Building Generational Wealth by Diversifying Where You Keep Your Money [Video]

I am $20,000 away from Coast FIRE. What’s that? It’s a generational wealth milestone where you have enough money invested in the stock market that you no longer need to contribute to your investments and you will still be a millionaire by age 65. Put another way, it’s when you have enough money invested that your money will turn into even more money on it’s own over time. This means I am well on my way to becoming a millionaire. This is important to me, as a first gen Latina, because there aren’t nearly enough millionaires in our community let alone financial literacy. According to data from the Urban Institute, in 2022, the average wealth of white families was approximately $1.36 million; for Latinx families, it was $227,544. For Black families, average wealth was $211,596, and for Asian American households, the average was $1.8 million. That means the wealth gap between a white family and a …