"Generational Wealth starts with one person, BE that one person!"
TRENTON, NJ / ACCESSWIRE / October 1, 2021 / Hispanic Americans and many other minority groups in the United States face mounting challenges when it comes to developing financial literacy, understanding personal finance, and establishing generational wealth. Jonathan V. Brito, Financial Advisor & Growth and Development Director at Northwestern Mutual wants to share how the financial planning industry can change this, and open doors for minorities. Brito often quotes Bill Gates, "If you are born poor, it's not your mistake, but if you die poor, it's your mistake."
In the financial planning industry, about 97% of the financial advisors and planners are white males, while only 3% are minorities and women. Currently, Latinos make up about 17% of the population of the U.S., however, hold only 2% of the wealth, with the wealth gap predicted only to grow. Brito explains that in his culture, the Hispanic community, there is a big disconnect with financial literacy, in part due to a lack of trust, a communication barrier, and a generations-long tradition of feeling like these were things they could not have because it was nearly impossible back in their country. His goal is to break down these barriers and open up the world of finances to people to benefit them in their own lives, as well as give them an opportunity to start a profession in the financial industry.
The importance of financial planning and knowing how to save is not something that is realistic or easy for many in the Hispanic community. Often it is simply a matter of survival, making sure there is enough money to get by. There are several areas of financial literacy that Brito wants to highlight, that can make an immense difference for people.
- Budgeting and Savings - Knowing how to live within a budget, and how to save is the first step in building up financial literacy and stability.
- 529 College Savings Plans - Many older generations did not attend college, and simply do not have the means or 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 IRAs - As medicine advances people will only live longer. It is important to plan for the longest vacation of your life, retirement.
- Building Generational Wealth - Life Insurance, savings, estate planning, are all areas that Brito would like to see more people of minority and underserved communities have access to and benefit from. You can pass down commodities like jewelry, designer shoes, and handbags, or you can leave behind a legacy of investments with passive income for generations to come.
- Plan For The What Ifs - All too often in communities and populations where there is little generational wealth, savings, and financial progress, a family can be financially devastated when there is an injury or death of a supporting family member. Planning for the what ifs makes generational wealth possible.
Brito is a first-generation Mexican-Ecuadorian American who realized he could change his own life and the life of those around him when he got into the financial world professionally. Brito has made it his life's work to show people that they can live life by design with financial freedom, regardless of the background or culture they come from. He looks back on how he learned to speak English in the second grade and watched as his parents became citizens when he was in the 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 labor jobs, he jumped at the opportunity for an interview with a financial company. Despite being 22 and not having experience in the industry, in his first year, he was ranked Bronze Number Two of all financial advisors in the Eastern Region of the US, and he became a Million Dollar Roundtable Producer by the age of 26. Brito discovered he had a skill and 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 Year Team at Northwestern Mutual, and shares that he has tried to open doors to more underrepresented groups to get a foothold in the financial planning industry. Brito's team is made up of 16 Financial Advisors in their first 5 years of the business, and 10 College Interns.
Brito states, "Actions speak louder than words, while most people are out there saying they are trying to build diversity…. I make it my mission every day and am proud to say that out of the 26 advisors I mentor, 17 are minorities or women. 65% diverse in an industry where it's only 3% diverse is what excites me every day! The more diverse we get, the more people we can help! If anyone out there is considering a future career in financial planning, I will always make myself available. I have a clear vision of building a diverse team to best serve the diverse community we live in. Let's help families live life by DESIGN, not by default."
Connect with Jonathan V. Brito online through his website to learn more about his services and how he can open the door to help you to live life by your own design, not by default.
Company Name: Northwestern Mutual
Contact Person: Jonathan V. Brito
Phone Number: 908-617-0516
Website Link: https://www.jonathanbrito.nm.com/
SOURCE: Northwestern Mutual
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https://www.accesswire.com/666408/Design-Your-Future-with-Financial-Advisors-at-Northwestern-Mutual--Fortune-100-Company
