{MMYH Ep. 49} How Latinas Can Get Financially Savvy With Natalie of Financially Savvy Latina

by Amanda Abella  - July 31, 2018

Who are you?

Natalie is an International Award Winning Author. She’s a TEDx Speaker and a real estate investor. We’re gonna talk about that. And she’s the creator of the podcast Financially Savvy In 20 Minutes, and she has an English version and a Spanish version. 

How can we start fixing our lack of representation in finance?

Natalie encourages becoming more involved in what you’re passionate about, finding other people like you in the finance space, and start having the conversations that help bring more people to the table. One big way Latinas can get financially savvy and represent the Latino community in finance is to start with your marketing. Introduce yourself by name and don’t be afraid to say “I’m a Latina”.

Another way Latinas can get financially savvy is to not be afraid to take risks on their finances, such as investing, in all aspects of your life, like your business and personal life.

You’re a real estate investor. How can other Latinos start doing that?

Natalie believes that buying a rental property first, before buying your own home, is the smartest move that you can make. When buying real estate, Natalie suggests looking into areas that are less expensive than where you live. For example, when she started looking for real estate, she didn’t look in Los Angeles (where she resides). Instead, she looked at smaller cities in Florida, as well as Kansas City. Another smart financial move would be to save at least 20% of the house price, so you aren’t stuck with PMI (insurance added when someone doesn’t put down 20%). Last but not least, Natalie recommends having a great credit score so you aren’t dinged with a high-interest rate.

If you do plan on buying a property out of your residing state, Natalie says to make sure you have a great property manager. You don’t want to have to be on the phone or flying out to the property all of the time due to issues. Hiring a great property manager means less stress on your plate.

What are some big tips so Latinas can get financially savvy?

Natalie believes that education trumps all, because the more education you have, the more you have to work with when it comes to building your personal wealth and taking care of your personal finances. This doesn’t just mean college, but taking courses and classes, reading books and blogs, listening to podcasts, and other learning experiences that help you on your personal finance journey.

Natalie also says to question everything. What you’re investing in, what you’re paying for, if your purchases are smart or not (and how you can fix them if they aren’t). And of course, always invest in yourself.

What is the one financial tip you have for the listeners?

Natalie’s biggest financial tip is to create multiple streams of passive income. Passive income happens when you earn money on something you’ve only done once, like purchasing a rental income or writing a book. By building up your passive income, you can then take the time to find better ways to earn money, take a break, or even retire early. Being financially savvy, and eventually financially independent, is always a great goal to have.

How do you make money your honey?

Natalie makes money her honey by realizing she can have many more opportunities or options. She can go to a thrift store or a fancy clothing store and know that she can afford it, even if she doesn’t need it. Natalie believes this a great tool because it gives her the power of knowing she has options, which builds her abundance mindset. She also says that she isn’t into money, but she is into the options that money can give her.

Where can listeners go to find out more about you?

Resources that are mentioned or add value to this episode:

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