As a Latino male, I find my culture is one that can vary when it comes to financials. Many individuals of Latin descent grew up as I did, with little to no money. Latinos work hard but are not afforded the opportunity of college or higher paying jobs as others in the United States. Thankfully, I was able to gain an education and find a wonderful job. But my past is still molding how I spend my money. I am very frugal as I worry about being poor. I do not want to go backwards, only forwards, so I am very careful as to how I spend my money.
Latinos are spending money more than ever in the United States, though not always wisely. Many Latinos want to live a rich lifestyle, so they spend their money on designer clothing, jewelry and electronics, instead of investing in a larger home or business. Latinos are also having children at a high rate, which in turn, means more money will need to be spent on the essentials for each child.
I would like to see my culture spend less on frivolous items and more on establishing businesses or improving communities. Many Latinos tend to live with their extended families in small homes. Why not invest monies in to a larger property for everyone to be comfortable and have their own room? It seems the culture is still holding on to many of the old ways of living, but want to be considered mainstream by having all the latest devices, keeping up with the Jones if you will.
I want to have a better lifestyle than my parents, but know that there is a price for that. I have to live on a budget and cannot always have what I want. Of course, I would love to have a brand new 50-inch television, but if I cannot afford it, then I do not buy it. To me, I would rather save money and make a big purchase, which is something that can be said for the Latino culture. We tend to purchase things outright instead of using credit, which is essentially a great way to purchase big ticket items.
I am hoping I can teach my children the ways of our culture but also show them how to be frugal and live within their means. It does not take money or material possessions to be happy, something I can only hope that I can instill in my children. Smart financial decisions can help one move up in the world while quick decisions can lead to financial ruin.
As a father, I work hard for what I have and will not make a rash decision when it comes to money. I hold on to my ideals as I live frugally, enjoying life rather than working long hours to pay for items I have no use for. It takes a lot of time and effort to become a frugal person, learning how to love what you have around you rather than seeking self-worth from possessions.