The Hispanic Wealth Project is the brainchild of the The National Association of Hispanic Real Estate Professionals (NAHREP) foundation, with the goal of tripling Latino household wealth within the next decade.
This project was created in response to the economic state of the Latino community after the housing crisis.
“There is a need for knowledge and discipline around the subject of wealth in our community. NAHREP believes our members can play an integral part in addressing the wealth gap by applying these principles to their daily lives and spreading the word in their communities.” – Gary Acosta
NAHREP CEO and Co-Founder, Gary Acosta, created this list of 10 practices to help Latinos build wealth.
1. Have a mature understanding of wealth and prosperity
Simply having material goods doesn’t make you wealthy. To grow wealth, you must have an understanding of what that means and how to grow. The one with the most toys usually loses.
2. Be in the top 10 percent of your profession
Being good is not good enough — take pride in your job, and be the best at what you do. Not only will your earning power increase by being in the top tier, but you will also find personal fulfillment that equates to a different type of riches.
3. Live below your means and be ready for the next recession
The truth of the matter is that downturns are a regular part of our economic cycles. So the adage “hope for the best, prepare for the worst” should be a principle to live by.
Don’t overspend, and save for a rainy day — or an economic downturn.
4. Minimize debt
This one falls into the previous list item as well. Debt is the biggest enemy of wealth. Not only that, but it will hurt you immensely during a recession. So live within your means, and don’t charge everything.
5. Invest at least 20 percent of your income in real estate and stocks
Real estate and stocks are the best and safest ways to build wealth (investing in other businesses does not count). Let your money work for you — invest a percent of your income.
6. Know your net worth — including the value of your business
You can’t improve what you don’t measure, so it’s paramount to keep track of your net worth.
7. Be politically savvy
Public policy matters. You need to be a part of the decision-making process — that means understanding politics and voting.
8. Be physically fit
Wealth without health is meaningless.
9. Be generous with people who are less fortunate
Philanthropy feeds your heart and spirit, and it gives more purpose to your work.
10. Be active in the lives of your family and children
Familia is central to who we are. Be involved in your family life. What is wealth without being able to share it with your loved ones?
This list (sans explanations) will be displayed prominently at every chapter and national event to help NAHREP members and supporters create generational wealth and will guide the association from a content standpoint.