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New financial apps demystify stocks and bonds for Latinos

canada goose outlet store montreal NEW YORK Carlos Garcia was three years into his first job in technology at Merrill Lynch when he first learned what a 401K retirement savings account was. He was floored when he learned that a canada goose factory sale colleague had Canada Goose Parka already saved $30,000 in three years, and the company had matched it. canada goose outlet store montreal

canada goose factory outlet vancouver The concept of making money off money was foreign to Garcia, an MIT canada goose uk black friday graduate who was born in Texas to immigrants from Mexico. Hispanics, who lag behind other demographic groups when it comes to saving for retirement. But for Garcia, the episode became the inspiration many years later for Finhabits, a bilingual digital platform designed to make savings and investment accessible for Latinos. canada goose factory outlet vancouver

canada goose outlet black friday sale But it is one of the few aimed at demystifying stocks and bonds for Hispanics, particularly young professionals who have the means to start investing but may have cheap canada goose uk inherited a fuzzy understanding of the financial system from their immigrant parents. canada goose outlet black friday sale

canada goose parka outlet uk are Canada Goose online very hard workers and we are able uk canada goose outlet to generate quick income for our families. Sometimes we are good at savings but we put the money under the mattress, said Garcia, who previously founded two other companies, including an internet analytics service for hedge funds. canada goose parka outlet uk

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canada goose outlet kokemuksia Another is Mi canada goose coats Dinero Mi Futuro, a personal financial planning platform started by Ramona Ortega, a former New York corporate attorney who became preoccupied with the lack of financial literacy among Latinos while working in bankruptcy and securities litigation. canada goose outlet kokemuksia

canada goose outlet store new york one talked to me about money, said Ortega, the daughter of Napa Valley farm worker and the first in her buy canada goose jacket cheap family to go to college. fact is that our communities have not had a legacy of talking about money. follows in the footsteps of robo advisors Betterment, Wealthfront and Acorn, which use computer algorithms instead of a traditional wealth adviser to manage customer funds across various types of investments. Ortega platform is similar to more well canada goose store known personal finance apps Mint and Credit Karma; it offers personalized budgeting tools and recommendations for affiliated financial products. canada goose outlet store new york

canada goose outlet toronto More than competing with established players, the founders of Finhabits and Mi Dinero Mi Future see themselves as creating a new market among Latinos, who they believe are overlooked by traditional financial institutions and even many of the digital newcomers. canada goose outlet toronto

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canada goose outlet online uk According to a 2014 Prudential Research study, just 19 per cent of Latinos had individual retirement accounts and less than 10 per cent had investments in individual stocks, bonds of mutual funds. Only about 60 per cent of Hispanics had a savings account, compared to Canada Goose Coats On Sale 80 per cent of the general population. The study cited various factors, including uncertainty among immigrants about what will happen to investments if they leave the country, distrust of financial institutions and difficulty understanding products. canada goose outlet online uk

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demographic has been very tough to crack historically, said William Trout, head of wealth management research canada goose outlet at Celent, a consulting firm focused on financial services technology. that second generation look for Canada Goose Online a platform that is speaking to a Hispanic population? Well, somebody has to test it. I think it worth a shot. Finhabits, beginner investors can start with $5 weekly contributions into canada goose traditional IRA, Roth IRAs or taxable investment accounts canada goose uk outlet for shorter term goals. Finhabits asks users about their priorities and risk tolerance and then recommends investment portfolios. The money goes into low canada goose clearance sale fee exchange trade funds from Vanguard and BlackRock.

Through its app, blogs and text messaging services, Finhabits explains financial concepts (portfolio diversification? It like ordering different types of tacos) and compound interest to persuade people that investing their money is safer and wiser than trying to the fat one, as Latinos uk canada goose refer to the lottery jackpot.

canada goose outlet shop Crucial to the Latino community, Finhabits lets users open an account with an Individual Taxpayer Identification Number, a processing number issued by the Internal Revenue Service for people who are required to pay taxes but do not have Social Security numbers. That makes the service accessible to immigrants who are not legal residents but still pay federal taxes. canada goose outlet shop

canada goose outlet buffalo Savvier investors can simply set up accounts directly with Vanguard or BlackRock, which require more active knowledge of investing. But most often, those big players don have formal marketing strategies for Hispanics. canada goose outlet buffalo

canada goose outlet location Garcia said Finhabits has about 10,000 active canada goose coats on sale clients who invest an average of $40 a week. It is signing up about 1,000 new clients each week and aiming for 50,000 by the end of the year. canada goose outlet location

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Finhabits is a provider in Washington state newly established Retirement Marketplace, which helps individuals and small businesses find low cost retirement saving plans. Nearly 80 per cent of the West Coast state 385,500 Hispanic workers are not covered by an employer sponsored plan, said marketplace director Carolyn McKinnon.

canada goose outlet boston Finhabits also has partnerships with credit unions, including Neighborhood Federal Credit Union, which serves New York City canada goose black friday sale predominantly Latino neighbourhoods of West Harlem, Washington Heights and Inwood. canada goose outlet boston

canada goose clothing uk Rosa Franco, director of lending at the credit union, said the partnership is still in development. She anticipates a challenge in marketing the service to her clients, many of whom are consumed by pressing concerns like debt repayment and or sending money to relatives abroad. canada goose clothing uk

canada goose outlet toronto location difficult for many people to think about the future. They live paycheque to paycheque. Many people just think Social Security is their only option for retirement, said Franco, who used the Finhabits app herself to open a Roth IRA. canada goose outlet toronto location

canada goose outlet orlando Ortega, who recently received a new round of investment from venture fund Backstage Capital for Mi Dinero Mi Futuro, crisscrosses the country giving workshops at universities and Hispanic professional organizations. canada goose outlet orlando

canada goose outlet online reviews Growing up, Monge said her family was part of the formal banking structure at all. The money came in and you pay the rent and you pay for food. a mother of two boys, Monge has used Mi Dinero Mi Futuro to budget her money, buy life insurance and open a high yield savings account canada goose outlet online reviews.

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