First Gen Wealth Builders Biggest Obstacle

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One thing I’ve learned after working with thousands of first gen investors is that their biggest hurdle in creating wealth has nothing to do with how much money they have. It’s actually themselves, here’s what I mean 👇

If you’re anything like me, your parents weren’t wealthy. My parents came here from Mexico with nothing but the shirt on their backs. They came to a country where they didn’t even know the language, had kids, and were focused on one thing… surviving.

Their mission was to keep food on the table, clothes on our backs, and a roof over our head. Day in and day out, these were their goals. This didn’t change as we got older, the expenses just increased, and so did their workload. They didn’t know what a true day off was or what it meant to have a “do nothing day.” In fact, my parents didn’t even know what a vacation was until a few years ago when my siblings and I were able to pay for it.

I am, and forever will be, nothing but grateful for everything they did and sacrificed for our family. But there’s also one thing I can acknowledge, they taught me how to view and manage money like a poor person.

I say this because I was taught to view money as a scarce thing. I was taught to save for a rainy day because uno nunca sabe - because you never know. I was taught that debt was bad, so I shouldn’t use it and always pay for everything cash. I was taught that investing was risky, and that it was better to keep my money “safe” at a bank down the street from the house.

Financially educated me knows that if I follow the advice they gave me, I’d never be able to get ahead financially. That’s because there’s such thing as playing it “too safe.” I know that following their advice means I’d never be putting my money to work. Meaning that every cent that I earned would only be by me exchanging my time for it.

If you think that hard work is enough to create wealth just take a second to think about who the wealthiest group of individuals are. I know for a fact Latinos are the hardest working people here in the US, yet we are usually amongst the poorest group here. Why is that? Maybe it’s possible that hard work on its own isn’t enough.

My parents had to manage their money a certain way because they didn’t understand the financial system here in the US. They didn’t understand that earned income is the highest taxed income. They didn’t understand that it’s possible to use debt to actually grow your wealth. They didn’t understand that when you put your money in a bank to keep it “safe,” the bank actually uses your money to make more money. There’s so much they just didn’t know about money, of course they couldn’t teach me everything that I’d need to be successful financially.

If you manage your money the way you were taught by your parents, you’re likely keeping yourself from creating wealth.

The hardest part about being a first gen wealth builder, is actually unlearning everything we were taught about money by our parents. It’s learning to see money as a tool we can use to create wealth vs a scarce thing that we need to hang onto.

If this is you, I hope to see you at our free class tomorrow night. The mindset shift required to start creating wealth is one of the hardest hurdles to conquer, and we’re tackling this full force. If you want to join us, here’s the registration link 👇👇👇

I hope you’ve found this rant helpful!

See you soon!!

Neyra