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8 Latino Financial Pros on Building Wealth and Knowledge

By Benjamin Din , Meghan Coyle , Pamela de la Fuente  and Cara Smith

Want to build generational wealth? Education is key, financial experts say. Money shouldn't be a taboo topic for families of color anymore, they add, so communication is vital, too.

We asked eight Latino financial professionals for their advice on how to grow wealth, talk to children about finances and start a business — even amid rising inflation.

Responses have been edited for length and clarity.

Build wealth by investing

The median net worth of a Hispanic family is $36,050, according to the 2019 Survey of Consumer Finances[1], the latest data available. That's five times less than the median net worth of a non-Hispanic white household, which is $189,100.

To grow your net worth, consider buying assets, paying off debts, building your credit history and credit score and investing in the stock market, said Nora Dávila, founder of Inversionista Gal, a Spanish-language financial education platform. You can also invest in your retirement plan, especially if there are tax incentives and your employer offers a company match.

READ MORE on NerdWallet

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