Credit 101 | Erica Mancinas | Unidos US

Yo Quiero Dinero

Jannese Torres

Saving, Entrepreneurship, Business, Investing, Wealth, Personal Finance For Latinas, Personal Finance, Budgeting, Finances, Generational Wealth, Equal Pay, Financial Literacy

4.9 • 607 Ratings

🗓️ 27 April 2023

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 210 talks about credit 101 featuring Erica Mancinas of Unidos US. Listen now!

Erica Mancinas is the Manager of Financial Empowerment at UnidosUS. During her time with the organization, she has supported the implementation of a national program with UnidosUS Affiliates that promotes the availability of financial coaching and improves access to affordable financial services in low-income communities across the US. Currently, Erica is managing the deployment of the Financial Empowerment Network—a $5 million, multi-year initiative that will embed financial education into Affiliates’ programs, and drive clients into a remote financial coaching service that retains the linguistic and cultural relevance that are hallmarks of UnidosUS Affiliates’ services.

UnidosUS is a nonprofit, nonpartisan organization that serves as the nation’s largest Hispanic civil rights and advocacy organization. Since their founding in 1968, they have contributed to a stronger America by elevating the voice of Latinos, and defending and advancing our community’s concerns.

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Until next time, stay empowered, stay inspired and #staypoderosa ✨

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Transcript

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0:00.0	What is a credit score or like what even is credit? What's this number that seems so powerful and over all of our heads?
0:07.7	What it is is borrowed money. In simplest terms, credit is money that you borrow from somewhere or something.
0:15.9	It's money that you borrow with a promise to pay back later. And usually it comes with interest, which means what's the
0:22.8	cost of me lending you this money? And once you start getting into the formal economy and borrowing
0:28.6	money from big financial institutions, then it all comes together and is recorded in what we call a
0:34.7	credit report. And here, they have really detailed information about,
0:39.0	okay, when you borrowed this money, what did you agree to borrow? How much? When did you say you
0:45.6	were going to pay it back? How much interest were you going to pay back? And so you start getting
0:50.1	into what we call the terms of loans or things like this. And many times it's set by
0:54.9	financial institutions or lenders or things like this. They'll say, okay, Erica, I'll let you borrow
1:00.1	these $200,000, but you have to pay back to me within 30 years. On top of that, I want 4% of
1:08.2	interest to the $200,000 that you took out.
1:11.5	That means that within 30 years, I have to find a way to pay back the $200,000 plus the 4%
1:17.7	that they kind of agreed to to let me borrow the money.
1:23.9	You're listening to Joquiero Dinoero, a personal finance podcast for the modern Latina.
1:30.0	I'm your host, Janice Torres, award-winning Latina personal finance expert.
1:34.4	I didn't always have my financial shit together, but when I started looking for POC-friendly
1:39.4	personal finance podcasts, I couldn't find any. And so Yo Chiro Dino was born. On this show, I'll show you
1:45.4	how to make dinero, how to keep your Dino, and most importantly, how to make it grow. Each week,
1:51.2	I'm connecting you with the most brilliant minds in the world of money and business. So you can
1:55.6	learn about investing, entrepreneurship, and building wealth. The best part, I'm dishing up all this knowledge with a
2:02.2	sassy side of sason. So if you're ready to be Poderosa with your dinero, you've come to the right
	...

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