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%, the same does not apply to mortgage debt. Having a nice place to live is critically important to all of us and owning your home free and clear is a good thing for your piece of mind, but the COVID-19 crisis has taught us that having a substantial savings account is equally important. At this moment, I think most people would rather have $100,000 in savings and a $100,000 mortgage at 3% than a free and clear home with no savings. The insecurity of the economy is causing almost as much stress in people as the fear of the virus itself. Home equity is great but not the easiest thing to tap into if you’re in a financial jam. If you lose your job, nobody will give you a mortgage loan no matter how much equity you have, unless you’re willing to pay exorbitant rates and fees. If I had to put it in a formula, I would say make sure you have 12 months of your monthly expenses in savings before you use any excess cash to pay down mortgage debt. Debt is bad, but not having a savings is even worse.
The importance of multiple revenue streams has also been magnified during the COVID-19 crisis. No job is totally secure and no investment is guaranteed. Those who have studied business have always known the importance of passive income such as dividend stocks and rental properties, but COVID-19 has also challenged us in ways we never anticipated. The government estimates that 40% of renters will not be able to pay their rent this month. Literally nobody thought this would ever happen. COVID-19 has created an incredibly bad situation for renters and small landlords, who need the rent income to pay their mortgages and/or their living expenses. Commercial landlords may be having it even tougher. The importance of having multiple revenue streams has never been more evident. Even rental income is not guaranteed. Creating a steady flow of passive income is not easy. It takes time and usually some investment but there are lots of good books on the subject and now might be a good time to start reading a couple of them.
There is no shortage of data showing the impact Latinos are having on the U.S. economy, from GDP and entrepreneurship to workforce participation and homeownership. So why hasn’t that growth translated into the kind of economic and political power our numbers suggest it should? In this episode, I focus on two things we can actually control: building wealth and owning our narrative. Cultural influence matters, but ownership is what turns influence into lasting power. And if we want the next generation to inherit more than momentum, we need a strategy for converting our work ethic, growth, and economic contributions into the institutions and assets that shape this country.
The World Cup reminded the world just how magnetic Hispanic and Latino culture can be. In this episode, I talk about why that popularity is more than a cultural victory—it is an economic opportunity hiding in plain sight. From music, food, sports, and fashion to the global appeal of our biggest stars, our culture already has the power to shape markets and influence how people see us. The question now is whether our business and political leaders are ready to turn that momentum into capital, representation, and lasting power. This is a moment we cannot afford to waste.
The World Cup gave Hispanics and Latinos an extraordinary global stage, but the opportunity goes far beyond sports. In this episode, I look at how cultural influence can shape perception, attract investment, and ultimately create economic power. South Korea understood this decades ago and built a global strategy around making its culture impossible to ignore. Now, the world has seen the energy, pride, and creativity of our community on its biggest stage. The question is whether we recognize the value of that moment and build something lasting from it.