Balance Traditions and Wealth-Building with ‘Culturally Competent’ Tips from Jannese Torres

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 29 August 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Understand how first-gen Americans can achieve financial success with tips for balancing cultural obligations and wealth-building strategies. How can first-generation Americans grow their wealth and protect their money? How can you set financial boundaries with family and friends while staying committed to your long-term financial goals? Hosts Sean Pyles and Kim Palmer discuss the unique financial challenges faced by first-generation Americans and immigrant families to help you understand strategies for achieving financial independence. They begin with a discussion of tips and tricks on managing dual financial pressures of supporting oneself and one's parents and breaking cycles of poverty through self-compassion and financial education. Jannese Torres, host of the personal finance podcast Yo Quiero Dinero, joins Kim to discuss the importance of building a strong financial support network tailored to individual needs. They discuss strategies for identifying trustworthy financial advisors, setting and maintaining financial boundaries with family and friends, and gracefully declining costly invitations in favor of ensuring long-term financial success. This episode is essential listening for anyone navigating cultural and familial obligations while striving for financial independence. In their conversation, the Nerds discuss: financial success, first-generation Americans, wealth building strategies, Jannese Torres, mastering money, immigrant families, navigating financial challenges, first-gen success, building wealth, immigrant stories, financial freedom, new Americans, supporting family, financial goals, empowering immigrant communities, financial literacy, actionable advice, cultural responsibilities, retirement savings, breaking cycles of poverty, self-compassion, financial stability, culturally competent education, financial trauma, financial support network, trustworthy advisors, financial boundaries, costly events, long-term financial success, multiple income streams, personal finance, and money beliefs. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:22.8	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:35.7	Welcome to NerdWallet's Smart Money podcast. I'm Sean Piles.
0:39.3	And I'm Kim Palmer.
0:40.7	On Smart Money, we are all about answering your money questions. And today we're tackling an important one.
0:46.8	How can First Generation Americans grow their wealth and protect their money?
0:51.4	Kim, in her role as the host of a regular book club series, is here to
0:55.3	guide the conversation. So, Kim, who are you talking with? I am speaking with Janice Torres,
1:00.5	author of the new book, Financially Lit, the modern Latinas guide to level up your De Niro and become
1:06.4	financially Podrosa. She is also the host of the personal finance podcast, Yo Kiro De Niro,
1:13.0	and we are joined by my fellow nerd, Melissa Lamberina, a writer on the credit cards team,
1:18.4	who also serves as an English and Spanish language spokesperson here at NerdWallet.
1:23.4	Sounds great. Well, I will let you all take things from here.
1:37.3	Great. Thank you. Janice, thank you so much for joining Melissa and me today. Thank you so much for having me. I'm excited to be here.
1:40.3	Let's start with what's unique about money for first generation Americans and immigrant
1:46.1	families. You write about how money is often not talked about, for example. Can you share some of
1:51.7	those financial challenges that first generation Americans often face? Absolutely. So I think at its
1:58.3	core, it can start with something as simple as the language barrier. For many first-gen kids, we could be the family translators, oftentimes, in financial situations. And so, you know, it's not uncommon for us to take on the responsibility of helping our parents file their tax returns, navigate balancing a checkbook, or any number
2:19.2	of other financial tasks that for folks who can speak English, it's just so much easier to do that.
	...

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