Skimm Money: Inflation Special, First-gen finances, and US Credit Rating

Get answers straight from the finance pros.

First-generation Americans often face unique money challenges. Like setting $$$ boundaries with family and navigating a financial literacy learning curve. To learn more about the first-gen money experience, we spoke to Giovanna “Gigi” Gonzalez, aka Gigi the First Gen Mentor and author of the forthcoming book “Cultura & Cash.”

What financial challenges do first-gen wealth builders face?

Many of us have a financial responsibility to our families and a lack of generational wealth. People who benefit from generational wealth are able to avoid student debt and get support with things like down payments. Often, that doesn’t exist for us, so we really have to be proactive with our financial journey sooner rather than later.

How do you set financial boundaries with your family? 

I have a two-step process for deciding if I’m going to give money or set a boundary. First, I ask myself, "Do I want to give?" Because, for a long time, I gave money because I felt guilt, shame, or pressure to, which eventually led to resentment because I wasn’t doing it on my own terms. Then, if I want to, the next question is, “Can I actually afford it?” Because it's great that you are willing to help, but not if you're going to be behind on your rent. 

Words of wisdom for first-gen Americans who feel like building wealth is beyond them?

1. Know it's a common feeling. Financial jargon can make you feel small or like it's not for you, but anybody can learn the language of money.

2. Gain knowledge. Find a medium that works for you and feels safe for you to learn. It can be books, a money coaching program, or financial literacy classes. 

3. Get comfortable unlearning. Understand that you're going to have to unlearn a lot of negative money mindsets. Like not saving for a rainy day.

Answers are edited and condensed for clarity. Read an extended version of the interview here.

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Considering that you spend a third of your life catching zzzs, splurging on a good bed just makes sense. Below, Minaa B., a licensed social worker and the author of “Owning Our Struggles,” tells us why her $$$ new bed frame was worth every penny.

Tell us about a recent purchase you made that felt like an investment.

This bed frame from West Elm. I have insomnia, and my bed frame was starting to fall apart and disrupt my sleep terribly. As I was searching for a new one, I knew I wanted it to have a headboard and to be customized to my liking. I set a budget of $800-$900 and never thought I'd fall in love with a $2,000+ bed frame.

So how much did it end up costing you? 

Since it was customized and had to be shipped, the total price was $2,458.40.

Why do you consider it a good investment? 

It's sturdy, doesn't cause my bed to creak when I lay down, and I love that it has a headboard I can rest on. It was a big purchase, but it will last for years and provide me with quality sleep.

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