I wrote this post as part of my participation in a blog tour for Latina Mom Bloggers on behalf of MassMutual and received compensation to thank me for taking the time to participate. However, all opinions expressed are my own.
Money matters. Money is the vehicle that helps us reach our long short term goals. Money matters a whole lot if you want to reach the American dream. Regardless of your income bracket, knowing how to manage our finances properly is how we can achieve any goals we have set for ourselves and our family.
Being financially stable is a dream I work hard to achieve every day. If the bills get paid on time, there’s plenty to eat and the college fund is receiving a substantial amount each month, I’m happy — ok, I’m really happy. It’s not easy to get here but is that the true meaning of the the “American Dream”, to pay your bills on time every month and have little to no debt? No. Of course not many people struggle just to make ends meet and paying the bills on time IS a dream.
I’m not alone. According to the recent findings in the … paying off debt is a number one priority. More than half (57 percent) of Hispanics prioritize paying off their mortgage as a top financial priority and nearly half (46 percent) prioritize getting out of credit card debt – significantly greater than the general population.
In order for my family to go further faster is only by acquiring the knowledge to handle our finances in a savvy way. I want to see my daughter go to a great university one day. Nearly half (49 percent) of Hispanics claim that paying for their children’s college education is something they insist on doing, yet only 31 percent rank savings/investing in their children’s college education as a top priority.
Educating my ten year old the meaning of good credit and stable finances is something I take seriously. I don’t have to get into the depth of what “good credit” means but just enough information to plant the seed.
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. 36 percent of adults wish their own parents had taught them more about money and I’m part of the number.
The debt challenges many Hispanic families face could potentially hinder the prospects of their children’s education as well. Compared to nearly half of the general population, only 31 percent of Hispanics rank savings/investing in their children’s college education as a top priority, below other debt and security concerns.
The study identified a critical element that could bridge the gap between our desire to achieve financial security and taking the necessary steps to do so: the need for financial education and access to resources to help with proper planning.
Education is key.
The State of the American Family survey was conducted for MassMutual by the Forbes Consulting Group, LLC between February 4th and February 25th, 2013 via a 20-minute online questionnaire. 1,337 interviews were conducted with American households with children under age 18 for whom they are financially responsible. Interviews were conducted among men and women aged 25-64 as of 2013 with household incomes greater than $75,000 (50 completes were allowed among 25-32 year olds with HH incomes falling between $50,000 and $75,000). Respondents had to contribute at least 40% to decisions regarding financial matters in their household to qualify. Results were weighted to the 2010 US Census distributions for age, gender, ethnicity, region, and same sex married/partnered couples to be representative of American families in this age and income bracket. This study includes trending data for survey waves conducted in 2009 and 2011.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
To learn more about financial planning please visit Mass Mutual online.
What steps do you take to execute your financial plans?