Notes About Business

Do you know why Hispanics have so much debt? It is simply because there isn’t anybody showing them how to manage their finances properly so they spend.

I had trouble at one point with my finances. So much that whenever I would get paid I would spend all my money on merchandise I couldn’t afford. Sincer saving wasn’t important to me I never did it. Now I know the value of saving and paying myself first.

Saving money was foreign language to me. Now its common sense but that wasn’t always the case. See I bought a brand new Ford Mustang when I couldn’t afford it and that was the start of building debt.

I was making $400 dollars a month payments on a new car that was dropping in value every time I drove it to work.

After four hard years of working I only had a few hundred dollars in the bank. I realized that I had spend all my money eating out and paying monthly payments on a new car. The car is what kept me from building wealth early on.

When you see Hispanics in your town know that they too are in the position that I just described to you. They are making payments on trucks and SUVs that they can bearly afford. They are stuck making payment for years to come stealing their children’s college money.

Add a typical mortgage to the Hispanic family and now you really having them in a financial bind. Their budget is small as it is and their income is low so this is how Hispanics go into debt. They fall into the trap of having to go into debt in order to build up their credit score.

I wanted Hispanics to know what I know so I started a site called Debt Free Hispanic so that others can learn from my mistakes and build wealth the way my wife and I are building wealth, saving money using our income. I only make a mortgage payments, I don’t have any credit with anybody and that will never change.