Fierce

In The First Episode Of FIERCE’s ‘Money Moves,’ We Explore The All-Important Budget

Finances can be hard. A lot of us were never told how to properly budget because our families weren’t equipped. Fortunately, in the 21st century, we can connect electronically with other Latinos and Latinas who are making money moves. In the first episode of FIERCE’s “Money Moves,” we talked with Beatriz Acevedo, CEO and founder of We Are Suma, a new financial literacy media company.

We Are Suma is a new company that wants to teach you how to make the most of your money.

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Financial literacy is so important in creating generational wealth. It is an important step to being financially comfortable. CEO and founder of We Are Suma Beatriz Acevedo wants to help all Latinos and Latinas reach their financial goals. The most important place to start is creating a good and manageable budget. We sat down and spoke with her about what to do to make that happen. Here are some of her insights.

Sam: What would you recommend in terms of knowing what I need to get financially fit?

Beatriz Acevedo: Well, listen. Because we are here in a group of Latinas, like I said earlier, there’s certainly a lot of particularly incredible, amazing Latinas that do these seminars and these course. I have made my list of the ones that we already work with and really love. One that we have as our Latina in residence right now giving us a lot of this coaching is Jen Hemphill and she has a podcast called ‘Her Dinero Matters.’ So constantly, if you follow them, they have their social media, they have the things that they do. We mentioned Julie from Investing Latina that you guys will have on. Also, she does these seminars where they are made for our community. It just doesn’t feel as dry as when you read content or you go to a class and are like, ‘Oh my god. I feel so out of place here with the words that they are using the expectation that i already know this.’ No. This if for our community by our community. Latina Money. We’ve done some collaborations with her as well for equal pay. She’s awesome. Snowball Wealth. If you have student debt, they definitely specialize. Dana is your girl who specializes in how can you lower that. How can you start paying off your student debt?

All these are amazing Latinas that want to support our community and what they do every day is that. Obviously for us at We Are Suma, we do it in a very fun pop culture kind of way as well. So, five years ago if you asked me this question, I’d be like, ‘I don’t know.’ Today, there are so many resources and just with the ones that I mentioned that you guys can find right here on Instagram.

All of those resources are great. They’re easy to understand and again they’re made my women in our community so they understand where we came from and they understand that we did not have those conversations growing up, that we’re going to need to catch up.

S: What should they take a look at when creating a budget? Is it kind of like consolidating everything that they have and writing down a list?

BA: It’s a very easy thing to do nowadays. I remember when my dad would always tell my mom, ‘¿Donde esta el presupuesto?’ He knew that el presupuesto was very important because my mom and I are enthusiasts of la Marshalls y la Ross. Like, ‘Look, it’s only $9.99.” But, then, they can add up. So, I remember her so vividly in the kitchen, the poor woman, doing these budgets for my dad or for the household in these yellow pads. She was like, Food and this and Gas and all of this other stuff and adding it up. Nowadays, it’s so easy. there are so many apps that you can use. Even from the resources from all of these other Latinas that I mentioned earlier, some of them have these.

I know Snowball has one of these and I’m sure most of them do. It’s free tools where you can go in and you plug in and it helps you to track all of your expenses. There’s also very sophisticated apps that I like to use and it is the preference of people that very easily let you see how much do you make. It’s very important to know how much you make. You make a budget for $10,000 and you make $5,000, that’s not gong to work out, even if you have a beautiful budget.

S: Could you share some of the apps that you personally use or that you would recommend?

BA: Mint is the most popular one from all of the surveys. People really love it. I’ve never used Mint personally, but it must be great because people love it, and is the overall best one. I use PocketGuard. I don’t know how I discovered it or why, but I like it and that keeps you from overspending. It’s almost like, ‘Oh, you’ve reached this. Or you’re spending $5 more this month than you spent this month. It is always sort of alerting you. I’m sure all of them alert you if you are going over the budget that you have.

There’s one that people love that I just learned about that’s called You Need A Budget. That’s the one that people say is for the Type A personality so I need to look into that. It is on this principle of zero-based budgeting, which means that you give a job to every cent that you make. You don’t leave anything up to chance. Even if you are going to put something into retirement or to invest. You make $10 and your budget is at $10. It’s depleted so there is never anything left either under or over that could be a great area. A lot of people really like this You Need A Budget app that I still have to check out.

We were also talking about the envelope method. I learned about that a long time ago in my previous life when I was a tv producer. We were doing this show for Discovery channel where we would go into Latinos homes that needed almost a financial intervention because they were in bankruptcy. They had a mess with their finances. You would walk into their houses and they would have the most unbelievable TVs, VR sets before VR was popular. You’re like, ‘Oh my god. What are you doing, dude?’ I remember that our financial adviser at the time told the woman like, ‘Señora, you’ve got to cut off your credit cards.’ The woman was crying cutting up her credit cards but she had maxed out so many credit cards buying clothing for the daughter. The guy had bought all of these electronics. It was crazy. Then I remember that it seemed pretty prehistoric, right, because I was, ‘Really? You’re going to go put money into an envelope?’… I was reading that there is one called Mvelopes and that sort of mimics that but in the digital world.

Make sure you watch the full interview below for all of Acevedo’s tips to growing your wealth.

Make 2021 the year to become financially fit! You have the power to dictate what happens with your finances.

READ: Do You Combine Finances With Your Spouse? Latinas Answered!

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Mexico Wins International Award For $100 Peso Note Featuring 17th-Century Nun Sor Juana

Culture

Mexico Wins International Award For $100 Peso Note Featuring 17th-Century Nun Sor Juana

Bank of Mexico

Over the last few years, Mexico has been updated its currency to make it more secure from counterfeiters and to highlight the country’s diverse history. One of the country’s newest bills is a $100 peso note featuring a 17th-Century female historical figure and it’s winning major international awards for its design and history.

Mexico’s $100-peso bill has been named banknote of the year for 2020 by the International Bank Note Society (IBNS). As printer and issuer of the note, the Bank of México beat 24 other nominees to the award, and the Sor Juana bill led the way from the start of the voting process.

The note features national heroine Sor Juana Inés de la Cruz, with the monarch butterfly biosphere reserve on its reverse.

In its announcement the IBNS wrote: “Mexico’s award-winning entry may provide a template as other countries reconsider how they design and promote new banknotes.  The successful design in eye-pleasing red combines Hispanic architecture, a famous female Hispanic literary figure and a tribute to the world’s fragile ecosystem.”

Past bank note of the year recipients include Aruba, Canada, Uganda, the Faroe Islands, two time winner Switzerland and three time winner Kazakhstan, among others.

So who was Sor Juana and why was she important to Mexico?

Born in 1651, Sor Juana was a self-educated nun and intellectual renowned for her poetry, writing and political activism, who criticized the misogyny of colonial Mexico.

Beginning her studies at a young age, Sor Juana was fluent in Latin and also wrote in Nahuatl, and became known for her philosophy in her teens. Sor Juana educated herself in her own library, which was mostly inherited from her grandfather. After joining a nunnery in 1667, Sor Juana began writing poetry and prose dealing with such topics as love, feminism, and religion.

Mexico was up against 24 other countries in the nomination process.

In second place was Kate Cranston who appears on the Bank of Scotland’s 20 pound note. The businesswoman appears on the obverse and she is recognized for being the owner of the famous tea rooms inaugurated in 1903 and that today are a tourist attraction.

In third place there was a triple tie between the 20 pound note of the Ulster Bank of Northern Ireland whose design features flora and buskers. The one from the Bahamas of 5 dollars with the image of the junkanoo dancer, and the one of 50 dollars from Fiji.

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Coinstar Comes Through For Man Who Received Last Paycheck Of 91,500 Pennies

Things That Matter

Coinstar Comes Through For Man Who Received Last Paycheck Of 91,500 Pennies

Mark Walker / Getty Images

After Andreas Flaten’s former employer dumped at least 90,000 pennies on his driveway last month as a form of final payment for his work at an auto shop, Coinstar is stepping up to help.

The company picked up Flaten’s coins on Thursday and rounded up the amount to give him a $1,000 check. Flaten had been spending an hour or two every night trying to clean the pennies, which he stored in a wheelbarrow in his garage.

They also made donations to two charities of Flaten’s choosing: two animal shelters. 

“Coinstar has been in the coin business for 30 years and we process approximately 41 billion coins annually – so picking up 91,000 pennies was all in a day’s work,” Coinstar CEO Jim Gaherity said in a statement.

Original Story Published March 25, 2021:

Quitting a job isn’t always easy, quite often one of the parties is left upset or angry. But the breakup of a Georgia man and a car repair shop has taken things to new depressing low. He was Paid his fianl Paycheck With 91,500 Pennies

Sure, the man received his money and it’s all totally legal but it still sucks the way that he was ‘paid’ and the Internet is rightfully freaking out on the man’s behalf.

Georgia man is paid his final paycheck with 91,500 pennies.

A Georgia man, Andreas Flaten, who had been waiting on his final $915 paycheck from when he quit his job at the A OK Walker Luxury Autoworks, was finally paid but not in a very nice way. Sure, 91,500 pennies are real and actual money but it’s not exactly a convenient way to get paid.

The coins, he said, were dumped on his drive way and also are apparently covered in an oily substance he suspects might be power-steering fluid. The coin drop was discovered on March 12. Flaten told the New York Times he believes the payment was taken as a punishment after he quit his job and demanded the company pay him his final paycheck.

Flaten said the pennies were delivered by someone who he believes to be a current employee of the shop at 7 P.M. ET on March 12. The load, which weighed more than 500 lbs., came with a short, obscenity-ridden note, he said.

It sounds like the auto shop is a pretty toxic place to work.

Flaten said he quit the job because of broken promises over when he could leave each day to pick up his child from day care. He gave notice that he planned to quit late last year, but left earlier after further disagreements at the job. When he did not receive his final paycheck, he filed a claim with the U.S. Department of Labor, which reached out to the repair shop three times.

Miles Walker, the owner of the repair shop told CBS46, an Atlanta TV station, “I don’t know if I did that or not, I don’t really remember. … It doesn’t matter. He got paid. That’s all that matters. He’s a f*****g weenie for even bringing it up.”

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