Cómo empezó todo esto?
Many millennials were laid off during the great recession – around 8.7M lost their jobs or struggled to find paid work after graduating, and many are still playing catch up. They’re known as the generation that put off homeownership and having kids. They’re a conservative group when it comes to life milestones. Most notably, a handful of Latinx millennials came out of college with $100+ in debt and working low-paying jobs with high taxes.
With rumors that an economic downturn may be around the corner people, especially millennials, are looking to save for financial freedom and have built the F.I.R.E movement.
The F.I.R.E movement is firmly seen as an answer and pathway to fulfilling dreams of financial freedom in a way that makes it easy to understand and follow.
Que es el F.I.R.E Movement?
F.I.R.E stands for Financial Independence Retire Early. It’s a lifestyle movement to gain financial control, gain financial independence, and retire early by saving and investing heavily.
Four key takeaways from the F.I.R.E movement:
- Change your mindset and dream and plan for retirement
- Find ways to keep expenses low
- Look for ways to boost your income
- Make saving and investing a priority
F.I.R.E Journey for Latinos
It’s a little bit harder to save for a LatinX individual as there are constant unexpected expenses. The F.I.R.E movement is a step-by-step journey that can be used as a path to build a proactive roadmap so that you’re ready when those unexpected expenses come up.
The Challenge of Financial Independence for LatinX Community
In Latino families, you don’t have a nuclear family of 4 like in the traditional caucasian households. In Latinx communities, you have the extended generations dependent on one individual which have to be taken into consideration when trying to plan for financial freedom. This makes it more challenging.
Latinx Millennials, very often are the first generation in a family to ever be able to build wealth, and although daunting, there are lots of resources out there that can help you find out more.
One goes from surviving to looking at building wealth as an opportunity to inherit wealth to one’s children – that’s a fantastic thing but a challenging thing to do so keep searching, there’s lots of information and success stories out there!
To hear Latinas, who are following the F.I.R.E movement, tell their stories – click here.