Wanting to provide financial resources to family members is a universal human desire. However, not everyone starts out on the same economic starting line.
Demographic inequities persist. According to a 2023 Federal Reserve Bank of St. Louis report, Hispanic families owned only about 23 cents for every $1 of white family wealth, on average. The latest Pew Research Center data reveals that Hispanics make up 18% of people living in poverty, as opposed to 13% of all Americans.
These Latina creators, however, are determined to change the future. They’re taking steps to build generational wealth — assets passed down by one generation to the next — for families and their communities. Read about them and use their expertise to better your own financials.
Vanessa Coppes: Editor-in-Chief of BELLA Magazine
Vanessa Coppes, editor-in-chief at BELLA Magazine — which has headquarters in New York, New Jersey and Florida — started out teaching language arts in the Dominican Republic.
“I grew up in a family where everyone had a side hustle,” Coppes says. “When I was growing up, New Kids on the Block were all the rage, and I sold their stickers to other kids. It was all about resourcefulness, independence.”
“Buying the magazine was an opportunity to create a Spanish version, BELLA Latina,” Coppes says.
It was also a strategic financial decision.
“I’ve created a community of content creators,” she says. “They network, launch brands, meet with the media and potential buyers.” She employs Dominicans in key positions, and mentors girls to expose them to the power of entrepreneurship.
“Education is the great equalizer,” Coppes says.
“I want to create a legacy for my children. I go back to the Dominican Republic and the people are in disbelief. It’s a tiny island, so this is an incredible feat. The biggest thing is knowing I’m building for my family and the Dominican Republic, so they can see one of us did that,” she adds.
What You Can Learn From Coppes’ Story
Side hustles can be a great way to increase income. Look for money-making opportunities that you can easily incorporate into your life. For example, if you’re already driving places, you may want to sign up for delivery or ride-share companies to earn as you go.
Lea Landaverde, Wealth Activist and Founder of Riqueza
Dallas-based Lea Landaverde, a first-generation Salvadoreña and founder of Riqueza financial coaching, is passionate about money and understands the challenges.
“When I was 12, I watched my family lose their cars, home and business because of the impact of the 2008 financial housing crisis,” Landaverde says. “This left my family bankrupt and had us scraping to rebuild our financial stability.”
As a creator, she’s able to earn for herself and her community so they can develop secure wealth. In 2023 she won Best FinTok Creator for Hispanic-Focused Content from Debt.com.
“In our community, the lack of accessible financial education perpetuates a cycle of fear around money,” Landaverde says. “Many struggle to understand the nuances of budgeting, investing, and building credit because it wasn’t taught at school, home or even at the bank.”
“We also face a barrier to understanding financial literacy because many of our immigrant parents or family members aren’t given a map to navigate the US financial system,” she adds. As a result, they end up overpaying for high-interest debt, while not earning more with proper investments.
“I grew my business with $47 dollars in the business bank account, in my parents’ spare bedroom,” Landaverde, who is now building generational wealth for herself for the very first time in the U.S.
“I am the first in my family to earn a higher education, the first to invest in the stock market and I know I will be the first to become a multimillionaire when I retire,” Landaverde says.
“I am working towards supporting my followers with financial education content that I know impacts their lives every day,” she adds.
What You Can Learn From Landaverde’s Story
Know your true worth, then negotiate your salary so you are properly compensated. If it’s still less than you want, take action to increase your value in the marketplace with more experience, training or education.
Kathleen Fuentes: Beauty Influencer, Creator and Founder of Lights Lacquer
There is no doubt about Kathleen Fuentes’ power and influence as a Latina content creator. Known online as KathleenLights, she has millions of followers, an enormously successful nail polish brand – Lights Lacquer – and an apparel, accessories, home and lifestyle business that draws from her culture.
“Being in the position I’m in now, I recognize the immense responsibility and opportunity to make a difference,” Fuentes says.
“Building generational wealth goes beyond just financial stability. I invest in my brand and my company Lights Lacquer, which not only provides for my family but also creates jobs and opportunities for other incredible women,” she adds.
Giving her family a stable future is as crucial as paving the way for future Latina creators and entrepreneurs.
“This is deeply important to me because I want to be part of the change, ensuring that the next generation has even more doors open to them,” Fuentes says.
“I celebrate being a Latina and the culture that I am so deeply connected to and proud of. Being a first-gen Cuban American is literally the essence of who I am and I truly love bringing my culture to my channels and my products, whenever I can,” she adds.
[Read: Estate Planning Tips to Keep Your Money in the Family.]
What You Can Learn From Fuentes’ Story
Becoming and remaining a successful content creator requires commitment. It starts with identifying what you love and have an aptitude for, then investing your time and energy into producing a steady stream of unique content.
Yaz Quiles: Founder of Pop! By Yaz and Qurio Home
Yaz Quiles, who is equal parts Puerto Rican and Dominican, runs her two companies out of New York City. For Pop! By Yaz, she specializes in developing stylish experiences and events, and for Quiro Home she sells those looks to the public.
“After working for two agencies, I decided to open my own experiential agency, Pop! by Yaz. It was challenging during that time, but it was important that my company showcase my [point of view] as a woman and a person of color,” she says.
“I grew up in the Bronx with both parents who worked really hard and supported me, but like many others in my neighborhood I had to be very independent as I was a latchkey kid. They weren’t able to provide me with financial backing for what I wanted to do, because they themselves did not have it,” she adds.
“The reality is that at that time in the Bronx, generational wealth didn’t exist for me,” Quiles says. “There was nothing to pass on.” To attend college, she needed a scholarship, but once there, she couldn’t afford all the books.
“I had a survival mindset,” she says. “With no relationship to money I didn’t know how to deal with it. Everything is self-taught.”
“How many Latinas do you see in the decor and design space?” Quiles asks.
“It is threaded into my corporate DNA to include Latinx and [Black, Indigenous and People of Color] community into my businesses. It’s imperative that there is inclusion and representation for all my events and activations. My goal is always to showcase our culture and heritage in a positive way. I do this for my love of my people and I will always be a resource to anyone who needs it,.” she says.
Today Quiles has a family of her own, and is taking steps to teach her 13-year old daughter about finances.
[READ: Ways to Teach Kids About Money.]
What You Can Learn From Quiles’ Story
No one is born understanding how money works. It’s something you learn and then put into practice. If you don’t feel financially literate, take action. Read books and articles about personal finance, take free online classes, and listen to financial podcasts when you’re on the go.
[READ: 12 Best Free Online Personal Finance Courses.]
Latinas Drive Wealth
Across the United States, Latina creators in diverse industries are building generational wealth. And while their male counterparts are as well, there are some differences in attitudes as it pertains to their families.
A 2023 Merrill report found that 77% of affluent Hispanic-Latinas say it is important for the next generation to understand the value of hard work, compared to 70% of affluent Hispanic-Latino men. Latinas are almost 30% more likely than males to list the desire to achieve financial independence as their top financial motivator.
More from U.S. News
Men Shop to Treat Themselves Just as Much as Women — and Spend More Doing It
What Is Girl Math and How Can You Apply It to Your Financial Strategy?
The Pink Tax Costs Women Thousands of Dollars Over Their Lifetimes
Latina Creators Who are Building Generational Wealth — And What You Can Learn From Them originally appeared on usnews.com
Update 05/16/24: This story was published at an earlier date and has been updated with new information.
