Published originally as a LinkedIn article April 5, 2019.

A 2014 PwC research study on millennials found staggering results regarding personal finances and financial literacy. Only 24% of survey participants demonstrated basic financial knowledge. The majority were concerned with being able to pay their student loans. Almost half of them didn’t think they could come up with $2,000 for an emergency. Nearly 30% were overdrawing their checking accounts, 43% used alternate financial services (e.g. payday loans and pawnshops), 36% had a retirement account, and 17% took a loan from their retirement account in the past 12 months.

Millennials are the generation between 18-34 years old, and Latinos represent 22% of U.S. millennials. This is probably the reason that Ford Latino approached us last year to facilitate a discussion on financial independence for Latino millennials, with an emphasis on becoming an entrepreneur. The CSUF Latino Communications Institute (LCI) hosted the Financially Independent event that turned out to be an intimate discussion on personal finance and entrepreneurship. I was initially intrigued by why Ford Latino would be interested in sponsoring this type of conversation, with no strings attached. In other words, they weren’t selling anything. They just wanted us to facilitate the discussion. The panelists we invited were Philip Sanchez, Vice President with City National Bank and fitness entrepreneurs Carmen Melgoza and Gustavo Gutierrez.

Because of the intimate setting of the event, we were able to discuss more personal issues regarding finance. One point that came up is that based on our upbringing, we may have personal baggage regarding how we handle money. I thought about my dad. A very religious man and a small businessman, he didn’t believe in having money sitting in the bank. Instead, he would continuously invest in growing his company, often gambling in a big way. His faith made him bold but financially reckless. I still can’t believe that such a smart man didn’t have life insurance to provide some financial support for my mother after he passed away.  I’m not sure where we are expected to learn about financial literacy. If our parents aren’t financially literate, it won’t happen at home. Regardless of where it happens, financial literacy is essential.

A well-kept secret, at least in my circle, is that April is National Financial Literacy Month. In researching this article, I found a great resource to share, Money Management International (MMI). I have no affiliation with the organization. MMI is the largest full service nonprofit consumer credit counseling organization in the nation. MMI receives federal funding and grants to provide free counseling. They do charge an affordable fee for debt management. Its website includes a step-by-step process for improving financial wellness. I encourage you to check it out.

On National Financial Literacy Month, let’s commit to taking at least a few of MMI’s steps to financial wellness. Share this information with others as well. As an educator, I have found that creating awareness and sharing resources is sometimes all that is needed for positive change to take place. We don’t need to be wealthy to get on the road to financial independence. Knowing where our money goes and starting to save for that emergency, that will come, are a couple of first steps we can take. I’m still working on achieving financial wellness; I commit to getting there. I hope you commit as well.

I dedicate this article in memory of my friend Deborah Aguiar-Vélez, who consistently shared the message of the importance of becoming financially independent.