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TRENTON, NJ / ACCESSWIRE / October 1, 2021 / Hispanics and many other minority groups in the United States face growing challenges when it comes to developing financial literacy, understanding personal finances, and building generational wealth. Jonathan V. Brito, Financial Advisor and Director of Growth and Development at Northwestern Mutual wants to share how the financial planning industry can change that and open doors for minorities. Brito often quotes Bill Gates: “If you were born poor it is not your mistake, but if you die poor it is your mistake.
In the financial planning industry, about 97% of financial advisers and planners are white men, while only 3% are minorities and women. Currently, Latinos make up about 17% of the population of the United States, but hold only 2% of the wealth, with the wealth gap only set to grow. Brito explains that in his culture, the Hispanic community, there is a big disconnect with financial literacy, in part because of a lack of confidence, a barrier to communication and a tradition from generation to generation. feeling like these were things they couldn’t have because it was almost impossible in their country. Its aim is to break down these barriers and open up the world of finance for people to benefit their own lives, as well as give them the opportunity to start a profession in the financial sector.
The importance of financial planning and knowing how to save is not something realistic or easy for many in the Hispanic community. Often times, it’s just a matter of survival, making sure you have enough money to get by. Brito wants to highlight several areas of financial literacy that can make a huge difference to people.
Budgeting and Saving – Knowing how to live on a budget and how to save is the first step in developing financial literacy and stability.
529 Education Savings Plans – Many older generations did not go to university and simply do not have the means or the knowledge to start saving for their children’s education. 529 Plans can be a game-changer when it comes to getting minority students into higher education.
Roth IRA – As medicine advances, people will live longer. It is important to plan the longest vacation of your life, retirement.
Building Generational Wealth – Life insurance, savings, estate planning are all areas Brito would like to see more people from minority and underserved communities have access to and benefit from. You can pass on commodities like jewelry, designer shoes, and handbags, or you can leave a legacy of investments with passive income for generations to come.
Plan for what if – Too often in communities and populations where there is little generational wealth, savings and financial progress, a family can be financially devastated in the event of a family member’s injury or death. family. Planning for what ifs makes generational wealth possible.
Brito is a first generation Mexican and Ecuadorian American who realized he could change his own life and the lives of those around him when he entered the world of finance professionally. Brito has done his life’s work to show people that they can live life by design with financial freedom, regardless of where they are from or what culture they come from. He reflects on how he learned to speak English in second grade and saw his parents become citizens when he was in fifth grade. He was born and raised in Brooklyn, New York, then moved to Clinton, New Jersey as a teenager. Heavily influenced by his culture’s belief that they were limited to blue collar and manpower jobs, he jumped at the chance for an interview with a finance company. Although he is 22 years old and has no experience in the industry, in his first year he was ranked number two bronze among all financial advisors in the Eastern region. from the United States, and he became a Million Dollar Roundtable Producer at the age of 26. Brito discovered he had skills and a passion for financial planning, and that he could use this platform to make a direct difference in the lives of his family and his community.
“If you want to go fast, go alone. If you want to go far, go together.”
Brito leads a Top 20 Under-5 team at Northwestern Mutual, and shares that he’s been trying to open doors for more under-represented groups to gain a foothold in the financial planning industry. Brito’s team is made up of 16 financial advisers in their first 5 years of activity and 10 university interns.
Brito says: “Actions speak louder than words, as most people say they are trying to create diversity… I make it my mission every day and I am proud to say that of the 26 advisers that I mentor, 17 are minorities or women. 65% diversity in an industry where there is only 3% diversity, that’s what turns me on every day! The more diverse we are, the more we can help! If anyone is considering a future career in financial planning, I would make myself available. I have a clear vision of building a diverse team to best serve the diverse community in which we live. Let’s help families live life by DESIGN, not by default. “
Connect with Jonathan V. Brito online through his website to learn more about its services and how it can open the door to help you live your life on your own, not by default.
Company name: Northwestern Mutual
Contact Person: Jonathan V. Brito
Phone number: 908-617-0516
Link to website: https://www.jonathanbrito.nm.com/
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