Chapter 1: The Hispanic-American Mindset
The greatest discovery of my generation is that man can alter his life
simply by altering his attitude of mind.
William James
What is the mindset of the average Hispanic-American who
wants to become a millionaire? Perhaps a more accurate question would be: Does the average Hispanic-American even consider it at
all? The prevailing wisdom is that Hispanic-Americans don’t think about becoming millionaires because of the “rules” we are taught in
childhood. Rule Number 1: Get a high school diploma and then,
hopefully, a college education. Rule Number 2: Raise a family. If you follow these two rules, you will be guaranteed a fulfilled life.
And here’s the bigger rule that underlies the other two,
unarticulated but clearly understood by Hispanic-American children and adults alike: only Anglo-Americans can become millionaires.
After all, they were here first and had most of the control over America’s land and precious resources. The truth many of us fail to
realize is that the two life goals of Hispanic-Americans are goals shared by all ethnic groups and nationalities. But members of these
other groups dare to dream of something more. For Hispanics, the added goals of wealth and financial prosperity never even enter the
equation. Our grandparents, and even our parents, believed that making it through school and getting married would result in a great
life. But what does it mean to have a great life? Does it mean having an average income with an average net worth after we accomplish our
goals of education and family? Why should we stop at “average”?
Why shouldn’t our people have the opportunity to gain wealth—as
much wealth as we desire—in the greatest capitalist country in the world, the United States of America?
Based on information published by the U.S. Census, in 2001 a
married Hispanic-American family’s median income was about $40,000 a year, while their Anglo counterpart’s yearly income was
about $60,000—almost 50 percent more. Why is there such a discrepancy in one of the richest and most free nations in the world?
Is it because Anglos have a longer history in America than do
Hispanics? Is it because they own more land and have more varied opportunities than we do? Do they have more governmental, and
therefore more economic, control? Or is it because our parents and grandparents suffered through years of discrimination that taught
them not to disrupt the system? Is it because this lesson—If you don’t rock the boat, then you can’t get hurt—was passed along to us…their
children? Strong focus can take you where you want to go and get you what you want in life. This is a reality of human nature.
Unfortunately, if the scope of your focus does not include becoming
wealthy, then you will not pursue it. Think about your own life. Has your mindset ever prevented you from exploring or investigating
wealth opportunities that could increase your income and expand your net worth? Have you ever discussed financial matters with your
parents? What about the idea of becoming a millionaire? Did you believe that they would laugh at the idea and tell you that only
Anglos could pursue that particular goal?
If we look at median income by education (Chart 1-1), we can
see that the average Hispanic household headed by a college graduate makes $67,165 a year. If you take the median income of $67,000 and
multiply that by 40 years, in today’s dollars that number would total $2.6 million over their lifetime. Will that average income turn into a
million-dollar net worth? If you subtract taxes from that income, you are left with about $4,000 a month to fund your current lifestyle and
to become wealthy in the future. While this amount of expendable
income is “not bad,” it’s unlikely to make you a millionaire. Now, $10,000 a month might be a different story. You should probably
aim to get your income level to more than $100,000 a year—an amount that less than 50 percent of 1 percent (.004) of all Hispanic-
Americans currently make.
As I said, based on the current median income earned by
Hispanic-Americans, you can live a good lifestyle in the U.S. But is “a good lifestyle” really good enough? Deep down, don’t we want
more income and more assets for our families? Most people, if they really think about the opportunities wealth can bring, would have to
say yes. But this is the problem: Hispanic-Americans have not been taught to become millionaires.
In order to become a successful millionaire, you need other
millionaires to teach and mentor you. You can also learn from books, CDs, seminars, and DVDs. I am the first to tell all parents and their
children to get a high school diploma and go to college. College is an important step in expanding your education as well as gaining
valuable knowledge for your career. This will help you increase your future income production. College is valuable also because it serves
as an opportunity for young people to interact with their peers. It helps them make the transition from childhood to adulthood. Much
of their future social behavior is developed during the college years. Confidence, social standing, and future business contacts are all
things gained in college that can be utilized in a future millionaire’s life.
So, let’s get to the “million-dollar questions.” How can I become
a millionaire? Is it possible for me to make $100,000-$250,000 in annual income? Is one million dollars a year out of my league? You’re
probably already seeing the truth: you will have to change your mindset in order to achieve the Millionaire Goal. (By the way, for the
purposes of this book, the Millionaire Goal means achieving a
million dollars in net worth over the course of your lifetime. You can always shoot for an even bigger goal later—say, a million dollars a
year in income—but first things first!) Begin by taking an hour a week to focus on your goal and the steps you will need to take to
achieve it. Gradually increase your focus time until the idea of becoming a millionaire is as familiar to you as your own name.
You might wonder if you are destined to be an average Hispanic-American, making average income for your family. Ask yourself some
tough questions. Why have some Hispanic-Americans who have the same education and social background as you become millionaires,
while you have continued making the same, average amount of money? Can you have a million-dollar net worth? How about a fivemillion-dollar net worth? Do you believe that those kinds of goals are
unattainable—that only certain Americans are entitled to them? If you cling to these beliefs, even subconsciously, you are setting up a
self-fulfilling prophecy—one that will surely keep you from your goal.
Right now, let’s start the process of believing that you or any
Hispanic-American can become a millionaire. It is easier than you think. Begin by altering your ideas of what Hispanic-Americans can
do. You might have to live a life that looks very different from the picture that was painted for you. This isn’t to say that many of the
lessons you’ve learned from your parents, teachers, and peers won’t help you. They will. But you must educate yourself on the techniques
and experiences you will need to become a millionaire. Start to believe that you have the right to gain wealth for yourself and your
family. Then use the power of your life experiences to go out into the world and begin achieving your goals.
Soft Back – 17.95
Hard Back – 21.97
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