I was on my way out of the second floor in the library when this book caught my eyes before I went down the stairs in the “new books” section. I appreciated seeing a book from a first-generation Latina who you can resonate with and, more importantly, that it talked about finances. Let’s get to the meat of it, though.

This is what I learned or was reminded of: 👇🏼

The main point of this book is to encourage other Latinas to stop being scared of money and take power over it by:

  1. Understanding where stress comes from concerning money. This way, you are conscious about it, identify the root, and practice financial self-care.
  2. Putting a finance date in your calendar. Once a month, you can review how things are going regarding income, debt, and financial goals.
    • My mom and I have been doing this for a while, and it’s really helpful to see patterns and cut spending where needed.
  3. Mapping out your money days. I think this one can be covered in step two, but basically, you lay out when bills are due, when money is going to come into your bank account, etc.
  4. Identifying your why. Remind yourself why you are doing something financially. For example, I buy fewer “I want” items so that money goes towards my student debt, and I can pay it faster, etc. See the big picture!
    • The author has about two pages just dedicated to questions to help you identify your bigger why for wealth.

Another point she covered that I’ve never heard before was the “Family Emergency Fund”. This is an amazing idea! It’s like a regular emergency fund but it’s dedicated to family emergencies.

Jannese also gives tips on how to extend financial support without drama. I feel that every Hispanic should read this section!

When it comes to budgeting, one of the easier things you can do is follow the 50/30/20 rule: 50% of your check for necessities, 30% for wants, and 20% for savings/debt. I made the mistake when I was starting to budget of using a very complicated system that I didn’t end up using because of how complex it was. Therefore, especially if you are starting to budget, the simpler it is, the better.

Another budget option that you can try, which she highlighted, was the “pay-yourself-first” method where you:

  1. Make a list of your expenses
  2. Figure out how much to pay yourself
  3. Set automatic deposits where possible!
  4. Adjust as needed
  • Delay gratification and wait at least twenty-four hours before making a purchase, particularly for non-essential items.
  • There are four types of millionaires:
    • Saver-Investors
    • Company Climbers
    • Virtuosos
    • Dreamers (I fall into this one)
  • Find your secret sazón
    • Your business will only be sustainable for the long term if it is centered around something you love to do and something you’re good at.
      • Find what you are good at! Jannese offers a free quiz on her Instagram page that I feel helps with this besides the exercises she mentions in her book.
  • Build a sustainable business before quitting your day job
    • Work with a financial planner (to make sure you are establishing a strong financial foundation when shifting to running your own business full-time)
    • Have an emergency fund
    • Open a solo 401(k)
    • Set your pay
    • Get a worker’s compensation policy
    • Set up life insurance
    • Create an estate plan
    • Look into healthcare insurance options
    • Tip: Three months before quitting, do this test to see if you are ready to sustain yourself by using your entire paycheck during those 3 months to max out 401(k) at work!
  • Just start investing. There is never going to be a “perfect” time.
  • It’s totally normal to be fearful of investing, especially because so many of us don’t learn about it. Taking the time to educate yourself about different investment options, strategies, and risk management techniques is key.
    • This can be as simple as reading books and articles, attending seminars and webinars, or seeking guidance from financial advisors. All these are great starting points.
    • The more you learn, the more confident and informed you’ll feel about investing.
  • Be compassionate with yourself! As a first-gen kid, you are already setting a strong financial foundation for those that come after you. You are changing their financial trajectory.
  • Questions you can ask Financial Advisors to see if they are legit (page 251)
  • Create a prenup before getting married or a postnup if you are already married
  • Make money dates with your partner to review your financial situation, track progress towards goals, and make adjustments if necessary.
  • Make sure you have a plan outlined for your physical possessions once you die but also for your digital estate!
  • Talk to your family about estate planning and make sure there is a plan in place for your parents.
  • Look into life insurance; there are two types, term and permanent.
  • Guide to Yo Quiero Dinero Podcast (page 309)

I hope to read more books by Hispanic authors, but overall, this book is a comprehensive, simple financial guide for starters with no finance background from a Latina’s perspective. I’m a business major, so there are some things I glossed over. If you are new to business/finances, I would encourage you to buy this book.🍩

Cheers, Gaby