with people who are less fortunate because philanthropy feeds your heart and spirit and gives more purpose to your work.
- Be active in the lives of your family and children because familia is central to who we are.
Hispanic Wealth Month goes hand-in-hand with the Hispanic Wealth Project’s main goals. On their website, they state that “after the Great Recession, the wealth gap for Latinos became wider when the community suffered tremendous economic losses in the housing crisis.” It was this crisis that created the need for something like the Hispanic Wealth Project, which “was created with the intention of fostering an ecosystem for recovery and Hispanic wealth creation by setting out actionable initiatives to ensure the economic prosperity of Latinos.”
If you would like to get more information about Hispanic Wealth Month, click here.
If you would like to go over your real estate options because you are ready to check off Wealth Discipline Number 5, call your local real estate agent today to see the opportunities available in your marketplace.