JOHN: RISING STOCK AND REAL ESTATE MARKETS HAVE HELPED SEND TOTAL U.S. HOUSEHOLD WEALTH TRENDING UPWARD THE LAST 15 YEARS OR SO BUT THERE IS STILL GREAT INEQUALITY ALONG RACIAL LINES.

ACCORDING TO THE LATEST FEDERAL RESERVE DATA, THE TYPICAL WHITE FAMILY HAS MORE THAN SIX TIMES THE WEALTH OF THE TYPICAL BLACK FAMILY AND ALMOST FIVE TIMES THE WEALTH OF A TYPICAL HISPANIC FAMILY.

FOR NATIONAL HISPANIC HERITAGE MONTH, WE LOOK AT HOW FIRST AND SECOND GENERATION LATINO AMERICANS ARE TRYING TO CLOSE THAT GAP.

THE AUTHOR OF THE BOOK JOINS US.

OUR THEIR CHALLENGES TO FIRST AND SECOND GENERATION LATINO AMERICANS?

>> MANY.

I LIKE TO CALL IT THAT WE HAVE A DIFFERENT STARTING LINE.

WE DO NOT GET ANY SORT OF BASICS ON MONEY MANAGEMENT AT HOME.

SOME HAS BEEN TAUGHT AT SCHOOL.

BUT SOME OF OUR PEERS GET TO BENEFIT FROM PARENTS TEACHING THEM WHAT A CHECKING ACCOUNT IS, HOW CREDIT WORKS.

OUR PARENTS ARE JUST TRYING TO SURVIVE A NEW COUNTRY SO WE DON'T TYPICALLY GET ANY EXPOSURE TO MONEY TALK.

ON TOP OF THAT, WE DO NOT BENEFIT FROM GENERATIONAL WEALTH.

OUR PARENTS COME HERE SEEKING A BETTER LIFE FOR US ALL SO THEY COME HERE WITH NOTHING.

ON TOP OF THAT, WE HAVE THE ADDED RESPONSIBILITY OF FEELING LIKE OUR PARENTS' CARETAKERS, THEIR RETIREMENT PLAN, OR WE HAVE TO PROVIDE A MONTHLY ALLOWANCE FOR THEM TO STAY AFLOAT.

JOHN: YOU ARE A FINANCIAL EDUCATOR.

ARE THE THINGS YOU WISH PEOPLE HAD TOLD YOU?

>> ABSOLUTELY.

THAT WOULD BE INVEST AGGRESSIVELY IN YOUR 401(K) OR WHATEVER YOU HAVE AT WORK TO HELP YOU FOR RETIREMENT IN THE FUTURE.

BE AGGRESSIVE PAYING OFF DEBT.

I WAS PASSIVE WITH MY DEBT.

I THOUGHT I WOUOU PAY THE MINIMUM BALANCE ON STUDENT LOANS AND CREDIT CARDS.

AFTER LEARNING ABOUT FINANCIAL LITERACY, I LEARNED IT WILL TAKE LONGER TO GET OUT OF DEBT THAT WAY.

JOHN: ARE THOSE THE MOST COMMON PITFALLS OR MISTAKES AMONG YOUNG LATINOS?

>> NOT MAKING A BUDGET.

I WOULD THINK AS MY CAREER ESCALATED, IT WAS SORT OUT.

AFTER LEARNING FINANCIAL LITERACY, I LEARNED YOU HAVE TO HAVE A ROADMAP FOR WHAT YOU WANT YOUR MONEY TO DO FOR YOU.

IT IS HARD TO DO THAT IF YOU ARE NOT AWARE OF YOUR SPENDING GOALS.

JOHN: YOU TALK ABOUT EMBRACING BICULTURAL IDENTITY.

WHAT DO YOU MEAN BY THAT?

>> WHEN I STARTED MY FINANCIAL LITERACY JOURNEY, THE ONLY ACCESS I HAD TO PERSONAL FINANCE BOOKS WERE MOSTLY WRITTEN BY WHITE MALE AUTHORS.

WHAT WAS MISSING WAS HOW MY LATINO HANDLES MONEY WHICH IS DIFFERENT FROM WHITE AMERICANS.

MOST OPERATE IN A COLLECTIVIST SORT OF SOCIETY WHICH MEANS WE SACRIFICE OURSELVES FOR THE GROUP'S BETTERMENT.

IF YOU NEED HELP, THE FIRST PEOPLE YOU GO TO IS FAMILY.

IN AMERICA, IT IS INDIVIDUALISTIC, VERY MUCH EVERY MAN FOR HIMSELF, PULL YOURSELF UP BY YOUR BOOTSTRAPS, CHARGE ON A CREDIT CARD, DON'T TELL PEOPLE ABOUT IT.

WHEN I WENT INTO THE REAL WORLD WITH THE WHITE PRINCIPLES, THERE WAS THAT CULTURE CLASH.

I AM MEXICAN-AMERICAN.

I HAVE TO HAVE A BLEND OF THOSE VALUES THAT WORKS FOR ME.

JOHN: IN ADDITION TO INDIVIDUAL ACTIONS, SAVING, INVESTING IN A RETIREMENT FUND, ARE THERE STRUCTURAL PROBLEMS BUT ALSO KEEP LATINOS FROM BUILDING WEALTH?

>> ABSOLUTELY, ESPECIALLY IN THE FINANCIAL PLANNING WORLD.

IT IS SET UP IN A WAY WHERE YOU WANT TO CATER TO THE RICHEST.

IF LATINOS DO NOT HAVE LARGE WEALTH, THAT DOES NOT MAKE THEM AS ATTRACTIVE OF A CLIENT.

THEY CAN BE OVERLOOKED AND PASSED UP FOR WEALTHIER CLIENTS.

JOHN: YOU SAY HOW MANY OF THE ADVICE BOOKS ARE WRITTEN BY WHITE MEN.

DO YOU THINK YOU HAVE A SPECIAL CONNECTION TO THE LATINO COMMUNITY?

>> ABSOLUTELY.

I HAVE MY LIVED EXPERIENCE.

I HAVE A LOT OF COMMON SAYINGS THAT CONNECT WITH OUR CULTURE.

MY BOOK CAME OUT IN JANUARY.

IT ALREADY HAS OVER 200 FIVE-STAR AMAZON REVIEWS WITH MOST SAYING I COULD NOT RELATE TO THE OTHER BOOKS, THIS WHEN I FINALLY UNDERSTOOD, AND I'M SO EXCITED TO GET STARTED ON MY MONEY JOURNEY.

JOHN: YOU ALSO TALK ABOUT RESILIENCY.

EXPLAIN THAT.

>> RESILIENCY RUNS THROUGH OUR VEINS AS THE CHILDREN OF IMMIGRANTS.

WE DO NOT HAVE MUCH OF A LEG UP IN LIFE.

WE DO NOT HAVE GENERATIONAL WEALTH.

EVEN GENERATIONAL KNOWLEDGE.

THE FAMILIES DO NOT BENEFIT FROM BEING IN THIS COUNTRY SEVERAL CENTURIES.

JUST KNOWING HOW FINANCIAL AID WORKS AND A CREDIT CARD WORKS, THESE ARE THINGS OUR PARENTS WERE STRUGGLING TO LEARN, SO WE HAVE TO LEARN TO BE RESILIENT AND DO A LOT OF FIRST ON OUR OWN.

BE THE FIRST IN OUR FAMILY TO GO TO COLLEGE, TO WORK IN CORPORATE SPACES.

DO THE FIRST IN OUR FAMILY TO LEARN HOW TO ACCUMULATE WEALTH.

A LOT OF US WERE TRANSLATORS AS CHILDREN FOR OUR PARENTS WHO DID NOT SPEAK THE LANGUAGE AT DOCTORS APPOINTMENTS AND SCHOOL MEETINGS.

JOHN: THANK YOU VERY MUCH.

>> THANKS FOR HAVING ME.

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