Recessions are tough on the economy. Investment activity slows, credit is less accessible, and well-paying jobs become scarcer. However, recessions also tend to be when savvy people become wealthier. Bottom line question: Who are the winners during a recession and why?
The Latino wealth gap in America is large. While Latinos have the highest workforce participation rate and are leading homeownership and new business formations, closing the wealth gap has been slow. According to the most recent Fed Survey of Consumer Finances, Latino families have one-fifth of the wealth as the typical Anglo-American family.
I write a lot about wealth. Over the years, I have acquired a deeper understanding of the topic and the implications it has not only for Latinos but for the country overall. I have come to believe that the ethnic wealth gap is the single biggest threat to American prosperity. I don’t think that is…
You know the story…Guy lives in a mansion with five luxury cars and a wife who looks like a swimsuit model. He posts videos on Insta where he talks about the lavish lifestyle he enjoys while driving in a car with the Ferrari logo strategically in focus. He speaks about the time when he lived…
I’ve been around real estate since I was in high school and my mother first worked at the Montebello MLS. Over the years, I have seen several cycles in this industry. I’ve seen my Realtor® friends go from living in mansions to sleeping in their cars and vice versa. Today, we are experiencing one of…
Jerry Ascencio and I hosted a webinar last week on stock-based investments. It was a well-attended session with great content. Our objective is not to sell people on the stock market, but to help close the knowledge gap about investing in general, and the stock market is an important part of that. Generating income is…
For years, I have campaigned against debt. I have always considered it the biggest enemy to wealth and I still do, but with a caveat. There is still no question that paying down credit card and unsecured debt is almost always the best use of extra cash, but with mortgage interest rates hovering around 3%,…
In about 100 stump speeches, I have explained how the last housing crisis inspired me to create the Hispanic Wealth Project and the NAHREP 10. I witnessed first-hand the loss of businesses and homes from hundreds of friends and colleagues. It was a devastating time for many of us. In my speech, I discuss coming to…
A businesswoman with incredible foresight and care, Liza Mendez learned the important lesson of living within your means early in life. She grew up with the comforts of a well-off family, never lacking or in need. After transitioning from a life of privilege to being on her own at a young age, Liza realized there…
One of the most prominent and successful Latino agents in the country, Leo Pareja is a Broker with Keller Williams Realty where he built and grew the Leo Pareja Team, based in the Metro Washington, DC area. Leo began his career at the ripe age of 19 when he began working with an investor at…