The Money with Katie Show
How to Build Wealth and Support Family (with Boundaries)—Especially When You're First-Gen
Aug 19, 2024
Berna Anat, a financial expert dedicated to helping first-generation Americans, discusses the unique challenges this group faces in building wealth. She shares insights on navigating financial pressures from family and cultural expectations, emphasizing the emotional weight of being an 'alpha child.' The conversation highlights the importance of setting financial boundaries to foster healthy relationships while advocating for more inclusive financial education tailored to cultural contexts. Redefining wealth is key in this transformative dialogue.
45:22
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Quick takeaways
- First-generation Americans often navigate unique financial obligations that challenge their personal stability while supporting family, highlighting the need for tailored financial advice.
- Cultural expectations significantly impact financial decisions for first-gen individuals, creating complex dynamics between personal goals and familial responsibilities that require a supportive community approach.
Deep dives
Understanding Financial Support Dynamics
Many first-generation Americans face unique financial responsibilities, including providing substantial support to their families both domestically and internationally. Statistics reveal that a significant portion of first-gen individuals allocates a large percentage of their monthly income to assist family members, with many feeling compelled to help their parents with retirement planning. This financial burden often leads to stress and challenges in establishing personal financial stability. The expectation to support family financially creates a dynamic that differs from the experiences of many non-first-gen individuals, who may be more accustomed to receiving financial support from their parents.
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