So much of personal finance success is based on our money stories. And our money stories are written by our background, our race, our gender or sexual orientation—all the things that have nothing to do with math and everything to do with who we are. So, what if you’re a first-generation immigrant who grew up in poverty? What if you face sexism and racism on a daily basis? Can you still build wealth and get on a path to financial independence?
Sunem and Israel Tovar are the first-generation Latinx siblings behind The Dream Teacher Project, a coaching platform that empowers teachers, women and other marginalized communities to build generational wealth. On this episode of Queer Money®, Sunem and Israel join us to explain why generational wealth is so important to them and how to work toward financial security on a teacher salary. Sunem offers insight around the psychology of money, and Israel discusses what to do if you struggle with capitalism and feel like you shouldn’t accumulate too much wealth.
Listen in for advice on creating a sabbatical fund on top of your emergency savings and learn how the community can help you build a strong financial foundation, overcome discrimination and live the life you deserve!
Topics covered on building first-generation wealth
• How growing up in poverty as first-generation immigrants informed Sunem & Israel’s money stories
• What generational wealth means to Israel and why it’s so important to him as a gay man in the Latinx community
• Sunem’s insight on the psychology of money and how emotions impact the way we manage money
• Why Sunem & Israel are committed to helping teachers, women of color and people in other marginalized communities with their finances
• Why it’s more challenging (but still possible!) for teachers to achieve financial independence
• What it means to have a solid financial foundation and why that looks different for everyone
• What Sunem & Israel say to people who feel like they’re not achieving financial security fast enough
• How Sunem & Israel help clients who struggle with capitalism and feel like they shouldn’t accumulate too much wealth
• Why Sunem & Israel recommend having a sabbatical fund in addition to your emergency savings
• What to do if you feel like a low-paying job is all you deserve
• Why Sunem & Israel both credit community with helping them achieve financial independence
• How Sunem & Israel’s net worth has decreased in the current economy and why they still have confidence in the stock market
What should you do now?
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We’re David and John Auten-Schneider, the Debt Free Guys (https://debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.
