Café crazed 1st Gen Cuban-American raised in Miami. 51,always fun,sashaying in heels and soliloquizing in Spanglish. Mother of 3,Abuela of 4,a human shot of espresso and earnest in my extremism. An adventurer,dancer of life; loving its’ locuras and celebrating the "humanness" of all people. The binding ties of family, being female, getting older and day to day life while hopefully enlightening and entertaining- this is the reason for Babushka and her dance.
♪A BAILAR SE HA DICHO!!♪
Today Babushka shares with y'all the findings of a study MassMutual Financial Group did on Hispanic Families. BB finds it interesante, and of course for this CAP (Cuban American Princesa), a story waiting to be told.
"The importance of respect, family unity, community involvement and loyalty permeate every aspect of life, including their attitudes and perspectives about finances" "As a group, Hispanics are vulnerable to potential financial setbacks. Over one-third (35 percent) have set aside less than three months of their monthly living expenses for emergencies, and 7 percent have no savings at all."
They ain't just whistlin' La Guantanamera there!!
According to the study, the American Dream of home ownership is the number one priority of Hispanic families, with credit card liquidation following second. Apparently Hispanics tend to owe slightly more than others. Personally BB believes it's because we don't want our children to feel "lacking" or inferior to others. Not to mention we tend to dress more stylish, love our perfumes, and take more issue with makeup and looks. At least that's this CAPs view. Quee? Ok si, JU SO FONII!!!, the last sentence doesn't fit Babushka too much ahora, pero cuando era younger? Beautifuls, Por Fa! Actually, my parents were never into the typical material things. Pero si, they did fit the lucha for home ownership. I also believe they never wanted us to feel less than our classmates or surroundings. My parents did very well for themselves and we were the first Hispanic family to live in Miami Lakes, an upper middle class community. BB and siblings never lacked for anything thanks to mis padres and La Tata who most definitely outright spoiled us.
The study goes on to say only 31% of Hispanics actually rank saving/investing for their children's education as important, though 50% of those asked say they will pay for the education themselves. Babushka in this showed her Anglo upbringing; my trio had a college fund paid into monthly, and the same is being done for the grandbabies.
Another area studied was financial planning. While 43% believe investing and financial planning should be a high priority, only 28% think they are capable of reaching their goals by themselves. Thankfully my parents were able to reach their goals, unfortunately BB never quite grasped the idea. This leads to the next part of the study, financial education for children.
Babushka's first real job was writing checks for my father. He showed me how to organize the bills, write in the checkbook the "to" and "for", and write checks. BB learned very well how to write checks; what I didn't learn well was my bank account was not as llenito or fluid as his. Te lo dije- a true CAP.
Lastly, the subject of retirement among Hispanics is discussed. Apparently we're more anxious about outliving our retirement savings. Bueno, para Babushka that's so very true because there ain't nana nina in the nest. Good thing Sweetie brings home straw so we can start padding, because it's never too late.
Y ustedes My Beautifuls, what's your style of saving, do you have one? How accurate is this to your financial history? Que views do you have on the topic? Are you saving for your children? Will you be vagabond viejos? Please compartir, compart insights y dreams. Oh, and a couple of dimes would be nice too.