A closer look at making our Latinx buying power for us
Buying power: the amount of money that a person or group has available to spend : purchasing power.Webster Dictionary
How we spend our hard earned dollars, after our expenses, is the measure of our buying power. We fuel not only California’s economy but our nation as we are expected to exceed $1.7 trillion next year! What are we doing with this power? Last week, I shared how our dinero is a powerful tool. However, what good is a tool if you don’t know how to use it?
On Friday’s We Fight! We understand that our Latinx buying power is strong but is it working for us? Try these ways to make it work for you! #Latinx #buyingpowerTweet
Three ways to make Latinx buying power work for us
- Learn the language of money. Understanding that money talks for you will help you understand the power you hold. There are many ways to learn. Start with someone who is an expert and can break it down in ways we can understand. Brittany Chavez of Financially Wise Women provides great information through social media as well as offers services. Natalie Torres-Haddad, of Financially Savvy Latina does the same. Podcasts are helpful such as episodes of Her Dinero Matters with Jen Hemphill. You can find numerous book and Youtube videos to listen in and learn the money language.
- Be strategic. Buy from Latinx businesses. Invest in a Latinx start up business. Search through the San Joaquin Hispanic Chamber of Commerce directory for local Latinx businesses. Keep sites like Shop Latinx on your radar, although it is updating its site now, it’ll house 200+ Latinx vendors soon! That’s just scratching the surface! Let’s look at where we seek services. Another opportunity is accessing culturally competent care with Latinx Therapy or Therapy for Latinx. The ultimate strategic move would be to open an account with a Latinx owned bank!
- Follow the money trail. Wayfair employees demanded action for the company’s contract to furnish a federal detention center. I’ve never bought from Wayfair but I unsubscribed from their emails real quick! Should we do more? Look around your home. Are the items in your home, from furniture to clothes to food, supporting Latinx people or not? This trail can become a tangled mess. It can also be personally conflicting for us because Latinx are loyal buyers. Take the time to untangle this mess. This is where we take back our power!
Let’s talk about how our buying power can better work for us. Do you have more ways your buying power can influential?