Personal Finance 101 for POC, Millennials, and Immigrants. Should You Buy a House? Saving, Budgeting, and Investing with Homeowner and Entrepreneur Ron Costa
Manage episode 272262054 series 2779638
Ron Costa owns a house by the beach, leads his own real estate team, made a savings plan for his mom to help her budget to buy a house, and also an immigrant AND in his 20s. Learn about how to save, budget, and invest as a millennial, and how to talk to parents who may be immigrants, POC, lower or middle class about saving, budgeting, and investing. When you should buy a house and the investment pros and cons or homeownership as a millennial, and the history of discrimination in real estate.
The Millionaire Next Door by Thomas J Stanley
Rich Dad Poor Dad by Robert Kiyosaki
The Broke Millennial by Erin Lowery
A Random Walk Down Wall Street by Burton Malkiel
(2:00) - Ron’s intro
(5:55) - How to save money to buy a house/tips for saving money
(7:30) - How to stay honest with your expenses and what ratio of your income do you budget for saving
(9:20) - How to talk to immigrant parents about budgeting and saving.
(14:20) - Investing in stocks vs real estate pros and cons.
(16:00) - Big personal finance mistakes: credit cards, cars, and debt.
(17:30) - It’s expensive to be poor and importance of saving.
(20:00) - Ron's book recs for personal finance.
(22:00) - Immigrant mentalities of wealth and conspicuous consumption.(23:40) - More personal finance tips for general spending.
(27:20) -Student loans and lack of financial literacy.
(33:00) - The privilege of financial literacy, the Color of Law, systemic discrimination and racism in homeownership.
(37:00) - Discrimination against millennials in real estate.
(39:00) - Should you buy a house?
(40:10) - Is buying a good investment compared to renting? Tradeoffs between renting and buying.
(41:30) - Timing the market.
(42:30) - How’s the market been? Are prices going down in LA? Gentrification.
(45:00) - Passive versus active investing and tech stocks
Contact Nancy at:
Welcome to Progressive Opinions of Color (POC), a podcast that seeks to create space for more people of color in politics and economics. With the 2020 presidential election coming up and the state of the economy during COVID-19, it is more important than ever to think about who we include in the conversations about politics and economics. I am Nancy Wu, your host. I’m also an Asian American woman, an economist, and a huge politics and policy nerd. I triple majored in Economics, Government (Political Science) and Gender Studies at Dartmouth and have a Master’s in Development Economics from Oxford. I work as an Economist full time and have previously worked in economic policy at the White House (under Obama, of course) and progressive think tanks. The goal of this podcast is to engage the Asian American community and other POC and BIPOC voices in an industry that is so heavily represented by old white men. The POC Podcast will host conversations on the 2020 Presidential Election, Joe Biden, Kamala Harris, the coronavirus pandemic, the state of the economy, and other pressing topics in politics, economics, and culture, all through perspectives inclusive of the lived experiences of people of color. Whether you're new to politics or already a huge politics nerd, I hope this podcast inspires community and conversation among us. Join me in reimagining politics and economics with underrepresented voices. The economy is complicated enough. Learn about it through stories from real people.