3 Ways First Generation Americans Can Build Wealth
3 Ways That First Generation Americans Can Build Wealth For The Future
We’ve emphasized in previous articles on how important it is to secure a financial cushion, especially if it will be a nest egg for your future. When it comes to being a first generation American, on top of building out a roadmap for your financial health, you will shoulder many other responsibilities. You will have many interactions with various cultures and will be granted access to opportunities that your parents and grandparents weren’t fortunate enough to dabble in. Your loved ones up until this point, have more than likely reminded you of the success that comes when pursuing the “American Dream”.
Children of immigrants have surely recognized the sacrifices their parents have made for them, in order to be aligned for success. While this comes with its own sets of challenges, it’s still possible to reign supreme and make your impact known in this world. We’re going to be looking at 3 key ways to build out wealth for your future and what this can look like. For any additional insight on financial planning, you should coordinate with your certified financial planner in Fairfield, to discuss the specifics of an individualized plan.
Building Wealth While Being A Provider In The Sandwich Generation
As mentioned in other posts, financial wellness is something that is within reach for all of us who pursue it and plan for it accordingly. Whether it’s from having a structured portfolio or comprehensive life insurance policy, etc, there is a lot of room to get creative with the planning process. While planning for your future can leave you riddled with much anxiety and stress, it’s a necessary course of action to take, in order to prepare for the curveballs that life will throw at us. Your certified financial planner in Fairfield will extend a helping hand and humanize the experience of financial planning. In order to be fully invested in the journey of financial wellness, the terms and conditions need to be simplified to ensure that everyone is on the same page. Once this has been hashed out, you and your loved ones can trudge along and focus on what really matters.
When discussing the term “sandwich experience or sandwich generation”, from first glance, it may not be a term that people are familiar with. Simply put, it’s a generation of people that are in their 30s or 40s, who are responsible for caring for their children and aging parents. A plethora of first generation Americans can attest to the fact that they not only support themselves, but extended family within the US or from their country of origin. This can be arduous, as many in the BIPOC community are established in professions that underpay them, compared to their caucasian peers. Because their earnings are lower, this requires that these workers be quick on their feet and stretch their income to support the multiple generations and households. The balance between securing your future and caring for your parents will seem trivial, but rest assured, there is a work around.
3 Key Strategies To Secure Wealth And Assist Your Family
With all of these elements in mind, here are 3 key strategies you can use to build wealth and support your family:
Attending To Your Needs: It goes without saying. If your physical, emotional well-being is not intact, it will be hard for you to help others in your life. More importantly, don’t impulsively give away all of your money if it means you’re going to incur debt. You need to continually enhance your wealth through investing, saving, and paying down debt, so that you can function as a formidable asset for your family's sake.Determine How Much You Can Give Others: For anyone that is depending on you for financial support, your financial advisor will recommend that you adhere to a “family contribution quotient”. For instance, you can dedicate a percentage of your income to your family. This will calculate how much, for whom, and what causes you are going to support. These clearly defined terms will allow you the freedom to balance your financial goals in tandem with what your family requires.
Supporting Your Family In The Future, If You Aren’t Already: Maybe you’re not currently supporting family members, but at some point your assistance might be needed. This can weigh heavily on your conscience and can act as a barrier to your financial health. In order to cast many of these feelings to the wayside, it can be helpful to paint a picture of your family members' predicament. Having a heart to heart conversation is important in order to understand the full scope of the situation. Whether it’s setting up an emergency savings account or some kind of investment fund, as long as they can access this safety net at a moment’s notice, it will alleviate much heartache and attend to everyone involved.
Devising A Plan With A Certified Financial Planner In Fairfield
If you are interested in learning more about attending to your family’s needs, our team at Armah Financial Services is ready to assist. Contact us today to learn more