Louis Barajas on Hispanic Heritage Month and breaking the money myths that have held the Latino community back for generations.
When we talk about building wealth in this country, we often skip right to the advice… max out your 401(k), invest early, diversify your portfolio. But what happens when you don’t have access to a 401(k) in the first place?
A recent report from The Pew Charitable Trusts found that roughly 56 million American workers have no access to a workplace retirement plan. And that gap doesn’t fall evenly. Black and Hispanic workers are significantly less likely to have access to an employer-sponsored plan than their White and Asian counterparts.
Here’s the good news, though: Black and Hispanic families have been building wealth meaningfully. But the gains haven’t kept pace, and the wealth gap has actually widened since 2010, with the typical White family now holding more than $223,000 more than the typical Hispanic family. And when researchers asked workers what wealth even means to them, so many didn’t say stocks or retirement balances. They said security. Not worrying about bills. Being able to take care of their families. Not being a burden on anyone when they get older.
That’s why this Hispanic Heritage Month, Jean sat down with Louis Barajas — certified financial planner, author, and PBS host — to talk about his new book, Finances Con Corazón: The Latino Journey to Financial Dignity. Here’s what he had to say.
The Latino Economic Revolution Is Already Here
The U.S. Latino economy is now worth $4.4 trillion. Latinos drove nearly 30 percent of all U.S. economic growth while making up about a fifth of the population. And Hispanic and Latina women-owned businesses grew at nearly five times the rate of all women-owned firms between 2022 and 2025.
That last number didn’t surprise Louis. “Latina women are very responsible,” he said. “They are the ones that take care of their parents, they work harder, they take care of family. Working a regular nine-to-five job doesn’t work for a lot of Latinas anymore. They need to be independent. They need to have control of their lives.”
But Louis is also clear-eyed about what’s still missing. “We must all work together to build wealth, to have a voice in America, to make America stronger. Not for Latinos, but for everyone. Because when everyone becomes financially stable, there’s less crime, there’s better health, families stay together.”
The Club Sandwich Generation
Many of us identify as being in the sandwich generation; that growing group of Americans caught between caring for aging parents and raising children of their own, all while trying to keep their own finances on track.
Barajas told Jean that in Latino families there’s an extra layer, which is what he calls the club sandwich generation. The person who achieves financial success doesn’t just support themselves. They become the compadre; the one everyone in the family turns to for advice, for help, for answers.
Jean brought up Viviana Vazquez of OverGenPoverty, who joined HerMoney earlier this summer. Viviana is 30, has $100,000 invested, and recently paid out of pocket for her mother’s dental surgery because her mom doesn’t have health insurance. Louis didn’t hesitate. “I just paid a bill for one of my parents as well,” he said. “Same story.”
His advice: build it into your financial plan from the start. “It’s a fine dance,” he said. “How do you take care of yourself and build that financial independence, and also help your parents? You can’t do either/or. It’s and.”
What Hispanic Heritage Month Really Means
For listeners who want to show up for their Hispanic friends, colleagues, and neighbors this Hispanic Heritage Month, Louis’s message is direct. “Hispanic Heritage Month is to help non-Hispanics remember how much we have contributed to the health and wealth of this country,” he said. “Right now, we’re feeling a little bit of pressure — we need to remind ourselves that we’re not bad people. We’re great people. We’ve contributed a lot, and we’re going to contribute more.”
As for Louis himself? “I live Hispanic Heritage Day 365 days a year,” he said. “My work is to bless as many people as I possibly can for all the blessings that I’ve had.”
MORE ON HERMONEY:
- By The Numbers: How Latina Women Are Really Faring Financially
- HerMoney Podcast Episode 329: A First Generation American On Finding Success
- What If Women Are Already Better With Money Than We Think?
Editor’s note: We maintain a strict editorial policy and a judgment-free zone for our community, and we also strive to remain transparent in everything we do. Posts may contain references and links to products from our partners. Learn more about how we make money.
