Credit Cards

10 Financial Resources That Empower the Latino Community

When looking at financial disparity as it relates to credit cards, the Federal Reserve revealed that only 46% of Latino households are very confident about getting their credit card application approved compared with 70% of white households, and 32% of Latino households were denied credit compared with 19% of white households.

With a growing number of resources available to diverse groups and in honor of National Hispanic Heritage Month, here are 10 financial resources to help financially empower the Latino community:

Finance apps

Mi Dinero Mi Futuro (My Money My Future)

Founded by Ramona Ortega, Mi Dinero Mi Futuro aims to make personal finance comprehensive and accessible to all. Made with Latino millennials in mind, the app provides recommendations to financial products, a budgeting tool and a curated financial education newsletter.

Finhabits

Finhabits is dedicated to helping the Latino community with investing. Finhabits CEO Carlos Armando Gracia founded the app to give minorities access to mainstream financial services and wealth-building tools. The app makes it easy for consumers to hone in on their investing goals, and is available in both English and Spanish.

Splitwise

Splitwise allows you to fairly split expenses and share IOUs among friends, roommates and family, so that everyone can see who they owe. The app also features a “fairness calculator” as a way to act as mediator between the parties involved. To embrace their diverse user base, Splitwise offers the app in Spanish across all platforms.

Financial experts

Amanda Abella, Make Money Your Honey

Amanda Abella is a Latina finance and entrepreneurship expert for millennials and author. Her book, “Make Money Your Honey,” serves as a guide to entrepreneurs to help create a positive work life balance while building a profitable business. Abella also hosts a podcast that covers debt payoff and entrepreneurship topics.

Athena Valentine, Money Smart Latina

Athena Valentine, founder of Money Smart Latina, works to bring financial education to the Latina audience. Valentine went from being homeless in high school to becoming a nationally recognized youth development expert; she uses her story to provide advice and inspiration to others. The Money Smart Latina platform includes a blog and a YouTube channel.

Miguel Gómez, Dinero en Español

Looking for a finance podcast hosted in Spanish? Miguel Gómez, CFP and host of Dinero en Español, provides a podcast and blog that are fully conducted in Spanish. In his podcast, Gomez makes money and finance easy to understand, and also interviews experts and successful entrepreneurs.

Jen Hemphill, Her Dinero Matters

Jen Hemphill is the host of Her Dinero Matters, a bilingual podcast designed to help women become more money savvy. The podcast features interviews and panel discussions within the Latina community to provide money tips and strategies. Hemphill is an Accredited Finance Counselor (AFC) and the author of “Her Money Matters.”

Professional associations

National Association of Hispanic Real Estate Professionals

Homeownership represents the American Dream and is key to creating generational wealth. The NAHREP promotes homeownership in the Latino community and works to empower real estate professionals who service Latino homebuyers and sellers.

Latinos in Finance (LIF)

Founded by Oscar Gonzalez and Emanuel Pleitez, Latinos in Finance (LIF) aims to promote the advancement of the Latino community in the finance industry through education, career networking and community service. LIF offers mentorship programs, student workshops and career networking events.

Prospanica

A strong professional network can open doors and increase wealth. Prospanica was founded in 1988 and aims to empower Latino MBAs and business professionals chapters nationwide. Prospanica provides its members with access to professional development conferences, job boards and connections to graduate programs, subject matter experts and corporations. The network features 47 chapters across the country and a reach of over 30,000 members.