Living the American Dream as a Latino
Have you ever stopped to wonder, what it really means to reach the American Dream? We hear this being thrown around all the time, on T.V., work, and even music, but do you have a clear idea of what this really means?
I remember the first time hearing this, I was in high school. There it was on the big screen, hard-working people talking about reaching this dream, and it being the pinnacle of all dreams.
I was young and naive so didn’t think too much of it, until now.
So what is the American Dream?
Ah, the American Dream: You work hard, get a good job, start a family, buy a house and then when you’re done with that house, you buy a bigger one. You accumulate wealth in your home and then pass that wealth on to your children, who will be better off than you.
That’s the American Dream, right?
Hmm yeah doesn´t sit too accurate with me.
But before we dive let´s first start with defining this dream.
I think Investopedia nailed it. The American Dream is the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society where upward mobility is possible for everyone. The American Dream is achieved through sacrifice, risk-taking and hard work, not by chance.
Considering that for each individual the American Dream is different, have you ever thought about how we Latinos rank in the picture?
Home Ownership in the Latino Community
Many friends, relatives, and relatives of friends always talk about reaching the goal of owning their own property. But how many reach this lifelong goal?
As you can see in a recent report by the Hispanic Wealth Project. Stats show that there was actually a growth in home ownership in 2016 despite a decrease in our overall population.
Most of the people I know live a very comfortable lifestyle, though when prompted about their dreams & goals is like they put them away for
a later life.
Wait, but we’re getting older, not younger and we only have one life last time I checked.
Why we neglect to execute on our dreams is beyond me.
Nowadays even owning property is not enough. The last recession taught us that homeowners are at risk when it comes to real estate and paying a mortgage.
For me, I consider owning a home once I can afford it. That means when I can pay a mortgage without having to cut out eating or reducing my budget even more.
Starting your own business (becoming your own boss)
Although a bit outdated, the U.S Census Bureau shows that Hispanics or Latinos are on an steady growth pattern when it comes to business ownership. Does this make me happy, HELL YES!
But if you´re anything like me, then this is just not enough.
What’s stopping us from creating businesses?
Scared to take the plunge? Or we’re just too comfortable to even think about starting something of our own? Maybe you´re scared at the fact that you will be IN CHARGE.
Again, the American Dream for some may be that great paying job that you already have, if so congratulations!
Wait, supervisor at a bank, really? Congratulations.
My Experience in the Entrepreneur Lane as a Latino
In my case I’ve taken the plunge many times, from various online retail stores, to personalize nanny services in touristic destinations such as Cancun and Cabo and even starting my own travel agency. (Soon I´ll be creating a post on how to create an online e-commerce store with little or no money, also check out the post on how to create your own travel agency and become an affiliate)
I’m a strong believer that if you throw a bunch of darts at a target, one is bound to stick.
Yeah I’ve lost money and made money but overall the experience and knowledge that’s I’ve obtained has been priceless.
Taking a few shots and learning from them has been far better than not taking any at all.
Reaching Financial Freedom
Okay so this one is mine. I stand by this, maybe it´s a millennial thing.
This is why I do what I do, hustle night and day so I can afford to travel around the world & not have to worry about expenses.
Yes money is important when you don’t have it.
Trust me living on a tight budget is not that fun.
This has been a widely adopted term for most millennials, but may vary for different individuals.
I highly value this goal far greater than going into debt with a new home because this may become daunting. Don´t believe me, check out this extensive post by mybudget360.com.
You can instead manage to generate a considerable amount of money, which will then help you to skyrocket into financial freedom. What do I mean by this.
You can start that business you kept on hold due to lack of funds, invest in startup businesses or even invest in real estate (A property that will generate cash flow & or pay for itself)
As my mentor Gary Vaynerchuk says we need to have macro patience and micro speed. Meaning we need to hustle day and night to get make that money, (note, create your own budget or else the hustle will not amount to anything) but be patience about reaching your business goals and not giving up when something bad happens in your business or side hustle job.
Most Latinos consider having a landed that great paying job, the opportunity to live in this beautiful country a dream well achieved.
Not worrying about what the world may bring tomorrow, we just go with our daily life as if literally our last day on this planet.
If this is you, please stop!
Tomorrow will come (for most of us anyway, knock on wood) so that mentally has to stop.
Need inspiration or tips, check out our blog post about 20 side hustle jobs you can do to earn more money which you can use for your ventures.
Let’s be more conscious, smart and most importantly start thinking about your future. The dream has been more obtainable than ever, with the internet at your fingertips, there´s and endless list of possibilities and opportunities that you can choose to take that will lead you to achieve your goals and accomplish your true American Dream.
I´m curious to know, what is the American Dream for you? Please comment below & subscribe to have exclusive discounts and our blog posts sent directly to your inbox!
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