Episode 379: What Latino Parents Are Getting Wrong About Money (And What to Do Instead)

Okay, I’m going to say something that might get me uninvited from the family group chat.

I am so sick of some of the financial patterns that Latino parents normalize.

Before you come for me — this is NOT about our elders. The folks who immigrated here with $200 in their pockets, who survived on grit and sacrifice with zero access to financial resources? They did the absolute best they could with what they had. And that is not what I’m talking about.

I’m talking to us. The millennial parents. The ones with iPhones and investing apps and financial podcasts literally in the palm of our hands. The ones who know better and still aren’t doing better.

The Guardian recently featured my plan for how I’m building my 18-month-old daughter into a future millionaire. She’s still learning her words — but she already has a Roth IRA, a brokerage account, a 529 plan, and savings and checking accounts.

And I know your first response might be: well, it must be nice.

Say less. Because that reaction is exactly what this episode is about.

Silence is the most expensive thing you can give your children when it comes to money.

The cycle of financial struggle doesn’t continue by accident. It continues because we keep normalizing habits that actively block generational wealth. So today, I’m naming five of those patterns — and I’m telling you exactly what to do instead.

Problem #1: Spending on Appearances While Skipping Financial Foundations

We will spend thousands of dollars on a party — the hall, the DJ, the custom dress, the balloon arch that no one knows what to do with afterward. And we’ll walk around with a plate of arroz con gandules saying it’s tradition.

But where’s the 529? Where’s the emergency fund? Where’s the investment account?

Don’t get me wrong — I love a celebration. I’m Latina. I love a dramatic entrance, full glam, and at least three Titis fighting for their life on the dance floor to old school salsa. I love that.

But I’m not going to pretend that spending $20,000 on a quince is more important than giving that child a financial head start. Because when she turns 18, that DJ is not paying tuition. That cake is not compounding. The balloon arch is not going to help her avoid student loans.

Are we celebrating our children, or are we performing for the community?

You can absolutely have the party AND set up the 529. But the financial foundation has to come first.

Problem #2: Treating Your Children Like a Retirement Plan

Too many of us grew up hearing some version of:

• “I sacrificed everything for you, so you better take care of me.”
• “You’re going to buy me a house when you make it.”
• “Don’t forget who raised you.”

Taking care of family is beautiful. I do it from a place of love, capacity, and choice. But it becomes toxic when children are raised with an invisible invoice attached to their existence.

Your child did not ask to be born. Your child is not your 401k. They are not your long-term care insurance plan. They are not your exit strategy from a job you hate.

A lot of us are out here trying to build wealth while financially supporting our parents — and simultaneously trying to pay our own bills, raise our own children, and invest in our own futures. That is not sustainable.

That is generational trauma dressed up as tradition. And I’m done with it.

We need to love our families enough to be honest with them. And we need the parents I’m about to call out to hear this next part.

Problem #3: Preaching Education Without a Financial Plan for It

From the time we are very small, many of us hear: go to college, get a good job, don’t struggle like we struggled.

And then the acceptance letters come in — and there’s no plan. No conversation. Just: figure it out.

So now this kid who was told education was the golden ticket has to sign paperwork for tens of thousands of dollars in student loans before they even understand how interest works. That is wild.

I’m not saying every parent can fully pay for college. My parents could not pay for college. But there was a very clear message: we don’t have money, so go where they give you the most financial aid. That was enough. That gave me a framework.

There is no excuse in 2026 for not Googling what a 529 plan is. What federal work study means. How scholarships work. The difference between a community college and a $70,000-a-year university.

And here’s the part nobody talks about: if you have to choose between saving for your child’s college or saving for your own retirement — choose retirement. Every single time.

Student loans exist for education. There is no such thing as a retirement loan. Your kids have decades to pay back debt. You do not have decades to figure out how you’re going to survive without a paycheck.

Silence about money is the most expensive thing you can do for your family.

Problem #4: Shaming Kids for Wanting More

When I was talking about this topic on social media, I could not believe the comments. People sharing things they were called for wanting to be financially responsible. Being called cheap. Being told to be grateful. Being made to feel like their financial ambitions were a betrayal of their roots.

Here’s what I need you to hear:

There is nothing wrong with wanting wealth. Gratitude should not be a muzzle. And wanting more does not make you ungrateful.

Not wanting to perpetuate the cycle of struggle you grew up in does not mean you forgot where you came from. Sometimes wanting more is exactly how you honor where you came from.

I took what my parents built and ran with it. I didn’t stay there. That’s not betrayal — that’s the whole point.

What I am going to instill in my daughter is this: you do not have to shrink your dreams to make other people comfortable.

Problem #5: Dismissing Financial Tools as “Too Much” for Kids

A college savings account? Ay, she doesn’t need all that. A brokerage account? We don’t do that. Teaching kids about money early? They’re too young.

Here’s what waiting does: it creates an expectation that a child magically becomes financially literate the moment they turn 18. That’s not how this works.

How long did it take YOU to figure out your financial stuff? Some of us are still figuring it out.

Our kids need financially literate parents who are putting things into motion. They need money conversations, examples, accounts, and exposure. They need to see their mothers investing. They need to see it modeled as something normal — not something only for los hombres or for people who already have money.

5 Action Steps to Break the Cycle

1. Start talking about money earlier

Do not wait until your child is applying to college to have your first real money conversation. Buy them a book. Talk about saving and investing. Talk about debt. Talk about why you’re making certain financial decisions. You will not traumatize your kids by showing them your bills.

2. Stop saying you don’t know what to do

I wrote a whole book — available in English (Financially Lit!) and Spanish (Yo Quiero Dinero) — specifically so this excuse would no longer apply. Open the 529. Open the custodial brokerage. Start investing in your own Roth IRA. Start small. You do not need a perfect plan to take the first step.

3. Redirect family gifts

The next time someone asks what the baby needs, try this:

• “She has enough toys, but here’s her 529 link.”
• “He doesn’t need another outfit, but you can contribute to his college savings plan.”
• “We’re building her college fund — that will mean so much more than another plastic toy.”

Yes, someone might roll their eyes. Let them. People will always have opinions about how you parent. That doesn’t mean you have to give a shit.

4. Plan for your own retirement — it’s the most loving thing you can do

Please have hard conversations about money. Get life insurance if people depend on your income. Start your emergency fund. Make a will. The most generous gift you can give your children is a financially free parent — one who is not a financial burden to them later.

Visit yoquierodineropodcast.com/money-tools for vetted options on life insurance, investing accounts, high-yield savings, car insurance, homeowners insurance, and estate planning.

5. Model wealth building out loud

Let your kids see you investing. Let them hear you negotiating. Let them see you building a business, reading financial books, listening to podcasts, and asking questions. Let them see you making mistakes and keep going anyway.

The goal is not to raise children who worship money. It is to raise children who understand money well enough to know that it does not control them.

The Vision: Celebrate AND Invest

Latinos have four trillion dollars in spending power. We know how to spend money. We know how to celebrate, show up for family, and make a dollar stretch until it needs therapy.

But spending power is not the same as wealth.

If we keep consuming without building, we make everyone else rich. If we don’t own assets, don’t own businesses, don’t invest, and don’t pass down financial knowledge — our money keeps leaving our community as fast as it comes in.

I want us to celebrate AND invest. I want us to have joy AND assets. I want us to throw the party AND have the college fund. I want us to stop acting like wealth is somehow not for us.

Wealth is protection. Wealth is dignity. Wealth is peace. Wealth is options.

Wealth can be the reason your daughter doesn’t have to stay in a toxic marriage or a job she hates. Wealth can be the reason your son can start a business. Wealth can be the reason your grandkids know a completely different version of your family story.

When I think about my daughter’s future, I don’t just think about money. I think about the feeling I want her to have. I want her to feel safe. I want her to feel capable. I want her to feel resourced. I want her to know that the women in our family didn’t just survive — we built, we invested, we changed what was possible.

We made decisions that people didn’t always understand — because we weren’t building for validation. We were building for freedom.

Ready to Start?

You don’t need to be perfect. You don’t need to be rich. You don’t need to know everything.

You just need to decide that the pattern stops with you.

Maybe you start with $25 a month. Maybe you open that account you’ve been putting off for years. Maybe you learn what a 529 plan actually is. Maybe you tell your family to contribute to the college fund instead of buying more toys.

Whatever it is — just start.

One small decision, repeated over time, can become the thing that breaks the cycle.

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This episode is sponsored by BetterHelp.

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This episode is also sponsored by Headspace.

Building wealth starts with a clear head. Headspace is the meditation and mindfulness app that helps you manage stress, sleep better, and show up as your best self. Try Headspace free for 30 days at headspace.com/yoquierodineropodcast.