The Pursuit of Economic Prosperity in America Is a Monetary Magnet

There are several factors that make up to your “psychonomic” profile. The economic culture of the country you live in can have a significant impact on your approach to money. Most modern societies offer three economic systems: capitalism, socialism and communism. The local community you live in may also generate its own indigenous economic environment: upper class, middle class and impoverished class. But the values and belief system you have are extremely influenced in the home you were raised. Watch the interview featuring the family values of Mexican immigrants with popular bi-lingual speaker and financial consultant Karina Gutierrez.

Economic and political instability on a national level can create a monetary mindset that doesn’t work in a free society. If a society doesn’t believe in its people’s future, then people live for today and let tomorrow fend for itself. For many immigrants, planning for the future is a relatively new concept. The U.S. tax system is also unfamiliar. Even an affordable mortgage may seem like a strange concept for people coming from high interest rates and low credit. Cash flow is king and building your home as you have the cash may mean constructing one floor a time.

Establishing a balance between honoring traditional values and embracing new monetary ideas is based on education. Many financial consultants who work with immigrant families often spend several meetings simply educating them on how to engage in everyday money issues. Creating a line of credit with a charge card tied to a savings account can be a good start in developing a track record for long-term credit approval for a mortgage.

 But the Hispanic community is more diverse than that. It is estimated Hispanics represent more than $1 trillion in disposable income according to Hispanic marketing expert Havi Goffan in her insightful blog, Culture Code for Money: The Insider’s Guide. She goes on to state that 14.5 percent of U.S. Hispanics are considered affluent with incomes exceeding $75,000. Those numbers are catching the attention of banking and financial institutions. But more than that, retailers are expanding their marketing efforts into the Hispanic community. There’s no doubt the Hispanic demographic footprint is significant and American businesses are opening their doors.