Chapter 1
Money Lessons from the Bronx

I have a "typical" daughter of immigrants story. My parents immigrated to the United States in the early 1970s in pursuit of the American Dream, better financial opportunities, and an overall better future.

My father was born and raised in Honduras and immigrated when he was 25. He had accepted a job with a shipping company that provided supplies overseas during the Vietnam War. His company flew him from Honduras to New York, where he then departed for nine months at sea. Upon his return, he settled in New York City. Despite not speaking any English and lacking the financial resources to survive in a city like New York, my dad knew he had hit the jackpot when he was presented with the opportunity to apply for a work visa and extend his stay in the United States.

My mother was born and raised in Ecuador and immigrated when she was 18. My grandfather, who was separated from my grandmother and had legal status in the United States, had offered to sponsor my mother's visa application. My mom accepted on the condition that she would remain in the United States for only two years. Her objective was clear-get a job, earn enough money to send back to my grandmother and my mom's younger siblings in Ecuador, and return to Ecuador within two years. That was her plan . until she met my father.

My parents met at a mutual friend's party in the Bronx. She was 19 and he was 26. Their courtship lasted just a few months before they decided to get married. My parents, with little more than a mattress and clothes to fill two suitcases, moved into a one-bedroom apartment in the East Bronx. It is the place they still call home today.

Two years into their marriage, my oldest sister, Rosemary, was born. Six years later, my middle sister, Susan, was born. Seven years after Susan was born, I made my entrance and the Zuniga family was complete. The five of us lived in the same one-bedroom apartment that my parents had moved into on their wedding day. My sisters and I shared the bedroom (bunk bed life until I left for college), while my parents divided the living room to create a small second bedroom for themselves.

It would take me decades to realize that, for most of my life, my family's household income hovered around the federal poverty line for a family of five. Although I have always been mindful of money, I was protected from much of the economic hardships that immigrant households endure because my parents did all they could to ensure that my sisters and I never lacked the necessities. What we lacked in material possessions and "personal space" (I wouldn't understand this concept until I moved into my own studio apartment during law school), we made up for with love. My home had everything I needed. Like my father says, our home was humilde, pero lleno de amor (humble, but full of love).

As I reflect on my childhood, I think about the many money lessons I learned from my parents and community. The money lessons we learn are unique to us and our personal circumstances. They are heavily impacted by our environment-be it one that fosters a healthy and positive relationship with money, one that is riddled with scarcity, trauma, and struggle, or something in between.

It took me time to fully appreciate how these childhood money lessons impacted my relationship with money as an adult. Here are some of the notable ones.

Money Lesson #1: Early Exposure to Money Can Serve as a Financial Literacy Building Block

As a child, I was not exposed to personal finance topics like budgeting, the emergency fund, credit, or investing, but my parents taught me about the importance of banking and proper credit card use. The latter took me time to fully internalize, but more on that later.

My parents got me involved with banking at an early age. One of my earliest memories is going to Emigrant Savings Bank, our neighborhood bank, with my mom to open my first savings account. I was about five years old, and I could vividly remember our trips to the old bank with its impressive architecture, high ceilings, and golden fixtures. My mom taught me how to complete the deposit and withdrawal slips, which involved memorized account numbers and neat penmanship. She also taught me how to interact with the bank teller when it was time to deposit the $5 or $10 that I received after a birthday or special event. My parents quickly took notice of my curiosity and interest in money. They frequently involved me in matters regarding their own banking, particularly when they needed me to serve as a translator.

When I got to high school, I closed my childhood savings account, and opened an account at the local Chase Bank, where my father banked. My father told me that, because I would soon start my first job, I needed a place that would safeguard my money and allow me to both save money and deposit my paychecks. Together we opened a savings and checking account-accounts that I have to this day.

In addition to banking, my parents emphasized using credit cards properly-that is, do not use them to fund a lifestyle that you cannot afford. My dad had a Macy's credit card that he would use when we visited our local Macy's or the flagship store in Herald Square. He always paid his card's balance by the end of the month, oftentimes by making a cash payment at the register. My dad informed me that although his card gave him rewards and access to cardholder discounts, the perks were only worth it if he paid off his card in full. Otherwise, he would be subject to paying high interest to the credit card company. His lesson was simple: do not use a credit card unless you have the cash to immediately pay it off.

I wish I could say that my father's healthy credit card habits instantly rubbed off on me. They didn't. Like many, I swiped my credit cards to purchase things that I couldn't afford during much of my early and mid-twenties. But my father's foundational lesson of using credit cards responsibly eventually resurfaced. Now that I can fully appreciate my father's advice, I not only strive to emulate his good habits, but I also teach them.

Despite their limited English, lack of financial resources, and lack of knowledge on certain personal finance topics, my parents did what they could with the knowledge they had. Even limited financial literacy can help establish the foundation for healthy money habits. And-regardless of where we are in our money journey-learning how to manage what we currently have impacts how we will manage what we receive in the future.

Money Lesson #2: Incorporate Gratitude into Your Financial Freedom Journey

Children of immigrants raised in a low-income household learn to go without certain American staples. For me, that included a microwave, dishwasher, washer and dryer, and those trendy snacks that were heavily marketed on television-my fellow 1990s kids know what I mean. But let's discuss the one that mattered most to me: cable television. Not having cable meant being excluded from playground conversations centered on the latest episode of Rugrats or Hey Arnold. For this reason, my favorite weekend destination as a kid was our neighborhood laundromat. The laundromat had a television and cable box that sat on top of a vending machine. I loved my Saturday laundry day routine-help Mom load the washer, ask the laundromat owner to put on Nickelodeon or the Disney Channel, sit back, and enjoy.

Missing out on something like cable television seems trivial, particularly given the lack of access to basic resources, like adequate shelter, food, and transportation, that many immigrant families experience. But growing up without the little luxuries that those around me seemingly had has impacted my perspective on money and what money can buy.

It's tempting to take lifestyle improvements-no matter how grand or small-for granted. Making progress in our careers and financial circumstances might mean access to updated electronics, higher-quality household items, and perhaps even a larger home. My personal lifestyle improvements have included updated appliances and electronics, carefree trips down the snack aisle, cable television and streaming services, and global travel. These are luxuries that my 10-year-old self could never have imagined, but that I know she would be proud of and grateful for.

My childhood memories of living in a low-income household have fostered an immense sense of gratitude that I regularly reflect upon in my wealth-building journey. These memories have consistently kept me grounded, no matter the new financial milestone that I reach.

Money Lesson #3: There Are Seasons for Hustle

Side hustles are all the rage in the personal finance community. These forms of supplemental income help accelerate your financial goals such as paying off debt, building savings, and increasing investments. But the personal finance community didn't introduce me to side hustles; my parents did.

Growing up, side hustles were as important to my household as my parents' full-time jobs. These additional sources of income allowed my parents to cover my Catholic school education, pay for my school uniforms, and financially provide for our family back in Ecuador and Honduras. My parents took on all sorts of side hustles-everything from photography, selling ready-to-eat foods like ceviche (a staple Ecuadorian dish) or cuajada (a...