What are the money mindsets that you brought over when you migrated?
Mindset, as defined by Merriam Webster, is a mental attitude or inclination and/or a a fixed state of mind.
This state of mind is important because, as emphasized by VERYWELLMIND.COM, this is a “set of beliefs that shapes how you make sense of the world and yourself. It influences how you think, feel, and behave in any given situation. It means that what you believe about yourself impacts your success or failure.”
You, dear new immigrant, surely did not trade your life in the old country to fail in this new one.
Therefore, make an inventory of your set financial beliefs and if need be, you may have to change them.
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THIS POST BELOW IS ABOUT MONEY MINDSETS TO MENTALLY PREPARE THE NEW IMMIGRANTS FOR A BETTER FINANCIAL FUTURE IN THE USA.
Mindset of Immigrant vs Native Born
AS NEW IMMIGRANTS, you have a totally different starting point and unique circumstances about you that the average American does not have: The natural born American is here by chance/fate/destiny while you, dear immigrants, are here by choice.
Because of this contrast, the natural born American have different money mindsets than you do.
Here is a simple contrast:
- NATURAL BORN AMERICANS: Have no choice but to afford life in America. This life is what’s in front of them.
- YOU (NEW IMMIGRANTS): Decided that you can take on the life in America. (It is a choice you made prior to coming over.) You have a life that YOU LEFT BEHIND and this is the life that is in front of you now. You can choose to go back or go forward.
Mindset of "Older, Seasoned" Immigrants vs Fresh Off the Boat Ones
Even in comparison to other immigrants who had been in the US for years, new immigrants like you have a different set of situations and perspectives than they have.
“OLDER/SEASONED” IMMIGRANTS:
- May have adapted to the way of American life
- May have invested in a business or have an established career
- May have a house or two
- Are involved in at least one community/group (church, charity, etc.)
- THEY WERE (still are) ABLE TO AFFORD AMERICA
YOU (NEW IMMIGRANTS):
- Have yet to adapt to the American way of life
- No established no community yet (except for the circle of loved ones)
- Have yet to invest in a business
- Have yet to establish a career
- Possibly rent a house/apartment or live with family
- Have yet to establish and get involved in a community/group (church, charity, etc.)
- Have yet to decide what political party to support
- Have yet to determine if you can afford life in America
Do not forget that one of the main goals why you migrated to this country is to have that coveted FINANCIAL FREEDOM.
So, on account of those differing viewpoints and goals for staying in the US, the usual financial freedom strategies that apply to the natural born Americans and the seasoned immigrants in the US may not apply to you.
The goal of this post is to help new immigrants like you think and re-think your plans and strategies towards financial independence.
Keep in mind that there are mental, social, and psychological shackles that you may have brought into this country. Unless you are willing to change them, those will keep you from being financially free.
If you are serious in having a fresh start in the US, it is important that you ponder hard and long on the points that are presented in this post and respond to them as you see fit.
Money Mindset 1: You Can Be Financially Free
One of the many crippling money mindsets is the bad public image that you may have come to believe about yourself – that you will always be poor or in need of money.
For example, wherever you came from, you may have struggled financially.
You may have the reputation of either always in debt or, worse, someone who cannot pay the debtors. And you believed that it is difficult for you to change, and this will be your fate.
Oh, no, no no. You can change. Yes, you can.
You are here now in the United States of America, the proverbial land of milk and honey. As long as you work hard, save and make wise decisions, you will find ways to earn money.
So, never mind your old reputation. You are thousands of miles away from your past financial struggles, your debts, and debtors.
Do not let the mental hooks of your past life weigh you down and grind you to a halt.
Free your mind. You can only be free when you shed the old you, starting from the bad image you accepted as your own.
Change starts with changing your mindset.
Visualizing yourself is seeing in your mind’s eye the new you. See the NO-DEBT YOU. The DEBT-FREE YOU.
Embrace the many good possibilities of what you can be in this new country.
Money Mindset 2: You Can Be Agreeable
Perhaps you were a respected professional in the old country who had built a good position in the community. You bask in the admiration of friends. You enjoy the power and authority your status gave you.
It is possible, too, that you are a young person who had been used to fulltime maids and nannies and everything had been done for you.
And then you migrated to the United States.
In the US, with no old friends to boost up your mood, no admirers, no underlings to direct and no position to speak of, you may start to doubt why you came over at all.
Some negative money mindsets may stem from intolerance and arrogance.
- If you are a haughty and self-important person who is used to being in control and always having people do things for you, you may refuse some job offers. Especially those you think of as something below your stature.
- If you are used to being the commander rather than the follower, you may refuse entry-level jobs and be under some youngster fresh out of college.
- If you are a conceited person, your unchecked arrogance may lead to conflict and friction in the workplace.
- Also, if you are a prideful, know-it-all person in the workplace, you may refuse help from anyone. Even if the help is well-meaningly offered.
Hey, there is nothing wrong in maintaining the dignified persona you have cultivated for yourself. You earned that. But there is a fine line between wanting to be respected as an equal and wanting to be superior to others.
Unless you change your mindset towards your situation and change your demeanor towards others, you may soon find yourself a miserable fish out of your pond.
You cannot hold a job for long if you cannot work harmoniously with diverse groups of people.
You cannot build a wide network of connections if you look down on others.
In an ocean of immigrants, YOU ARE THE NEWCOMER. Learn to harmonize with everyone and with other cultures.
Money Mindset 3: You Can Be Humble
You are used to things being done for you and NOT BY YOU.
Perhaps, where you came from, you have:
- Money, not necessarily rich – just lower middle class at best – but the low cost of labor there had afforded you a life of comfort.
- Full-time, live-in household helpers and you have nannies for your kids.
- Someone to always do things for you. Your clothes are always freshly washed and pressed. Somebody cooks for you and cleans after you.
- Even minor tasks around the house, in the yard or your car – there is a handyman you can afford to pay.
Upon migration to the US, there are no extra hands around the house to do the chores.
You may have to scrub your own toilet, throw the trash yourself, and clean your own toenails.
You may be thinking of your comfortable life at home and, again, question yourself if it is worthy to have come at all.
In the old country, beggars are on the street looking for anything just to earn money for food – even agreeing to do “dirty and lowly” jobs like cleaning and something to do with garbage.
You may have pitied these beggars and you may have given alms to them, too, but you never imagined doing those jobs yourself.
Here in the US, as new immigrants with limited finances, you are something of a “beggar”. And as the saying goes, beggars should not be choosers.
In terms of income opportunities, there are many “dirty jobs” and “lowly jobs” that are there for the taking. But if you are prideful, you may cast these job offers aside.
The following are some of these “lowly jobs”:
- Caregivers and home aide health workers wipe people’s butts and deal with smelly bodily fluids.
- Retail workers deal with rude customers and many other manual chores like loading things to your car.
- Service workers and food servers make your food in restaurants, clean your hotel rooms, etc.
- Custodians clean after peoples’ messes and they keep establishments, schools, airports, etc. clean.
- Garbage collectors wake up at dawn to deal with rotten, smelly, and unhygienic things.
You lose the opportunity to earn money from these jobs if you believe that they are beneath your status.
If you do not know how to do these jobs and do not care to learn about doing them, you lose the chance to earn money there.
Change this type of mindset and open yourself to more job opportunities.
ARE THE JOB OFFERS “BENEATH” YOU?: Get off your high horse. Visualize the new, debt-free you. Accept the possibility that to achieve financial freedom you may have to earn money through “dirty and lowly jobs” at first.
IS THE JOB OFFER SOMETHING YOU DO NOT KNOW HOW TO DO?: If you are willing but do not know how to do a particular task or job, then you must learn how to do it (go back to school or have someone teach you) and learn fast.
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Money Mindset 4: You Can Let Go of Bad Habits
Admit it. When you immigrated you brought with you some not-so-good financial habits.
Those habits may be the reasons why you are not as financially free as you would want to be.
What are your bad financial habits? Is it any of the following?
- Do you tend to buy impulsively? Do you find yourself making justifications about your purchases?
- Are you into the habit of rewarding yourself right away for every “good deed” you have accomplished?
- Do you want to be perceived as more moneyed than you actually are?
- Do you want the latest gadgets every time the new models come out?
- Do you want to always be present at events and parties?
- Do you have the daily boba and/or frappuccino habit?
- Do you have the tendency to shop when you are sad or angry or uncertain about things?
- Do you have addiction to substances and vices that you need to support?
Negative money mindsets sometimes start from just wanting to have it all. You may have wanted all good times, many friends, being in the center of happenings, and having nice things.
Everything costs you something. Perhaps you forget to pause and think about what you pay for having the things and feeling and status that you want.
Not all “bad financial habits” start as BAD. Some are as well-meaning ones, such as:
- Perhaps you may have come from a culture or society where almsgiving is seen as a way to enlightenment.
- Perhaps, you are compelled to send money to family and relatives, driven by duty and guilt.
- Perhaps you grew up where socialization is a big thing and the norm – parties, any celebration had to be celebrated and lavishly too.
Are almsgiving, being generous to family and friends and throwing away parties “bad habits”?
Yes, if they are overdone and lead to your financial ruin.
As new immigrants you do not have much money for your own needs yet. This is not the time to spread your money thinly.
Do things in moderation.
IF YOU LOVE SHOPPING: Learn to delay your shopping cravings. Let this desire to own things be your driving force to work hard and earn more. When you are earning more than enough then, by all means, splurge!
IF YOU LOVE MAKING PEOPLE HAPPY BY BEING GENEROUS (parties/gifts/alms-giving): You have a big heart! Again, let this be your driving force to work hard and earn more, but you must earn for your own good first.
In short, earn first and prioritize your purchases and expenses according to your most important needs.
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Money Mindset 5: You Can Be Honest And Real
We all have masks in our daily life, the figurative kind.
Perhaps you have a different mask for your clients, a different mask in front of your dear friends and another when disciplining your kids. Depending on your desired end goal, you switch masks or moods as you deem appropriate.
Same is true when it comes to finances.
If you are going through a rough patch, there is fear and shame. You tend to feel vulnerable, so you put on a brave mask.
Sometimes, one type of mask is one that you wear when you want to KEEP UP APPEARANCES and you spend more than you can actually afford.
- Are you the type to hide your money problems by trying to sustain your façade of abundance?
- Do you conceal your budget numbers from your spouse or take out a payday loan to cover the shortage?
- Do you keep a fake-happy face to shield yourself or your family from the truth that you are IN THE RED?
- Are you the kind who can sport a let’s-party-and-drown-this-sorrow mask?
- Do you keep up appearances to mask your financial pain and shame?
A positive money mindset does not mask a financial problem. Rather exposing the root cause of that problem and solving it.
You must align your reality with your goals. Stop the charade and get real. Be real.
You are relatively a nobody here in the US. No one knows you (except for family and some friends).
Nobody knows if you were MR. COMPANY PRESIDENT or MISS CELEBRITY or MR. LOSER. You have yet to create your reputation here, in this new place.
Just drop the jig and start with being honest that you:
- Need a job, any earning opportunity
- May have to do menial tasks to earn money
- May have to do away with titles (manager, director, supervisor, etc.)
- Need to skimp and save and deny comforts for the time being
- May need to skip some social events like night-outs and daily Starbucks huddle and parties
- Will be broken down and tired and won’t look your best
Money Mindset 6: You Do Not Waste Your Blessings
There was this story of a boy and his father who were travelling by sea, and they are on the orlop deck – lowest deck, below the waterline of a ship. They did not have enough money to be at upper decks where rooms and service were better.
Soon, the boy and his father ran out of the food that they had with them and ended up starving.
What they did not know was that the food in the dining hall was free for everyone on board. Regardless of the type of ticket and accommodation.
The boy and his father were at risk of losing their very lives because of a privilege that they didn’t know they had all along.
As new immigrants to the United States, you know the privilege you have when you were granted legal entry to the US.
A visa is not something that is NOT EASY to obtain and NOT EVERYONE is allowed to come in.
You know what this country had to offer, the many job opportunities, the freedom, better living conditions, etc.
Whatever your reasons for migrating, or more so because of them, YOU ARE FINALLY HERE and for that you should be grateful.
You are fortunate to be here.
Think of the many people who want to be in your shoes:
- Those who were denied a visa and had to re-apply again
- Those who fear for their lives and need to flee their troubled countries
- Those who need to escape their past and their toxic relationships
- Those who want to find better education and employment
Positive money mindsets dictate that you start from a place of gratitude to accomplish a financial goal.
Do not be like the father and son in the story: Do not “starve” when there are so many things you could have.
Do not waste this blessing to just be a nobody, or worse, the same old struggling person you should have left back there.
Get into that grateful mode, count your blessings. Grab a good opportunity while looking for a better one.
Promise to improve yourself in this new country.
Money Mindset 7: You Have A Right To Be Heard
If you came over here by yourself, you are one unit. If you came over as a couple, the two of you should be as one unit.
If you are a family of eight – you are also one unit, and the same principle applies to all: That you set financial goals and work together to achieve financial freedom as one body with many parts.
But wait. There are some negative money mindsets that new immigrants such as yourself bring over when you migrate. These are the deeply rooted customs and traditions of the societies you came from.
Did you come from a country/society where:
- There is a pecking order by age, and you are used to being told what to do and what to become by your elders? Or are you that person who, by virtue of filial piety, is empowered to lord it over the younger ones?
- You are a female, and your roles and fate were dictated by males? Or are you one of the males in that society lording over the females?
- You belong to a lower social class, and you were not equal to others? Or are you a member of the higher class lording it over the lower echelon in that society?
The American society may come as a shock to many new immigrants.
Here in the US, you will find out that independence and freedom of speech are valued and very much practiced in everyday life. Anyone can speak out and everyone is entitled to have an opinion.
Many things may come as a shocking gamechanger for many new immigrants. Most especially the younger generations who may be waiting for the right time to rebel and be resistant to the rules that are set by the elderly few.
For the male immigrant from a patriarchal society who had been raised in machismo since birth, he will be in for a surprise. He will soon realize that the Americans’ passionate observance and endorsement of gender equality are alien and contrary to everything he grew up believing in.
Challenging the rites and rituals of filial piety, and toxic masculinity, caste system and that of patriarchal structure and many more norms of social censorship is vital for the needed paradigm shift in the mind of every new immigrant coming to the United States.
The mindset must change, for everyone, if the goal is to work together to achieve a common goal of lifting EVERYONE TOWARDS A BETTER LIFE.
IF YOU ARE AN OLDER PERSON: If creating generational wealth and long-lasting family harmony are part of your goals, be prepared to count in everyone in the family, REGARDLESS OF AGE. Take time to listen to every family member’s opinion and consider their viewpoints.
IF YOU ARE A YOUNGER PERSON: Be patient with your elders especially the elderly. This is new and foreign surroundings for them, too. And in here, they know they are no longer, always be in charge. Give them time to adjust. Soon they will realize that it is liberating to not always be in charge.
IF YOU ARE A PATRIARCHAL MALE: If creating generational wealth and long-lasting family harmony are part of your goals, be prepared to count in everyone in the family REGARDLESS OF GENDER. Take time to listen to every family member’s opinion and consider their viewpoints.
IF YOU ARE A FEMALE FROM A PATRIARCHAL CULTURE: Be patient with the males in your family. Stand your ground but give them time to adjust. Be assured of that in the US, you are protected by law and the men know they are no longer, always be in charged.
IF YOU WERE OF “LOWER SOCIAL STATUS” WHERE YOU CAME FROM: Please know that here in the United States of America, you are AT PAR with everyone, by the simple reason that you are a fellow human. You can choose, you can speak, you can advance yourself in life.
Money Mindset 8: You Are A Contributing Member
A family unit, like any organization, should have a clear and BIG GOAL. Setting one big purpose that is shared by all gives you and everyone in the unit a direction to which you should point your efforts to.
Each one must be made aware of their course of action to help the achievement of the common goal.
If your BIG GOAL in coming to America includes:
- starting fresh, away from past life
- avoid debt, aim for financial freedom
- have a remarkable career
- travel the world in style
- build generational wealth
Then you should work hard, as a unit!!!
So, change your money mindset: Your age and your gender must not hinder you from being an active participant in the family’s financial endeavor.
You can be as capable as any other member of the family, and you must be expected to do your part.
Being considered a comrade-in-arms, a fellow and a partner hinge heavily on the acceptance by the elders that filial piety has its uses, but participation by everyone to achieve a goal is more important.
The importance of working towards a shared goal is a phenomenon called SYNERGY. Synergy happens when the result is amplified way more than the sum of the contributing parts: This means that 2+2 is not just 4 but could be 10 or more.
Also, having a common goal means you can evaluate each other if you and the others in the unit are performing at their best towards the end-result or not.
Working towards one big target no longer seems daunting if done as a group. Cooperative activity develops creativity and innovation.
Financial goals are attained faster if everyone is contributing towards their attainment.
IF YOU ARE AN OLDER PERSON: You are NOT THE ONLY ONE responsible for financial matters. Everyone has their responsibility, too. Do not take everything upon your shoulders.
IF YOU ARE A YOUNGER PERSON: If you are of working age, you can contribute to the family fund either as an active earner (you have the means to earn) or as a passive participant (you help save money).
If you cannot work yet you can still be a big help passively by saving water, electricity and not being wasteful with food and household supplies. Also, by not demanding up-to-date gadgets and toys can help the family fund so much.
IF YOU ARE A PATRIARCHAL MALE: Change your stance about women and employment. Men are not the only ones responsible for earning money. Women can earn, too, which is actually a big help for you. Women can manage household money. Women can be trusted with decision-making.
IF YOU ARE A FEMALE FROM A PATRIARCHAL CULTURE: If you have not been given the chance to work outside of the home before, try to educate yourself and ease slowly into it. Learn skills and know your interests. You can earn even at home. When you are confident enough to venture into employment, go for it. You are free.
IF YOU WERE OF “LOWER SOCIAL STATUS” WHERE YOU CAME FROM: You are an equal here in the United States of America. You can choose, you can speak, you can advance yourself in life. You can apply for any job, if you possess the needed requirements for the job. You can contribute to your own advancement.
Money Mindset 9: You Are Accountable
To refresh and emphasize your goal as a family unit in coming to America:
- To start fresh, away from past life
- To avoid debt, aim for financial freedom
- To have remarkable careers
- To travel the world in style
- To build generational wealth
To reach these lofty goals, you must have agreed standards and rules.
For example, NO LATE NIGHT TV OR COMPUTER GAMES AFTER 10PM – means not only saving on electricity but also helps improve health (due to sufficient sleep).
Another example, you agreed to do a version of the Navy Shower, where you finish the whole shower in a short period of time, say seven minutes from start to finish so that your water bill would be X amount only.
Each one in the family unit must be held accountable.
- Who left the water running?
- Who did not close the fridge properly?
- Someone used up all the paper towels when they could have used a big rag for the spill.
But what happens if rules are broken, and goals are not reached?
When you make the rules, you must also follow the rules. You are not above the law. If you have a set of rules and you break any of them, you must be penalized, too.
You can set up a system or PENALTY and REWARD. It could be COLLECTIVE or INDIVIDUAL.
A swear jar money for anyone who does not turn off the faucet is an example of PERSONAL PENALTY.
An example of COLLECTIVE PENALTY is cancellation of that family vacation to Hawaii if X is not achieved.
How about the young kids?
Young kids are very teachable. They, too, can turn faucets off and be made conscious of saving. They can get penalized, too.
Reward and Penalty System is tedious to enforce. It is more effective with small children but tough to push in teens and adults.
But, whatever and however you do your system, you as the enforcer of rules, YOU ARE NOT ABOVE THE RULES. No one is.
You must hold yourself accountable for every action, good or bad. So, make sure you subject yourself to being penalized if you break the rules.
Punishment has its merits but there is a more effective way to get things done.
What’s more important and more effective than a penalty system?
It is positive reinforcement. To encourage and to give consistent reminder of future success and achievement of goals are great driving forces of sticking to the rules that penalties do.
Money Mindset 10: You Can Recover
On your financial journey as new immigrants, you may come upon several bumps on the road.
One example is a wrong financial decision. For example, you may have invested in a business venture too quickly and too early and you are now bleeding money.
Sometimes, you are in a dilemma because a friend or a family member has introduced you into a business venture and it is failing. And now you worry that if you pull out of it you will lose face and you will be putting the precious friendship in peril.
Another example is a job that is bringing in the money but also giving you misery. You fear that you cannot find another job after this, and you stick with it despite the stress it is bringing you and your family.
Our advice: YOU CAN RECOVER from bad business decisions if you do it early. Do not prolong the agony and bleed more money. Cut your losses early and move on.
What is more important is keeping your sanity so that you can make the next crucial financial decision wisely.
Never mind what that person who brought you in would say.
Strained relationships with family and friends CAN RECOVER AND HEAL especially if you have the fortune of having great and wonderful loved ones.
YOU CAN RECOVER after letting go of a job that does not bring you joy anymore. There are always opportunities around if you look hard, work hard, and make better decisions going forward.
Early in our immigrant journey (not even a year into it!), we had been invited by a dear friend to invest in a piece of land with them. This friend was also invited by another friend.
We did our due diligence and visited the area TWICE. Everything made sense to us, or so we thought.
And then, 5 years into paying for the property, we found out that there were similar properties in the area that sell for 85% less. And we have 5 more years to go on ours.
It was a painful decision, but we had to let go of the property. We said goodbye to all the money we already paid for all those years.
The relationship with that friend is still going strong – as great friendships should be.
Money Mindset 11: You Can Improve
It is absolutely normal to feel disappointed when you realize that you are failing to reach your financial goal.
For example:
- It is not fun to let go of a business, especially if you have poured money, time, and effort into it.
- It is never easy to resign from a job that brings in the assurance of a monthly paycheck, despite being an unhappy employee.
- It is discouraging to learn that even a simple thing like forgetting to pay your rent on time causes you to incur a penalty.
For every financial misstep, there is the crushing weight of discouragement, despair, and uncertainty.
In such situations, it makes you question whether there is any point to moving to the US at all. So many what ifs and perhaps-es that are swirling inside your head and your self-esteem starts to erode.
Do not let it erode! You need that confidence to rise from this slump.
As Malcolm X said:
“There is no better than adversity. Every defeat, every heartbreak, every loss, contains its own seed, its own lesson on how to improve your performance next time.”
You did not hit your financial goal at home or at work? So what? You can still improve. It is not the end of the world.
Are some family members being lax about following your agreed upon financial rules? Talk about it and improve your system.
A positive money mindset will urge you to educate yourself. You will look closely to see where you fail (or are failing). Zero in on the points in the process that are causing the letdown.
Work on solving the problem. Soon, you will find yourself making fewer financial pitfalls.
Educate yourself formally by taking classes about money and finance, either through a local community college or even online classes in Udemy, LinkedIn Learning, Coursera, Skillshare and similar sites.
Educate yourself informally by reading, having a mentor or by learning from other people’s experiences.
It also pays to keep abreast with advances in technology to help make your day-to-day life easier by way of automation. For example, a simple practice of setting a recurring alarm on your phone for when your rent is due will minimize the occurrence of late payments (and resulting penalties).
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Money Mindset 12: You Are Worthy Of Rewards
As new immigrants, money is always tight, and every little thing is an expense. Earning and saving money can be overwhelming processes.
There are times when your desire to reach your financial goals can make you forget when to have fun.
You can easily overdo the saving process and turn it into an insufferable and miserly activity. Beware of being overly strict or you will be resented for being The Grinch.
A miser’s mindset is actually a negative mindset. Being a miser is saving to the point of killing happiness and joy. An unhappy atmosphere is not sustainable for any group activity that involves people and cooperation.
A positive money mindset will tell you that it is OK to celebrate small victories. Do not forget to make the financial journey bearable for everyone. Recognize those who have been faithful to the cause and thank them for their contributions.
Do not forget to thank even the tiny tot who turns off the faucet when brushing teeth. You are all worthy of praise for all your contributions.
You need everyone’s support and dedication to the cause. You need to buoy everyone’s morale. People need rest and refreshment!
For example, if a monthly financial goal is reached, a simple dine-out could mark that milestone.
Be careful when you celebrate financial milestones. Make sure that you do not spend to the point of REVERSING THE GAIN that cause you to celebrate in the first place.
For example, you work 40hours and you get a $1/hour increase at work. That means an additional $160/month or $1,920/year.
But you decided to celebrate and reward yourself right away with the newest phone model that costs $1,799. You just amputated your own foot. The same foot that could have made you that extra (financial) mile.
You could have spent that extra money on a short course that could advance your career. You could have put it into the emergency fund, etc.
Money Mindset 13: You Can Ride Off To The Sunset
There are some countries in the world where the term “RETIREMENT FUND” is unheard of.
In some places it, informally, refers to the meager money that the kids would give their parents to live off of until they pass away. (Assuming the kids are capable and generous and merciful enough to give to their parents.)
In the United States, as long as you have worked and contributed to the Social Security fund for 10 years (or 40 credits) you can be eligible for retirement benefits.
You earn credits by making sure that either your employer takes your contribution off from your salary and credits it to the SSA (Social Security Administration) via the Internal Revenue Services (IRS) OR you file it yourself during tax season.
Currently, the Social Security tax rate is 12.4%. Which means that when you are employed by a company, you pay 6.2%, and your company pays 6.2%.
But, if you are an independent contractor or business owner, you have to pay both halves, which totals to 12.4%.
The point is, as long as you work to earn money AND pay the appropriate taxes for the required timeframe (of at least 10 years or 40 credits), you have the hope to ride off into the sunset of your life without the help from anyone.
In the US, you can be employed for as long as the law allows you to and if you are capable of doing the job. You can plan and prepare for your life in retirement.
You can have that happy money mindset that there is hope that you can RETIRE ON YOUR OWN STEAM.
Now, that is reassuring for older people who do not want to be a burden to their kids!
If you have the assurance that you can retire on your own without bothering anyone (aka asking for money or waiting to be given money), you can ease the burden from everyone.
When your family and friends know that you will be financially sufficient in your old age, that is also comforting for them.
If you have kids, remember that they also need to find their place in this American setting. If you are financially independent from them, this simple thought alone gives them breathing room and confidence to build their own financial future, too.
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Like what CS Lewis said:
“You can’t go back and change the beginning, but you can start where you are and change the ending.”
And like what Sylvester McNutt III said:
“Everything in life starts with your mindset first and your actions second. Your actions follow your thoughts, your beliefs, and ideas. To make a shift, to free your energy, start with getting your mind right and then take action.”
You have given up so much to come over to the US and not plan to succeed and reach your financial goals. Change your money mindsets, change your life!
Please share this article to a fellow immigrant.
Thank you!
Maria is just a chatterbox (on a mission.😋)
NO ONE AUTHORIZED her to spew all this MOMSENSE, but she is a complicated cat and so she feels that she must. Be advised and take a spoonful of salt for every opinionated post you read here. And please, please consult a professional for individualized advice on life-altering decisions.
Maria is just a chatterbox (on a mission.😋) NO ONE AUTHORIZED her to spew all these MOMSENSE, but she is a complicated cat and so she feels that she must. Be advised, and take a spoonful of salt for every opinionated post you read here. And please, please consult a professional for individualized advice on life-altering decisions.
THE POST ABOVE IS ABOUT MONEY MINDSETS TO MENTALLY PREPARE THE NEW IMMIGRANTS FOR A BETTER FINANCIAL FUTURE IN THE USA.
