I wrote this post as part of my participation in a blog tour for Latina Mom Bloggers on behalf of Mass Mutual and received compensation to thank me for taking the time to participate. However, all opinions expressed are my own.
As a semi-single mama of 5 hijas, one of the things that has always scared me is the thought of not having enough money. Life itself is very expensive, it's so hard to have enough to cover monthly living costs and still manage to save enough for a rainy day. I am definitely not savvy when it comes to financial planning. Judging by the study results conducted by MassMutal Financial Group on Financial Planning and Education for Hispanics, many other Latinos are also in need of some type of assistance in planning for their households future. According to the results, there is a disconnect in between what Latinos say we want, and what we actually do. Es un caso tipico of having good intentions, but for some reason not being able to follow up on them.
Paying off debt: The survey found that when it comes to paying off debt, we are doing pretty well. More than half (57 percent) of Hispanics prioritize paying off their mortgage (la casita) as a top financial priority and nearly half (46 percent) prioritize getting out of credit card debt – significantly greater than the general population.
Education: The survey found that when it comes to paying for their children's college education, nearly half (49 percent) of Hispanics claim this is something they insist on doing, yet only 31 percent rank savings/investing in their children’s college education as a top priority. La educacion de los hijos es super importante, y tenemos que priorizar esto.
Educating children about finances: The survey found that when it comes to educating our kids about finances, close to half (47 percent) of Hispanics are actively involved in educating children about finances and 79 percent recognize it is important in order to ensure their success in the future. This emphasis could be the result of 36 percent of adults wishing their own parents had taught them more about money. This is an area that I have a very hard time in.
What do these survey results mean to us? Que significa para nostotros?
These results are important because they have shown us where our weak spots lay when it comes to financial planning. We can use this information to make sure that we don't fall into those lacking areas. If you are having a hard time saving, maybe you need to seek a professional that can create a monthly budget and savings calendar for you. If you are like me and you have a hard time saying no to kids or showing them how to be responsible with money, maybe you need to find someone to give you tips on how to successfully get them to listen. Those types of things that might be seem really hard and complicated to us, are second nature to a professional and it might be much easier than we think.
Seeking help is the first step to getting out of a financial rut. Visit Mass Mutual to find planning tools and resources that can help you now. To see the entire MassMutual 2013 State of the American Family Research Study results click this link. Hay que pedir ayuda para un futuro mejor.