En español, por favor
'Building Wealth' Now Available in Spanish
Casa, dinero—Spanish for house and money. These words are familiar to most of us. But there is a lesser known one: riqueza. Riqueza, Spanish for wealth, is what many U.S. Hispanic households are not building enough of.
To empower Spanish speakers with the information they need to save and create wealth, the Federal Reserve Bank of Dallas has translated into Spanish its publication Building Wealth: A Beginner's Guide to Securing Your Financial Future. Cómo crear riqueza: Una guía para alcanzar sus metas financieras highlights four important steps to building wealth:
- setting goals
- budgeting to save
- saving and investing
- taking control of debt
Cómo crear riqueza provides an overview of personal wealth-building strategies that will help Spanish-speaking families achieve financial literacy and realize their financial goals.
According to the Federal Reserve's most recent Survey of Consumer Finances, the median net worth of nonwhite or Hispanic families in 1998 was $16,400, compared with $94,900 for whites. The National Council of La Raza (NCLR) reports that Hispanic household median income is significantly lower than that of white households. U.S. Census data validate this claim; 1999 median income for Hispanic households was $30,735, compared with $42,504 for white households. NCLR reports Hispanics are also less likely than other workers to have retirement savings, and they are the least likely of any other major U.S. racial or ethnic group to invest in stocks and bonds.
These statistics are especially significant when one considers Hispanics' impact on the economy. In 2001 Hispanics—the fastest growing ethnic population in the United States—had a combined purchasing power of $452.4 billion.
According to the Federal Reserve survey, over half (57.1 percent) of families who don't have checking accounts are nonwhite or Hispanic. This may cause Hispanics and others without checking accounts to resort to alternative financial services providers—such as payday lenders, check-cashing services and auto title lenders—who often charge high fees.
Being unbanked is also linked to a lack of savings. A report by the Fannie Mae Foundation points out that alternative service providers do not offer savings accounts, thus leaving their customers no incentive or option to save.
Cómo crear riqueza can help Spanish speakers take the first step toward financial literacy. You may order this publication online in quantities of 50 or call 800-333-4460, ext. 5254, to request copies by phone.
Other Financial Literacy Resources Available en español
Fannie Mae Foundation
Borrowing Basics: What You Don't Know Can Hurt You
Knowing and Understanding Your Credit
Federal Deposit Insurance Corporation