Immigrants and Financial Freedom
Immigrants have such a great work ethic. Working hard and always showing up. We come early, stay late, work from home and take on extra projects. We miss out on kids activities to catch up on work requirements. We go above and beyond what is required even when we get passed on repeatedly for a promotion. Our financial needs pressure us to accept being continuously overworked even when undervalued and underpaid.
Our parents expect us to be the smartest, earning more degrees and titles. So we have been conditioned to work hard and accumulate accolades. A study found that more than 40% of African immigrants had 4 or more years of college and they were more educated than native-born Americans.
The unfortunate thing about the title and fancy degree is, in the US they are accompanied by student loans and a lifestyle that society expects us to uphold. Maintaining that lifestyle sinks us further into debt.
At the time most immigrants get to the US, they are racing against a financial clock. In order to meet up, they need to double up on building wealth. Something that unfortunately happens much later than it should; further delaying the chances of living the life they truly desire.
According to the Survey of Income and Program Participation, the overall median wealth of U.S.-born couples is 2.5 times the median wealth of foreign-born couples. The gap is even bigger for migrant singles compared to U.S.-born singles, who hold three times more median wealth.
Armed with a dream, and a plan to work hard, most of us jump from the plane right into whatever job is readily available. We do not spend the time to figure out a plan for the money we will make or how we intend to make it work for us. We just want to work. Besides, the needs of the family back in our countries of origin do not give us enough time to set your financial goals. There are mouths waiting to be fed, and debts to be paid.
To prevent feeling financially trapped , we need to empower ourselves.
Financial education is very important.
Getting out of debt and building wealth allows us to choose the life we want. We get to plan our life and take the time to choose the career we have always wanted.
How many of us immigrants would rather have a different career ?
🗣Being debt-free offers us that freedom.
If you learn to manage what you have, God will pour more into your life. Don't try to pull everyone with you through the little glimpse of a hopeful future coming through the crack of the window. Build yourself up financially, so you can support the rest of your family by opening the door for all to go through.
Financial independence gives you freedom