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Its a lot of pressure but also comes with many opportunities.
Many come from families where financial literacy wasnt taught, or cultural differences affect money management styles.
Below are some key strategies to help first-generation Americansbuild financial security.
He recommended starting with asecured credit card, which minimizes risk while building a credit history.
Within a year, she qualified for a standard card and saw her credit score rise above 700.
I always say, Your salary is just the beginning your benefits are where real wealth-building happens.'
However, proper insurance health, life, disability and property protects the financial foundation youre building.
The U.S. tax system can be overwhelming even for lifelong citizens, said Shahnazari.
He also suggests saving early and regularly for retirement.
It even played a significant role for him as a first-generation American.
I worked multiple jobs to pay for an accounting degree, then earned my CPA, said Rawal.
Continuously improving your education and skills creates opportunities.
This might mean setting clear boundaries or finding creative ways to offer support without compromising personal financial security.
He said, Over time, small amounts grew into a nest egg for college or starting a business.
Rent covered the mortgage, providingcash flow and equity.
Though circumstances were challenging, he said the rewards of his smart choices were significant.
Small amounts, compounded, lead tosecurity and options.
With the right mindset, first-generation Americans can achieve their vision of the American dream.
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